FxTrends - Forex Trading Signals and Education
This video provides a forex trading strategy using an indicator called SuperTrend Pivot. The strategy is demonstrated on GBP/CAD chart on a 15-minute timeframe. It is recommended to enter the trade when the signal is fresh and not to trade if the trend has already moved significantly. The video emphasizes the importance of a stop loss in forex trading. The indicator signals can be accessed by searching for SuperTrend Pivot in the indicator library of TradingView.
Introduction
Forex trading can be complex, but with the right indicators and strategies, it becomes easier and profitable. In this video, we introduce you to the Super Trend Pivot indicator, which is a powerful indicator for tracking trends and making profitable trades. This article delves deeper into the indicator and provides a step-by-step guide on how to use it.
Why the Super Trend Pivot Indicator?
The market is always fluctuating, and identifying trends is crucial for any trader. The Super Trend Pivot Indicator helps to identify trends and support and resistance levels in the market. This indicator scans the market and provides a clear signal on when to buy or sell. The Super Trend Pivot Indicator is used by many professional traders and is known for its accuracy and reliability.
How to Install the Super Trend Pivot Indicator
To use the Super Trend Pivot Indicator, you must first install it on your trading platform. If you use Trading View for forex trading, follow these steps to install the indicator:
– Click on the “Indicators” tab on the top left of the Trading View chart.
– In the search bar, type “Super Trend Pivot” and select the indicator.
– Add the indicator to your chart by clicking on the “+” sign or drag and drop the indicator onto your chart.
– The indicator will now appear on your chart, indicating the trend direction and support and resistance levels.
Using the Indicator for Trading
Once you have the Super Trend Pivot Indicator installed, you can use it to identify profitable trading opportunities. Here’s how:
– Identify the currency pair you want to trade, such as GBP/CAD.
– Choose the 15-minute timeframe chart for more reliable signals.
– Look for the trend direction indicated by the Super Trend Pivot Indicator. A “sale” trend means you should consider selling, while a “buy” trend means you should consider buying.
– If you see a signal indicating a profitable trade, take action immediately. However, if the price has already moved significantly, it may be best to wait for the next opportunity.
Tips for Successful Trading
Using the Super Trend Pivot Indicator alone may not guarantee profitable trades. Here are some tips on how to use the indicator effectively:
– Use stop-loss orders to protect your investment.
– Avoid entering trades with many candles already drawn in one direction.
– Keep an eye on news releases that may affect the currency pair you are trading.
– Don’t enter trades based solely on the indicator; analyze other factors such as support and resistance levels.
– Only make trades that you can afford to lose.
Conclusion
The Super Trend Pivot Indicator is a powerful tool for identifying trends and support and resistance levels in forex trading. By using this indicator and following the tips provided, you can increase your chances of making profitable trades. Remember to always analyze other factors before entering trades and only make trades within your means. Happy trading!
