The Ultimate Candlestick Reversal Pattern Forex Indicator consists of two last candles on charts with different directions where one is buy and the other is sell and vice versa. End of one signifies the start of the other one. Signal is confirmed when the last candle is closed, while it’s beginning on the end of previous candle.
Fig. the Ultimate Candlestick Reversal Pattern indicator and its template loaded on MT4
This indicator comes with its own template. The template has no special objects attached to it but it is just a chart with the best background color for the default settings of the indicators associated with the Ultimate Candlestick Reversal Pattern to be clearly visible. So when you download the indicator’s file, you should load the template before loading the indicators that come with the file.
What is the best time for using the Ultimate Candlestick Reversal Pattern?
The best answer to this concern is London and New York sessions. However the trader should ignore (should not use this indicator to trade) the beginning of London session and the end of New York session because these are the instants in which too little of the interesting things occur and there is a likelihood for you to get fake signals. Nevertheless, it’s up to the trader to make a strategy on which to make trades every time you see the signal or just during the London and New York session. But the best time is to stick to London and New York sessions.
Placing trades using the Ultimate Candlestick Reversal Pattern
While using this indicator, the trader should place buy orders when upward pointing arrows are formed. The sell orders on the other hand should be placed when the downward pointing arrows are formed.
After placing each trade, the trader should place stop losses and take profits. However if none of the stops is hit and there is an opposite signal produced, then the trader should close the order.
Stop Loss and Take Profit
First, positions should be opened by the closure of second candle in the pattern, so as to get a confirmation whether the signal is correct.
Stop loss should span between 40 and 60 pips, maybe even less if you know what you’re doing. With a lot of different strategies and trading systems over time, it has been proved that stop losses of 40-60 pips are best intraday short trades. When using Candlestick Reversal Pattern in combination with this type of stop, you’ll be having about ninety five percentage of wins in your trades.
The trader should set up two take profits: the first should be at +/- 20 pips, while the second one at +/- 50 pips. The first take profit is used to close most of the opened position while about thirty percent of the positions is left hoping that the price will reach +50 pips of profit.
Forex Indicators Download – Instructions
Ultimate Candlestick Reversal Pattern Forex Indicator is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
Ultimate Candlestick Reversal Pattern Forex Indicator provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
Do the same with template file (.tpl), if there is any, at File/Open Data Folder/templates.
How to install Ultimate Candlestick Reversal Pattern Forex Indicator.mq4?
- Download Ultimate Candlestick Reversal Pattern Forex Indicator.mq4
- Copy Ultimate Candlestick Reversal Pattern Forex Indicator.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on Ultimate Candlestick Reversal Pattern Forex Indicator.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Ultimate Candlestick Reversal Pattern Forex Indicator.mq4 is available on your Chart
How to remove Ultimate Candlestick Reversal Pattern Forex Indicator.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
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Ultimate Candlestick Reversal Pattern