Due to popular request I will start this thread on the use of using a Quartile to plot trades and try to answer any questions when I can.
A Quartile is simply a substitute for the Fibonacci retracement tool in that the Fib numbers are substituted with the numbers:..
0, 0.25. 0.5, 0.75 and lastly 1.
This gives us a grid where, when expanded, the divisions always remain equal i.e. 25% apart.
In the Properties box of MT4 we set up the above numbers and in the description we put in the %$ to apply the prices to the grid lines.
That is all there is to setting it up.
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One of its main uses is to plot the 25% retracement of a move (1 Quartile) so we can then trade for multiples of this expressed as a percentage. Thus if we risk 1% on 1 Quartile we aim to get multiples of this as rewards and the Quartile reports the numbers where our stop, entry, and target (SET) need to be placed.
Traders need to have nimble fingers to quickly set up the SET pending orders. Knowing something about price structure and how price moves will be an asset to this method of trading.
A Quartile is simply a substitute for the Fibonacci retracement tool in that the Fib numbers are substituted with the numbers:..
0, 0.25. 0.5, 0.75 and lastly 1.
This gives us a grid where, when expanded, the divisions always remain equal i.e. 25% apart.
In the Properties box of MT4 we set up the above numbers and in the description we put in the %$ to apply the prices to the grid lines.
That is all there is to setting it up.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
One of its main uses is to plot the 25% retracement of a move (1 Quartile) so we can then trade for multiples of this expressed as a percentage. Thus if we risk 1% on 1 Quartile we aim to get multiples of this as rewards and the Quartile reports the numbers where our stop, entry, and target (SET) need to be placed.
Traders need to have nimble fingers to quickly set up the SET pending orders. Knowing something about price structure and how price moves will be an asset to this method of trading.