PRO ITM Miner with RSX Strategy For MT4
Table Of Contents:
- PRO ITM Miner with RSX Strategy For MT4
- PRO ITM Miner with RSX Strategy For MT4 Long trade setup
- PRO ITM Miner with RSX Strategy For MT4 Short trade setup
- Managing the trades
Please note: This strategy was publicly published in the trading community and is free to use. We do NOT make an attempt to decide if this strategy is profitable or not, because we know that the major factors regarding trading results are the skills/experience of the trader who executes the strategy. Therefore, we are mainly explaining the components and rules of the strategy. If applicable, we are highlighting advantages, disadvantages and possible improvements of the strategy.
The PRO ITM Miner with RSX Strategy For MT4 is often known for its diversified use. The system can be used in any time frame you want. You can take trades in the minute chart or you can switch to an hourly chart just to improve the RR ratio and reduce the stress at trading.
Everyone has a different level of test and endurance ability. Based on the endurance skill, a trader have to pick the time frame that suits them the best. Pro ITM Miner, BK clock, and RSX are the indicators that you will be using throughout the use of this edge. Skilled traders always look for a simplified solution that can offer them a well-balanced strategy. The PRO ITM seems to be perfect for the experts as more institutional traders are using it with time. When you load up the chart for the first time, you may get confused by seeing the blank chart. To use the edge, you have to draw the important levels.
Without having any skills or the basic skill to draw the SR zone, you should not expect to earn money at trading. For this edge, you have to learn how to draw the SR zone. We will elaborately discuss the technique in the long and short order setup.
Before we move on to the step, be careful about the steps you take to open the new trades. If you ignore the basic steps to open trade, it will be a tough challenge to overcome obstacles at trading. Unless you are mentally prepared to fight with the losses, no strategy can help you to become a skilled trader. Now let’s focus on the essential steps to take the trades.
PRO ITM Miner with RSX Strategy For MT4 Long trade setup
In the first segment, we have already discussed why you need to learn about the SR zone. For the long order, you have to find the support level. Support can be a broken resistance or it can be significantly low. Draw the support level in the chart with the aid of the highs, lows, or any significant low. After drawing the important support level, it’s time for you to have a look at the candlestick pattern.
This edge is popular because it allows the price action strategy to perfectly fit with the system. But get freaked out that you have to learn about tons of candlestick patterns. To open the trade, knowing about the bullish pin bar is enough. A bullish pin bar is a strong bullish reversal pattern that is usually formed at the important support zone.
As you know how to draw the support zone, you should be looking for this pattern at an important point. After spotting the bullish pin bar, it’s time to look at the potential filter which is also known as the RSX indicator.
There should be a strong blue bar at the top of the reference line to call it a solid buying signal. When you get the buy signal, you can set the Sl with the PA bar and take profit can be determined with the manual calculation of key resistance. In case you want a graphical solution, set the TP to the resistive zone.
PRO ITM Miner with RSX Strategy For MT4 Short trade setup
The short trade setup process involves similar steps like long trade. But we will push things to a bit advanced level. We have said the pin bar is enough to take the trade. However, the concept of inside bar pattern can be coupled with this edge. Those who have read the article carefully know this edge is perfect for coupling the price action pattern.
When you get the price action signal, it’s time to look at the potential selling zone. Find the required resistance level with the help of the line tool. You can also analyze the major chart pattern as they provide a powerful short trade setup. After that, it’s time to look for the inside bar pattern on the chart. The first candle can be a bullish bearish candle.
The body of the next candle will be contained within the length of the first candle. Now you have the inside bar pattern. The break of the candle should be downward as you will be taking short trade. Look at the RSX reading and should pose a purple bar on the negative side of the indicator. The purple bar clears you that the trade is pure and you have a high chance to earn money with that certain trade setup.
Being a novice trader, you should have difficulty in spotting the inside bar pattern effectively. But we do have the practice account where we can test our skills. Spending one week is enough to master the inside bar pattern and when it is integrated with this strategy, you will get one of the most well-structured trading methods available on the market.
Managing the trades
We all know the price action strategy is famous for precise stops. The entry for the trade is very accurate and the traders get a well-determined zone to close the trade at loss. The SL should not be a factor but the lot size often become the key reason to suffer. People often increase the lot size in each just because they want to get rich quickly.
But looking for the short cut way to earn money is not the solution. To protect the capital, you have to follow a conservative technique that will allow you to win trade rationally. The maximum risk for this edge is just 2%. Skilled traders and hedge fund managers love to trade with a 1% risk. When the risk is really low, you don’t have to bother about potential losses.
It becomes easier for the traders to kick start again after a series of losses. Unless you have extensive skills and years of price action trading experience, the risk should be limited to 1%. And try to trade with the higher TF, especially the 4-hour chart.
The 4-hour chart tends to give the best result in terms of RR ratio. But still, you do have the liberty to choose your desired time frame. As long as you stick to the tips of this guide, you should have zero trouble in making consistent profit.
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