ELLIOT WAVE COUNT INDICATOR MT4

• Elliott wave count indicator best forex technical trading strategy using MT4. Identify BULLISH and BEARISH trends, BUY and SELL points.
• The Elliott wave count indicator for MT4 is the best indicator to identify the waves and count them. This visual representation enables the forex technical trader to excel in the Elliott wave trading strategy. Additionally, the wave count enables the trader to identify the BULLISH and BEARISH trends and the best BUY and SELL entry points.
• The indicator is best suited for new and experienced forex traders as the indicator calculates the waves automatically. Advanced traders can use Fibonacci levels and additional indicators to confirm the trading signals. Additionally, the indicator is free to download and easy to install.

Elliott Wave Count Indicator For MT4 Trading Setup

The above EURUSD H4 chart displays the Elliott Wave Count Indicator for MT4 in action.

• In a BULLISH wave, the forex trader can enter a BUY position at the end of the second wave. The best stop loss for this technical trading forex strategy is the swing low of the first wave. On the other hand, the best profit targets for this trade are at the end of the third wave. Similarly, the fifth wave can be traded using the same trading strategy.

Oppositely, in a BEARISH wave, a SELL trade can be placed at the beginning of the third wave with a stop loss above the swing high of the first wave. Profit targets are at the end of the third wave for this trade.

This forex trading strategy uses the third and fifth waves to trade and ignores the other waves as they tend to be in counter-trend. However, traders take a trade at the beginning of the third wave and hold the position until the end of the fifth wave.

Forex traders can trade the 5 wave principle of Elliott waves in multiple ways. The swing high and swing low of the waves act as support and resistance. In other words, the beginning and endpoints of the waves act as support and resistance levels.

• The Elliott wave count indicator for MT4 works well in all intraday time frames. As well as the higher time frame daily, weekly and monthly chart. Since Elliott waves are fractal, the indicator is best suitable for multi timeframe (mtf) trading strategy. As it is imperative to identify a higher chart timeframe wave and break down that wave to a lower time frame chart and identify the best entry point.

Conclusion

• Essentially, the Elliott wave count indicator for Metatrader simplifies the wave count and helps the forex technical trader in identifying the best BUY and SELL entry points. However, forex traders should use price action to confirm the beginning and end of waves.