- Recent Posts
- Forex Scanner, Real Time Screening Signals For 8 Currencies
- GBP/JPY Trend Reversal 9-28-2016
- NZD/CAD Uptrend Continuation 9-26-2016
- AUD/USD Strong Selloff Signal 9-9-2016
- EUR/NZD Strong Downtrend 9-7-2016
- Real Time Currency Alerts, Improve Your Trade Entries
- Forex Trading Signals CAD Weakness 8-22-2016
- NZD/USD Trending Higher 8-10-2016
- Bank Of England Interest Rate Cuts
- Sample Forex Trading Plan For One Group Of Pairs
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- Currency Strength Indicator For 28 Pairs
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- Forex Market Analysis Spreadsheet For Eight Currencies
- Tag CloudAUD AUD/CHF AUD/JPY AUD/USD AUD Strength AUD Weakness CAD CAD/CHF CAD/JPY CAD Weakness CHF currency strength EUR EUR/AUD EUR/CAD EUR/JPY EUR/NZD EUR/USD forex heatmap forex news GBP GBP/AUD GBP/CAD GBP/CHF GBP/JPY GBP/NZD GBP/USD GBP Strength JPY JPY strength JPY weakness NZD NZD/CAD NZD/CHF NZD/JPY NZD/USD NZD Strength NZD Weakness support and resistance trend analysis trend charts USD USD/CAD USD/CHF USD Weakness
Author Archives: Mark Mc Donnell
Forexearlywarning has a real time forex scanner that scans the market and signals from The Forex Heatmap® every 10 minutes for new movements. The scanner works continuously at 10 minute intervals during all forex market hours. The scanner uses currency strength to screen 8 currencies, 28 pairs, for new and consistent movement cycles. When a new currency movement is detected in the market, the scanner gives the end user a flashing desktop notification in the Google Chrome Browser.
When the scanner alerts start flashing on your desktop, you can check the market condition and decide if the buy or sell trade is warranted. The built-in flashing desktop alert system is visible in the Google Chrome web browser. Use of the real time scanner will result in currency traders being able to catch new movements backed by consistent currency strength or weakness. This forex scanner system requires no programming and is ready use after you login to our website.
Here is what the forex scanner tool looks like. This forex screener/analyzer software has a simple display and user interface, and price movement creates the scanner signals. When the scanner finds a new, consistent movement starting, it produces a flashing desktop browser tab notification like the image shown below. The browser tab notifications work for the google chrome browser and produce a flashing red signal when new, consistent currency strength or weakness is found. Each scan signal is documented with a time and date stamp.
Example Use of The Forex Scanner
In the example above, consistent New Zealand Dollar (NZD) strength was detected at 530 GMT. The NZD pairs had consistent strength after that for about 12 hours from the Asian session into the main session. Pairs like the NZD/USD and NZD/JPY both moved higher with similar chart characteristics.
When the scanner first detected the NZD strength movement starting, the percentages on The Forex Heatmap® were low at 0.20%, but consistent, at the beginning of the movement. Then the NZD strength continued into the main forex trading session before the movement was finally exhausted. This type of movement allows traders to enter the trade, set stops to break even, and scale out any profitable lots. Traders can then continue to monitor the trade for more upside if they are trading in the direction of the major trends.
Why Would A Trader Use A Forex Scanner
Most forex traders are lost. They trade the same pairs over and over, scalping on the smaller time frames with technical indicators. If a trader could have a tool like a forex scanner to scan 28 currency pairs and point them to the best opportunities in the market with timely real-time notifications, the success rate would rise. They would be able to use this tool daily and have a chance to make substantially more pips.
We have seen several forex market scanners or market analyzers, and we believe that this is the best forex scanner available. This is because this scanner is based on parallel and inverse analysis and currency strength trading principles, which are proven, tried and true. Forex traders now know this, and they also know that technical indicators are ineffective. Our forex scanner software is built in to our website and runs all of the time during forex market hours. The Forex Heatmap® also has fully redundant backup systems. There is absolutely no programming needed by the end user.
