In this post I will be reviewing the Trend Wave Extreme Indicator which is a trend based indicator for manual forex trading in the hugely popular and free to download MetaTrader 4 trading platform which is available from most of the best forex brokers worldwide.
You can use the Trend Wave Extreme Indicator to filter your trading signals as the main thing this MT4 indicator does is to try and determine the overall trend of a currency pair. As the old saying goes, the trend is your friend!
Due to the simplicity, layout and colour coded nature of the Trend Wave Extreme Indicator, it is suitable for both beginner and advanced forex traders.
You may use the Trend Wave Extreme Indicator standalone as is or in conjunction with your own additional technical, fundamental and price action analysis.
Trend Wave Extreme Indicator Trading System
The main purpose of the Trend Wave Extreme Indicator is to try and anticipate which direction the currency pairs you are watching will trend in.
This means that the Trend Wave Extreme Indicator can on occasion spot trending moves provided you avoid choppy ranging markets. To do this, I would personally use higher time frame charts such as the 1 hour charts and above to filter out some of the noise the smaller time frames can give.
I would also use major currency pairs such as the EURUSD & GBPUSD as I find that they tend to have mid-long term trends and usually more liquidity than other more “exotic” currency pairs. Plus, they can also save me on trading costs due to the lower spreads they tend to have, especially when using a good ECN forex broker.
The Trend Wave Extreme Indicator combines 17 technical indicators and can follow 10 pairs over 9 time frames at once whilst giving you alerts when it finds a forex trading signals.
The technical indicators used include moving averages, macd, stochastics, rsi, cci and more. Whist these technical indicators are freely available in MT4 by default, it is useful having them all combined into the Trend Wave Extreme Indicator.
Trend Wave Extreme Indicator Summary
Overall, the Trend Wave Extreme Indicator can be used to build your own manual forex trading strategy, but you will need to practice with it a lot, preferably on a demo account until you are consistently doing well with it.
Furthermore, I would always have good money management with a favourable risk to reward ratio so one losing trade does not wipe out all my gains. I would also try to maximise profits by using a trailing stop loss and lock in profits with a break even so winning trades do not turn into losing ones.
Trend Wave Extreme Indicator comes with instructions, support and a money back guarantee.