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Whether you're new to trading or a seasoned veteran, The Magician's Indicator is a real-time indicator that will help you find your next great trade faster and increase your success rate while trading Stocks, Commodities, or Forex.
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(There is no repainting done. After a bar/candlestick is close previous signals don't change.)
ICONS (Default - Users can choose their own color scheme)
- GREY TRIANGLE - Possible reversal into bullish territory.
- GREEN TRIANGLE - Confirm reversal into bullish territory.
- RED 'X' (Early Exit/Safer Exit) - An opportunity to protect any early gains by creating a Stop at or below the low of this day.
- BLUE 'X' (Normal Exit) - An opportunity to exit this position as it looks to be overbought.
- YELLOW 'X' (Late Exit/Higher Risk Exit) - An opportunity to exit as this position is looks to be very overbought.
BACKGROUNDS (Default - Users can choose their own color scheme)
- GREEN - Indicates a downward trend.
- BROWN - Indicates a possible bullish reversal.
- PINK - Indicates an upward trend.
- WHITE - Indicates a period of 'rest' or equilibrium between buying and selling pressure.
GUIDELINES (See Disclaimer section below)
- When a GREEN TRIANGLE appears, look at putting in a BUY order at a price (typically +0.2% - +0.5%) above the current high for the next chart's time period (eg. SBUX price = $58.01, suggested entry price = $58.01+ ($0.11 to 0.30))
- If your order doesn't fill in the following two time periods cancel it.
- After your entry, look at putting a STOP order in at a price typically at the most recent low. ALWAYS USE STOPS. If a stock breaks below the most recent low, exit the trade.
- Do NOT revenge trade.
- Do NOT chase. If you missed the signal, move on......