Our forex scanner tool works for 8 currencies, 28 pairs total. It scans the USD, CAD, EUR, CHF, GBP, JPY, AUD and NZD pairs for new movements. These are the 8 most actively traded and most liquid currencies..
Besides a Forex Market Scanner, What Other Tools Do Traders Need
Along with a real time forex scanner, traders need a simple set of trend indicators so they can know the direction of the major trends on the pair they are considering trading. Traders also need one or more alert systems to complete their trading system. We offer all of these tools at Forexearlywarning, along with the forex market scanner.
If you are a forex trader and are looking for a real time forex market scanner that points you towards new movements in the market, the scanner/heatmap combination should work well. Precision trading and real time scanning of the forex market is now possible. Check out our forex market scanner tool as part of your Forexearlywarning.com subscription.
A GBP/JPY trend reversal may be underway on the D1 time frame. Look for a buy signal on this pair in the main session starting tomorrow morning. You can watch The Forex Heatmap® to confirm any buys and also the live heatmap alert system. Current pricing is in the 132.00 area, overall pip potential is up to the 138.00 resistance area, noted on the chart.
Today in forex trading the NZD/CAD uptrend was evident again. This pair is in a major uprend on MN time frame, but had sold off against the trend for a few days. Today the NZD/CAD reversed back up into the major trend. The live buy signal for this pair from todays trading on The Forex Heatmap® is shown below in the images, along with the price chart movement. The NZD/CAD uptrend should continue to pull this pair higher to at least the 0.9650 resistance area, then this pair could continue higher from there.
The NZD/CAD uptend was interrupted by a short term sell off over a few days, then this pair built a choppy relative low around the 0.9450 price level. It is now reversing back into the major uptrend on the MN time frame. This happens in a trending market when a pair sells off against the major trend, then reverses back into the trend. It gives traders an opportunity to enter the trend at a lower price, we call these swing trade setups. It is in action with the NZD/CAD uptrend but it works for all 28 pairs we trade.
Today in forex trading the AUD/USD had a strong selloff. The sell signal from The Forex Heatmap® is shown below. This pair is approaching support at the 0.7515 area, we would scale out lots or exit any short term sells on this pair as the AUD/USD continues down to this price.
When the AUD/USD has strong selloff it is always because one currency is weak and the other currency is strong. Today the AUD was weak and the USD was strong. The same thing in reverse can happen when there is a strong up cycle. This is why The Forex Heatmap® is so valuable. It works for short term buy or sell trades like today, but it also works when entering strong up trends.
In the case of trading with the trend, traders can hold onto their position and ride the trend with the strong entries this tools helps to provide. It is part of our overall trend based trading system. Since the AUD/USD is not trending right now, just cycling between support and resistance, we recommend good money management and scaling out lots. Any forex trader can trade profitably using these principles and tools, parallel and inverse analysis and currency strength are vital to the success of your forex trading program.
The EUR/NZD is in a strong downtrend on the major time frames like the W1 and MN time frames. When analyzing all of the NZD pairs, the NZD is currently strong on all pairs. Traders can set an audible price alert for a sell at 1.5030, this price is noted on the chart below. The next major support is at the 1.4250 area or lower, also noted on the charts. We also have other sell plans based on NZD strength in our daily trading plans.
To perform the analysis of the EUR/NZD we used multiple time frame analysis by individual currency, which is very powerful and revealing. This revealed that the EUR/NZD was in a strong down trend based mostly on the consistent NZD strength in the market. Currently, the EUR pairs are somewhat neutral or choppy. If any EUR weakness comes into the market, perhaps after tomorrow’s EUR news drivers on the economic calendar, we expect a strong sell off on this pair. The Forex Heatmap® and live heatmap alerts will keep us apprised of any EUR weakness in the market in real time.
This video will show traders how to use our real time currency alerts for 8 currencies and 28 pairs. We will show traders different examples of how the alerts look, then you can check the other market conditions like the trend to see if a new trade entry is warranted. With this real time alert system forex traders will always know when the market is moving . The system works for 8 currencies, USD, CAD, EUR, CHF, GBP, AUD, NZD and JPY pairs, and it gives real time alerts moving in either direction, continuously during regular forex market hours.
