Free Forex Trend Indicators
At ForexEarlyWarning.com we conduct trend analysis using multiple timeframe analysis on 25 currency pairs every day to prepare the "Second Opinion" trading plans. When using multiple timeframe analysis to trade the forex the smaller trends are used to enter the larger trends or to observe how the larger trends are being built. If a larger timeframe trend is established you would enter the trade when the smaller trends are in agreement with the larger trends and by verifying the entry using The Forex Heatmap ™.
We provide our clients with a set of free trend indicators that we use to prepare out trading plans so that they can follow the trends of the forex with us. Here are the instructions for setting up the free forex trend indicators to follow our plans. These instructions are for a Metatrader platform, however experienced forex traders cn set up these simple exponential moving averages on most forex charting platforms.
1. Open up a Metatrader platform. If you don't have one go to our partners page and open a live or demo forex account with a Metatrader platform through FX Solutions if you wish, however a Metatrader platform from any broker is fine.
2. Open up a chart on one pair. One way to do this is to right click on a pair in the quote window and symbol area inside the market watch window and click on "chart window". The chart will be added to the platform.
3. On the top tool bars there is an icon that looks like a magnifying glass with a + sign. You can click on this twice to expand or magnify the chart. Some personal choice is involved here but this will match the setup we use.
4. In the "Navigator" area under "Indicators" right click on "moving average", then attach to a chart.
5. Fill in the fields period: 5, ma method: exponential, apply to: close, style: green, line thickness second one from the top.
6. Repeat step number 5 and fill in the fields Period: 12, ma method: exponential, apply to: close, Style; red and line thickness second one from the top.
7. On the "visualization" tab check "all timeframe's" then click OK.
You now are set up with the free trend indicators on one pair for all 9 timeframes but you must repeat the process for each successive currency pair. It takes about 20 minutes to do 20 pairs. If you do this once all of the settings will be saved automatically
These simple forex trend indicators are free and these instructions are for Metatrader but these simple moving averages can also be used on almost any broker charting package available. These free trend indicators will work directly with the Forexearlywarning trading plans.
If you would like to check your indicators setup after tou install them on Metatrader check these screen shots to compare with the equivalent time frames. The screen shots can also be viewed as a slideshow within Flickr. After you inspect the screen shots of the free trend indicators you can use these trend channels to assist with entry into your trades using the Forexearlywarning trading plans. These screen shots were taken on a Metatrader 4 platform. Metatrader 4 platforms have 9 different timeframe's built in to their trading platforms along with free desktop price alarms and our forex trading plans work quite well with these trend indicators.
Please note that the screen shots also compare the Metatrader trend indicators to the equivalent timeframes on expensive red and green light software, this may or may not be applicable to some of our clients. Our free indicators compare quite well to the software.
The Metatrader platform has free desktop price alarms built into the platform. When you read each trading plan most of them come with specific alarm points. You would install the price alarm at the specified price level in the plans to monitor for currency pair movement. When the price alarms in the Forexearlywarning trading plans hit just check the smaller timeframes on the free trend indicators along with The Forex Heatmap ™ for entry verification into the major trand or oscillation cycle.
Following the trends of the forex market along with a well prepared trading plan, when combined with good money management will guide you through the trade entry process into the larger trends of the forex market. The smaller timeframes will guide you into the developing trends that the ForexEarlyWarning forex forecasts discuss and plan for each day on for the forex market.
|
