The Profit Goldeneye MT4 Indicator is based on a solid strategy which encompasses several trading indicators to produce a clear signal which is communicated to the trader using a visual alert and a sound alert. The signal produced indicates whether the trader should buy or sell a currency pair.

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Profit Goldeneye MT4 Indicator Strategy and Trading Rules

The Profit Goldeneye indicator comes with an indicator dashboard, which sows the buying or selling bias in the market. Buying bias is displayed as a green coloured bar, and selling bias as a red coloured bar. This is displayed for various time frames in the market. When a profitable setup is detected by the indicator, a green arrow which points upwards asks the trader to buy, while a red arrow that points downwards asks the trader to sell. These arrows appear on the respective trade candles. A distinguishing factor for these arrow signals is that they do not repaint according to the movement of price on a candle. Once the signal has appeared, it is valid enough to be traded. The signal also comes with a sound alert which displays as shown below:

Profit Goldeneye MT4 Indicator Long Trade Entry Rules

A long trade entry is made when the following setup is displayed on the chart:

• Green arrow which points upwards appears on the chart.
• Allow the candle to retrace briefly to a minor support before entering the trade.

In this chart, the yellow candles represent the bullish candles. We see the arrow appearing under a bull candle and it can also be seen that about three or four candle lows are present when the arrow appears. These candle lows form the minor support that the candle should be allowed to pull back to before entry is made. Stop Loss and Take Profit Settings Set the stop loss below the lows of these candles. The Take Profit point will naturally be at the next key area of resistance, which is marked by the green-coloured resistance line that constitutes the Take Profit line. A Trailing Stop can be used once price action has moved by a certain number of pips into profit territory. Profits typically extend from 50 pips to 100 pips with this strategy.

Profit Goldeneye MT4 Indicator Short Trade Entry Rules

A short entry is made when the following setup occurs on the charts:

• Red arrow which points downwards appears on the chart, above a candle.

Allow the candle to pullback briefly to a minor resistance before entering the trade. For this example, we see the slanting trendline traced on previous price highs as a good entry area for the trade. So the candle can be allowed to pull up to this trend line, and the short entry made accordingly.

The red candles are bearish candles and indicate selling pressure. Here we can see the way the price action dipped downwards after the candle appeared, confirming the selling pressure on the currency pair. Stop Loss and Take Profit Settings The stop loss should be set above the highs preceding the trade entry area. For this example, the slanting trend line provides an example of how this can be done. The Take Profit point will naturally be set at the next key area of support, displayed by the white lines marked as TP1 and TP2. The trader may also decide to scalp off profits by closing trades manually when they are in some profit. Due to the fact that this indicator can produce numerous trading signals on multiple pairs across the market, many trading opportunities can be exploited and scalpers will enjoy using this indicator. Profit Goldeneye MT4 Indicator Recommended Time Frames Technically speaking, you can use this indicator for all time frames. However, the shorter the time frame, you will see more fluctuation and possibly more whipsaw which may cause small losses that can eat up your portfolio quickly. We recommend that you use higher time frames like the 4H for better consistency.

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Profit Goldeneye MT4 Indicator Download

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And if you can, you really should invest in a proven MT4 Expert Advisor to help you generate some profit on full autopilot. We highly recommend this powerful MT4 Expert Advisor. Visit our Free MT4 Indicator Download page. We hope you have enjoyed this post as much as we have creating it. Good luck and thank you for your readership.