Hello traders! Here's a quick step-by-step guide on how to use the combo of 3 powerful tools for a good chart setup and entry signal.
Step 1: Choose the highest volatile pair from the Volatility Master dashboard.
Step 2: Place Hydra Trend Rider on the chart for the LIVE trend signal on multiple timeframes (can be used for scalping, day trading, and even swing trading with ease).
Step 3: Once you see a good trend, place IQ FX Gann Levels (built for selected forex symbols, check the description for the full list), or IQ Gold Gann Levels (built exclusively for XAUUSD only) on your chart. Now check for the Gann Levels, how the price is reacting near the Gann levels plotted on your chart.
Let's see the GBPAUD chart and understand it in a simpler manner, on how to use these powerful tools if you don't want to lose more money in a wrong trade.
- We chose GBPAUD as it was showing 46% volatility (with a bearish trend) on the Volatility Master Dashboard.
- We placed the Hydra Trend Rider on the chart, and the trend was nicely bearish. We know you would have loved to jump in here after seeing such a perfect trend. But if you did, you would have ended up with a monetary loss, again (as the trend reversed), and you wouldn't know why. You would have blamed yourself again, thinking, "WHAT WENT WRONG AGAIN?"
- As soon as we placed the IQ FX Gann Levels on the chart (Model: Beta; Scale: Base), we saw that the price was reacting at the Gann Major Support level 1 (Gann Major levels are crucial, and often act as levels where trend reversals are triggered). Hence, even if the trend was bearish with a good volatility percentage, we didn't enter the trade, as we were anticipating a reversal, and that's exactly what happened.
Let us tell you what went wrong.
Now what? Since the price reversed after hitting the Gann Major Support level 1, it can either be a correction after a long good bearish trend, or a trend change signal triggered by the hidden Gann Level that you didn't know existed.
And? Wait for the price to confirm the trend change before a buy entry (check for Hydra entry signal), or wait for the price to break the Gann Major Support level 1 successfully before a sell entry.
And this is how you save yourself from losing more money in a wrong entry, even though every other signal says it's a good time to enter.
Trading is not difficult if you know how the market might react, and more precisely, 'when'.
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Disclaimer:
• Trading involves financial risk. Know all the risks before investing. Read all the Terms & conditions of each of the product pages before purchasing indicators.
• Our products are available only on mql5.com.
• We never contact anyone or sell our products privately.
• We do not provide any personal trading advice.
• We do not sell any of the Intraquotes products on Telegram or any other platform or website.
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RISK DISCLOSURE
Trading financial markets carries inherent risks and may not be suitable for every investor. This indicator is designed as a tool to assist in trading decisions but does not guarantee profits or prevent losses, which could exceed your initial investment. Past performance is not a reliable indicator of future outcomes. Users are encouraged to fully understand the risks and seek independent financial advice if needed. Any trading decisions made using this indicator are at the user's discretion and responsibility.
