Improved Point & Figure for MetaTrader 4
If you’ve never heard of Point & Figure charts before then this brief article will not be sufficient to fill that gap. You should take a look at Forex Factory or do a Google on it to get more information.
That said the basic idea is quite simple and makes a great deal of sense and I’ve found a great indicator to make it even easier with MetaTrader 4.
Pair Divergence Method
I’ve been contributing to a thread over at Forex Factory about ‘Pair Divergence’ and so far the results have been very promising.
I’ve taken an overlay indicator and adapted it to show lines instead of candles as that’s what the method calls for. As a special bonus for my blog readers I’ve also done a version that also includes a divergence indator and allows you to have both pairs showing with no fiddling around.
There’s also a lot size indicator thrown in too just for good measure. What more could you as for?
The zip with indicators and templates is below along with the link to the original thread on FF.
Most EA’s Will Break When IBFX Upgrades. Fix Them Now!
IBFX (InterbankFX.com) has just announced that it will be changing it’s feed to 5 decimal places. This will have an impact on EVERYBODY that currently uses them as their prefered broker, including myself, so I thought I’d write a quick post to let you know what you’ll need to change in your EA’s so that they will function correctly.
First thing to say is don’t worry! It’s not too much hassle and if you take your time you’ll have no problem.
Volume Spread Analysis (VSA) – What is it and how can it improve your trading?
Just recently I’ve been reading quite a lot about Volume Spread Analysis. VSA is an interesting approach to viewing the markets that offers a valuable insight into the way the SM (smart money) operates. It offers approaches and methods that can help the average trader see what the ‘big boys’ are seeing and gives clues as to why they get it right most of the time and WE don’t.
I’ve found a really nice free ebook written by Tom Williams that explains everything about VSA. It’s a thinly veiled plug for the Trade Guider software but it does offer a very in depth and detailed view of VSA and the methods involved. It’s simply a MUST read for anybody serious about VSA.
Money Management
Many traders have forex trading systems that can pick the direction of the currency correctly but they continually get stopped out by volatility and cannot stay with the trend. Here are some money management tips to help you stay with the trend and enjoy currency trading success…
A typical scenario which occurs for most traders is they enter a trend with their currency trading signal the price retraces, takes out their stop and then the trend immediately goes back the way they thought, piling up thousands of dollars and their not in!
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