Free Forex Channel trading indicator for Double in a Day trading

Free Forex Channel trading indicator for Double in a Day trading

 

FREE Forex Channel trading indicator

Channel trading has resulted in more Double in a Day trading successes than any other method.

The advantages of Channel trading are so many that we are amazed that everybody is not focusing on becoming Channel trading experts. You can do this in a weekend using the ForexTester.

The following are some of the advantages:-

  1. Channels occur in all timeframes
  2. You can automate Channel trading by using pending orders with stops and targets – no need to watch the screens.
  3. There are only 2 rules which are very easy –
    1. Once you have 3 channel bounces the 4 and 5 become predictable bounce areas
    2. If the price does not make it to the bounce area it has made a failed swing and expect a channel breakout.
  4. The width of the channel is a very good guide to the potential of the transaction (target).
  5. The angle of the channel tells you the direction of the trend.
  6. Channels can be traded in all market conditions – trending and sideways markets
  7. Channel trading requires relatively small stops that allow a 1:5 Risk : Return ratio which becomes 1:20 when using the Double in a Day technique or EA.

So what is holding traders back ?

  1. Many traders have not just tried channel trading and have not experienced the amazing success rate it delivery consistently. Maybe because it is so easy and basic that a total beginner can trade it in 1 day. They still believe Forex trading should be complicated and difficult.
  2. Some traders do not have their eye tuned in to see channels

Free Forex Channel Indicator makes it easier

So now we have just finished testing the Free Forex Channel trading indicator for Double in a Day trading that will

  • Identify the 1, 2 and 3 bounce points of channels
  • It will do that in all timeframes so you can flick from one to the other to see the different channels
  • It tells you the width of the channel so that you can determine your stops and targets very easily
  • Tells you the slope of the channel so that you know the trend and also when to only take trades with the trend

Great for Double in a Day and GTM traders

This makes it one of the most powerful indicators around and one that should be first choice for Double in a Day and Grid trend multiplier traders.

Double in a Day traders are looking for channel trades that likely to move 100 to 150 pips. It is therefore important to select currencies and time-frames where channels have a width of 100 to 160 pips.

Grid Trend Multiplier traders need longer trends to make the multiplier work so the would look for channel that have a 500 to 1000 pip width to trade.

Chart Examples

Here are a  few examples of the indicator being used on the AUDUSD currency cross: Please note that the number, arrows and circles are not drawn by the indicator. Only the channel is identified by the indicator.

15 Min

Possible trading decision: Place a pending order sell (with the trend) with a 80 pip target and a 20 pip stop where the red ring is

aud15min2

1 Hour

Possible trading decision: Place a pending order sell (with the trend) with a 80 pip target and a 20 pip stop where the red ring is

ihr

4 Hour

Looks like a potential failed swing developing?

Trading decisions:

  1. Put a buy pending order just above the channel line at the red arrow in case of a failed swing channel breakout with a target a the tick which is +/- the width of the channel.
  2. Put a pending order when the price makes a new low on the 3 to 4 leg to catch the move to the predictable 4 – stop just above the latest high on the 3 to 4 leg.
  3. Do both

4hr

Daily Charts

Looks like a potential failed swing developing?

  1. Put a sell pending order just below the channel line at the red arrow in case of a failed swing channel breakout with a target at the tick which is +/- the width of the channel.
  2. Put a pending order when the price makes a new high on the 3 to 4 leg to catch the move to the predictable 4 – stop just below the latest low on the 3 to 4 leg.
  3. Do both

 

daily

 

DOWNLOAD FROM HERE

Yhttp://www.moneymakingforextools.com/installing-the-free-forex-mt4-channel-indicator-in-your-charts/

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10 Comments

  • Migule

    June 5, 2015

    I can’t wait to have that indicator.

    Great tool to defeat the Forex monster.

  • Russell emery

    June 5, 2015

    Simple but effective, also do it with bollinger bands

  • Doug Death

    June 5, 2015

    This will be very useful for use with the GTM trading!!!!

  • Adam Faryna

    June 5, 2015

    I have purchased some products from you in the past using different (old email address) and I wish to receive your Chanel Indicator please.

  • Greg

    June 5, 2015

    still don’t see the charts

  • Eduardo Albuquerque

    June 6, 2015

    Will I be able to use this in conjunction with the DIAD EA? Will the EA be able to identify the channels from the indicator? Thanks.

    • Hi An indicator will identify channels – the trader still need to make the trading decision and then employ the DIAD EA.

  • Jack Knoop

    June 8, 2015

    Channel Indicators are maybe not a gift of the Gods, but close enough.
    It should be possible to construct an EA, all you need a smart developer.

  • Andy

    June 8, 2015

    Has this indicator been released yet?

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