We started looking at 12 technical indicators that you need to avoid on your mt4 platform while trading Forex market. I believe we’ve talked about the first one, the second one and the third one. If you missed any of those videos, the link should be below this video, also at the description, make sure you washing them, you don’t want to miss any of them.
So number four mt4 technical indicators that you need to start avoiding like plague, starting today is what is called ‘price level’. Price level. What is price level? You know some traders are assumed the big banks look at to something and level when it comes to trading like for example, 1.0100, 1.200 round figure instead of like 1.2, 1.1 etc. Let me show you what I’m talking about.
So like, okay, so like right now this is GBP/JPY. Okay. It is four hours charts. Suppose some people will tell you, okay, when you are entering this trade, look into the level by which the market will evolve because it’s going to be a round figure.
Take a look at this level right here. Is this a round figure? This is not a round figure. So what they’re trying to tell you is that, okay If you are using this point as let’s say like 10 profit target or your stop loss target, that you should run this up to like if this is 132.908 then you should talk to like maybe 132.100 something of that nature so that it will be a round figure.
Look at it, this is a round figure here and if you want to also run this up 132, you want to take this to let’s see which other level right there – may be to 133.00. okay, if you go up there, you see right there, the market still go above that. And what if you enter this place, the market doesn’t get to that place before it to be reverses.
Look at here also, the market goes up. It doesn’t get to that point before it reverses. So all of these is just B.S because someone did try something and it work for that person that person does not necessarily mean every other people should be using it. Okay. So I can just come up with something today now and then say okay now, everybody should start using them. Most of this stuff were used for stocks.
Okay. were you’re for stocks when the price will be like, $1, $3, $4. So if the price now was to like $4.0215 then you could just round it up to run it up to $4 or if the price rose to like $10.104, just round it up to $10. But not in forex because you you don’t even know where that particular point or level will be.
Okay. So if you are one of those people, in fact I bought, I bought a forex course last week I just wanted to see what this guy is actually teaching and surprisingly it is price level that he was using as his strategy. Trading forex, really! in 2020. So if you are one of my followers on us, if you are watching this video and you are still using price level, I tell you will burn out your account is one day from today.
So if you don’t listen to this instruction, so make sure price level is one of those indicators that you start avoiding. Yes, somebody will say is not really a program indicator’s. Yes if you are using price level to determine where you enter a trade or when you think of profits, you’re going to be missing out on a lot of trades and you are going to be losing a lot of money. I hope you get that and I hope you put that to practice.