I'm using my own concoction of Parabolic and Moving Averages.
1. Open up blank chart. 2. Place Parabolic on chart. 3. Right Click on Chart and go to Indicators List. 4. In Indicators List, highlight Parabolic and Edit. 5. Change Colour if required and then go to Width and go to 2. 6. Place 1 Day Smooth Moving Average On Chart. 7. Again Right Click on Chart and go to Indicators, highlight Moving Average and Edit. 8. Apply to First Indicator's Data. 9. Place 5 Day Smooth Moving Average on chart and any other MA's you may want. 10. Right Click on Chart, go to Template and Save Template. In File name save as: pma.tpl so you can open and apply it on any chart.
11. If you want to use the template again, right click on chart and go to Template and you will see it listed.
How to use:
Draw trend lines through the 5 day Smooth Moving Average and where it crosses the parabolic between the High parabolic and the low parabolic. Start from the monthly and work backwards. See charts examples. Please note I have not put all the trend lines.
Hi Tony I just saw your charts especially the last ones. Just an advice from my side , you are using way too much indicators and trend lines, the pure candles and price action is not getting seen and it will start to confuse you sooner or later. You should use lesser trend lines. Hope you see and understand my point someday . trading is hard anyway don’t make it even harder. Cheers
I agree, but I'm getting use to it now. I wish I could, my monitors are 24'', to be honest I need monitors the size of my lounge!!! I've got so many charts up, it's unbelievable, just so that I can double check everything. Thanks for the advice.
I am so confused by what Greggy is implying or concluding here. You are making up your own indicators that illustrate what? your self described as 'inexperienced' & have only demo accounts show that have consistently and quickly met a disastrous fate. I'm not uber experienced, but...
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.