PIPs
A pip measures the amount of change in the exchange rate for a currency pair.
Eg: For EUR/USD if the current value is 1.19462 and it raises to 1.19463, it increased by 1 PIP.
LOTs
1 Lot indicates what each Pip is worth.
Eg: If the Lots were set to 1.00, for each chnage in Pips you would either gain or loose $1.
Eg: If you placed a BUY on EUR/USD at 1.19462 and it went Up to 1.19463 you would Gain $1.
Otherwise: If you placed a SELL on EUR/USD at 1.19462 and it went Down to 1.19461 you
would Lose $1.
Recommended Indicators:
Bollinger bands
RSI
Moving Averages
NEW ORDER
Opening the Order Window
The MetaTrader 4 Order window is used to place trades. The Order window can be
opened using any of the following methods:
- Right-click on a currency pair in the Market Watch window and select "New Trade".
- Right-click on an active chart and select Trade > New Order.
- Click on the "New Order" button in the toolbar.
- Press the F9 hot key on the computer keyboard.
SELECTING TIMEFRAMES
Right-click on an active chart, point at 'Timeframes' and select your desired timeframe.
NOTE: For candlesticks, if 30 minutes is selected, this means that each candle stick
lasts 30 minutes until a new one is created next to it.
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PENDING ORDER
Used to execute a trade in the future, if the price reaches a predefined level.
BUY STOP
A pending order to Automatically place a Buy Trade when the price reaches a chosen value
ABOVE the current level.
SELL STOP
A pending order to Automatically place a Sell Trade when the price reaches a chosen value
BELOW the current level.
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BUY LIMIT
A pending order to Automatically place a Buy Trade when the price reaches a chosen value
BELOW the current level.
SELL LIMIT
A pending order to Automatically place a Sell Trade when the price reaches a chosen value
ABOVE the current level.
SUPPORT AND RESISTANCE ZONES
Support Zone
The Zone where you notice the price usually reverses from a going in a downward direction
to an upward direction.
Resistance Zone
The Zone where you notice the price usually reverses from a going in an upward direction to
a downward direction.
NOTE:
Shoulders also indicate resistance and support Zones.
A Flat or plateau region in price indicates a support or resistance zone
NOTE:
Before trading, mark major support and resistance zones to note where a reversal might take
place. This can be done on any Timeframe. (I personally recommend the Daily Timeframe or
indicate the support/resistance zones from the day before.)
It is Highly recommended to trade away from major support and resistance zones to avoid
unexpected reversals.
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