Candle Closing Time Remaining (CCTR) MT5 Indicator For MT5
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I would like to take the time to introduce to the Candle Closing Time Remaining (CCTR) MT5 Indicator For MT5. The screenshot above provides a fantastic shot of the Candle Closing Time Remaining (CCTR) MT5 Indicator For MT5 in full view. The Candle Closing Time Remaining (CCTR) MT5 Indicator For MT5 may appeal as an unassuming indicator but it is far from it. The Candle Closing Time Remaining (CCTR) MT5 Indicator For MT5 is one such indicator that can be used to great effect in your trading - so do not be fooled by its simple nature.
Basically the headline purpose which the indicator serves is to give traders a visual display of the time remaining on the latest candlestick on their trading platforms. Furthermore, it does not just show the remaining time left on the current candlestick, it also shows the corresponding server times of your trading platform as per your broker.
I have been trading for many years and the concept of time, in my early days of trading, was not important for me. I had the ability to recognise profitable candlestick patterns and trade setups and then because of my eager nature I would rush into trades and then end up with unsatisfactory results.. However, with the use of the Candle Closing Time Remaining (CCTR) MT5 Indicator For MT5 your trading will not be lured into my past mistakes I made in my novice trading days. If you do not follow a coherent trading plan in this regard you will reduce the likelihood of profiting on a consistent basis.
I am really glad for the opportunity to be sharing the Candle Closing Time Remaining (CCTR) MT5 Indicator For MT5 with you. It will improve your trading. And as you read along further about the Candle Closing Time Remaining (CCTR) MT5 Indicator For MT5, you will begin to see why the Candle Closing Time Remaining (CCTR) MT5 Indicator For MT5 can bring you improved success by just tightening up a few screws and tweaking a few details in your trading system.
There are plenty of ways to go about incorporating the Candle Closing Time Remaining (CCTR) MT5 Indicator For MT5 into your trading methods and philosophies. I will only be touching on one or two critical methods so that you will have a strong foundation on which to build upon once you start back testing these methods in your own time. Besides, I would love to write endlessly about the Candle Closing Time Remaining (CCTR) MT5 Indicator For MT5 however we all need to trade and apply our knowledge and indicators.
Look, I am not saying that you will not make money mistiming your trading positions. You will still profit as you've always have with regards to your different strategies but in rare instances you'll flourish even more so and that is due to the fact that you've hit the sweet spot in terms of timing.
I have to declare and admit that getting the timing right in the financial markets is not the easiest of tasks to master. That is largely due to the unpredictable elements which do get factored into price as the markets trade on further. We cannot predict the future when it comes to trading, we can only build and develop trading systems and strategies which stacks the odds in our favour when it comes to trend forecasting. Economic data, technical data and tools are available in abundance for us to supplement our trading to that fulfilling degree of having an accurate trading strategy.
Time Is Value
I am sure that almost everybody has come across the expression that says "time is money". Well, through the years I have seen the truth in that expression in all walks of life. Time is money because with misused time your chances of creating value for yourself and others becomes drastically reduced.
That is the same for trading in many ways but with trading it is slightly different. I can make this distinction with a simple expression which states that "timing is money". In trading timing rules. If you get the timing wrong in your trade setups you end losing money or leaving some of it on the table.
The two main parts where timing plays a pivotal role is in your entries and exits of all your trades.
Whether you are a fundamental trader or a technical trader, timing is crucial in your trading especially if you are looking to maximise the potential of your winning trades.
I am both a technical trader and a fundamental trader. Fundamental trading is complex when you start out trading this way. Furthermore, it is risky as well because during big news events the markets are prone to high levels of volatility that can have devastating effects on your trading account.
However, through the years I have learned to interpret economic data a lot better than before and I am able to trade news confidently through using sound money management philosophies to ensure that the losing game is not my portion.
You need to value the timing of the news event and also the volatility levels of the impending news events. There are a vast array of news or economic calendars available online. They do not just define the news event but they also rate the respective volatility thereof. Usually in levels of three such as; low, medium or high. I trade high volatility news simply because of the quick and aggressive moves of which you may profit substantially from provided you are on the winning side of the news result.
The Candle Closing Time Remaining (CCTR) MT5 Indicator For MT5 is helpful to your news trading exploits. I enjoy using the Candle Closing Time Remaining (CCTR) MT5 Indicator For MT5 for this purpose so let me just show you how you can go about doing so.
As I am writing this post I would like to make this interesting so that you can see the benefits of using the Candle Closing Time Remaining (CCTR) MT5 Indicator For MT5 for actual news events.
Today (31 October 2019) we are about 13 minutes away from a major news event that could affect all the Canadian Dollar trading pairs. No need to trade all of them, we shall just trade the just one so that we have a better focus on our execution and timing thereof upon the news release. We will be focusing on the USDCAD trading pair.
The major news that is coming up is the Canada Gross Domestic Product (GDP) for the past month compared to the month the same month of the previous year. For simple expression it will be described as MoM. The GDP is one of the sources of information which gives insight into the health of an economy. An increase in GDP is good for the country because it shows that the country's economy is performing well to a degree which facilitates growth.
Before I go on further, I need to stress the importance that this is just for illustrative purposes to show you one way of going about using the Candle Closing Time Remaining (CCTR) MT5 Indicator For MT5.
As per my local and server time the news result will be launched at 14:30. I will be fixated on the countdown and time made visible to me by the Candle Closing Time Remaining (CCTR) MT5 Indicator For MT5 as shown below.
Seven more minutes to go!
Volatility already increasing and factoring into the price action; 60 seconds to go.
At last! The news result came out negative for the MoM Canadian GDP data. Hence why you see the long wick of the candlestick. Because at the opening of the candlestick the market rallied up because the Canadian Dollar weakened against the US Dollar. But this was momentarily.
The USDCAD was trading in a narrow range since the Asian session up until the news result. This is common behaviour leading up to major news. However, what was interesting is that the pair made a false upward move, earlier, to "exit" the narrow range. This upward movement traded to a receptive zone for a possible high of the day or overlapping sessions.
So when the news result came out, I had to time my entry and wait a bit because of this possible high that was set. I waited to see if that high would be taken out during the news result. However, it was not to be so and that was my cue to open a sell trade for around 30 pips. The position is still open and I risked close to 5% of my trading portfolio so even If I get the trade wrong I know that my stop loss is there to protect my account from adverse movements.