When the 3 red lines or the 3 green lines are far apart, you are less likely to win a trade. When the price of a currency pair is within the top Bollinger band, you do not expect it to go any higher. The price will likely drop & you will want to sell Green numbers on the calendars represent better than forecast or revised better figures. Red numbers mean worse than forecast or revised worse. There are few others under the legend as you can see which I have mentioned here but are really self blogger.comted Reading Time: 7 mins 20/02/ · So it has to be something that is useful, automated, time-saving and ideally insightful. After much thought, I decided to scrape economic events from Forex Factory. Staying on Top of Economic Trends. Forex Factory has a calendar list of upcoming and past economic events with actual, forecast and previous data points. Some of the more common ones include consumer price index,
How to Set Up Charts in MetaTrader 4 - Step by Step
I have not finished watching all of the instructional videos yet. However, I watched a video so amazing that I want to start trading now and watch the rest of the videos later. The video is about CashTrap. CashTrap is a strategy found within Hourglass. It is used for increasing the probability of having lots of successes trading currency pairs.
There are 8 indicators that are used simultaneously to see how good a trade is. Most indicators are given points to show how much someone should trade. Some indicators say that you should not even consider trading. Note that the candlesticks in CashTrap change every 5 minutes. When a candle changes, the Alert Panel changes. Therefore there will be a new Call or Put arrow every 5 minutes. In the animation above you will notice the letter S isolated within the chart.
When you see an S, it is likely time to sell. When you see a B, it is likely time to buy. Watch the video below to see a simplified version of Cash Trap. CashTrap can be a very lucrative strategy. However, there are some very important principles that I will follow:. Before you even start looking for trades, set up your brokerage account.
Otherwise you lose valuable time after you have found that ideal trade. Worse than that, you may forget to set it what is forex factory green number properly. Add up the appropriate points in what is forex factory green number below.
The numbers here represent what percentage of my account I should trade. Note when the price is close to one of those numbers. If it is consolidating in the right direction, I may want to trade even though there are not enough points. Alert Panel Bollinger Bands Currency Strength Meter Forex Factory News Hourglass Relative Strength Index Simple Winning Strategy Stochastic Timing of a Trade Trading Pairs Trend Line. In order to access the CashTrap, you must have a tool called Hourglass.
Go to the Strategies link in the upper left-hand corner to access CashTrap. Among other things, in CashTrap you will be reading a chart like the what is forex factory green number here. You will be looking at 5 different indicators to help you decide whether or not you should trade a particular currency pair.
You add them up to decide what percentage of your account you should trade. The up arrow has the word CALL beneath it. That means that if you do trade, you will be buying. When you are selling, it is called a PUT. To decide upon the opening price, you look at the bottom of the up arrow. It lines up with 0, what is forex factory green number. That is usually abbreviated by using the last 3 numbers You would buy in at or less. Go to the FAQ page to learn how to buy Hourglass.
Each currency is represented by 3 letters. For example, JPY stands for Japanese yen. USD stands for United States dollar. The first currency equals one unit. In the image here, you are trading USDJPY.
You want to start trading when one USD is worth To open up a particular pair to investigate trading possibilities, you single click on that pair in the Alert Panel. Note that the Alert Panel changes every time there is a new candle, what is forex factory green number. To see the prices of a currency pair, look at the red and green candles sometimes called candlesticks. In Hourglass, I adjust the settings so that each candle represents 5 minutes of trading. In the red candlestick the price is going down.
So, the opening price is at the top of the red rectangle and the closing price is at the bottom of the rectangle. If there is a fine line above or below a rectangle, what is forex factory green number is called a wick and represents the highest or lowest the price went during the duration of the candle. The wavy lines surrounding the candles are called Bollinger bands. They represent how high or how low the prices can expect to go.
There are 3 of the red and 3 of the green Bollinger bands. When the 3 red lines or the 3 green lines are far apart, you are less likely to win a trade. When the price of a currency pair is within the top Bollinger band, what is forex factory green number, you do not expect it to go any higher.
Put is another word for sell. When the price of a currency pair is within the bottom Bollinger band, you do not expect it to go any lower. Call is another word for buy. My friend Steve told me about how he uses Bollinger bands to help him make trades. He said that when he sees the market is consolidating, he goes into Cash Trap and starts counting points and taking trades.
What he is looking for is all the red Bollinger bands to be lying almost on top of each other and all the green ones to be lying on top of each other. This indicates that the market is consolidating very little activity and gives us a very high chance that price will bounce up and down inside the bands and not break out.
The image to the right begins with an up trend. When it got to S, it would look like a consolidation was starting to happen. By the time what is forex factory green number got to P, Steve would put sell, what is forex factory green number. Somewhere around where the next green candle was forming, he would call. He never would trade after the fourth wave. He says that by that time, it would likely trend out of the consolidation, what is forex factory green number.
The trend line in the image to the right is that red line at the very bottom. Because it is below the bottom Bollinger band, the trend is going up. The trend line actually is a day exponential moving average EMA. That is an average of the past days with greater weight given to the more recent days. The simple moving average or SMA is between the Bollinger bands.
The Bollinger bands are 2 standard deviations away from the SMA. That means that you should call buy. That is contrary to that down arrow in the Hourglass here that suggests you should put what is forex factory green number. So, the indicators are conflicting and you should not trade EURCAD at this time. BTW, if the trend line were above the top Bollinger bands, the trend would be going down.
That would be the time to put. So, in the image to the right, you would wait for a red candle and a red down arrow before considering trading. When the trend line is between the Bollinger bands, that is called consolidation. That means the market could be going in either direction. You could feel free to either call or put. Just remember, when the trend line what is forex factory green number outside of the Bollinger bands, the call or put arrow must be pointing away from the trend line in order to take the trade.
If they are unfavourable, the trend line will give you You can find the relative current strength of the various currencies by going to the Currency Strength Meter. Part of this meter is reproduced to the right. As you can see here, the USD is presently stronger than the EURO. Do NOT trade a pair unless one has a strength of at least two bars greater than the other. So, USDEUR would be a good trade to take.
If the first currency is stronger, you would want to call. If the second currency is stronger, you would want to put. Before placing a trade, make sure the currency strength, the call or put arrow and the trend line are all asking for the same trade.
The meter checks the various currency pairs every minute. So, before using it to decide upon a trade, refresh it. Study the 2 sections above until you understand them thoroughly, what is forex factory green number.
Whenever the up or down arrow, the trend line and the Currency Strength Meter all line up simultaneously, you can expect to win more trades than you lose. The EUR is 2 bars above the CAD, the arrow indicates a call and and the trend line is below the Bollinger bands.
How to use The Forex Factory Economic Calendar
, time: 12:44Forex Master levels by Nicola Delic
When the 3 red lines or the 3 green lines are far apart, you are less likely to win a trade. When the price of a currency pair is within the top Bollinger band, you do not expect it to go any higher. The price will likely drop & you will want to sell 20/02/ · So it has to be something that is useful, automated, time-saving and ideally insightful. After much thought, I decided to scrape economic events from Forex Factory. Staying on Top of Economic Trends. Forex Factory has a calendar list of upcoming and past economic events with actual, forecast and previous data points. Some of the more common ones include consumer price index, 23/03/ · Forex Factory has a data bank of trades coming from traders linked with their Trade Explorer tool. This is an analytical tool which gathers data regarding a trader’s historical trades and analyzes the trader’s statistics. The same information, coming from trade decisions of live account traders, is also fed on the Positions tool. Below is an example of the Forex Factory Position blogger.comted Reading Time: 11 mins
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