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Forex Useful MT4 Indicators And Scanners 2017 06 09 Workshop
bit more sleep than me I've been up since about 4 o'clock which in this car crash of a general election and really sleepy here the whole point of having this session today was that in the past couple of months we've been taking on ten new members of month and we're going to do the same this month and some people have asked questions about the indicators how we use them in the scanners and how those women at all of those restful individual basis but with their with so many new members well for us anyway coming on in the past couple of months and with potentially more coming on this month before we load the doors in July and August just wanted to run through how I use the indicators and scanners for the three little pigs and for a pivot and then Nigel's going to run through how he uses the past indicator and the past scanner as well so um any questions just ask away and I'll answer them as as soon as I see them so this is the Aussie dollar I set my screen up I just had the awesome dollar euro DBP sorry not trading at the moment your JPY I'm not trading USD GBP USD and McLennan either at the moment sir and but I've got these these five currencies and also US can can be Swiss and also usd/jpy so those are the Ike currencies that I've got set up the indicators I started some people prefer a black chart I like the white one and the indicators basically I've got all the moving averages on here so the 21 period I have an orange and visualization is for the daily timeframe only then I've got I put this 55 green for the weekly charts or if you just click on visualization and kick weekly then you'll get the appropriate moving average there and then the four hour time frame I've got the 34 period which is what we can see here so what that means is if I set it up like this if I go to the daily timeframe I can see the appropriate moving average and then of these the 55 green on the weekly chart so but I set the moving averages up and once the indicators on that three little pigs confirm trends only is set to true so what that means is that in this example so if we look here we've had to touch here of the news and average and the close above so this is a valid signal if everything lines up but as we can see here the weekly timeframe doesn't catch up until this period here so confirm trends only if that's ticked it means that I don't get an alert for four signals where all of the trends aren't in the right direction okay so go back to this settings so that's the confirm trend only display arrows I would don't see any reason why anybody would want to turn that up obviously that means that the arrow will be displayed on a signal the colors of the arrows screen for buying later sells this makes sense to me arrow size on these offsets you can change if you want to make the bigger or closer to the candle to suit yourself candles to check and you can set this to whatever you want but we just found 300 to be kind of optimum for performance and in terms of looking back if you increase it you might see a performance issue you shouldn't anything less than a thousand should be okay but 300 or less to under 300 seems to be fine there pop-up alerts hi Edward we've already started and I'm just running through the Three Little Pigs here it's being recorded so if you want to see the start then then we'll put it up on the website soon so and enabled pop up alerts I set this to because basically I want to be alerted and you can also set these up email and mobile notifications and get alerts to your phone however you wish the details are in the members area if you go to the Three Little Pigs mp4 package and look under the indicator you'll find all the instructions and once you set it up you can just kind of forget about it and that's basically how I set up my Three Little Pigs screen and how I set up the indicators as well onto the scanner the when you install is scanning also get the template that you get a white in the back black background template I use the white one so here you can see the scanner and scan mode is auto scan and generally we haven't had any performance issues personally and non reported to us but if you want you can change this to manual scan and then you can select frequency and seconds so 60 seconds it'll just authors and it will do a manual scan assign Auto scan and frequency every second but you can change this to however many seconds you want 60 seconds or every five minutes or whatever you want every hour we don't seem to have performance issues like that said so I just leave it for one second if you put it onto manual scan then obviously you won't have any performance issues at all because you just get a little button up here that you press and then it will scan then you can just manually scan one everyone excuse me previous candle or current candle so if it's on current candle it will tell you is a valid signal at the moment on the candle that hasn't completed and if you have a previous candle then it will tell you the it will tell you is a signal on the previous candle basically and again you can select confront friends only in here so the previous previous candle is the option I usually use because I monitor the eight appearances here and the pop-up alert the ones that I had promised I'm a primarily trade and then I just use previous candle because usually it's when I come to the back to the screen and I can just see if I because any signals that I've missed so or if I just turn the if I just turned the session on in the morning I can see if there's any that I've missed on the previous candle this case I think picture that was euro PLN so this is previous candle earlier so this tells me and the scanner tells me straight away if I've missed any signals at all while I've been away from