Narrow Range Script in TopGun Software

The Best Forex Indicator Yet?

I recently came across another discussion about a new feature of Top Gun Software.  Over the past few months I’ve come accross a few people over at Forex Forums who swear by this software,but until now, I haven’t seen something about it that warrants me purchasing it once and for all.  This new feature they have called the Narrow Range Breakout Script. Supposedly there are special bars that Top Gun Software detects and draws these parallel lines on your charts where price begins to range.

You can easily do this yourself, however, to have a script draw these lines for you really takes out the guesswork involved with identifying ranges, channels, etc.   On the above example,TGS detects a narrow range and whoever showed this example must have entered a short right below the lower channel (bottom purple line) and rides a 60pip or more move down! I’ve seen a few examples of this and am really salivating over how simple Top Gun has made forex trading.

I really am looking forward to trying out TopGunSoftware as soon as possible, I keep reading great things about the narrow range breakout script and many other scripts over at Forex Forums’ Software Indicators section.   Anyone else have the ability to comment on TGS or the breakout script?

Forex Probability Indicator

I’ve been following the development of FerruFx’s Probability Meter for trading Forex with MetaTrader 4.  To be quite honest, I find this to be a pretty brilliant tool for those of us who like to see in BOLD colors which way to trade.  This tool could easily keep you out of the most disastrous trades by shorting a currency that is clearly strong or buying a currency that is weak.  The Probability Meter will show you not only the direction of the trend but how strongly it is moving in that direction.

Basically, how this indicator works is the user must determine whether or not the individual indicators within the chart align.  The creator says that 75-80% is a  good trigger for an entry, but without a doubt other things should be considered like Fib levels and pivot levels.

Example how you can trade with the Probability Indicator from FerruFx: “attach the Meter on M15 and the 2TFs below (M5 and M1). First, the 2 additional indicators on the 3 TFs must agree. Then watch the numbers of the 3 others indicators (doesn’t matter which TF because the number will be the same). If these numbers are about the ones i suggested in the explanation above, then the Global % would be close to a good entry point. 75% seems to work well but with experience we’ll all find our % which we are confortable with.”

 The Probability Indicator works with the following currency pairs:

EURUSD
GBPUSD
AUDUSD
USDJPY
USDCHF
USDCAD

EURJPY
EURGBP
EURCHF
EURAUD
GBPJPY
GBPCHF
AUDJPY
NZDUSD
NZDJPY
AUDNZD
CHFJPY
EURCAD
AUDCAD

The indicator by itself is only $67.  Check out Forex Forums for a discussion on the Probability Indicator.

Dealer Lots Manager Expert Adviser

Dealer Lots Manager Expert Adviser Review and Notes from www.Mo4Forex.com — Just started testing out a Forex script called Dealer Lots Manager DLMv 1.3, an expert Adviser in Meta Trader 4. And boy, what a rollercoaster this is. I’ve read over a few times the brief explanation about the settings and features of this EA, but I can’t seem to find settings that will make it backtest without depleting my margin.

Here’s just one of many examples, one of many combinations of settings that usually all look like this. Dozens of backtests all failiures within a few trades; not just failiures, money GONE.

However, determined not to be discouraged by this expert adviser, I am testing it live on some trades and it has in fact helped me gain almost $1000 this morning so far! But if you look closely, the EA has opened up for me at least 10 pending orders which isn’t too crazy except look at the lot sizes! Maybe I am missing a setting in the properties for this EA, but I set lot size start 0.1 and step .1, how does that translate into doubling the lot size of each new position? Please comment me back an answer to this if you have one.

That’s pretty scary huh? Especially for those of us with $10,000 accounts! They’ve opened 3 positions that are 100 lots each! I never tried to take out a pending order so big, but I’m sure I’ll get hit with “NOT ENOUGH MONEY” message really soon. It’s also a pain to go in one by one and delete all of these trades. So, I doubt positions are very viable or useful in complete automatic mode “Live Trading Enabled,” therefore live trading will be turned off for this Forex EA Dealer Lots Manager for now, but I will allow for manual confirmation of these entries and determine whether or not to take the trade on a number of different factors, not just what this indicator says. I’d love for someone familiar with this EA to write back to me and tell me what settings you had the most success with.

The positions that it did open for me resulted in a few gains, but it’s still impossible to walk away from the computer and trust Dealer Lots Manager to not open a 10 lot position that would wipe most of us out even with a tiny retracement against us. Ok, hope this helped, happy trading Guys.

New Year New Forex Signals

Well it’s officially 2008. NASDAQ just tanked, oil hit $100 & poised to go higher, and Pakistan is in turmoil. Other than that, things couldn’t be better. My new year’s resolution is to try a new Forex Signal provider every other month and see which one will make me the richest faster (or perhaps poorest). Some of the Forex Signals I’d like to try out for myself include

1. TEAM APHID’s Team Aphid Bird (TAB)
2. 5Dimensions Forex System
3. ProForexIndicator’s Cable Indicator System (CIS)
4. ProForexIndicator’s Premier Indicators
5. Jeff Park’s Octave
6. ForexSoft’s Series of Indicators including GoldNStream

Now, if you have already tried any of these and they don’t work, please give me a heads up in the comments below, you’ll save me time. Otherwise, I’d really like to test the effectiveness of these various signals for myself, as some of them have good reviews, and some bad, but none all bad.

