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Kinda sorta newbie with a question regarding indicators ...

Discussion in 'Beginners Bootcamp' started by iggyboo, Apr 30, 2010.

  1. iggyboo

    iggyboo Private

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    Hi all ... :)

    I've been doing forex trading for a couple of years now but almost exclusively with EAs, which has been a fun roller coaster ride to say the least.

    I had to use EAs because I simply didn't have the time to put into learning how to do it manually, but over this time period I've paid attention and wound up learning quite a bit despite my time constraints which has led me to do my first full month of manual trading on my personal live account during April with some success.

    Now I don't want to jinx myself because it may have just been beginner's luck, but I had a 20% gain for April so I'm pretty stoked about doing manual trading ... !!

    What I'm wondering is -- and I hope I can explain what I'm looking for properly -- is there some kind of software or indicator or something along those lines that can give me some sort of signal, either audible from my trading station or possibly by sending me a text to my cell phone, when a currency pair is on the move?

    Basically what I'm looking for is something that will give me some sort of indication, either audibly or textually, when a currency pair starts moving a certain number of pips within a certain period of time so that I can become aware of the activity and watch it to see if I want to place a trade. In other words, some sort of indicator/signal/whatnot that will notify me that 'hey, pay attention, look at your trading station, something's going on here you might want to look at ...'

    That's my biggest thing is that I work a full time job and I just don't have the time to monitor the markets as much as I would like to. I noticed that the MT4 platforms already include some indicators but I've gone through them and unless I'm missing something, that's not what I'm looking for.

    Anyone have any ideas? Is there someone out there that could point me in the right direction? Any help would be greatly appreciated ... thanks!
     
  2. cyprustrader

    cyprustrader Recruit

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    Brenda, I would recommend studying the basics of Support Resistance, candlesticks and trends. Once you have mastered these, then you can set an alert in MT4 (console window at the bottom) for when the price reaches a critical point. The alerts can be email (ie to phone) or audio.

    An example: lets say you spot a downtrend on higher timeframes, the price is going up or retracing towards a point of resistance, you wish to play safe and sell with the trend, then you should set an alert for say when the price is within 10 pips of this critical level. You can then focus and watch for a valid reversal signal or bounce of this level for a high probabilty trade. If there is no valid signal, then walk away and wait for the next setup and revise or set another alert.

    PS, you can setup your email in Tools, Options, email, then choose email, or sound in the alert fields.
     
    #2 cyprustrader, Apr 30, 2010
    Last edited: Apr 30, 2010

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