my desk and sorry I thought somebody was just typing I think David to type in the question okay so that's that's how I use the scanner for the three little pigs you of course you can set it to the car handle if you want by the way I started on our online this is 12:00 noon Europe London I got the time long is that why that way there's only two over here Nigel did you register a reminder or did you just come along a ward or is it Edward I don't know did you get a reminder that it's it okay okay I thought it was 11:00 okay we'll plod on anyway and then apologies to anybody watching if it was set to noon and not 11 a.m. but at least it's being recorded so that's the three pigs covered off next is the pivot strategy so generally I am using the scanner here rather than watching I just have one open with the indicator on it so I discovered the indicator again I've just got a blank screen here and then on the indicator you can set up the dishes display the pivot lines or not I see no reason really why you would want to display them and then you can just select the hauser pivot lines are displayed what color and the size of the line etc um and then there's just various font setups here and again this pop-up alert fit the true and alert only once is set to true here this means that if it if the if price members are to or down to the s2 level then I only get one alert so if it moves down and then out and then back and back and forth I just want one alert but if you set this to false you get an alert every single time it pops above or below the signal price and again you've got email and mobile notification here and the details are in the indicator areas are the same as for the three pigs and for the past indicator as well and the only other thing worthy of note here is the data location so you can have this top left top right bottom left button like sometimes I used it usually I just keep it where it is but sometimes depending where price is it can interfere slightly so I can just move this down and then you see it just moves down to here so generally though I've got this scanner open here and again you get the template white or black and in here the only settings is the auto scan and manual scan which works exactly the same as how the three little pigs works as well so again not notice any performance issues I don't know hammer I must have over about 150 or 200 instruments on my market watch ID but I don't bother changing it so I get the currencies up first so and pretty fine there um but anyway if there if you do have performance issues try and just increase the frequency or and just change it to manual mode so as I say I don't have any issues and I don't exactly have the most super duper and laptop so you shouldn't experience it in yourself so anyway a little bit different to three to the peaks because three little pigs generally I'm just looking at eight currencies and with the pivots and generally just taking three or four today but I look across quite a large amount of instruments here and I just like to see which ones are imminent so it's the end of ones that I'm interested in if I look here I can see just clear that the USD Swiss is imminent here sexually earlier and trigger the trade which I did take the day I'm not trading on Election Day so USD swish if we go back we can see the eminent means that it's between the r1 and r2 or between s1 and s2 meaning that we passed our one basically and the super Clinton that we're going to get a trade to the short side so that's the that's the scanner and the indicator and all of the settings relating to the pivot strategy you can see here euro GBP has been stopped so I could just look over we can see that it's shot through r3 and still trading above the stop level on a normal day for example on a normal day this if I see maybe five or six like euro instruments that have been stopped and we haven't just had a general election or whatever I will actually flick over and just see if there's more resistance levels probably fruitless yeah it's not too bad so if this wasn't a political event that triggered this I could and I was looking at this now and we were a little bit higher if we were up here I would consider this is really overstretched at this this point here and with the resistance level up here as well then I might well just consider taking a manual entry here and see if I could write it down to maybe r3 or something just if the scanner is good because it can just show you where a lot of the same currency as maybe you didn't stop that so I guess it's not at such a such a bad thing that we've had the election just to clear that one because you can see here for example if this was a normal day and I seen all of these GBP GBP pay stuff that could then go and look at each one manually if is of the kind of line of resistance and that's a trade that I would be interested in um so I think that's about it that's how I set my screens up that's how I use the indicators and scanners on there on each of those strategies and I'm not sure if there's been a technical problem getting in or if the if the timing is wrong here guys or whatever I was hoping to answer questions here in real-time in the live market but basically wherever you're watching this be it on the on the site or on YouTube just drop any drop any questions you've got and we'll get to them as soon as we can and apologizes apologies that were not I'm got everybody on board here in real-time and on that I'm just going to stop sharing my screen now and I'll hand over to Nigel who can hopefully get in with that any problem okay Nigel looks nice doctor all right thanks dawn morning guys can you hear me can you hear me okay can you just give me a you know salutation in the Box there if you can hear me completely just fine Nigel it cheers John thank you thanks David and just open up the screen share here for