This is a trend following the forex indicator. This forex indicator is mostly for use by long-term forex traders. This is because it takes a very long time for it to give an entry signal. The reason behind this is that there are a lot of conditions that have to be met in the forex indicator’s algorithm before it decides on what entry signal it is going to give.
For this reason, the forex trader has to ensure that he or she has enough money in his or her account to withstand some of the chart retracements that may happen within the open trade. However, even though this is the fact, this forex indicator is still a very efficient forex indicator and one will never make big losses if it is used correctly and well. Once a live trade is opened, it may take some time for the forex trader to start realizing profits but once the good profits start to roll in, the forex trader will make a substantial amount of funds. Mainly it will take maybe half a day for an entry signal to be given. Thus, this forex indicator is not programmed to account for or predict the bit small market swings but rather the long-term forex market trends.
The trend sentry forex indicator forms a line that follows the market prices on the mt4 trading chart. This line changes its color from red to blue color and vice versa. The indicator also gives a text entry signal that is displayed on the top right corner of the mt4 chart. The text is either “Short” or “Long” and it is usually shown at the instance when the color changes. The “Long” text is green in color while the “Short” text is red in color. Just before the color change, the line tends to plunge downwards. If you look closely at the line, it is evident that when the line becomes red color it is usually above the chart candlesticks or bars but when it is blue color, it is usually below the chart candlesticks or bars for that matter.
Fig.1. The Trend sentry forex indicator is inserted onto a chart.
How to use the Trend sentry indicator
Before deciding to use this forex indicator, you have to meet the following things:
- You have to have sufficient money in your account for the lots that you want to use in placing the trades.
- You have to be a long-term forex trader, or you are contemplating using this forex indicator to trade long-term. This is NOT for forex scalpers.
- Have to be patient and learn to trust this indicator.
Trend Sentry Forex Indicator Placing sell orders: for a trader to place a sell entry, the “Short” text should be shown. Then the line should be red color and above the chart candlesticks. As a trader for maximum profit and good risk management, you should put your order within a short period after the “Short” text and color change to red color occurs. Avoid putting your order too late since you may end up making a big loss.
Fig.2. Trend Sentry Forex Indicator Showing how to place a sale and close it.
Placing buy orders: for a trader to place a buy entry, the “Long” text should be shown. Then the line should be blue color and below the candlesticks. As a forex trader for maximum profit and good risk management, you should put your order within a short period after the “Long” text and color change to blue color occurs. Avoid placing your order too late since you may end up making a loss.
Fig.3. Trend Sentry Forex Indicator Showing how to place abuy and also how to close it.
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Trend Sentry Forex Indicator Free Download