In today forex faq, we have a question from one of our fellow traders asking me question regarding patterns trading.
Below is the question:
I am very interested in trading triangle flags etc.. whether there is a good indicator that form patterns?
I have one called cintias triangle but not good. thank you very much
When you says that you like to trade patterns like triangle and flag, I assume that you are a breakout traders as these patterns are usually related to breakout trades.
Personally what I am using is more of a software than an indicator that can help me to identify the formation of triangles, wedges and flags. Most importantly, it is able to help me scan through 35 currency pairs for any formations.
It will scan through time frame from 1 minute chart to monthly chart depending on your settings. Once it identify a pattern formation, it will send you an email alert. If you are on the computer and is log into the members area, it will pop up a reminder box to tell you that a formation has been formed.
Besides identifying patterns, it is able to tell you the trend for 35 currency pairs on every time frame. This will give you a very good picture on the trend of the market for the particular week.
However this system is not free, I actually paid $37 every quarter to use this system. Personally I feel that it is worthwhile as it saves me a lot of my time. I have recorded a video for you showing you what I see when I log into the system.
For those of you who are interested, do spend sometime to go through the video.
To find out more about this system, you can click on the link below.