The alerts will tell traders tell if if the JPY is weak, NZD is strong, etc. and also tell traders the quality of the strength or weakness in each currency. The alerts are based on the signals on The Forex Heatmap®. When you see a new alert you can check The Forex Heatmap® to look for consistent strength or weakness in any one of 8 currencies, then condsider a trade entry. This system regularly gives live alerts for movements of 100 to 150 pips , or possibly a lot more on the more volatile pairs we track. This video shows three different examples of alerts, heatmap signals, and associated price movement on the charts. The alerts are visible on any device in real time, including desktop, laptop, Android or IOS mobile devices.
Today in forex trading the GBP/CAD and NZD/CAD moved higher on CAD (Canadian Dollar) weakness. The GBP/CAD should continue higher on the H4 and possibly D1 time frames, but the major trend on this pair is down on the MN time frame. The GBP/CAD still has upside potential going forward for 1 or 2 two days. The NZD/CAD moved higher but this pair is inside of various levels of resistance, for that reason we would scale out lots or exit this trade. The trading signals for the CAD pairs is shown below from The Forex Heatmap®, along with the price chart movement. The heatmap provides trading signals for 28 currency pairs and can be used for day trading or entering new or existing trends on the higher time frames.
The NZD/USD is trending higher on the larger time frames. The W1 time frame is shown below in the image. Current resistance and price alarm point is at 0.7305. The next resistance level is at the 0.7500 – to 0.7700 level as noted on the chart. Forex traders can set an audible buy alert at 0.7305 on their trading platforms. Then when the alert hits you can verify any buy trades with The Forex Heatmap®.
Today in forex news the Bank of England interest rate was cut, dropping interest rates from 0.50% to 0.25%. The Monetary Policy Committee left the door open to more cuts going forward. The cut was widely anticipated in this post Brexit business environment. So today, August 4, 2016 is the first Bank of England rate cut in 7 years.
For forex traders, Bank of England interest rate news can cause strong movements and formation of new market trends of the British Pound against the other major currencies we follow. The British Pound dropped strong against all 7 currencies we follow after the news today. The GBP/USD is at an intra-day low of 1.8240 and the GBP/NZD had an intra-day low of 1.7750. Most GBP pairs we follow remain inside ranges and clusters, but the GBP/NZD and GBP/JPY have broken short term support levels. A chart of the GBP/JPY is shown below illustrating the the intra-day price movement of over 200 pips.
We expect more GBP pairs to follow and form trends based on GBP weakness. The long term trends on the MN time frame on all of the GBP pairs continues to show GBP weakness. Today’s live sell signals from The Forex Heatmap® are shown below to show the GBP sell off, along with the price chart movement after the Bank of England news announcement today. We will look to continue planning to sell these pairs in our daily trading plans, as the trends are now in place.
Forex news drivers like like the Bank Of England interest rate decisions can be profitable events for forex traders. If traders have the proper trading system, signal system and know the direction of the trends on the GBP pairs, they can successfully trade forex news in the direction of the trend.
In this video we will use one group of currency pairs to show traders how to build a sample forex trading plan for any pair in that group. These principles for building a trading plan work for any group of pairs with one common currency. Our example will be for the Japanese Yen (JPY) pairs. To prepare a trading plan for the JPY pairs you would drill down the charts using multiple time frame analysis. The AUD/JPY NZD/JPY, CAD/JPY, EUR/JPY, etc., all 7 JPY pairs total. In this example the long term trends on the higher time frames are all pointing down, and the H4 and D1 time frames are reversing back down into the trend, so the charts show that JPY is strong and that the JPY pairs are dropping. Our trading plans for this day reflect the JPY strength.
We prepared written trading plans for various JPY pairs along with the price alert points for traders to set audible alerts to detect the movement to the downside. When the price alerts start to hit in the Asian session the JPY pairs are in an obvious sell off and our currency alert system also shows the sell off. This is a very safe way to trade the forex and this method works for all 8 groups of currency pairs we trade, i.e., USD pairs, CHF pairs, NZD pairs, etc., for a total of 28 pairs. Use the techniques in this video to prepare a sample forex trading plan for any group of pairs until you get more practice.