Set the profit target at the next resistance level and allow price to reach the target. Set the stop loss at the support under the incoming candle. Enter the buy trade if the template is still valid. Expect the Candle Tempula to drop close to zero. Identify an bullish trading pattern that requires a candlestick to fully form such as leaks, bullish reversal of candlestick patterns and the like. If the candlestick signal is not reversed before the time expires, then the trading arrangement is considered valid. Traders simply need to wait for the time shown on the Candle Timer to drop to zero or at least close to zero. Traders can pair this indicator with other trading indicators such as reverse candlestick patterns, reverse trading signals, explosions and the like.
Instead it is a tool that would allow traders to time their trades correctly.
It does not provide trend direction or bias, reversal signals, support and resistance levels and the like. The Candle Timer indicator is not similar to most technical indicators because it does not indicate how you should trade. The difference between the opening time of the next candle and the current server time is then shown to the right of the diagram as the remaining time for the current candle before it closes. Then it calculates the difference between the projected opening time of the next candle and the current time on the broker’s server. It also picks up the time when the next candle will start. The Candle Timer indicator works by retrieving the time from the broker’s server. The candle timer indicator is a custom technical indicator that shows the remaining time before the current candle closes. This is why traders need to avoid trading when the candle is still far from closing, and the candle timer indicator can help us do this. However this kind of trading only works when the actual pattern is confirmed, and patterns are only confirmed when the candle closes. This is because the closing price confirms the direction of the market with the context of the other parts of price action, such as the highs, lows and openings.
#Candle time indicator for mt5 professional
In fact, it is common for professional swing and positioning traders to discuss only the open and close price.
Most professional traders give very high importance to the closing price in relation to the opening price.
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