Recently I bought a trend scanning tool to help me analyze the market trend automatically instead of me having to look through different charts to do it myself.
Therefore I decided to write a blog post to share with you guys what I think about this tool as well as what it can do for me.
NOTE: Please do not trade simply based on the BUY or SELL signal produced by the software. There are too many signals given everyday and not all of them results in winning trade. The signals are only based on breakouts and therefore not very reliable. They are more to trading than simply breakout.
If people can make money simply from breakout of patterns, then everyone can be a profitable trader. You need to have a combination of conditions and indicators to give you a buy or sell signals. For me, I use this signal as an additional condition to my own set of forex strategies.
Do note that there is a video recording at the end of this post. I recorded a video to show you what it is like after I log into the software system so that you can have a better idea of what it is all about.
So spend sometime to read this article and watch the whole video that I have recorded for you. Hopefully you will find this software useful for you.
So What The Tool Can Do For Me?
1) This tool is able to scan through all 37 currency pairs at one go identifying the trend for the 1 minute, 5 minutes, 15 minutes, 30 minutes, 1 hour, 4 hours, Daily, Weekly and Monthly chart.
It also comes with an email alert function which will alerts you once the trend drawdown falls below certain percentage.
2) Beside telling the trend, this tool can also help us to identify candlestick patterns like the Flag, Wedge as well as Triangle on all the 37 currency pairs.
Similarly, you can also ask the system to alert you when new patterns are formed on any one of the currency pairs.
3) It comes with a buy and sell signal based on breakout of wedges, triangles and flag. At the time of writing this post, there is an alert on the USDTRY pair asking me to enter a BUy trade due to breakout of falling wedge at 1.8227.
However don’t blindly follow the signal, you have to do some analysis yourself to make sure that the trade is workable.
How To Use This Tool?
I will look at the trend on those currency pairs that I am interested in everyday and decide on whether I am going to trade using the trend strategy or any other strategies.
As for the patterns identifying feature, I use it to help me identify patterns for trading breakout strategy. This alone save me a lot of thing and for those of who are not that good at identifying patterns, this is a great tool that you must have.
I bought this tool for $37 and I am very happy with it and that is why I decided to share with you guy my opinion on this tool. For those of you who find this tool useful for you, you can visit the website by clicking on the link below.
I will continue to share with you guys more tools and courses that I find useful for myself.