Using Trend Signal - My 30 Minute Set-Up
Hi guys, I thought a few of you might find this helpful. This is how I typically use Trend Signal. First let's cover some basics and answer some questions that I've been getting via PM:
1. Are you always in a trade? Either buy or sell?
Answer - No. You can use the indicator in this fashion and achieve a strong level of success, but I prefer to find the 'very best' trades when possible.
2. I don't like the label markers. Can I change that?
Answer - Yes, open the settings and go to the 'Style' section.
3. Will you ever release the code for X Meter and Wave Trend?
Answer - No, the code for those indicators is not entirely mine, so I don't have permission to release the code at this time. It's possible that I might be able to in the future.
My Set-Up
I use 3 indicators to confirm each trade (Trend Signal, X Meter and Wave Trend). Trend Signal gives me an entry point. X Meter confirms trend direction and Wave Trend tells me when to exit. I also use the Currency Barometer to confirm trends, check for markets that are about to bounce, etc...
The Process
A. I wait for a buy or sell signal from Trend Signal (I use a 'Risk' value of 24 on a 30 minute chart).
B. I look to see if X Meter 'agrees' with the signal. If X Meter is bullish and Trend Signal give me a sell signal, I ignore the signal (I use the default settings for X Meter).
C. After I enter the trade, I won't exit until Wave Trend hits an outside level or if Trend Signal opens a signal in the opposite direction (this doesn't happen very often, but it can happen). I use the default settings for Wave Trend.
I used blue boxed on this chart to show each trade from entry to exit. Easy, simple and darn accurate. Have fun!
IMPORTANT NOTE: please notice how long each trade lasts. These trades last many hours and in the beginning it is not unusual to go in a out of profits a few times.
This is not investment advice, just my opinion(s). Please trade accordingly.
Trade safe and keep an eye on news.
1. Are you always in a trade? Either buy or sell?
Answer - No. You can use the indicator in this fashion and achieve a strong level of success, but I prefer to find the 'very best' trades when possible.
2. I don't like the label markers. Can I change that?
Answer - Yes, open the settings and go to the 'Style' section.
3. Will you ever release the code for X Meter and Wave Trend?
Answer - No, the code for those indicators is not entirely mine, so I don't have permission to release the code at this time. It's possible that I might be able to in the future.
My Set-Up
I use 3 indicators to confirm each trade (Trend Signal, X Meter and Wave Trend). Trend Signal gives me an entry point. X Meter confirms trend direction and Wave Trend tells me when to exit. I also use the Currency Barometer to confirm trends, check for markets that are about to bounce, etc...
The Process
A. I wait for a buy or sell signal from Trend Signal (I use a 'Risk' value of 24 on a 30 minute chart).
B. I look to see if X Meter 'agrees' with the signal. If X Meter is bullish and Trend Signal give me a sell signal, I ignore the signal (I use the default settings for X Meter).
C. After I enter the trade, I won't exit until Wave Trend hits an outside level or if Trend Signal opens a signal in the opposite direction (this doesn't happen very often, but it can happen). I use the default settings for Wave Trend.
I used blue boxed on this chart to show each trade from entry to exit. Easy, simple and darn accurate. Have fun!
IMPORTANT NOTE: please notice how long each trade lasts. These trades last many hours and in the beginning it is not unusual to go in a out of profits a few times.
This is not investment advice, just my opinion(s). Please trade accordingly.
Trade safe and keep an eye on news.
