The Road Map Indicator For MT4
Table Of Contents:
Above you see a screenshot of the AUDUSD trading pair taken from the hourly time frame on the Metatrader four trading platform. In the picture above you will see a lot of data and signs being displayed courtesy of the Road Map Indicator For MT4. Please, I encourage you not to feel overwhelmed by what is being displayed by the Road Map Indicator For MT4. I will expand on all the nitty-gritty facets of the Road Map Indicator For MT4. Furthermore, I will demonstrate to you on a few avenues that you may embark on in case you would like to realise consistent profits with the use of the Road Map Indicator For MT4.
The Road Map Indicator For MT4 is an indicator that is based on the Elliot Wave principle which has harmonic trading incorporated into it to help define entry, stop and exit levels for buying and selling trading opportunities. Trading via the Elliot Wave principle is labour intensive because you have to correctly count the swing high and swing low sequences which is governed by a set of trading rules. Not to mention, that you also need to be aware of the different Fibonacci levels that the Elliot Wave strategy is based on which is all dependent on your set rules which you go about trading the Elliot Wave principle.
But in this day and age it is not really necessary to over exert yourself like that because there are wonderful indicators such as the Road Map Indicator For MT4 to make your life easier when it comes to Elliot Wave analysis and trading. This is because the Road Map Indicator For MT4 unburdens traders from needing to mock up their charts for Elliot Wave sequences. The Road Map Indicator For MT4 automatically displays the Elliot Wave data for you. Having that edge in the financial markets affords you the opportunity to solely focus on getting your entries right. That is worth gold to me.
However, traders are not heavily focused on trading using the Elliot Wave principle. That is simply because of the work that goes into it but that's not a problem anymore thanks to the Road Map Indicator For MT4. As its name suggests - it is there to provide signage and a road map for trading based on the Elliot Wave principle.
I shall commence by just clarifying to you what Elliot Wave trading is and how does it function. It is a great trading resource to have in your trading arsenal so do read on further.
Elliot Wave Unpacked
The Elliot Wave theory is essentially based on a periodic sequence of two waves known as impulse waves and corrective waves. For instance, in a downtrend, the impulse wave will be a swing to the downside with the corrective wave being the upward retracement waves. Whereas in an uptrend, the impulse waves are all the upswing moves and the retracement moves to the down side are known as corrective waves. The idea is to open buying and trades on these corrective waves where there is enough evidence that the corrective wave has ran out of steam.
What is crucial with trading using the Elliot Wave principle is that you must get your counts right but most important you must get in as early as possible on the underlying trend. The earlier the better because the big money makes the major moves in the trend when at the early parts of it - so it is not wise to lose out on such a lucrative opportunity.
I would also like to show you a way to trade the Elliot Wave principle with the power of the Road Map Indicator For MT4 without having to be so pedantic about the impulsive and corrective numbering sequence. So long we see the Elliot Wave structure it is fine to be traded provided that the market context is accurately interpreted.
When To Trade Elliot Wave
As I mentioned most recently in the previous passage, one should not be overly focused on the numbering of the Road Map Indicator For MT4 because it can be misleading at times. Our key focus here is just to identify the classic structural formation of the Elliot Wave pattern. The Road Map Indicator For MT4 shows you the structure clearly so do not be caught up by the numbering too much, the picture below will illustrate that for you very well.
The green and red horizontal lines signals to us that a new Elliot Wave sequence has begun. So the green horizontal line marks the beginning of a bullish Elliot Wave sequence and the red horizontal lines marks the inception of a new bearish Elliot Wave.
The Elliot Waves are smartly depicted by the Road Map Indicator For MT4, and most of the time when I trade the Elliot Wave - I trade it on the four-hour, one-hour and 15-minute time frames. The motive behind me using these time frames is because it allows me to easily track the movement of the big banks.
For intraday trading, I tend to rely mostly on the price action shown in the 15-minute time frame. Hence why I elected to capture a screenshot of the AUDUSD trading pair from the 15-minute chart. What is also fantastic about the Road Map Indicator For MT4 is that it allows you to easily spot the consolidation and resting periods in a trend and these are zones are known as Elliot corrective waves. I have actually highlighted them below.
Red circular points one, three and five in the image above are those impulse waves which I mentioned earlier. These are the impulse waves that you may trade when using the Road Map Indicator For MT4 but I have to admit that not everybody has the ability and skill to trade impulse wave one. However, it is not as difficult as one may think. There are ways to catch the beginning of the trend on impulse wave one. The best way in my opinion is to use bullish divergence trading. It works consistently well for me in my trading.
Nevertheless, the first "resting period" of wave one is found at the end of the 16th day of October This works out fine because the pair is consolidating into the Asian range. This behaviour in price action surprises me not. Now when the Road Map Indicator For MT4 starts depicting the first corrective wave to you then you may draw a small trend line on it as shown in the image above because each corrective wave has its own sub-sequence of Elliot waves. On the seventh wave therewith you must get ready for a buy position when price breaks that little trend line we drew. This is very much similar to how some traders trade flag trend continuation patterns but with the Road Map Indicator For MT4 it is less complicated.
I value effortless trading - that is what the Road Map Indicator For MT4 has on offer to you as a trader. Provided you back test extensively and remain disciplined relative to your trading system and plan then you will definitely prosper.