a second just give me a moment to to get across I'm a bit groggy as well this morning so apologies for that I did the I did the night shift I think John got up early in the mornin well I did the opposite I try to stay up for as long as I could and just while I'm while I'm waiting for this to load up here oh and this is the reaction in sterile and I didn't think was as big as I thought it might be and we got the usual we got the usual sort of went fairy you know talking about the stern and crashing and so on but it all obviously only has a couple hundred pips so it seems to be recovering back a little bit now as well and there are some technical levels that have held okay wait for this screen share to open up here guys so please bear with me our software has not exactly been easy to operate as you as we notice they're already responding okay I'll try one more time so I'm just going to go through the what might sort of routine is with the with the pass scanner and the indicator it I used mainly use a scanner mostly on the weekend yeah biggest cause of senses now it really is it really is it it's got to be historic and she she was getting the odd comment here and there Theresa May but there was no those were no huge there was no huge ship there's no huge he began her and and it seems as though it was a almost of vanity vanity attempt and it really should've up on her face politics would have a hair guys after struggle and he reacted alright here we go so give me 15 seconds guys and I will have this all and ready to go okay guys hopefully you can see that okay and just get this back up can you see that screen okay guys no all right well mo go not also you should be able to see my scanner up there guys so please I'm begging you please give me give me a yes and family that's okay sorry thank you very much David okay yeah so um would love to be a fly on the wall of the palace and in our time you actually say what on earth are you up to well it seems as all the market seems to think that the DUP will will will provide them with a few throw a few extra votes they're aware that obviously the issue would be what with their pound of flesh feet and in return for that so anyway well we're not here at this morning to talk about about the politics and so on we're here to talk about first of all the the scanner I'm going to go quickly through the how I use the scanner and I'm going to go quickly through how to use the indicator and I'm going to go I'm going to show you how I tie the two of them together to speed up my analysis over the over the course the weekend and basically try to reduce the amount air the amount of time that expand on this and the amount of sort of conflicting signals that I get and go through endless charts all of that sort of that sort of analysis takes a toll on me and I'm sure it probably takes a toll on other people as well because you know so many symbols you can have so many different so many different charts and so on you know when you're doing an analysis of a whole whole lot of broad array of instruments you can quickly end up at just finding yourself being pulled in all sorts of different directions so I use the scanner not as a way I use as a scanner or basically getting rid of a load of instruments that I just don't want to look at and I use it to narrow down it's an idea generation to effectively for me I use it to narrow down and the pairs that I might want to trade over the course of the common week and and so I generally start a lot of it start my analysis basically on the on the weekend go through that go through that now but for this it really is it's a numbers game first and foremost and at all oh it's it is a big element of quality over quantity in this guy so an awful lot of the time you sit down you see this this scanning screen here and you see all these instruments and sometimes people will sit down and they open it up first of all and they see that the vast majority is this n s that stands for no signal so sometimes depending on the market you can be almost almost completely blank here where you might not have many signals at all as some people go well you know what good is that but the the real strength and this is that when you see something come up on this screen it's got a good chance of being fairly decent so it's stripped out a load of instrument that you don't need to look at so many people will sit during the weekend and manually go through all of these all the currencies all the NADA leases precious metals stocks index indices individual stocks and so on I don't really do any of that at all I want to narrow it down to one or two decent good good-looking opportunities and then there are the only ones that I concentrated on for the common weak or or a little bit longer dependent on hydroponic and that's to the exclusion of all else and I find that that concentration really helps me in terms of staying focused and not spread myself too thinly over different instruments so this is a scanner here first of all John went through at some of the some of the settings on the other on the other scanners this this is the broadly the same sort of platform it it has broadly the same sort of settings except for the three little pigs and the pivots and so on a picnic pivot straight this here is a reflection of the past signal path Candlestick signals are all displayed here so LW stands for long wick so they would be the classic sort of a doji or sort of long wick candles they very different names that you get and you get them called dragonfly and gray stone and all that sort of carry on there they're the long wicks SR is strong reversal so generally speaking that would be something that looks like a bullish bullish or bearish engulfing candle and there's also another one there that we don't have any of them are up on the screen here which is our hair here one here to see