Take a look at my Forex Factory explorer, if you like it , then try some of my favorite tools. You must have a practice account to grow on day to day basis. This will help you rebuild your confidence as a trader. With practice account you can try out any tool you hear or read about, until you know which ones really make and hold some profit in the money market.
For screening purposes, I use Price Oscillator, CMO (ChandeMomentum Oscillator, Stachastis-Full, EW (Elliot Wave), and RVI (Relative Volatility Index). The price Oscillator tells me where the currency pair in heading, The CMO tells me if has enough momentum to get there. EW and RVI, tell me whether it is swimming against market volatility or with it. Taking care of the's basic considerations, can save you a lot fraustration, because not even the finest tool can save a bad trade placed in the wrong direction.
As shown in the charts below, you will look for a synch between your favorite tools suggesting consistent currency pair behavior across periods M1, W1, D1 and H4. Then look at the zero line to to see if the current price is above or below it. across the four selected periods.. If it is above it you buy, if below it you sell.If it posts a high negative P/L you lock in the new price in the same direction and close the previous trade until it shows a positive P/L. Make adjustments as needed from this point on. No need for for stop loss tool. Be sure to buy at market low (full red light) and sell at market high (full green or blue light). Full red means bid and ask buttons are red indicating market change which is better than just price change. That also means you are buying at low volatility and selling at high volatility.
For screening purposes, I use Price Oscillator, CMO (ChandeMomentum Oscillator, Stachastis-Full, EW (Elliot Wave), and RVI (Relative Volatility Index). The price Oscillator tells me where the currency pair in heading, The CMO tells me if has enough momentum to get there. EW and RVI, tell me whether it is swimming against market volatility or with it. Taking care of the's basic considerations, can save you a lot fraustration, because not even the finest tool can save a bad trade placed in the wrong direction.
As shown in the charts below, you will look for a synch between your favorite tools suggesting consistent currency pair behavior across periods M1, W1, D1 and H4. Then look at the zero line to to see if the current price is above or below it. across the four selected periods.. If it is above it you buy, if below it you sell.If it posts a high negative P/L you lock in the new price in the same direction and close the previous trade until it shows a positive P/L. Make adjustments as needed from this point on. No need for for stop loss tool. Be sure to buy at market low (full red light) and sell at market high (full green or blue light). Full red means bid and ask buttons are red indicating market change which is better than just price change. That also means you are buying at low volatility and selling at high volatility.
Attached Image(s) (click to enlarge)
Mecrandie