This is one of the best trading tool (indicator) that a trader will ever get. It is one of the most prominent indicator there is in the internet today. Just as the name suggests, the indicator is designed to allow the traders to place trades and also enable them to close the trades early enough rather than in the other indicator where if you wait for the indicator to give you an exit signal you may end up making losses all the time. This indicator is very cool and is best for beginners and the forex gurus. In actual fact, when you have this indicator with you, you need not worry about technical analysis. The indicator does all the math and thinking for you. You only need to know what signal the indicator gives.
The indicator consists of a purple dotted line that follows the market prices and arrow that act as trading signals. The purple dotted line is always ahead of the market; if the indicator predicts that the market trend is downwards, then the line will be above the candles that form and will be heading down. The same thing applies if the trend is upwards. This is the main feature that makes this indicator reliable when it comes to helping the trader in closing his or her trades. For example if you had placed a sell order and after your order registering a profit the purple line moves below the candlesticks, then you should withdraw (close) your order immediately since the indicator suggests that there is a change in the market prices trend.
Fig.1. The EntryExit Trend indicator loaded on a trading chart.
The signals given by this indicator are in form of arrows. The arrows can either be red in color or blue in color. The red arrow shows a downward trend while the blue arrow shows an upward trend.
How to open positions using the EntryExit Trend indicator.
When using this indicator, the trader should place his or her order in the next candle after the indicator gives its signal (displays an arrow). There is no need to wait for a confirmation of the trend. Then after placing your order you need not place stops. But if there is any major news that you are anticipating, you may consider placing a stop loss. For the take profit, you only need to close the order when the opposite signal is given; that is if you had opened a buy, you close it when a sell signal is given.
EntryExit Trend indicator When to place a sell: the trader should place a sell when the red arrow appears. The order should be opened at the beginning of the second candle (the candle that forms after the arrow appears).
EntryExit Trend indicator When to place a buy: the trader should place a buy when the blue arrow appears. The order should be opened at the beginning of the second candle (the candle that forms after the arrow appears).
Example of opened trades using this indicator.
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