our so that's a two candle reversal and that's basically what it picks it's a reversal that takes two it takes place over three candles that takes two candles to close lower and another one and obviously and red is cell and green is to buy okay so just a couple of sentence that are important and are particular to this add to this scanner that is slightly different from the other couple I'll go into those now so when I sit down for the weekend and I will add existing up over the course maybe on Saturday or Sunday afternoon and when you're analyzing and when you're using this scanner over the weekend you should have it on current candle okay so I'm not in on the weekend here so on the weekend you said that the current at is is to do with the clothes of the market on this this on the Sunday night the data that comes into the into the scanner the clothes of the candle only actually gets kicked through when the Monday candle or in the next week candle actually opens so you want it if you're don't need to go into it in too much depth and if you want to get in touch with me I'll discuss it with you exactly why it is but if you're looking on this over the course the weekend your best to set it to the current candle set obviously I we're still in the week so I'm going to do this this morning and on a previous candle which is effectively refers to the last closed candle okay that's the during the week have it on previous candle if you're looking at this the weekend have it on current and basically then the one other asset and then it just want to touch on before well just go through some of the particular ones here and manual scan I usually leave that on manual simply because you know it's not I don't want I don't need this refresh in all the time okay because I look at monthly and weekly and daily signals so I don't really need it I just hit this little refresh button up here and not refresh yourself and I just do that every one so as you can have it on although if you want to put that I prefer them 90 on myself you can change the time frames here so we have we have these columns refer to monthly time frame weekly timeframe a daily time frame you can change those if you want to go down the time frames you could have like weekly daily for hour or even lower than you want this is not lower than that if you want and that's fine and you can you can change those time frames there I prefer to leave them on week on multi daily weekly because multi weekly daily because I just think that they're a little bit more reliable as the higher up the time frames you go you can choose which patterns you want to include what you don't want to include and you can also mess around with the actual settings of the scanner what the scanner actually looks for so to me that's a little bit more advanced I wouldn't necessarily I don't change those settings at all so I use the complete default settings and I don't bother tinkering with them in terms of terms of changing the characteristic something too much become used to the kick to the characteristics as they are and I don't you change those also and again if you want me to go through those with you in more depth I can honor either privately on another occasion and publicly and so there's a main sort of sentence that I said that that you can toy around with and like I say I you just leave it all on the out of the default now so in terms of what I actually do right so I want to sit down and force the world and in my eye is initially always drawn to the monthly okay so the mostly timeframe these columns here will actually sorry what's one last thing before I get into that if you want to change the signal if you want to change these pairs you go into the the market watch screen here okay so these symbols reflect exactly what's in your market watch screen so if you want to delete something you can just right click on them in here and delete them or you can change your own the order and you can add stuff and take it away and it will it will show the first 80 of these okay so it was kind of course eighty symbols in the market watch screen are what are shown here on the main screen okay so i sit down and i look generally at the mostly okay so i'll be looking for either buying or selling opportunities on the mostly chart because i like take my tick if I can I'd like to take my lead from the multi chart so this is the previous candle so this is all looking at last month candles so I will be Mays candles so if I'm if there was a bearish month in me it might be a bad idea to look for some bearish trading opportunities in June in anticipation of those markets either rolling over or beginning to maybe appreciate and the ones that just jump out at me here I'm just going to go through them in turn we sort of I take the same people take isolate out a few pairs that I want to take a look at and then I just look I ball the actual chart myself and and manually so I'll just do that now we'll start with AUD NZD and just hop over here to the monthly chart and here you can see this is the SR at candle if the the way this price action is a little bit that it's a little bit pushed together here so the SR is not care normally it's a little bit higher up but that's just the way the chart is screened together now in terms of looking at that for a reversal signal I wouldn't say it's a great one to be honest there are only are two there's not really much of a preceding trend and to be honest that looks like it's in a bit of a range more than a snuff so we can introduce a little bit of discretion into whether we would take a signal or not at the the that one there would not be necessarily appealing to me and I certainly wouldn't be in terms of the beauty contest in terms of trades that ever actually take that was not necessarily things that have there has to be absolutely nothing else on the cards at all for