The tools we are talking about are FX Trend, FX Power and Lighthouse published by Stein Investments.
If you like to use an automated trade management you can add the Powerplay Trade Manager as well
!!! Follow this link to see our 2020 Strategy Update of the Simple Trading System !!!
HOW TO COMBINE THESE TOOLS IN A PROFITABLE WAY?
The most important analyzes before entering a trade are
1. The trend situation of the underlying symbol -> FX Trend / FX Trend MT5
2. The individual strength of the involved currencies -> FX Power / FX Power MT5
3. The support and resistance levels of the underlying symbol -> Lighthouse / Lighthouse MT5
4. The real market trading volume from the broker side of view -> FX Volume / FX Volume MT5 (BRAND NEW)
5. An automated trade management solution -> Powerplay Trade Manager / Trade Manager MT5
Let me explain it with this AUDUSD example chart
3. You'll see that the price struggles at the red resistance level cluster but once it's gone through it's a clear BUY
3. there are no support and resistance levels directly in front of your planned trade you can go for it
If the next support and resistance levels are far away you can use them as profit targets.
If you trade cross pairs like GBPAUD you have to check and consider the underlying major GBPUSD and AUDUSD as well.
Either one of these or both of them cause the move on the cross-pair and so you can filter the good trade opportunities.
And that's how it looks after this breakout
For more insights, I highly recommend having a look at my free News Channel at https://t.me/STEIN_INVESTMENTS_NEWS
and study all the published articles in order to find lots of examples of how to to analyze the market and spot good trading opportunities.
Besides the advantage of professional in-depth market analysis provided by my tools, you'll get access to an exclusive group
of skilled and successful traders who are willing to share their experience and trades with anyone interested.
It takes just two steps to become part of our great and successful community
1. Get your tool set at https://www.mql5.com/en/users/blueball/seller
2. Leave a review or send proof of your purchase to https://t.me/SteinInvestments and you'll get your invitation to our amazing group chat
ADDITIONAL TRADING TIPS
1. Trading on small time frames like M15 is suitable for advanced and professional full-time traders.
I highly recommend all part-time traders to trade on H1 which is much more comfortable to deal with.
To trade this system on H1 I recommend using FX Power with an analysis period of 1 Day.
2. Study the Dow Theory of higher highs and lower lows to optimize your timing and increase your profits.
-> click here to read more about the Dow Theory from the Investopedia University
3. All trend trading systems benefit from volatility caused by a high trading volume.
The highest trading volume is available during the London and early New York trading session.
-> click here to get more detailed information about the Forex market hours
If you are unable to trade the London/New York session I highly recommend trading on H1
4. Especially in the beginning, I recommend staying with the major USD pairs like EURUSD, USDCAD, AUDUSD, etc.
If you trade cross pairs like GBPAUD you have to check the underlying major pairs GBPUSD and AUDUSD as well.
Either one of these or both of them cause the move on the cross-pair and so you can filter the good trade opportunities.
-> click to learn more about the relation between majors and cross pairs
5. Check if there are any upcoming high impact news events for your currency pair.
Common sources are the economic calendars of forexfactory.com and dailyfx.com
Don't hesitate to contact us if you like to get further assistance.
Best regards
Daniel
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