How Useful Is A Forex Trend Scanner And Do You Need One?

Forex Trend ScannerForex traders who trade in the trend and pattern recognition, then a Forex Trend Scanner would be a good tool to help you identify trends instead of you manually scanning charts on your own.

For those who are unaware, software are available online and Forex Trendy Forex Trend Scanner has been gaining popularity over the years and has caught eyes so much so that I couldn’t give it a miss.

For those Forex traders who trade in the trend and pattern recognition, then this may be a very helpful tool for you.

What is Forex Trendy Forex Trend Scanner?

It’s a software that is constantly monitoring 34 currency pairs for trend and chart pattern in the background to find the best pair and time frame.

Benefits Of Forex Trend Scanner

  • Nothing to download or install.
  • Software works independently from your trading platform.
  • Software is supported on an user-friendly interface and sends you audible alert and email once a setup is present.
  • You can access a quick overview of the trends for all 34 pairs within all periods. It’s scanning continuously.
  • It’s capable of recognizing reliable continuation chart patterns, flags, triangles, trend lines, wedges.
  • The software has live charts where you can see emerging chart patterns and completed pattern history
  • Improve success rate by picking the best trending pair and time frame.
  • Frees up your time to do other things instead of waiting in front of your computer screen waiting for a certain pattern to form or a breakout/trend to occur.

Is Forex Trendy Forex Trend Scanner a Good Tool?

It’s only a tool to help you trade but be Warned That If you do not trade in the trend or chart pattern recognition and try to change your trading style just to follow the alert generated, then It Is Not going to work for you.
And having a software scanning multiple pairs in the background and alerting you doesn’t mean you should try to trade all those signals. Trade pairs that you are familiar and comfortable with before trading others.

Remember! This is a pattern recognition software that generates an alert when there is trend breakout or formation of certain pattern NOT a trading signal call!
It’s only meant to be used as a tool to help you with your trading. And if you think you are better at scanning charts on your own then by all means do so and not rely on others.

Is Forex Trendy Forex Trend Scanner A Good Buy?

All in, it is a great tool to have at a steal of just $37/month which works out to be about 60 cents a trading day.
What is 60 cents a trading day compared to the amount of time you have to sit down in front of your charts and scanning on your own?

And it comes with a 60 day money back guarantee too! What else can you ask for?

Check Out Forex Trendy Forex Trend Scanner Here

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Keeping A Forex Trading Journal In Pictures

Why bother keeping a Forex trading journal in pictures when you can do it in words? The importance of keeping a Forex trading journal has been preached by many and I cannot agree more. However, there are different methods or what should you be recording in your Forex trading journal that are being suggested and I like to do it with screenshot of my trading chart.

Your success or failure is dependent on when, why, what and how you trade.

The human mind doesn’t store a lot of data and tends to forget some things over time. Do you think you are able to remember all your trading mistakes after so many trades? You probably can and may still be repeating the same mistakes again and again.

Why Bother Keeping A Forex Trading Journal In Pictures

Keeping a Forex trading journal in pictures or words require a lot of discipline and hard work.

You would have probably read or heard about keeping a trading journal and may have started with one but it’s easier said than done because many will give up along the way. The same happened to me and it took me awhile before I really got into it.

Most trades just rely on their account history after a while.

Transaction history provides limited information can only tell you, when and at what price you entered and exited but doesn’t tell you why or which trading strategy you are using?

There’s no hard and fast rule about what you should be keeping in your Forex trading journal. It’s all up to the individual however there are some things that I would recommend having in your journal. It’s the psychological part of trading.

  1. Your analysis and feelings before the trade.
  2. While the trade was running
  3. After you have exited the trade.

Besides what is mentioned above, you will also need some basic information in your Forex trading journal to make sense when you look at it.

Some basic information such as:

  • Strategy:
  • Date:
  • Time Open:
  • Time Close:
  • Currency Pair:
  • Entry Price:
  • Stop Loss Price:
  • Take Profit Price:
  • Risk to Reward Ratio:
  • Lot size traded:

Now this is a lot of info to write down and perhaps you may have more to add.

