In this post I will review the Alphon-Omega forex trading system that has been designed to be used in the ever popular MetaTrader 4 (MT4) platform which you can download for free from most online forex brokers. You can even get a free demo trading account if you wish to practice trading with the Alphon-Omega system until you become confident and produce consistent results. This particular forex system can be used by both beginner and advanced traders. It is very user friendly and comes with easy to follow setup instructions and trade examples for clarity on how to use it.
Alphon-Omega Trading Strategy
The Alphon-Omega forex system is a collection of trading tools that can form part of a manual forex trading strategy. There are technical indicators included for trend trading, day trading, swing trading, forex scalping, displaying Fibonacci levels, price channels, oscillators and more. The indicators can be combined to create your own unique trading system and they can also send you alerts when they find potential trading signals.
Amongst the technical indicators included with the Alphon-Omega forex system are the following:
- Channel indicator
- Oscillator indicator
- Cross over histogram indicator
- Fibonacci levels
There is a trader’s dashboard and colour coded template so that the trading system is easy to interpret. It can therefore be used by beginner and experienced traders. Most experts would suggest to practice trading on a demo account to begin with until you become familiar with how a trading system works.
The Alphon-Omega forex system can be used on any trading instrument and chart time frames. I personally prefer the major currency pairs such as the EURUSD and GBPUSD due to the liquidity they usually have can mean tight spreads and decent execution speeds. I also like the high chart time frames as I tend to find there is less market noise and signals can be more reliable. Of course, one of the most important aspects of any trading system will be the money management. I would look for trades that give a favourable risk to reward ratio and ensure my trading emotions are in check.
How to use the Alphon-Omega Forex System?
The Alphon-Omega system has been developed to run in the MT4 platform. In order to use this forex system, you will need a trading account with a forex broker. It comes as a trading template along with built-in indicators that you can apply to your chosen chart symbols and timeframes. You can use the default settings or adjust them according to your own needs. I would certainly practice on a forex demo account to begin with and only use this manual forex strategy as supplementary indicators to my own market analysis. With so many brokers to choose from, I have conveniently compiled a list of my best forex brokers to help you quickly and easily choose a broker that meets your needs.
As mentioned earlier, the main forex trading indicators utlisied by the Alphon-Omega system are the following:
Oscillators
An oscillator is a technical analysis tool that constructs high and low bands between two extreme values, and then builds a trend indicator that fluctuates within these bounds. Traders use the trend indicator to discover short-term overbought or oversold conditions. One of the most popular oscillators is the Stochastic oscillator.
Oscillators are typically plotted on histogram charts and referred to as either “centered” or “no-limit” oscillators, where a trend line moves below and above a center line, or “banded” oscillators, where the line moves between bands that indicate extreme price levels.
There are differing types of stochastics whose oscillations are smoothed according to simple moving averages. The stochastic oscillators are customarily plotted as two lines on a graph, commonly known as the fast line and the slow line.
Analysts compare the movement of the lines to look for crossovers that reveal buy signals, divergences that can indicate price reversals, and highs and lows on the chart that show overbought or oversold conditions.
Fibonacci Levels
In finance, Fibonacci retracement is a method of technical analysis for determining support and resistance levels. It is named after the Fibonacci sequence of numbers, whose ratios provide price levels to which markets tend to retrace a portion of a move, before a trend continues in the original direction.
The Fibonacci retracement levels are 23.6%, 38.2%, 61.8%, and 78.6%. While not officially a Fibonacci ratio, 50% is also used. The indicator is useful because it can be drawn between any two significant price points, such as a high and a low. The indicator will then create the levels between those two points.
Price Channels
Price channels or trading channels, are a way to visualise trends and ranges on a chart and can indicate levels where the price is most likely going to reverse direction.
Whenever the price of an asset is trading within the boundaries of two trend lines for a prolonged period of time, it is said that the asset is trading within a channel.
A price channel can be drawn by either two trend lines or by a channel tool within your charting software. Whichever method you choose to use, it is a manual process to put them onto your chart.
Alphon-Omega Summary
Overall, the Alphon-Omega special edition seems like some basic trading indicators that are freely available online that have been repackaged and presented as a forex tool box. I could probably create a similar trading strategy template using the default technical indicators built-in the MetaTrader platforms. That being said, it is easy to use and can generate signal alerts. You do have to use your own initiative and decide on what to do with each signal. I would certainly conduct my own technical, fundamental and price action analysis before taking any trade position.
The Alphon-Omega system is flexible to be used on any instrument and chart time frame. It comes with trade examples, detailed setup instructions and full support. If you want to learn more and get the Alphon-Omega system download you can visit the website by using the link below.
Alphon-Omega
$39
Pros
- Manual Forex Trading System
- Technical Indicators
- Easy To Use
- Signal Alerts
- Versatile Forex Strategy
- Any Trading Instrument
- Any Chart Time Frame
- Detailed Instructions
- Trader Dashboard
- Customisable
Cons
- MetaTrader 4 Only
- Not Very Innovative
- Requires User Input
- Quite Basic Forex Strategy
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