me to consider taken up because there's no strength in terms of a preceding trend if you more details on the actual strategy guys the past strategy book is available for download for free from exciting you can get more information on these actual signals themselves but that to me is not necessarily one that I will be rushing to try to trade and your old hit us not one that I normally look at so I'm not going to go there I will look now here's another one is TPP JP wife so I not one open here and again you can see this is the long wick that are refers to but again it's not really necessarily fantastic it's not it's again it's in consolidation more than it is in terms of the trend if you see if you see something like that long wick there although it wasn't necessarily it didn't it didn't pan out and it wasn't a successful signal but that will be far more enticing in terms of a trade as you can see this long wick down here the LW is just off the screen and prompted a lovely big push up so the idea of course is to lose left on leave losers and then you win on on a trade like that a that would have been a spectacular trade to be involved in they're really lovely big push up and but as you can see the preceding trend is just not here on this one so again certainly wouldn't be one that I would be head over heels in terms of in terms of going for I wouldn't if I started trading that I wouldn't be expecting much in the way of movement so back to the chart again GP PT or why not one that I trade a usd/jpy I'm not just gonna go through that one there I love these before it's not one that I just want to waste your time looking at the one the one thing that I would say here is that this is very active scanner is very useful for identifying trends okay so do you see a few GBP pairs all show in a particular particular color or a particular candle type and that can show you that there's a broad market moving move and against GPP for instance as you can see here in stocks there's a definite trend emerging here on the mostly each chart on stocks we've got the French stock market the German stock market Spanish stock market and the Australian stock market all showing bearish signs on the monthly chart okay so that's me I see the few of those together I go okay maybe there is something interesting happening in stock indices so buying up the CAC as the French stock market here as you can see that's a lovely lovely signal there that's a lovely long preceding trend really really nice long wick candle and not it's definitely one that I would be interested in in terms of a potential reversal okay so the scanner is very very quickly if I if I you can see here in terms of flicking through all of those charts and doing the analysis manually just having that pop up on the scanners as I've drawn my attention not only to a potential broad sort of weakness in terms of stocks but also an individual signal and that I might have missed otherwise or I've spent half my Saturday looking for so that is definitely one that looks extremely promising we look at the dax not really the same that is sadly the preceding trend it is very nice but the candle itself is a little bit more bullish and we can see that there's been a little bit more strength there so I probably prefer the French one over that and also the Spanish one again lovely lovely candle here I would not have spotted this if I was left to myself if I didn't have a scanner on as you can see in this one just bring in my old sort of analysis into it we are below and these highs here from a while ago as you can see just stop that around these highs here and and we could be in for a little bit of rollover so this was definitely being one that will be on my list okay there's no more X related ones that are absolute that that would really really jump out to me at the minute and but certainly that if I saw that on any pair and I will be interested in looking at that to the short side just the Australian one here as well s are again pretty decent long-term pretty decent uptrend here at an SR and we've been continuing moving to the downside so I've taken idiotic symbols and I've condensed them down to one favorite okay and I would just pick this one out and I would stick with this well this is on a weekly chart or a multi chart most of these sometimes people don't have the patience to look at this for a month but on a weekly chart that would basically be your weekly your your weekly trading plan so you would say this is the this is that candle that I'm going to create if we move above that height I'll be wrong another step aside and if we move to the downside I'll get aggressive and start to try to trade that to the downside the next step then of course is to just go down to the lower timeframe this should all be very fairly fairly obvious to a lot of you who read the past book and you know and familiar with the strategy down to a lower timeframe and and look for an obvious trend line and that gives you then your whole sense of perspective in terms of you would want to see that trend line break and you would want to maybe if they're retest occurs those will be the sort of levels that you'd be looking at another trend line there that potentially jumps out might be something like that there and so you would maybe look to get short on a break of either of those trend line the downside or retraces back up them and so as you can see there we've basically gone from scratch and right down to a potentially very interesting treated very very quickly and you can do this so so fast what you get out of the speed with it you can really literally isolate out this trading signals very very quickly and you can sold in on the really best of the best opportunities very very quickly just a note about these signals themselves guys because I wanted to talk about about a little bit more broadly about