S4T_DaysOfTheWeek Indicator For MT4
Table Of Contents:
- S4T_DaysOfTheWeek Indicator For MT4
- Trading ideas with the S4T_DaysOfTheWeek Indicator For MT4
- S4T_DaysOfTheWeek Indicator For MT4 - Buy Entries
- S4T_DaysOfTheWeek Indicator For MT4 - Sell Entries
- S4T_DaysOfTheWeek Indicator For MT4 - Conclusion
The S4T_DaysOfTheWeek Indicator For MT4 paints the day of the week with different colors so that the traders slowly learn about the profitable day of the trading week. When you start using this tool, you can easily scale the risk exposure and find the very best trade setups in the market. But never make things overly complicated as it always result in loss.
The S4T_DaysOfTheWeek Indicator For MT4 is a very simple tool with extreme power to enhance your trading performance. The novice traders have a tendency to ignore the importance of the major news. They always look for potential trade setups without analyzing the importance of market details.
For instance, very few traders actually pay attention to the high impact news. They always look for the technical trade setups and mess up things. On the contrary, those who are skilled always use a strategic approach so that they can fine-tune their trading method based on the news data. But mastering news analysis takes time and the investors often get confused as they don’t have any clue how to do the perfect news assessment.
The impact of the news gradually increases from Monday. And the most major news is released being on Thursday and Friday. By cautious steps on these days, a trader can easily reduce the number of losing trades. This is where the S4T_DaysOfTheWeek indicator comes into action. Thursday is denoted by the orange-red segment and Friday is denoted by the crimson red segment of the indicator. These color codings are shown right below the chart so that the traders can take real-time decisions based on the weekdays.
Trading ideas with the S4T_DaysOfTheWeek Indicator For MT4
Too many retail traders, identification of the weekdays by using the color codes of the S4T_DaysOfTheWeek Indicator. For instance, when you spot potential trade signals in the crimson or orange shaded zone, you have to think about the major news. Have a look at the economic calendar and make sure that there is no major announcement.
High impact news can cause major trend reversal and there is no way you can protect yourself from the losing trades unless you are aware of such events. So, by using the simple S4T_DaysOfTheWeek Indicator, you can easily escalate your trade execution process. The novice traders always take their trades in a very strategic way.
They never increase the risk on the orange-red or the crimson red zone since they know anything can happen. This was just an example to show how you can take advantage of this S4T_DaysOfTheWeek Indicator. In this article, we will teach you some of the most advanced methods which will eventually ease the process of trading. Trading should not be considered a tough task. If you know the proper way to deal with the critical market dynamics, you can expect to rule in this industry.
S4T_DaysOfTheWeek Indicator For MT4 - Buy Entries
The successful traders know the role of high impact news. Some of the highly technical traders often use the S4T_DaysOfTheWeek Indicator just to make sure that they are not trading at odd times. For the long trade, usually, the bullish price action signal is used. But those who rely on indicators, need to find the trade setups at the important levels based on some the combination of some reliable indicators.
As you find the bullish trade setup, you need to locate the position of the setup based on the color codes of the S4T_DaysOfTheWeek Indicator. The green and lime zone are the safest position to take trades since we don’t have any major news on Monday and Tuesday. The green segment represent Monday and the lime segment represent Tuesday.
But it’s not a rule that you will have a high success rate these days. To improve your accuracy, you slowly need to depend on the advanced price action signals. And develop the habit of testing the key news on the red segment zone as it will protect you from many unexpected reversals in the price.
S4T_DaysOfTheWeek Indicator For MT4 - Sell Entries
Taking a new short trade at the green and lime zone is fairly easy. But what if you want to trade during the volatile state of the market. Some retail traders love market volatility as it provides them an easy way to ride a big price movement. Install the S4T_DaysOfTheWeek Indicator in your chart and look for the trade setups during the orange-red or the crimson red zone.
Analyze the news data and relate it with the technical parameters. As you locate the potential setup in the red zone, you have to think about the risk exposure from a different angle. Try to evaluate your risk exposure level by using the 1% rule. This means, you might have a trade with a high risk to reward ratio but the overall risk will not exceed 1% of the account balance.
Some of you might not feel comfortable with the default color for each trading day. They can easily change the color code and make the trading chart more user friendly. But in general orange-red and crimson red suit the best since it is a sign of alert.
S4T_DaysOfTheWeek Indicator For MT4 - Conclusion
Most successful traders analyze important market details from a different angle. They always look for the trade setups in a higher time frame based on the news analysis. But if you manage to use the S4T_DaysOfTheWeek Indicator in a systematic manner, you can expect to earn more money without having strong skills in fundamental analysis.
Mastering fundamental analysis is a very tough task and only for this reason the retail traders prefer to use the S4T_DaysOfTheWeek Indicator. But the position trader must be careful about the overnight carrying charge. If you fail to consider the rollover charge, swap, and commission in the trade, you might have to spend more trade to keep the trades open. So, it is better today to trade the market using this S4T_DaysOfTheWeek Indicator. Those who are thinking that this indicator needs manual configuration is completely wrong.
The smart tools extract the broker server time and create the colored line segments with high precision. Getting used to such a color code segment might seem tough at the start but you can always switch to the demo account and learn the use of a new indicator. But never consider the indicator as a prime tool to take the trades. If you become too dependent on the indicator, you start to ignore the most basic metrics like support and resistance. And always keep in mind, this is not the tool that can magically solve the problem of losing trades.