EG Entry Pro Strategy For MT4
Table Of Contents:
- EG Entry Pro Strategy For MT4
- EG Entry Pro Strategy For MT4 – Long positions
- EG Entry Pro Strategy For MT4 – Short positions
- Is EG Entry Pro Strategy For MT4 profitable?
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 EG Entry Pro Strategy For MT4 is a forex system that makes use of price channels. There are only two indicators used in this trading system. Both these indicators are custom indicators. However, do not let this fool you into believing that the trading system is easy to understand. On the contrary, the EG entry pro strategy, as you can see in the charts ends up plotting a bunch of confusing number of lines on the price chart.
The first indicator is called the fibo indicator and these are the price channel lines that are plotted based on the fixed Fibonacci levels. The basic idea behind this is to understand when the market has moved too far away from its average and therefore allows traders to either go long or short when this happens.
Also, another custom indicator which also works on a similar basis as the fibo indicator. This second indicator is responsible for plotting the custom tick lines that you see on the price chart. We are not sure whether these are supposed to be moving average lines or whether these are indicators based on something else.
This trading system can be used for trading on the short term intraday chart such as the 15 minute chart time frames. However, as you will realize further on in this article, we do not recommend the trader should be using the EG entry pro strategy. This is due to the fact that this trading system looks rather incomplete and On the contrary it seems to be called a trading system by just throwing in a bunch of indicators without any meaningful stop.
Let's now take a look at how you can trade long and short positions using EG ENTRY PRO strategy for MT4.
EG Entry Pro Strategy For MT4 – Long positions
In order to take a long position using the EG entry pro strategy, trader should first look for price to bounce towards the lower boundary lines of the channel indicator. At the same time, you should notice that the width between these outer channels should also begin to increase. This will signal to you that the volatility is also rising.
When the volatility is rising, there is a higher chance that price action will move much quicker and therefore it is easier that your trades will be closed out with a profit within a short period of time. After waiting for price to trade near the lower boundary channel line, trader should then take a long position at market. Identify the recent swing low which has formed and set your stop loss to this level.
For your first take profit level, identify the calculated risk to reward ratio and set your initial take profit to this level. For the remainder of your trades, you can target the upper boundary channel lines. We recommend that after the first part of your trade is closed in profit, you should move your stop loss to break even so that the remainder of your trade is risk free.
EG Entry Pro Strategy For MT4 – Short positions
In order to take a short position using the EG entry pro strategy, trader should first look for price to bounce towards the upper boundary lines of the channel indicator. At the same time, you should notice that the width between these outer channels should also begin to increase. This will signal to you that the volatility is also rising.
When the volatility is rising, there is a higher chance that price action will move much quicker and therefore it is easier that your trades will be closed out with a profit within a short period of time. After waiting for price to trade near the upper boundary channel line, trader should then take a short position at market. Identify the recent swing high which has formed and set your stop loss to this level.
For your first take profit level, identify the calculated risk to reward ratio and set your initial take profit to this level. For the remainder of your trades, you can target the lower boundary channel lines. We recommend that after the first part of your trade is closed in profit, you should move your stop loss to break even so that the remainder of your trade is risk free.
Is EG Entry Pro Strategy For MT4 profitable?
In conclusion, the EG Entry PRO strategy is a trading system that is rather confusing for the trader. If you want to beat the odds to make consistent profits, then traders have to really pay attention to their trades all the time. Perhaps the most confusing part about using the EG entry pro strategy is the fact that there are way too many channel lines that are used.
As a result, the moment you lose focus is when mistakes tend to happen. And these mistakes can prove to be very costly. As a result of the above, we do not recommend that beginners should even think about using the EG entry pro strategy. This is a trading system that can be avoided even by professional traders.
One of the biggest shortcomings of the EG entry pro strategy is the fact that there are no oscillators that can allow you to time the entry of your trades. This can be a big sing for traders because when you are using indicators such as price channels, using an oscillator is important as it enables you to understand the overbought and the oversold levels. This in turn will help traders to understand when they should go long or short in the market.
There is no trading template that comes with this strategy. Therefore, traders need to add the indicators manually. Still, for those who think that they could add an additional oscillator to this trading system, it is worth taking a risk. However, we cannot guarantee that the results of your trading will change due to the fact that there are way too many channel lines that are used and these can end up confusing the trader.
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