The Dashboard can be a very time-saving tool for those who trade only a few markets. I was looking at the dashboard this morning, and decided to make one for a user who trades FOREX and Futures only. Once I put the markets into the dashboard, I adjusted the time frames to include the 120 and 240 minute markets, and adjusted the time template to 24 hour. Below is the resulting dashboard, and I have it next to the 5-minute chart of the Canadian Dollar. If you notice in the dashboard, the 60, 120, and 240 minute charts all have red bodies with a white boarder. That means that those time frames are in an UP trend. (red means the stochastic lines are at the top, but the white boarder means that there is also a False Bar, which means a TREND!) While those time frames are in an up trend, the 5-minute gauge was showing a Green body with a Green boarder. That means that the 5-minute is showing a Stochastic BUY signal. The fact that the higher time frames were showing an UP trend means that the buy on the 5 should be a really good signal.
That turned out to be a great setup, as the chart below shows. However, to flow into another discussion on how our trades naturally progress into one another, you will see that after the Continuation Trade completed itself, we ran into a Counter Trend setup. This setup is also shown in the Dashboard to the right, which I switched from showing the Stochastic setup to showing the Type Two trade. Notice that the 5-minute gauge of CAD is now RED, showing the new setup for a counter trend sell. It's wonderful to see the market following the rules, and flowing into the trades this way, and the Dashboard is a great tool to help you find those types of opportunities and more!
The counter trend trade went right to the mark set by the MOB from the previous Wave 4.
Be Prepared!
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