ProForexIndicator is an indicator service I am familiar with from a few months back, I wrote a blog post about my trial period with them, and it was profitable for the most part. But what struck me odd was I had profits on some days where they themselves reported losses, which didn’t exactly turn me off to the service, but make me question how I could read their signals one way (someone with not much Forex experience) and they read it another. This same company has also recently put out “PREMIER SIGNALS” for GBP/USD and USD/CHF, which are sent to your mobile and email. I already asked if this is based on their Cable Indicator System, they said no, it’s completely different. So, I know the Cable Indicator System is very effective, has some losses, but they are greatly eclipsed by it’s wins. I’m looking to see if the same goes for their new system as well, seeing as the past performance data shows they’ve made a considerable amount of pips over the past year. I am skeptical though about any backward testing, anything can be manipulated or sugar coated to squeeze in pips here and there, but I’m not saying this company is dishonest, there’s just no telling about the honesty of ANYONE’s statistics and revenue reports, just first hand knowledge. Stay tuned for full reports on this system.

Forex Signal Review Site

Another website I found useful, and it’s free (for the most part) is collective2.com, a site where forex indicators are reviewed in forward testing and with real money. Team Aphid is one of the premier signal providers. ForexProIndicator is not on this site at all, is that a bad thing though?

Think of us as an independent “trading system auditor.” We’ll investigate which trading systems are profitable. Then you can set up your own personal hedge fund, and have trades placed automatically in your brokerage account. A growing number of brokers are C2-compatible: OptionsXPress, OpenECry, FXCM, Gain Capital, IFX, FuturesBetting, Interactive Brokers…

At first glance Collective2 seemed amazing, but it does have a lot of resemblances to ZuluTrade, which isn’t so great, especially the whole automatic trading functions. Will you ever wake up to an empty account? Who knows. You need to do the research yourself, but I will say that Collective2 does help you weed out some losing indicator services that you might not have the ability to do yourself. As you can see, December was an awful month for most indicators, it’s a tough month to make money in, especially with longer term trades, scalping is another story. Collective2 allows people to make comments about systems, but again, who knows whos saying what and if it’s true, I think we’ve run into this problem with some other Forex review sites.

Forex Trading Software

Good afternoon everyone! As I write this blog entry for you today, I am up $2000 after losing over $1000 on a bad trade this morning. What happened exactly is that I went against the advice of most any Forex expert and I traded out of boredom, and not because the market presented a good trading opportunity. But that’s just it, how can you possibly tell if/when there is an opportunity in the Forex Market? The answer? Forex Trading Software. Now, when I first started out, I used Forex.com’s Forex trading platform which I learned was extremely slow compared to Meta Trader 4’s platform. I eventually found out the Forex.com trading platform and Forex.com itself operates with a trading desk, they are not an ECN, which means they don’t let you have a direct connection to bank quotes, they have a “trading desk” that artificially moves the prices every which way (not exactly illegal, just part of the game).

At any rate, the Forex Trading Software you end up using will have a great impact on the amount money you receive from your Forex experience. I’ve since Migrated to using a broker that allows you to use your own Forex Trading Software, in my case MT4 (Meta Trader 4), which has, arguably, the most up to date quotes a Forex trader can have from his home. I personally love the simplicity and speed of MT4, it is perhaps the most used Forex trading platform in the world today, and for good reason. Even though there are other Forex trading platforms out there, MT4 has the most Forex plugins, the most Forex indicators, the most Forex Robots, and the most custom Forex templates for it than any other Forex trading software in use. I could literally spend a year reviewing each and every one of the indicators and other add-ons that exist for MT4, I will work on a list of them though.

Forex Trading Robot?

I recently purchased a nifty program called Forex Robot Trader (ForexRobotTrader.com), once again I’m not getting paid to turn you on to it, I’m just telling you I’m trying it out. The one major problem with Forex Robot Trader is the fact that you need to be prepared to enter trades for a very long time. Even in the site’s performance records, they have open positions, some are 6000 pips down! Who can honestly afford being down more than a few hundred pips, let alone 6000. That’s why somewhat tight stop losses are advisable. I’ve had at least 30 winning trades with the robot for $10-$20, but 5 really big losses of $50 each or more. So, it’s about even now. The creator of the Robot is a guy named Don Steinitz, I won’t exactly go into how it works, as I’m in the process of testing it out. But I will say the indicators that come with his Robot are free, the 4tF-HAS indicators, Heiken Ashi Smoothed, Full, Simple, and Classic. I’m using full right now. It’s a pretty good system without the bot which I paid for, but the bot actually takes the guesswork out of where to enter and exit a trade.  As is, you really need to get married to most of your trades, some reach the profit limit quick, others it takes hours, some DAYS! You really need a big margin to effectively trade with the robot, that is, if you don’t want to make $1-$5 per day long trade with mini lots.

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