Forex is a global currency trading market where foreign currencies of the world are traded...
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As a trader, you need to quickly learn that the market does not move in a perpendicular direction but zig-zags...
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The most powerful tool of any forex trader is being able to identify whether the market is trending or not...
Read MoreFor this strategy you are going to be using 3 indicators on MT4, Exponential Moving Average (EMA), Relative Strength Index (RSI) and Parabolic SAR. This strategy is very profitable for trendy markets. Since this strategy is used with 3 indicators it has a proven to be very successful.
Indicators Required
Ever experienced seeing a trendline break after consolidation. You have been watching and waiting for that break that you knew was coming but because you were sidetracked by something you had to do. By the time you come back to check the trend you already missed that crucial break. Because in all honesty, it is not possible to watch every currency pair for that crucial break.
Although the Trendlinebreak Alert Indicator is an indicator it must be installed as a EA. The download is a ZIP file which means you need Winrar to open it after the download.
Once you’ve extracted the file, open you MT4.
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The most powerful tool of any forex trader is being able to identify whether the market is in trend or not, being able to work out if a trend is beginning or ending. Mastering this knowledge is one of the most powerful tools you can have as a forex trader. The strength of a trend is mostly referred to as momentum and there are several
Momentum indicators, a type of Oscillator, that can measure this. Momentum indicators vary between two points on a graph to indicate oversold and overbought positions. They are used as a signal to confirm a strong trend as well as trend reversal. The calculation behind the momentum indicator is the comparison between a certain price and price set a few periods before that.
The following are the most famous and commonly used indicators, the RSI, Sto...
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There is a deep-seated misconception among newbie forex traders that when a market is moving in a certain direction it will move so in a perpendicular angle, I know this cos that’s how I thought so too initially but in reality the market moves in zig zags whether going long or short. As a trader you need to learn and identify these changes as they are very crucial in making you a successful trader. These zig zag patterns are identified as support, resistance levels, higher highs, higher lows (uptrend), lower highs and lower lows (downtrend).
