Pivot Trading System For MT4 Intro
This screenshot is on the weekly time frame for the EURUSD trading pair showing the Pivot Trading System For MT4, we know that this is an interesting system and this is why we wrote about it for you today in a professional and easy steps to understand how it works.
In this article we will talk about the Pivot Trading System For MT4 and give you an over view on the pivot generally and how can you make it work successfully for you on any other platforms. Explaining to you the pivot concept and sharing to you this full ready to go system.
First of all the pivot is something referring to the middle of something the point that the whole thing spinning around. For example, if you need to know the pivot price for a specific currencies pair by yourself this is what you will do.
Let us consider that you would like to do it on the Daily time frame. You will check the previous candle high and low and close price and count their total together then divide it on three. By doing that you already got the pivot price for the previous day that you can trade on it today.
The Pivot Trading System For MT4 system saves your time by doing that automatic to you and place the prices to you on your chart. Not only that, the Pivot Trading System For MT4 also trading for you automatic on these prices that it finds. So, if you are someone that believes in the pivot levels and that it's powerful enough to use it for trading this system should save your time.
With that said, you need to understand that the pivot price is also accepting to be divded to more than one. After getting the main pivot point you can still add 2nd resistance or 2nd support as it depends on your preference. Nevertheless, that may make you understand that the pivot points are considered as support and resistance trading prices that you can get through calculations and not through the chart and that's correct in someway.
To get the first resistance price you can multiply the pivot price in two and then minus from it the low price. If you need the first support you will do the same but minusing the high price not the low. The same concept will count the second and third but instead of the pivot point we used in the first example you will use the previous result which may be the first resistance or first support based on what you need to have exactly in your results.
How To Use Pivot Trading System For MT4
Some advises for using the Pivot Trading System For MT4:
Inside this article we already attached to you all the files you will need to put inside your MT4 files including the Pivot Trading System For MT4 template so that you don't need to do much except downloading the files and loading the template in your MT4 to start trading.
Before telling you how to use the system physically this system requires at least to know what the Majors pairs are and to have at least two to three years of experience in the forex market to be able to use the Pivot Trading System For MT4 correctly, this is a disclaimer also that we don't encourage you to even test it if you don't have that amount of experience.
You should avoid all the trading pairs that's having the CHF currency in it including the USDCHF while it is a major pair.
Before using the system you need to make sure that it is working fine with your brokers' time zone and if it is not you need to adjust the settings of the MT4 for that.
Pivot Trading System For MT4 Usage:
What are the best levels to trade or depend on the pivot levels on based on the system creator sayings?
The best trading levels in that system are 61 and 100 you can depend on them as a fast supply and demand areas. It's recommended to trade on big time frame and not a small one.
To make the most out of that system you need to understand and master the price action first as you will use the Pivot Trading System For MT4 levels with the price action to make good trading results. Without the price action skills this system is nothing and not useful at all to you. With that said, this is why we mentioned in the beginning that you need at least two to three years of experience to use the Pivot Trading System For MT4.
Pivot Trading System For MT4 Pros & Cons
The Pivot Trading System For MT4 is useful a little bit for the guru trades and we agree with the creators' opinion that it requires experience because, as experienced trader you may just have it on your chart to save your time in specific things like knowing why the price bounced from specific area if you didn't draw it, but not depending on fully in your trading.
It's completely clear that we don't recommend it as full trading system but it's good to have beside your trading system if you love to save time counting the pivot prices.
Summary of Pivot Trading System For MT4
This system is designed to be additional confirmation to your trades, and not designed to be your only trading instructions or levels so, be careful while using it and always depend on your main trading strategy and keep developing it until you don't need side systems to help you anymore.
Have a great successful trading days, and don't forget to read about the other systems that we wrote about!