jamesfreddycThe presenter documents a successful gold trade using the 20 Pips and Dip indicator on Trading View. He explains how to mark a trigger candle and the importance of the box tool for identifying entry points on a higher time frame. He also cautions that lower time frames offer early entries but may result in drawdown. Finally, he mentions his limited experience with gold trading and how he relied on the indicator for direction and entry point.
A Guide to Using the 20 Pips and Dip Indicator for Dreamview
Trading Gold: Tips for Using the 20 Pips and Dip Indicator
The Importance of Using a Higher Time Frame
Marking the Buy Signal and Creating an Entry Box
Understanding the Trading Time and Valid Setups
The Advantages and Drawbacks of Using Lower Time Frames
Analyzing the Gold Trade using the 20 Pips and Dip Indicator
How to Use Trading View and the 20 Pips and Dip Indicator
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If you’re new to trading, the world of foreign exchange can be overwhelming. There are dozens of currency pairs to choose from, and each one has its own unique set of challenges. However, with the right tools and strategies, trading can be both profitable and exciting. In this article, we will discuss how to use the 20 Pips and Dip Indicator for Dreamview to trade gold effectively.
The Importance of Using a Higher Time Frame
When you begin trading, it’s important to start with a higher time frame than the one you plan to enter your trades on. This allows you to see the overall trend of the currency pair, and avoid entering trades against the overall market trend. For gold, the 4-hour or 1-hour time frame is ideal.
Marking the Buy Signal and Creating an Entry Box
Once you’ve identified a buy signal, the next step is to mark it and create an entry box. The entry box will help you determine where you can actually enter the trade. To create the entry box, draw a rectangle on your chart that includes the high, opening, and closing prices of the trigger candle. Any candles inside the box would not be valid entry points.
Understanding the Trading Time and Valid Setups
To determine the validity of a setup, it’s important to understand the concept of trading time. If the trigger candle closes at 1 pm, for example, any candles before that time would not be valid entry points. Only candles after the close of the trigger candle should be considered.
The Advantages and Drawbacks of Using Lower Time Frames
While lower time frames can provide early entry points, they also come with greater potential for drawdown. When trading gold, it’s important to understand the potential risks and rewards of using a lower time frame.
Analyzing the Gold Trade using the 20 Pips and Dip Indicator
By using the 20 Pips and Dip Indicator for Dreamview, traders can easily identify buy and sell signals for gold. In this article, we analyzed a specific gold trade using the indicator. By marking the buy signal and creating an entry box, traders can determine the most profitable entry points.
How to Use Trading View and the 20 Pips and Dip Indicator
Trading View is a powerful platform that provides traders with a variety of tools and resources. By using the 20 Pips and Dip Indicator for Dreamview on Trading View, traders can easily identify buy and sell signals for their currency pairs.
Join Our Free Private Facebook Group for Exclusive Trading Resources
At Trade Today FX, we offer a free private Facebook group where traders can access strategies, indicators, video training, and even live trading sessions. Join our group today to gain access to exclusive trading resources and connect with other traders.
