Is The Current Trend Your Foe or Friend?
I believe you have heard this statement often enough, the trend is your friend until it ends or various version of it. I personally think the statement “the trend is your friend is over-hyped”!
Why do I say so? How do you know if you are in or out of the trend? A trend is usually clear when it’s deep into it where you can see the obvious channel forming with trend line use by some as the active support and resistance.
You are now probably in a dilemma if you have not taken any trades and waiting for the opportunity to enter. You are trying to decide “To trade or not to trade” since it’s already deep in the trend and you can’t decide if it’s too late.
Find Out Which Pairs Are Trending Now
How to determine if the current trend is your foe or friend?
For those Forex traders who trade in the trend and pattern recognition, I may have found a helpful tool for you. It has been silently gaining popularity that I couldn’t help but notice it and have to check it out. I program my own indicators and semi-auto EAs and don’t usually promote others unless I find a real useful one that could help traders out there.
Some traders use a combination of indicators or by looking at charts and drawing lines on them. You may be able to do the above well but it can and will be very tiring if you are going to sit in front of your trading terminal looking at the charts and scanning for them. Worse if you are trying to look at different pairs and different time frame.
There are many trend following trading strategies in one form or another. The success rate of those trading strategies is dependent on:
- How you determine the trend and its’ reliability?
- When do you enter and exit your trades?
- Which currency pair is trending and which time frame is best to trade that pair.
This software tool takes care of the following:
- Trend scanning and pattern recognition for you.
- Monitoring 34 currency pairs in all time frame in the background continuously
- Operates independent from your trading platform.
- Finding you the BEST trending pairs, time frames and trend reliability for each chart.
- User-friendly interface that sends you audible alert and email once a setup is present.
- Live charts where you can see emerging chart patterns and completed pattern history.
- And last but least, frees up your time to do other things instead of waiting in front of your computer screen waiting for a certain pattern to form or a breakout/trend to occur.
It Will Help Identify If The Current Trend is Your Foe Or Friend
It’s a great tool and will save you lots of time because it will send you alerts when a setup is present.
You can then decide if it’s worth trading the setup after you have been alerted instead of you watching you charts and waiting for a setup to form. Sometimes scanning for trades can result in you entering a trade too early instead of waiting for all signals to be in place.
Check out the software for yourself today and decide if it’s something worth investing in. It’s reasonably priced and comes with a money back guarantee too!