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Price: $37

Forex Trendy

Added on April 5, 2013 03:40 AM
(4 / 5)
Trading style: trending
Money-back guarantee: 60-day
NFA compliance: Yes

Forex Trendy is a scanner that finds the best trends and chart patterns over 34 different forex pairs. The program is run through the Forex Trendy web site and scans the markets every second and over 9 different time frames, in effect analyzing 306 different charts. The Forex Trendy website then presents the different charts in order of the strongest trends or chart patterns.

Forex Trendy does not place trades or act like an EA. Instead, it identifies the most profitably trading opportunities and allows the trader to choose what and how to trade. In essence, Forex Trendy works solely to provide trend followers with the very best trends.

Website

After purchase, access is granted to the online members area and it is here where all of the charts are displayed and user settings can be maintained. After logging in, you can see the strongest charts displayed clearly on the site with the strongest signals at the top. The first chart will show the strongest trend depending on the Forex Trendy algorithm. It will have the lowest trade drawdown indicating the best chance of making a profit and will also indicate on which other timeframes the market is trending.

By scrolling further down the site, Forex Trendy will display the next strongest signal with up to 20 charts able to be displayed at any one time. The site will then also display all markets that exhibit profitable chart patterns such as flags, falling wedges and triangles.

Forex Trendy is able to show completed charts, ie. charts where a breakout or confirmed signal has already occurred, or emerging charts, which are charts where future trade setups are imminent. This is useful, since a trader can either watch the emerging charts until a trade arrives or check the completed charts once or twice a day.

Settings

Chart settings can be altered on the page to show how many charts you want displayed at any one time with a maximum of 20 charts allowed.

Timeframes can be altered to allow only trends from longer or shorter time frames to be displayed and any number of forex pairs can be excluded from the analysis as desired. The settings page also allows certain chart patterns such as flags, falling wedges and triangles to be included or not.

Forex Trendy identifies those charts with the strongest trends, smallest drawdowns and most profitable chart patterns. What it doesn’t do, however, is act on those trends, give trading signals or manage open positions. Instead Forex Trendy comes with an ebook of advice as to how best to profit from those signals.

 

 

Trend following

Forex Trendy is based on the tried and tested trading philosophy of trend following which has been shown to be one of the most consistent trading strategies over the last 30 years.

This trend following strategy is clearly set forward in the Forex Trendy ebook and gives reference to the original pioneer of trend following, Richard Donchian., through a number of well-illustrated examples.

The makers behind Forex Trendy believe trend following is the way to making consistent profits and this is commendable, but Forex Trendy are also determined to improve on the existing formula. By identifying the trends with the least noise and strongest direction, Forex Trendy therefore ‘cherry picks’ the very best trend following trades and thus hopes to increase the percentage of profitable trades. Key to the Forex Trendy system is an algorithm that uses maximum drawdown to eliminate the weakest signals.

As noted, Forex Trendy does not give direct trading signals. Instead, Forex Trendy educates the user through its ebook as to the best way to profit from the charts.

For charting patterns such as falling wedges and flags, Forex Trendy advises placing a limit order 5 pips above or below the converging trend line. Once the breakout occurs, the trade will thus be entered and a profit will hopefully commence. To exit the position, Forex Trendy then advises a take profit level which is the equivalent to the previous breadth of the chart pattern. For example, if EURUSD is in a falling wedge pattern of 60 pips (from upper trend line to lower trend line) the profit target, upon breakout, will be 60 pips. The stop loss incidentally will be placed roughly 5 pips away from the lower trend line.

For trend positions, Forex Trendy advises a technique to enter the trend upon dips and sell on rallies. It then calculates the stop loss position by calculating the maximum drawdown. The stop loss should always be placed at least as many pips away as the maximum drawdown – since if the max drawdown has occurred in the past there is no reason why it would not occur again.

The Forex Trendy ebook is excellent and does a great job of explaining how to profit from the various signals and chart patterns that are displayed on the site.

Alerts

One key feature of Forex Trendy is the ability to give automatic trade alerts when trading signals occur. These can be customized according the preferences of the trader and can be delivered online, by email or SMS.

Conclusion

Forex Trendy appears simple, but behind the basic web page approach lies a sophisticated algorithm that is able to calculate and find the strongest trends as they happen. The approach is based on price action alone so there is very little of the delay that can be expected from lagging indicators such as moving averages.

Every experienced forex trader knows that the human eye is the best tool around for scanning a chart and finding a profitable chart pattern. But where human traders can spot one or two profitable opportunities, finding them all every day for every market can be both time consuming and boring. Forex Trendy solves this problem succinctly. By scanning 34 markets every second and over 9 different time frames, Forex Trendy gives the trader as many trends as he could wish for and also saves the trader precious time. This saved time can then be used to concentrate on the just as important task of managing risk and position.

Forex Trendy is available with a 60 day money back guarantee and for those traders that prefer not to be glued to their screens 24 hours a day, it is a must have.


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