In my last lesson we talked about how to use the AVG strategy. Try to practice it whenever you can and in time it may become your favorite strategy. In this lesson we're going to learn everything about using our highly aclaimed Indicator Package IP.
If you have not yet downloaded the package to your PC you can do so at our Membership Site as a Free bonus for joining our Coaching Club. If you've watched any of my videos you are probably aware this tool is not a so-called "Expert Advisor" EA or robot that you can simply program to make trades for you. Rather, it's a tool that helps you identify a trend in all time frames. You then use your own skill and judgment to select an appropriate trade. Everything the IP does can be done by hand.
The IP just does it faster and more accurately. Let's start with the Oscar tab. Oscar is the name I've given an oscillator I have used throughout most of my trading career. It works with stocks, bonds, indexes, futures and most any trading market.
I've even used it to chart the direction of interest rates. By using it we were able to lock in a 3. When Oscar is used with Forex I usually use the 15 min. When used with the daily chart, which we will learn more about in Lesson 10, I use the four hour time frame.
Notice how consistent prices appear? I usually keep it on the five-minute timeframe using a four pip box. The point and figure chart is also an important part of the IP since it signals the up and down arrows, found on the second tab. As you may have learned these change color when prices change direction. But I found the narrow white line at the bottom, called a signal line, is even more important. It reminds me of a roller coaster so when it's up at the top I won't be buying, nor selling when it's at the bottom.
Lastly, the AVG tab, which we learned all about in Lesson 3 can also be used on different time frames. Simply click the timeframe at the top of the chart. On our next lesson I'm going to show you a simple way of earning a profit that is used all the time by traders. E-mail me at gc forex-trading-made-ez. SE Renton, WA George Smith Seattle, Washington. Coaching "Dedicated to your trading success".More...