Kijun Sen Candles Two Colors Indicator For MT4
The Kijun Sen Candles Two Colors Indicator For MT4 The Kijun Sen Candles Two Colors Indicator For MT4 is a powerful tool that helps you to find the overall strength of the buyers and sellers in the market. If the price trades above the kijun Sen lines, you need to focus on buying signals. On the contrary, the pair trades below the Kijun lines, you should look for selling signals.
The Kijun Sen Candles Two Colors Indicator For MT4 is giving us very important data based on the Kijun Sen algorithm. Those who are using different kinds of indicators might have a fair idea about the Kijun Sen lines. But this indicator doesn’t give the data based on signal lines rather it colors the candles. The bullish candles are marked with blue color and the bearish candles are marked with red color. The indicator defines the bullish and bearish candle as a part of a trend. Even if the closing of the candle is lower than the opening price, you still might see blue colored candles. The same rules also apply to bearish candles.
You can’t relate the Kijun Sen Candles with the regular Japanese candlestick pattern. The Kijun Sen Candles Two Colors applies an advanced algorithm to analyze the highs, lows, opening, and closing price of the bar. Then it evaluates the collected data with the market momentum to find the overall tone on the market. At times, you might see a delay in the color-changing sequence but you can offset the latency by using a lower period ranging from 21-30 in the Kijun Sen settings. But we highly recommend using the default 34-period settings as it works best with most of the major and minor currency pairs.
Trading ideas with the Kijun Sen Candles Two Colors Indicator For MT4
Everyone knows trading is a tough job for retail traders. If you want to improve your trade execution skills, you must learn to take the trades in a standard way. Taking too much risk and trying to earn a significant amount of money without having the right trading edge is not going to work. You can’t emphasize too much on Kijun Sen Candles Two Colors Indicator unless you have a valid trading method. To test your trading strategy, you can use a journal and see the performance factor.
A good system is most likely to generate more than 65% profitable trades even in the most difficult market condition. If your win rate is less than that, you have to revise the trading edge before using the Kijun Sen Candles Two Colors Indicator. Once you are certain, your system is working, you can easily rely on the simple colored candles and take the trades. But remember, you must find the major support and resistance level. And to do so, the trade ideas need to be generated in the higher time frame only. Let’s learn the process of using the Kijun Sen Candles Two Colors Indicator professionally.
Kijun Sen Candles Two Colors Indicator For MT4 - Buy Entries
To buy any instrument, first of all, you have to identify the key support level. If the support level is drawn perfectly, you have a better chance to win money from the trades. Being a new user of the Kijun Sen Candles Two Colors Indicator, draw the support levels in the uptrend. A classic way to look for the uptrend is to analyze the highs and lows. The price will make new higher highs associated with higher lows. Once you have spotted the buying zone, wait for the bullish price action signal.
The bullish price action signal is usually formed as the rejection of a major support level. Since you have the Kijun Sen Candles Two Colors Indicator installed in the chart, try to evaluate the color of the candles that tells you to open the long order. All these candles must be colored in blue or else you should not take the trade. Blue color candles suggest a strong bullish sentiment in the market. But don’t get biased and take a high risk since every system has to endure some losing trades.
Kijun Sen Candles Two Colors Indicator For MT4 - Sell Entries
As a general rule, every trader takes their short trade at the major resistance. So, we have to identify the key resistance level by evaluating the time frame and state of the market. But those who are trying to take trades at the volatile state should look for a weak support level. If the support level breaks, you can see a sharp fall in the price which will eventually give you a decent opportunity to take the short orders. Before the execution of the short trade, get the clearance from the Kijun Sen Candles Two Colors Indicator.
Since the Kijun Sen Candles Two Colors Indicator color the candles based on the market momentum, you need red candles right at the bearish trade setup. In case you are trying to take the short order at the break of a support zone, wait till the bar closes. At times, we might experience a false break in the support level so it is better to wait for one or two red candles once the support level is breached. And try to limit your risk to 1% of your account balance since you don’t know which trade will hit the take profit level.
Kijun Sen Candles Two Colors Indicator For MT4 - Conclusion
The trading strategy needs to be revised from time to time. But if you can master the proper use of the Kijun Sen Candles Two Colors Indicator, you don’t have to bring any change in the use of this indicator. Look for the red candles when the short trade is taken. For the long trade, you need consecutive blue candles. But the Kijun Sen Candles Two Colors Indicator often boost the confidence level of the novice traders and induce them to trade with high risk. Regardless of your success rate, you cant risk over 2% of your balance in any trade. If you do so, get ready to blow up the trading account.
The success of a trader doesn’t depend on the use of the indicator. The Kijun Sen Candles Two Colors Indicator is a supplement that can allow you to earn more by increasing the win rate. But all the rules and regulations stated in your trading strategy must be followed in each trade. You may trade well for 99 days but if you break the rules in the 100 days, you might blow up the account.