Super Trend updated and simpler code Indicator For MT4
Table Of Contents:
- Super Trend updated and simpler code Indicator For MT4
- Taking a glimpse at the indicator reading
- Shorting the EURUSD pair
- Scalping the red and green dots
- Can you trade the trend reversal?
- Saving yourself from the false spike
Everyone knows the consequences of trading against the market trend. You might have a huge amount of money, still, you need to trade with the major trend to protect your investment. But for the new traders, finding the perfect trend is not so easy. Most of the time, they end up by trading with the minor trend which is often known as a retracement. Thanks to Super Trend updated and simpler code Indicator For MT4 since it allows you to identify the key trend of the market with extreme accuracy. With zero technical knowledge, you can identify the major red based on the simple red and green dots in your chart.
The green dots in the Super Trend updated and simpler code Indicator For MT4 suggest the bulls are in control. Consecutive green dots in the daily or weekly chart suggest the bulls are in full control of the market. On the contrary, consecutive red dots suggest the overall market trend is bearish. The developers have done a brilliant job in creating the Super Trend updated and simpler code Indicator For MT4 in such a user-friendly way. A trader who has less than 1-month experience in the Forex market, can also take advantage of the Super Trend updated and simpler code Indicator For MT4 and find great trades.
Taking a glimpse at the indicator reading
Now you know the proper way to decipher the red and green dots generated by the Super Trend updated and simpler code Indicator For MT4. The first thing which you need to do is take a glimpse of the overall layout of the trading chart. If you find more red dots in the visible space of your trading chart, you can expect a bearish rally. On the contrary, more green dots in the visible chart area represents uptrend. Based on the initial glimpse, you need to look for the potential trade setup. For instance, you need to find a buying opportunity in an uptrend and look for a short trade setup in the bearish market.
Shorting the EURUSD pair
Without giving you a real-life example of the use of Super Trend updated and simpler code Indicator For MT4, it’s very hard to learn its proper use. Most of the naïve traders execute shorts right after the formations of red dots. But there is a lot more to analyze when you use the Super Trend updated and simpler code Indicator For MT4. Lets a short trade setup on the EURUSD pair based on this indicator.
Figure: Shorting EURUSD using the newly formed red dots
Have a glimpse on the above technical analysis, and you will notice more red dots. Red dots are outnumbering the green dots in the reading of Super Trend updated and simpler code Indicator For MT4 and this enough to say the overall trend is bearish. But how do we find the trade setup? First of all look for continuous red dot in the chart which forms a straight horizontal line. Right near the yellow shaded region, you will notice two distinct horizontal lines made by the red dots. This level is going to act as your critical resistance level. After a sharp bearish rally, you can notice the price again rallied higher and tested the critical resistance (yellow shaded zone drawn based on two dotted red lines ). The testing of the resistance level result in the bearish pin bar and newly formed red dots in the Super Trend updated and simpler code Indicator For MT4. The red dot suggests, the bears are again taking control of this market and it’s a perfect time short the pair.
Scalping the red and green dots
Do you know you can use the Super Trend updated and simpler code Indicator For MT4 to scalp the market? The naïve traders may think scalping is very risky and a certain individual can't find accurate trade setup. But things are not so complex when you use the Super Trend updated and simpler code Indicator For MT4.To scalp the market, you need to look for horizontal red dot or green dot lines in the 30 minute time frame to find your desired trading zone. Once you have the desired trading spot, execute the short or long trade with a newly formed dots in the indicator reading. But never take too much risk when you scalp the market.
Can you trade the trend reversal?
The intermediate traders often think whether they can use the Super Trend updated and simpler code Indicator For MT4 to trade the major trend reversal. For instance, with a glimpse, you found a certain pair is in bullish mode. So, can you make for profit by executing short orders? To trade the major trend reversal by using the Super Trend updated and simpler code Indicator For MT4, you need to learn the use chart pattern trading technique. Look for potential reversal chart pattern in the bigger time frame and execute your trade after you get a breakout confirmation and fresh dot in the indicator reading.
Saving yourself from the false spike
The nature of the Forex market is completely unpredictable and no knows what will happen soon. Many novice traders lose a decent portion of their trading capital due to the false spike or false price movement. You can easily avoid this problem by using the Super Trend updated and simpler code Indicator For MT4. If you notice the random formation of red and green dots in the chart, stay away from the market. This is a sign of an unstable market. Linear formations of the dots suggest stable market condition and you only execute the trade at such reading. Never execute any trade when the price movement is extremely volatile and hard to understand.