the strategy and how and why works if if you were to trade just if you were to automate this and trade all of these trend light signals which I have which I have done and I keep an eye on this data on a regular basis I can give you a broad overall sort of comment on the the effectiveness of candlestick signals essentially there is little series of on some pairs there's a slight edge on others there's it is it's like negative edge overall in terms of profitability just trade and candle by themselves and the there's not really and not fair to get me interested okay so and recently I say over the last year have just trading these these candlesticks by themselves at the end pairs have shown some profitability the gold market at silver market have shown profitability on can take signals going back and a number of years now but overall I just don't think there's enough there to just sit down and let them trade by themselves the reason why we Zone in on the trend line is is that we want to use we want to trade this mostly candlestick signal which if you were just trading it by itself you have a stock up here and you'd be looking for this to move to the downside what we want to do is we want to trade this bit long-term at trading signal with short-term risk so we want to try to treat that with spending less than you would if you were at just trading it by itself so that's the reason why we go down to the times down to the lower timeframes and down to the trend lines it's to tweak the candlestick signals just that little bit extra it doesn't need much to turn kind of thick things a just you need to just reduce the risk just a small amount and you can turn those turn that slight edge into a proper profitable edge and that's what I do with this strategy and that's why and that's strategy comes together and that's why I use those translates if you were to simply trade the cactuses and plants and you've probably come out over a broad range of signals and over also a broad range of pairs and over a long period of time you would probably be roughly pretty even or slightly negative but when you add in just a little bit of basic analysis where you can tell that that signal is not as good as this signal doesn't that's not that's not too difficult to to to to know it's not too difficult to be able to to be able to make a huge amount of technical and asses experience to be able to spot a decent preceding trend when you do that and when you call that was just reducing your risk just ever so slightly and tweaking your entry that ever so slightly in terms of your in terms of these trend lines you can turn basically a slightly slightly negative or slightly positive return from the candlestick segments by themselves and you can tweak them slightly into making them paddle a very very far better and far more profitable for you and so I think that's pretty much that's pretty much all I have to say about the scanner and the indicator what's how you use the two of them in junctions together in conjunction to really speed up its improved analysis and be speed speed up the analysis see just get rid of a load of stuff that's just taken up by my brain space over the weekend it just makes things that's a bit clearer obviously you can tailor all of these to your own pairs you can just look at whatever a major you want to look at you can look at that you could fill this full of stocks if you want to I just have these in here because they just happen to be in my in my market watch screen I don't really trade any of these individual stocks from here across is basically all that I love that and even a lot of these more obscure pairs I don't really look at at all so I think that's pretty much it guys I'm going to begin to wind up here I hope that's a little bit of insight it has the three chat software work there are is there you if you don't have them already and all there might be some people who don't have them I'd say the cheapest way to get your hands on some of these is the elite membership which there are eight places left at the end of the month I just put that link in there guys if you want to take a look at it if you're watching this on a recording and we will be able to put the link in below the recording or something like that so you can you can check it out and there is a fairly hefty reduction on that this month as well as so and I will be the time to grab up some of this software if you are interested just to give you some perspective at software like that elsewhere I know Steve Nissan is excelent his version of this for for well I think it's like 1500 or 2000 dollars this at me is what a fraction of that price five percent of that price so it is really a good deal jus Tice is fully customizable you can change it you change the pair's and you can change the characteristics of the cans too if you as so choose at do so obviously then there's a 3-3 Pig software there's a pivot software there's video courses there are key is in there as well so there really is a lot of a lot of material content tools that you can get your teeth stock into if you want it so I'm just going to wind up here guys this and thanks very much for for attending like a sentry of any questions around that don't be afraid to get in touch as I as a website at the Contra contact details are on the website at myself and John will be absolutely delighted to help you out and get you set up an answer any any questions you may have so hope you find helpful and like I said that offer will be over at the end of month so over at the end of June and so after that a we are probably going to step aside for July and August so if you fancy getting your hands on those now would be the time to do it so listen nothing more for me to say I stopped going on I let you get off and have a great weekend and I'll catch you around the site again face it all the best note by late