Hi again to ALL
Question
What indicator do I use to find the possible start, strenght and the final distination of a TREND ?
Also if possible when to exit.
Final question
Is there an EA available to FIND/SCAN the market major pairs for possible price action entries,would this be a hard task to achieve?
Thats all for now
Price action is the indicator. You can add few moving averages to check the trend. Don’t add confusing indis
As robertrfx suggested MA or combination of MAs, nevertheless it/they will show the way, but won’t tell You when to jump in or out.
There are indicators to alert when a certain PA pattern has formed, but I never saw a good one. Consider using a bigger time-frame: more probabilities and You have more time to “scan” the charts Yourself. Use 4H or Daily charts, 2-3 times per day You can look for patterns and within 15 minutes You can scan through big amount of pairs. Just learn several patterns and trade with them, once confident - learn some more.
[B]want that too![/B]
[I](lol, there is not such thing nor will ever be)[/I]
no, there is not such an EA.
There is this service: Autochartist.
Good service for practicing on recognizing chart patterns, not enough though for profitable trading.
If autochartist does what it says on the label why do you say it’s not profitable, the subscription service offers no lag in prices?
mentioned in one of my other posts is the website mqlcodebase, they seem to offer a vast amount of EA’s indicators, scripts etc etc, most have reviews, so is this totally bogus?
PLease let me know your complete view regarding Autochartist, as I am really considering signing up?
I can’t comment on the Autochartist as I have not used it, at least I don’t remember using it, but I can tell You about various EAs and Indicators.
Most of them are of course not bogus, however there is a lot of factors that make patterns invalid or not as reliable. The most common factor will be location of a certain candle or pattern in the chart (not in the right trend or not on S/R if it is reversal or continuation right in to the S/R) and therefore trading with PA EA is risky.
Indicators on the other hand will be safer to use, especially the ones with alerts, as they will inform You when the pattern has formed. Then You can decide Yourself whether the “signal” is valid and worth the risk. And obviously the indicator can be implemented in to Your existing strategy thus improving credibility of a signal.
So with my strategy for instance I would need a MA for trend confirmation, followed by a volume/strenght/momentum indicator or indicators to ascertain the amount of buyers and sellers, the strenght of either buyer or seller and how fast they are trading?
used it a couple of years ago as service provided by a broker and not as a stand alone subscription, there was no lag, was looking for chart patterns in low timeframes under 30 mins, if the signal was not confirmed by trend and momentum it wasn’t profitable (that’s why not enough on its own)
That’s all good for me as I have a full time Job, and would find it difficult to scan all the majors. Part of my trading plan would be to use it as an alert but always confirming with my own Technical analysis.
Well saying that I plan to subscribe to signals to start some income rolling, but hopefully, eventually developing my own style.