Elliott wave indicator (MT4_Good trade mode indicator) is a professional technical tool. This indicator based on Fibonacci levels & Elliott Wave. Use 0,2 and 4 Elliott waves to enter a trade. 0,2,4 represent possible trend continuation. 1 and 3 represent possible correction. 5 possible end of the trend. Use with your other analysis to get better results. This can use for 1 hour, 4 hours, 1 day, 5 minutes, 15 minutes, 30 minutes,.You can change Indicator settings as you wish. You can identify trend direction with this indicator. This indicator is a repaint indicator.
So, don’t use to get confirmation to enter a trade. only use to get an idea about Trend. When you use this indicator number 5 means the trend is ending. At that time you can exit your trade. But don’t enter the next trade with number 5. You need to wait until appear number 0 after appearing number 5. Then after appearing number 0, you can enter the trade with other confirmation. So, number 0 means the beginning of the trend.
How to trade with Elliott wave indicator.
If you entered to trade with number 0, you can wait until appear number 5 to close the trade. If not, you can exit with number 1 .you must wait until appearing number 2 enter to trade again. When you enter with number 2 then you can exit number 3 or number 5. Remember, between number 0 to number 5 is one trend. Then appear number 0 after number 5 at that time beginning to a new trend. The numbers will display as two-color. Green color means the Bull trend. Pink color mean Bear trend. When you are is in the downtrend, the trend is beginning with number 0 from pink color. If you are in the uptrend, the trend is beginning with number 0 from green color.
You can place a stop loss level to a higher high or lower low.
0,2,4 Elliott wave
0,2,4 Elliott wave
Don’t enter 1,3,5 Elliott wave
Opposite Elliott wave.
30 pips from the entry point.