Texas-2-Step: An Odyssey - MT4/MT5 Resources

Odyssey

1. A series of experiences that taught you something about yourself or life
2. a long journey full of adventure or difficulty

In the Lone Star State, they love to dance;
With Forex trading, they take risks.
Using the Texas two-step method,
They will prepare profits,
Their wallets will definitely grow!



I have been asked several times to create a thread explaining how to trade in Trade Explorer. I'm hesitant to do this because there will definitely be detractors, and I'll be tweaking the settings from time to time, so this might not please everyone except those who want to change things up and have countless suggestions for improvements; should be fun, so let's get started.

FAQ 1 - I mainly use this on the 4 hour day as this creates weekly opportunities as prices move up and down. Yes, it works on every time frame and you can trade whatever you want, feel free to share any success you may have.

FAQ 2 - I use Tradingview for analysis, but the indicator works on Metatrader 4 and 5, there are others, I don't know. I'll share the source below.

FAQ 3 - How long have I been using this? The current Trade Explorer start date is July 27, 2024, and today is October 13, 2024, approximately 3 months ago.

FAQ 4 - MACD is set to default and PPST is 2/1/60 but may change. Also, feel free to try both.

So, after a long experiment, I decided to use only two indicators because I think traders focus too long on one indicator that does everything for them: direction, entry, stop loss and exit. How does this sound to you?

The first indicator, Step 1 , is to understand the market conditions ; that means, what is the price doing? The Moving Average Convergence and Divergence has long been a popular indicator of choice, with multiple options for triggering trades, such as a crossover of the signal line with the main line, or a crossover of the zero level. There is a better way and I will explain. I use the Moving Average Convergence and Divergence crossing strictly below or above the zero level as an alert that price action may change direction; this can happen many times without panicking and taking a trade. Requires patience and chart reading.

The second indicator, Step 2 , may not be as well-known as MACD, it is the Pivot Point Super Trend . As the topic progresses, I will publish sites for you to explore and deepen your knowledge. PPST gives the level at which trades can be made when the candle closes above that level.

Let's go straight to the charts, it's simple, of course, the market is not always easy to follow, so it requires the experience and expertise of the trader!

Indicators: All free

Trading Views:
1.MACD, I used Moody's MACD fixed because when the crossover point is above or below the zero level, it gives highlighted vertical bars for easy identification. The indicator is Non- Standard TV, watch this video to learn more and find the required file - New indicator! Revised Moody’s MACD
2. Pivot Point Super Trends are located in LonesomeTheBlue’s TV library.

Meta Trader 4:
1. I use the traditional MACD 4 by Daniel Lewis, found in the Markets tab.
2. Pivot Point Super Trend , watch this educational video, the link is also there - Pivot Point Super Trend - MQL4 Code

Meta Trader 5:
1. I use mini MACD from the market.
2. I use the pivot point super trend to find it from the market and search, as shown in the attachment.



Same trading setup on MT4 -


Same trading setup on MT5 -