Short Term Trading: MT4 Setup, Daily Routine & Indicators

Getting the right MT4 setup is critical for short-term traders, where speed of running your analysis and executing orders can mean the difference between a good month or a bad month.

In this tutorial, Duncan Cooper will run through:

• His MT4 setup covering the weekly, daily and 15-minute chart.
• The exact indicators he uses to run his analysis.
• How he automates his support and resistance levels on the chart.
• The main trend indicator used.
• The exact multi-timeframe analysis he runs before placing an order.
• How to access his trading template with all indicators included.

Click play on the video below to learn all about MT4 tips and tricks.

Short-term trading through MT4 platform

I am going to show you how I organize my charting layout for short-term trading, how you can get full access to my own MT4 chart, layouts and indicators.

Let us get straight into my MT4 platform. Just moving down to the bottom in the profile section, I have 4 profiles, or 4 groups of charts saved here.

I have got my mega trend, indices, 12 pairs daylight saving and 12 pairs. So, let's go through the mega trend.

First of all, this profile or group of charts consists of 12 daily charts of the currency pairs that I follow.

I haven't been in a small view at the moment, but I can bring the first one up. Just left click on the maximize button.

This is a daily chart of the AUDJPY on the chart. I have the support and resistance indicator and the bands indicator. If I bring up the input section, just to show you, it's set at 20, 0, and 1. The bands indicators are free indicator within the platform. If you want to use it, those are my settings.

Making an assessment

What I do each day, at the start of the day is ask myself, did yesterday close above the bands, below the bands or with inside the bands. If it is closing above the bands, we have a strong uptrend. If it is closing below the bands, it is a strong down trend. And if we are inside the bands, we are just consolidating.

I can see that the Aussie ended, closed above the bands. I consider that to be a strong up trend. So, my bias today to trade that pair would be to the upside. What I do is I go through each pair and make that assessment.

The next pair is the AUDUSD daily chart. I can see yesterday; we closed above the bands. I consider this one as well to be in a strong up trend. My trading bias would be to the upside. I do that across all those 12 charts. After I've done that, I go to the indices.

In this group of charts, I've got 8 charts in small view for all daily charts. I have got the SP500, DJ30, UK100, AUSS200, JP225, and then, I have got the Dollar index, Oil and Gold.

I make an assessment, are the Indices in the strong uptrend? Downtrend? Are they starting to reverse up or down?

Same with the Dollar index, is it strong or weak? Is it moving up, moving down? Is it reversing?

Oil, strong or weak? Is it moving up or down? And the same with Gold.

And then I make an overall assessment of the market sentiment and how I think that might be affecting the currency market throughout the course of the day.

Once I've done that, I then come to my 12 pairs group of charts. I use the 12 pairs, daylight saving if we're in daylight. Saving time in the Northern hemisphere, or I use the 12 pairs. So, we are in daylight saving at the moment, I am going to select that one.

What you will see is I have 12 currency pairs set up in 15-minute charts, and I have a daily chart of the Dollar index.

I would just like to monitor the overall trend and movement through the course of the day. The new days are starting. I can see yesterday; we had a bit of a negative day. I just make assessments through the day. What is happening? Is it getting stronger or weak through the course of the day.

MT4 Indicators

Let us go to the left-hand side, pull up the first currency pair, the AUDJPY. I start at the weekly chart, and I make a trend assessment.

I put in my support and resistance on the chart. I have got my support and resistance indicator and the MACD. I make a trend assessment, put in my support and resistance on the weekly.

I do the same thing on the daily, the hour and the one hour. I moved down to my 15-minute chart where I look for trade entries.

On my 15-minute chart, I have a few indicators. I will just take you through them at the bottom down here, we have got the MACD in the main body of the chart. I have got pivot points. I have the figure indicator. If I just squash this in a bit, I also have that today's projected high and low indicator.

Throughout the course of the day, I am making an assessment of where price is. Is it paving in a pivot point? I am missing a trend line break, for example, I am looking for a setup to trade. Those are my chart layouts and indicators that I have on my charts for short term trading.

If you are interested in improving your trading, register for Duncan's extensive trading education webinars by using this link.

This content may have been written by a third party. ACY makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by any third-party. This content is information only, and does not constitute financial, investment or other advice on which you can rely.