The Forex Goiler indicator generates Gann-style forex trading signals. The indicator computes and displays two entry points, two take profit targets, and a stop loss. Furthermore, the indicator will display the calculations performed behind the scenes near the trading signals. As a result, forex traders can recognize the strength of the bullish or bearish angle and buy and sell accordingly.
The indicator can be most effective on intraday time frames, as well as higher time frames such as daily, weekly, and monthly price charts. However, I find there can be some false signals on the lower timeframes due to market noise. I would always try to focus on the 1 hour charts and above to help reduce false signals whilst it also requires less time chart watching.
What is the Forex Goiler Indicator?
The Forex Goiler Indicator is intended for active day trading, primarily during the European session. Forex Goiler can be used on any currency pair and time frame. The indicator is convenient and assists the trader in analysis; however, the trader must promptly follow the instructions of the FX Goiler Indicator and have sensible money management.
The indicator can be used by both novice and experienced forex traders. New traders will find it simple to trade with this indicator because it displays the entry and exit points as well as the profit target. As a result, most new traders could immediately copy trades using trading signals. Advanced forex traders, on the other hand, can use their Gann knowledge to understand the angles before placing trades.
Forex Goiler Strategy
The Forex Goiler Strategy employs the Gann principle and is simple to grasp. The Forex Goiler indicator draws a white line for entry 1 and an orange line for entry 2. On the price chart, the indicator shows the profit target 1 as green, the profit target 2 as dark green, and the stop loss as red lines. In addition, the indicator displays a candle timer in the right top corner of the chart. In addition, the candle timer is displayed near the current candle.
At the start of the day, the indicator automatically calculates and plots the entry and exit lines. As a result, forex traders can plan their trades ahead of time and execute them accordingly. The indicator draws entry and exit lines on a bullish and bearish market based on buy and sell trades.
On a white line, traders could enter the market. However, if the price moves against the trade, traders may enter at the orange line again. This assists traders in averaging the entry price. However, if the price moves in the direction of the trade, traders may book partial lots at the green line’s profit target. Forex traders can also move the stop loss to breakeven and continue to aim for the second profit level at the dark green line. Traders could exit the position at the red line’s stop loss.
Buy Signal
The following could be your checklist for a buy trade:
- When the indicator plots a white line for first entry.
- When a bullish candle appears.
Once these two events occur:
- You could open a buy position on the white line after the bullish candle shows up and you get your signal confirmation.
- You could set your stop loss just below the nearest swing low or at the red line plotted by the indicator.
- You could set your take profit level(s) at the nearest resistance zone, or at the green line(s) plotted by the indicator.
- For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
Sell Signal
The following could be your checklist for a sell trade:
- When the indicator plots a white line for first entry.
- When a bearish candle appears.
Once these two events occur:
- You could open a sell position on the white line after the bearish candle shows up and you get your signal confirmation.
- You could set your stop loss just above the nearest swing high or at the red line plotted by the indicator.
- You could set your take profit level(s) at the nearest support zone, or at the green line(s) plotted by the indicator.
- For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
Forex Goiler Pros & Cons
Pros
- The indicator can be used by both novice and experienced forex traders.
- The Forex Goiler Indicator shows entry and exit points with profit targets.
- This indicator may be used to trade any currency pair and on any timeframe.
- This Indicator can be used in conjunction with other technical indicators to aid confluence.
Cons
- The Forex Goiler Indicator may give false signals in some cases.
- The trader would need to time entry and confirm signals with additional analysis.
Conclusion
The Forex Goiler Indicator takes a different approach to the Gann angles and provides forex trading buy and sell signals. However, although not required, forex traders who understand Gann angles have an advantage. It is user-friendly and provides trading indications by displaying market direction, however it is susceptible to false momentum. Therefore, this indicator should not be used as a stand-alone trade signal, but rather in conjunction with price action and other technical indicators.
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