Name: Forex Indicator Predictor
Platform required: MetaTrader
Strategy used: Buying and selling with the trend with buying and selling signals
Link to purchase FOREX INDICATOR PREDICTOR
I am not longer affiliated with this software and all images and screenshots from this review have expired from the server.
Basic FOREX INDICATOR PREDICTOR Tutorial Video
FOREX INDICATOR PREDICTOR Review Commentary
Monday 2nd March
I recorded a tutorial video for the system and have understood the basics of how to use it. I like using a the system on the daily chart or 4-hour chart first to see if there are any swing trade opportunities and to understand the underlying trend of the market. If I spot a trade opportunity, I will need to decide how to set my limits and levels, I think I might put stop losses under the channel if I am buying (or above the channel if I am selling) and put my limit targets close to the middle line or first deviation band further away.
I will then take a look at the middle time frames to see if there are any smaller swing/day trade opportunities and finally look at the short time frames for scalping opportunities.
On a 5min chart, I took a trade at 11398 and called it Trade01, SL: 11380 and TP: 11435. Price and the indicator have moved a bit since I took the trade, but this chart shows a little of why I took it.
FOREX INDICATOR PREDICTOR Tuesday 3rd March
So the yesterday trade worked out well and we won. Today another trade has been triggered from the 5 minute chart, I entered at 11428 with a stop loss at 11410 and targeting 11460. I may have broken the rule buy not buying when the oscillator turned green, but I guess i am still learning the system … Fingers crossed.
FOREX INDICATOR PREDICTOR Wednesday 4th March
Unfortunately the previous trade didn’t work out, but 18 points is no great loss. I didn’t take many trades today, I was not in the office as much as I wanted to, but I did post up a little trade, kind of a scalp trade, which didn’t stick to the rules of the system. I had a 3:1 reward to risk setup, but the trade was stopped out for 10 points. In all honesty, the best way to use this system is to use less leverage and hold the positions for longer periods.
FOREX INDICATOR PREDICTOR Thursday 5th March
I have been looking at all three templates today, with the beginner template having two indicators, the intermediate having three and the advanced having five. The advanced one is a little complicated, but has some useful information, but I won’t post up pictures of that one just yet. Still liking this system.
FOREX INDICATOR PREDICTOR Friday 6th March
Here’s a potential Dax setup on the 30-minute chart, using the simple template. I am watching a break below the 11500 level with a rejection to send it higher.
Monday 9th March
No trading done today
Tuesday 10th March
Just a lot of watching today, not a lot of trading done.
Wednesday 11th March
I have started moving away from trading the 1 and 5 minute charts, because there is a lot of noise on those charts, and I am not really a very good scalp trader. I don’t like buying and selling on the same market.
So I am starting to form a bit of a strategy with this indicator now and I think I am going to continue with it for the rest of the month. So what do I do? I like to take a look at the daily chart at the beginning of the week and get an overall view of the levels, direction of trend, range between buy and sell zones, currently overbought/oversold etc and decide which direction I want to trade. I then go down to a 30 minute chart and look for those opportunities.
So let’s take the Dax. We are über bullish right? Well, we are right now anyway. So I only really want to trigger long trades. So the idea is find opportunities when we are oversold on the 30 minute chart and take a long there.
Thursday 12th March & Friday 13th March
There is something quite liberating about using less leverage and letting the trades run. From tomorrow and onwards I will start posting up the trades I am making from the setups and perhaps show you how I am using the system.
Monday 16th March
I received a couple of sell signals this morning, which I took. Here are the charts:
Despite my initial cynicism regarding all types of indicator based strategies, or in this case systems, I have to be honest and admit that I have been won around by this little package. I have received a few emails from traders who have purchased the product and heard some great stories, so congratulations to those of you who have got it and are doing well with it.
In my opinion, charts should be simple and clean because price is king. If you want to use indicators then you should have a couple or at most four on the chart, as any more than this can become paralysis by analysis. It’s easy to waste a lot of time staring at screens and waiting for a combination of indicators to align to trigger an entry. This indicator gives you three options, beginner, intermediate and advanced. Each level has more indicators than the previous and all three levels are clear and easy to use.
But all indicators, including this one, are the same in that they really tell you nothing on their own. I think you still need to have a basic understanding of the macro-fundamentals which affect the market you are trading in order for you to speculate future direction. Indicators like this one will simple help you find the right entry, if you are comfortable with your bias.
I found the most successful way to use this indicator was in a trend. Never trade the opposite direction to a trend. If you like to trade pullbacks, then this indicator has not been tested for that. If you trade ranges, then this indicator has not been tested for that either. Breakout strategies have not been tested. I simply traded the trend. As soon as we were oversold in a bull trend I bought, as soon as we were overbought on a bear market I sold. Each market had to have a clear trend. It worked very well for me.
So overall, I am keeping this indicator, I will use it daily as part of my analysis and I am continuing to use it to pick my entries.
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