Master Entry Indicator for MT4: A Comprehensive Guide
Overview
- Indicator Name: Master Entry Indicator for MT4
- Minimum Deposit: $500
- Timeframe: M5 (5-minute chart)
- Currency Pairs: EURUSD, GBPUSD
- Platform: MetaTrader 4 (MT4)
Trading Strategy
1. Strategy Type
The Master Entry Indicator follows a scalping strategy. It aims to capitalize on short-term price movements by entering and exiting trades swiftly.
2. Entry Criteria
- Buy Signal:
- When the Master Entry Indicator generates a bullish signal, indicating a potential upward movement.
- Confirming factors may include:
- Trend Direction: The price is above a short-term moving average (e.g., 20-period EMA).
- Oversold Conditions: RSI (Relative Strength Index) is below 30.
- Candlestick Patterns: Look for bullish candlestick patterns (e.g., hammer, engulfing).
- Place a buy order when all criteria align.
- Sell Signal:
- When the Master Entry Indicator generates a bearish signal, indicating a potential downward movement.
- Confirming factors may include:
- Trend Direction: The price is below a short-term moving average.
- Overbought Conditions: RSI is above 70.
- Candlestick Patterns: Look for bearish candlestick patterns (e.g., shooting star, hanging man).
- Place a sell order when all criteria align.
3. Position Sizing
- Use a fixed lot size (e.g., 0.01 lots per trade) to manage risk.
- Adjust the lot size based on your account balance and risk tolerance.
4. Stop Loss and Take Profit
- Set a tight stop loss (e.g., 10 pips) to limit potential losses.
- Set a take profit level (e.g., 20 pips) to secure profits quickly.
5. Money Management
- Never risk more than 1% of your account balance on a single trade.
- Avoid overleveraging.
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Additional Resources
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