Legacy Trader MT4 Indicator and MACD basically strategise to take advantage of pullbacks both in uptrend as well as down trend. It can be quite amazing as it indicates you about various trading levels at various point of times in the market. This simple strategy works on simple set of points which can get you a good entry in the Forex market. All you have to do is download Legacy Trader MT4 indicator with MACD and get going.
How the chart has been setup!
For setting up the chart for your Forex trading you will need to keep Legacy Trader MT4 Indicator and MT4 as your default settings. The best part os that the chart fro trading can be set up in any time frame and you will not need to limit yourself for a particular time frame. It can also be used in any trading sessions and is not limited to particular trading session in particular time frames. London and US trading sessions are usually used in lower time frames like M1, M5, M15. Legacy Trader MT4 Indicator with MACD can be easily used in t he Forex market for strategising trading of any currency pair.
Some rules for trading!
- Long Setup or Bullish Setup: When you find an MACD above 0.00 level then it will be known to have a bullish setup. At this point of time you will see Legacy trader MT4 Indicators turns magenta dot of short term bearish into aqua dot of short term bullish. At this point of time it is advisable to put the stop loss 3 pips below the latest low swing point. Our main motive is to earn 60 profit out of 30 investment. We can also wait for our next move till the dot again turns to aqua.
- Short Setup or Bearish Setup: On the other hand when you find MACD to be below 0.00 level it is known to be bearish set up. At this point of time Legacy Trader MT4 indicator turns aqua dot indicating short term bullish into magenta dot of short term bullish. In order to initiate the sell trade you can place the stop loss 5 pips above the latest high swing point. We aim at earning 80 profit out of 40 investment done by us. We can also let our sell trade run till dot again turns to magenta.