Introducing you to the most popular indicator called Zig Zag pointer Version 2, trading Forex has never been this easy. This technical tool takes all the stress away, simply draw trend lines and let all your buy and sell signals corresponds with significant support and/or resistance zone, you have your self a system.
The Zig Zag pointer v2 indicator is used by professional traders actively trading Forex on a daily basis. The indicator works on all currency pairs and it is very easy to use.
Also, the best way to use this indicator is in conjunction with other indicators, especially an indicator that will confirm support and resistance zones.
Installed Screen Shot Of Zig Zag pointer V2 Indicator
On your meta trader platform, the indicator will display multiple arrows, green and red. The red arrows will always point down while the green arrows will always point up.
The magic happens when suddenly a bigger arrow appears for you to execute a trade, the bigger arrows dont happen offen, they don’t repaint.
Download this indicator and install it on your mt4 platform. Once you are done open your chart and select it to be displayed on your screen template.
General Guide lines for Zig Zag pointer v2 buy signals
- Draw trend lines, or figure out any other way to identify support and resistance zones.
- Extrapolate your trend-lines to the right of your screen.
- Insert your Zig Zag pointer v2 indicator.
- Watch all the small green arrows, don’t execute a trade.
- Once a bigger green arrow appears, confirm it is around the area of support marked by your trend line.
- Place a buy order once the bar pointed by the big green arrow is closed.
- Execute your stop 20 pips away from your entry, and your target on the next resistance zone marked by the trendlines.
- At the time you are practicing maybe on the demo, restore your screen to be clean after every trade and start processes from the first point.
Zig Zag v2 sell signals – General guide lines continued
- Construct your trend lines, or use any other indicator that will draw trendlines for you automatically.
- Extrapolate your trendlines to the right side of your screen.
- Watch all the small red arrows, don’t execute any trades just yet.
- Once a huge red arrow appears, prepare yourself its time to sell, confirm the area of resistance marked by a trend line.
- Place a sell order once the bar pointed by the big red arrow closes.
- Make sure your stop loss is at least 20 pips away from your entry, and your target on the next support area marked by a trendline.
- Restore the screen after every trade at your early stages of using this indicator.
There you have all the general guidelines for using this indicator, you are very welcome to try out new methods of utilizing the power of zigzag indicator. Thank you for visiting and Good Luck!