I like to put my into a spread sheet where there are rows and columns but found that some of them don’t make much sense after going back to them after some time. So rather than just everything down, I do a screen capture of my trading chart too.

Your captured screenshot will tell you a lot more about your trades history.

EURJPY H1 Pin Bar Setup

If you are using some indicators and if they repaint, then you will be able to see a later time if the indicator changes over time and if they were giving you the right indication at that point in time when you took the trade. Hindsight is always 20/20

A good and free software for image editing that I use is Paint.net downloadable at http://www.getpaint.net/

So Does Keeping A Forex Trading Journal In Pictures Make Sense Now?

Your Forex trading journal is about you, your trading strategy and how successful is it over time. There is no ego involved, only you know why you did what you did and how you feel after that.

Trading is a skill where the outcome is determined by how disciplined you are in following your trading plan and strategies. Variables are plenty so you have to write down as much info as you find is essential to find out where are your strength and weaknesses.

Plan your trade and trade your plan.

Good luck and safe trade.

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Should You Keep Your Trade Open Over The Weekend

If you are wondering if you should keep your trades open over the weekend, a quick answer to that would be a No.
Why not you may ask? Explanation and illustration below and you make your own decision.

 

Why shouldn’t you keep your traders open over the weekend?

The reason is because, you never know what is going to happen over the weekend around the world and what kind of event can lead to the sudden drop of one currency. There could be some natural disaster that perhaps wipe out a city, or some guy decides to fire a nuke and start a war or there could be an outbreak of some new virus, the list goes on. Of course these are drastic examples.

Of course there are different school of thoughts on this because some will ask you, what strategy are you trading?
Are you a day trader? If you are one, then you should close your trade.
If you are a position trader, then you should keep your trade since your stop loss (SL) and take profit (TP) may still be far away and chances of any event over the weekend are unlikely to be that catastrophic to take out your position.
However, take a look at the recent event in Cyprus about the controversial plan by the Cypriot government to skim €5.8bn from savers’  bank accounts to help in their bailout. That alone cause the Euro dollar to plunge over the weekend resulting in a Monday morning gap for quite a few currency pairs.

The EURUSD has a nice setup in H4 where the price broke the downtrend and was on it’s way up. My setup would be as per chart below.


As you can see, it was going up in nice profit of pips and assuming the trade was left open because it has not come close to the take profit price of 1.3137 thus the trade would still have been left open at Friday’s New York close.

Depending on different individual, the stop loss could be set somewhere around the last support level of 1.2994.

Or the stop loss at the lower support around 1.2910

But can you see what happened on Monday when the market open after Cyprus government controversial decision over the weekend? The price gap down and open at 1.29025.

EURUSD Monday Morning Gap

Do you know that in such an event, when the price has dropped below my stop loss,  open position would be closed at the closest price that matches your stop loss. So lets say the trade closed at the Monday’s open price of 1.2902 and the open trade over the weekend was close at that price.

Lets assume stop loss was at the last support level of 1.2994, that would mean trade close on Monday open at a loss of an additional 92pips instead of the stop loss level of 1.2994

If the stop loss was placed at the last support of 1.2910, then the additional loss would be just 8 pips.

Only EURUSD is shown as an example here, other currency paired with the Euro suffered the same fate. What happens if you have multiple trade open over the weekend and they are all against you? Your losses could be massive due to the Monday morning gap and you have to pay up for those losses incurred if for some reason, all the closed trade resulted in your account going negative.

However, if you have open trades and the Monday morning price gap in your favor, you could gain more pips than your take profit level and that would certainly put a nice smile to your face but certainly not if they were against you.

 

So Should You Keep Your Trades Open Over The Weekend?

The choice is yours.  You can either close your trade and re-enter again on Monday or you can opt to keep your trades open if you think you can withstand any losses that hits you if the Monday morning price gap against you.

Good luck and safe trading!

 

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