Best Forex Indicator: 2010

Candlestick Pattern Recognition Indicator for Metatrader 4

Wednesday, December 15, 2010

For everyone who like to use candlestick analysis for their trading, this little indicator show itself to be very handy little tool in your indicator collection. It automatically scans the charts, no matter on which timeframe you put it on and it will show you exactly where there are specific candlestick pattern formations such as the Shooting Star, Evening Star, Evening Doji Star, Dark Cloud Pattern, Bearish Engulfing Pattern etc… The indicator is very easy to interpret by the user, it shows some abbreviated letters above or below the pattern and you can interpret these abbreviation through a legend which is found on the top left corner of your chart.

The settings of the indicator is pretty straight-forward. It allows you to turn alert On(true) or Off(false). When Alert is set to TRUE, each time the indicator finds a new pattern, it will sound an alarm. As with any indicator, you cannot use these signals for themselves alone, you can add it with other indicators, for example trend indicators and mixed together, you can come up with a good trading system.

Candlesticks are pretty accurate though and if you develop yourself into this, it might prove to be a worthwhile investment.

Forex Support and Resistance Indicator Explained

Wednesday, December 8, 2010

Most of you have heard of major swing points as support and resistance and do not know anything about indicators that can provide you with the same information. Therefore in this article, I will be sharing with you some of the best forex support and resistance indicators that I have used and proven to be pretty powerful.

1) Fibonacci Indicator – I guess most of you have heard of Fibonacci indicator, it is a powerful tool that is able to help you predict where the market might retrace to and then revert back to its original trend.

The Fibonacci is made up of retracement and extension, the important retracement support and resistance levels are 0.382, 0.500 and 0.618 and you will usually find the market respecting them. As the forex market is moving in waves of retracement and extension, you can then make use of these levels to help you to enter a trade in the direction of the trend.

Fibonacci Support and Resistance

Another powerful feature of the Fibonacci is its ability to predict the likely extension and this information can be used to help you in your exit.

2) Forex Pivot Point – The pivot point is a tool that is commonly used by those big dog traders and thus it is a very reliable support and resistance level. Try plotting pivot point on your chart and you will see how many times the market get repelled by it or how many times the market move tremendously after breaking through it.

Pivot Point Support and Resistance

Personally, I always plot a daily point point on my 15 minutes charts. In fact, you can plot an hourly pivot or even weekly pivot depending on your preference. I often use the pivot points as entry and exit targets in my trading and you can also do the same thing.

3) Bollinger Bands Indicator – Other than the above 2 indicators, you can also make use of the Bollinger bands upper and lower bands as support and resistance. Similarly, you will find the market respecting the bands as they are often repelled by it.

Bollinger Bands Support and Resistance

There are some traders who have trading plan that simply trade the repulsion of the bands. This is especially effective when you are in a range. When you are in a ranging market, the price will always fluctuate up and down. When you see the price hitting the upper band, you can enter a SHORT trade (SELL) to profit from the repulsion. Similarly, you can enter a LONG trade (BUY) when you see the price hitting the lower bands.

The above are 3 effective forex support and resistance indicators that you should use in your trading as they are able to help you in your entry and exit. However you have to try each of them out on your demo account before you plunge into live account. Spend sometime to practice with them and make sure that they are able to fit into your trading plan.

Average True Range (ATR) Indicator Explained

There are a total of 3 different ways you can calculate the average true range (ATR) of a currency pair.

Recent High minus the Recent Low

Recent High minus the previous Close

Recent Low minus the previous Close

However the value that you will use as the true range will depend on which of them are larger. With your trading platform, there is usually no need to calculate these values yourself. Your trading platform will help you to calculate the value and plot it into a graph.

So How Can You Use the Average True Range (ATR) Indicator?

Although this indicator cannot give you an indication of the direction of the market movement, it can be a good tool to help you verify the strength of the current market.

When the ATR indicator is showing small values, it is usually a sign that the market is consolidating or moving with small movement waiting for a breakout.

When you see the ATR indicator showing you large value, it is a sign that the market is trending strongly or you are in a valid breakout.

If you are a breakout trader, this indicator can be a great tool to add to your trading. When you see the ATR showing small values, you will wait for a breakout to occur. Once you see a trend line break together with rise in the ATR, this is a good sign of a breakout occurring.

Average True Range Breakout

Besides using the average true range indicator as a breakout tool, you can also use it in trend trading. When you are performing trend trading, you can use this ATR indicator to help you verify whether you are in a strong trending market or not.

Best Forex Indicator

If you do a google search you will often see the question "what is the best forex indicator" there is? In my mind its quite simple to answer. For me the Forex-it and Forex goile this is what is the best in the market now in my opinion .

Best Forex Indicator Part 13

Tuesday, November 9, 2010

Best Forex Indicator Part 12

Monday, November 1, 2010

The Forex secret indicator that everybody is looking for.

Thursday, October 28, 2010

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