Forexentrypoint.org provided Forex Entry Point Indicator. It is an easy and smart forex indicator. It is a forex indicator that you will not regret using. But you will need to learn how this indicator works and how to interpret the signal it gives.
Forex Entry Point forex Indicator is displayed on a separate mt4 chart below the main trading chart. Unlike many other indicators, it shows nothing on the mt4 trading chart. After loading the forex indicator on the trading chart, you must change the colors of the different lines to be visible since some are given no color. The trading signals are given by the various lines crossing each other. Therefore, it will require the forex trader to be very well acquainted with the indicators s that they can make the right decisions.
Fig.1. Shows the Forex Entry Point indicator inserted into the trading chart.
From the chart above, the color of the indicator line is changed. When changing the indicator colors, you can use any color provided that it is the one that suits you.
The indicator consists of five-line; however, lines of value three and 4 are not visible on a lower mt4 timeframe; they become visible when using a chart timeframe above H4. So when using an mt4 timeframe lesser than H4, you will only be using three lines: the value 1, value two, and value 5. According to the indicator colors used on the chart above, the line of value 1 is maroon in color; value 2 is blue, while value 5 is yellow.
If you take a close look at the mt4 chart, you will notice an exciting phenomenon, where the lines cross each other at the same time. But there are some other times when all the three lines do not cross each other simultaneously and point.
It is a best practice to use this forex indicator with other forex indicators if you are a new forex beginner so that you will be able to make the correct interpretation. The forex indicator also requires some extra bit of knowledge of the technical analysis of the mt4 currency pair that you are just about to enter a trade.
Placing trade when using the Entry Point Forex indicator alone
NOTE: this is only focused on the traders who understand the forex market well. If not, use this forex indicator in conjunction with another forex indicator like the forex FXI pivot point or any other of choice, especially one that generates color arrows as signals.
The Entry Point forex indicator entry signals are the crossing of the lines. The main forex line to look for is the line of value five (the value of the indicator line is displayed when you point the line with the cursor). You should place a sell order when the line gets below all the other lines. When the line of value 5 crosses the line and gets on top of all the lines, place a buy order.
Also, it is good to note that the signal is correct when the lines cross at the same point. Also, after placing the order, ensure that you also put a stop loss and a take profit. The stop loss should be at ten pips. The take profit will depend on your set profit target and your technical analysis of the currency pair.
Example of when to place trades.
Read More: Xmaster Formula Forex Indicator Free Download
Entry Point Forex Indicator Free Download