Free Forex Momentum Indicator provides the best Forex entries

 

Making Money from Forex Chaos using a free Indicator

The Amazing Momentum Spaghetti Indicator

Enter the market exactly at the time a turning point is happening

 

Free Forex Momentum Indicator provides the best Forex entries

Introduction

A recent trend is to move to support and resistance based trading techniques using no indicators. Does this mean indicator trading is dead? We don’t think so after reviewing this free indicator.

We have recently found an amazing free chaotic looking indicator recently. At first we thought it was a joke but after using it for a week or 2 we were absolutely amazed at the very powerful signals generated by this amazing indicator. Hopefully you will get a better idea of the functionality by the time you have read this post.

Aggregated and averaged Momentum readings

The indicator trades the 8 major currencies, although only 6 are shown above. You can vary the number of displayed currencies by changing the colours of the currency you don’t want to see to white. They are the USD, EUR, GBP, JPY, AUD, CHF, NZD, CAD. Each currency has a colour. You can set your own colour and line thickness. We have made the USD and JPY thicker than the others as those currencies drive the Forex market and have the most commonly tradable crosses.

What each line represents is the cumulative averaged momentum reading of a major currency compared with all the other major currencies. The momentum indicator is a basic indicator found on all MT4 platforms. So lets take the JPY as a major currency line on the chart. The Indicator then goes away and collects the readings of the EURJPY, GBPJPY, AUDJPY, USDJPY, NZDJPY, CADJPY, CHFJPY relative to the JPY. It then adds up the relative momentum strength readings (adjusted dependent on whether the JPY is the base or quoted currency) of the JPY and averages them. These readings can either be Overbought, Oversold or between those readings.

It does that for the other major currencies and plots those values on the indicator chart. The chart invariably looks like spaghetti to the untrained eye (hence the name).

Now, I hear you say: “What value can that possibly have?” or “How can I get wealthy using this concept?”

 ….. read on….

Making money out of chaos.

So we effectively have a chart of the relative momentum strength of each currency. Here is where the Magic starts. The trick is to find the most overbought currency and the most oversold currency. You then simply sell the overbought currency and buy the oversold currency and sooner or later one or both will normalise resulting in a tradable retracement (Results vary based on timeframe and sensitivity settings used).

An Example

At this point an example might help clarify the process. We used a fast setting of 4 on a 1 hour timeframe (the only variables use by the indicator)

In the chart below the JPY was extremely overbought on the 12th of June. At the same time the GBP was extremely oversold. So it made sense to buy the GBPJPY – thereby buying the GBP and selling the JPY. As you can see this resulted in a great 195 pip trend.

Soon afterwards (14th of June) the GBP was the most overbought currency and the JPY was the most oversold currency. So it made sense to sell the GBPJPY – thereby selling the GBP and buying the JPY. This resulted in a great 169 pip trend.

Please note that these signals occurred on a candle that was where the price going in the opposite direction of the entry. So this is an extreme turning point indicator.  This often called the “Catch the falling knife” technique.

In the meantime, there were other trading opportunities that presented themselves for other currencies on the chart below. Can you spot those opportunities?

Traders can decide if they want to use the indicator on the close of the candle or on current indicator readings. It would be good to start with the close of candle approach.

 

 

Why this works

Because you are trading the most oversold currency against the most overbought currency your chances of success are multiplied – as simple as that.

For the best start we would suggest you start with fast momentum settings (3 to 8) and longer term timeframes (1 hour to 4 hour)

What makes this special

It is ideal for traders based in a the US – you only trade one currency at a time.

High success rate. 90% success rates were recorded in the short testing period.

The indicator has basically 2 variables. You can vary the sensitivity levels (The momentum period setting) and the timeframe

It is reasonably rule based – Sell the most overbought and buy the most oversold currency.

It is easy and logical. You don’t need a degree in Rocket science to understand the market dynamics.

This can be done on any timeframe  – so it is good for scalpers and swing traders

You will catch turning points in the market at exactly the time they happen.

Ideal for beginners as the concept is simple

You only need to load the indicator on one chart. So you only have one chart per timeframe to monitor

You don’t need trading charts. You can trust the indicator readings and place the trade without reference to a chart.

Please note this free indicator does not have alarms, notifications or email alerts.

 

Possible chart setup to monitor 3 timeframes

You don’t need to see the trading charts so you can enter order directly from the chart information. Just enlarge the indicator area so that the chart is hardly visible. You can load the indicator on any currency cross as long as the timeframe is the one you want to monitor. Alternatively – if you want to see the charts display them as you normally do.

 

Do you want to download the existing free indicator

The Amazing Momentum Spaghetti indicator is freely available and immediately downloadable on the internet already.

We have however added considerable value to this indicator for you:-

We have found it for you (the download source does make this easy)

We have tested for you (the download source does not do this)

We have worked out how to make money using it (the download source does not do this very well)

We have educated you about how to use it.(the download source does not do this very well)

We have given you some ideas on chart setups and settings (the download source does not do this)

We offer email trading support that give input of trading strategies (the download source does not offer this)

We have a number of other amazing indicators and EAs we are reviewing. These have no education support and are poorly promoted. This means you may never get to know or experience these great Forex trading tools. Even if you find them you will not know how to use them properly.

In order to continue the process of adding great value to relatively unknown or poorly supported Forex tools we are going to charge a nominal “finder fee” and an “education fee”. In this case the indicator is completely free and you are merely paying for us finding and educating you on how to use it. This is a Forex Trading tool and as such we do not supply back traded results – you decide which sensitivity and timeframe combination you want to use and which chart layout you want to use once you own it.

As it is not our indicator we offer no technical support and can not guarantee that it will remain free for long. We will stop this offer if the indicator is no longer free. We will offer email trading support on how to get best use the indicator.

Our fee is $ 19.95 for the finder, educational and support service. Please not that as this Indicator is not supplied by EAFactory existing clients do not receive the normal 50% discount.

After using the PayPal link below you will be directed to the immediate download link as part of the PayPal process. Don’t logout of the PayPal process – you may have to wait 20 seconds for PayPal to find the download page.




 

Video about the Free Forex indicator

 

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Please note that existing clients get a 50% discount off any future purchases. If you are an existing client you can purchase these products from the EAFactory website at 50% discount

5 Comments

  • massimiliano capone

    Reply Reply June 28, 2017

    interesting indicator

  • Dean S

    Reply Reply June 28, 2017

    I have purchased and the indicator automatically installed onto my MT4 platform (Tallinex) but there are no lines drawn on the chart. Can you confirm which MT4 platforms you have got this to work on correctly please?

  • Dean S

    Reply Reply June 28, 2017

    I have also tried it on FxPro with the same result i.e. no lines drawn??

  • Marius Swanepoel

    Reply Reply June 28, 2017

    Good evening

    Do one get the .mq4 file of the EA’s?

  • Martin

    Reply Reply June 28, 2017

    Hi,

    does this indicator come with the source code? Are you even allowed to sell it?

    Thanks.

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