Best PullbackThe Pullback Factor Indicator
for MT4 shows traders the end of a trend retracement and, thus, the continuation of the trend.
CATEGORIES: MT4, SIGNAL, INFORMATIONAL
Updated on: 02.12.2023 Factor Indicator
The most profitable trading in the forex market is trend trading. Every forex trader always wants to trade along with the trend of the market. However, entering a trend late might be too dangerous and can result in a trade stop-out.
Therefore, many traders love waiting for a trend retracement or pullback before placing trades. As simple as this may sound, it is never easy to predict the extent of a trend pullback. Even with the use of Fibonacci retracement, determining the exact retracement point can be difficult. However, with the use of Best Pullback Factor Indicator, forex traders can know when the trend resumes.
The foundation
The Best Pullback Factor Indicator for MT4 shows traders the end of a trend retracement and, thus, the continuation of the trend. With this indicator, traders can take advantage of a trend pullback to enter the market with the best entry point. This indicator also allows traders to enter fewer risky trades with perfect timing and accuracy.
The diagram below shows what the Pullback Factor Indicator looks like on the chart.
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From the GBP/USD H1 chart above, the Pullback Factor Indicator reading is 1.5738. These indicator readings are from 0 to 3.6, and any readings above 1.5 means the chances that a retracement has ended is high.
This indicator is best for swing traders and position traders who make use of hourly, daily, weekly and monthly time frames. The Pullback Factor Indicator, however, is not advisable for scalpers as they will get fake-out trades most times.
Traders must be familiar with price action and market structure before using this indicator. In fact, this indicator is not suitable for forex newbies who have little knowledge of trading. For best practices, a combination of this indicator with Fibonacci tools will give good trade setups.
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