Compact FFMV Dashboard
Compact FFMV Dashboard is a little trimmed custom indicator of FULL FOREX MARKET-VIEW DASHBOARD created to give the Traders a full view of what is going on in the market. It uses a real time data to access the market and display every bit of information needed to make a successful trading. It shows as many as 30 currency pairs or as allowed to display in the Market Watch of your MT4
USAGE:
- For Solo Trading
- For Basket Trading (See the screenshot on how)
- For Signal confirmation of Signal received from your trading system
COMPONENTS:
Trend: Overall trend of the currencies as agreed together from Minute to Monthly
Signal: Suggested action to take on each currency pair due to market's current status.
Impacts: The magnitudes of the currencies' movements and volatility as shown below:
Build-up: The currency is just building up its movements to either buy or sell
Good: The currency is getting serious in its movements and gathering trends in a direction either buy or sell
High: This shows that this currency is to be on our attention as something is happening worth of interest
Strong: The direction is getting hot and giving a reliable signal to be considered
Very strong: This needs to be on our radar for good attentions Excellent: The peak of the signals telling us that we are good to go with one more step ->
Changes: The currency movements has been since the day began either trending or side way, losing or gaining
Rates: Shows how reliable the currency is to be considered for trading in percentages
Chart: Gives the name of currency pair that is ready for trade
USING THE DASHBOARD:
Trend must tell us if the trend's direction has been established - Bullish/Bearish
Signa l display the type of trade we are to expect to take when ready - Sell Now or Buy Now
Impact must show EXCELLENT as the best impact to consider
Change s must be positive or at least be from 0.00 upward. Must not be negative EXCEPT all other signals agree together for a direction which means that the currency is in a state of RECOVERY, it may be traded
Rates must be 100% but any currency that rates 60% upward is good enough for a trade Trade is the focus factor, once it gives currency name, then it is ready for further trading consideration
WHAT NEXT?
After gotten a trade signal from the Dashboard, we must further consider these two factors:
1. Support and Resistance Levels: These are powerful levels which determine if a currency's movement will continue or reverse because these are the areas of great struggles between the Buyers and Sellers, a battle front where struggles are intense, the party with the most staying power will carry the day If the currency concerned is presently near or at a support or resistance level, draw a line at either the support or resistance level and wait to see if the price will break the level and if it does, that is a breakout, then you are good to go but if it didn't and reversed, forget about such currency, go back to the dashboard to consider another currency pair but If the currency is not at any of these levels, then you are good to go instantly. It is also great if the price is starting to buy according to the signal from the exhaustive point of sell trend or buy trend.
2. Forex News: Forex news must be avoided especially a medium or major impact news on any currency pair. Before entering any trade even after a sure signal from the Dashboard, we must take time to check the News on a Forex News Website. If there is a news on such currency pair, we must drop the currency pair. However, if the news has been released long before you got signal from the Dashboard, that is supposed to be a good trade because it means that the end-resultant effects of the news is working to our favor.
Before you finally open a trade, to avoid retracements at the time you want to open, wait for a flat-headed candle with tail. The candle's flat head must be in the direction of your trade, then enter.
Aside these two factors, nothing to fear, go straight and place your trade when you get a sure signal from the Dashboard.
Just be sure all the Dashboard components agree together as instructed here
As you use this indicator, I wish you lorry-load of pips and stress-less trading.
Enjoy your day and...
Cheers
