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“Understanding the Myths Of Market Trends and Patterns”
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This video is a Forex Trendy review video, Forex Trendy being a Forex trading tool which I’ve recently found.
So, what is Forex Trendy? It is a membership site where it is scanning 34 currency pairs on 9 timeframes from one minute to one month which means it is scanning 306 charts.
It is looking for two things, currency pairs with consistent trends, and currency pairs exhibiting specific patterns.
So, to talk about the trends. Forex Trendy looks at 200 bars on each timeframe, and will list the currency pairs with the most consistent trend, the trend being defined by if you draw a line from one corner of the chart to the other corner, there will be multiple touch points. It then orders these by the lowest trend drawdown, the drawdown being what is the largest amount of pips that went against the trend in the given timeframe. In theory (according to the ebook which is also available to teach you about these two Forex trendy strategies), the lower the drawdown, the more reliable the trend. Less than 20% is good, less than 15% is even more reliable, and the rare less than 10% is even more reliable still. So one possible way to trade this could be just to enter your trade in line with the trend and place your stop larger than the worse-case draw down.
Regarding the patterns, it scans for where there are support and resistance lines with at least 3 touch points, and which form a channel. It orders these into two categories, “Completed Patterns” which are where there was a pattern but price has broken the support or resistance. “Emerging Patterns” are where there is a pattern which price has not yet broken.
My trading style is to understand what the main Macro drivers are to decide on the markets that I want to trade, then to look at current sentiment (are we in a risk on or risk off environment), then to use technicals to define my entry and exit points for the markets I want to trade. So I am not just putting trades on based purely on what Forex Trendy is showing me, but I am using to give me new trading ideas, particularly for currencies I don’t normally trade, e.g. the SEK.
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Watch Again: https://youtu.be/mF5LAyhANHI
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