Price Action Prophet
The Price Action Prophet is a method or system that predicts the direction of the market movement based on some simple paired candle patterns. It tries to pick turning points or reversal tops and bottoms. It is a good speculative tool because it works more than 85% of time causing small losses and bringing big wins.
Sometimes it's difficult to spot such formations that give you a price action movement just on the naked charts. This indicator is developed with arrows to pin-point buy and sell signals with alerts such that you can be confident enough to pull the trigger. After an entry based on alert arrows, you are required to trail or move your stop loss beneath the stars for buy positions or above the stars for sell positions. Thus locking in profits when there's good momentum. An NDD (Non Dealing Desk), STP, or ECN broker is recommended.
Recommendations for Money Management
- This indicator is best applied on currency pairs with low spreads like EUR/USD, USD/JPY, GDP/USD and AUD/USD and on 15mins (if you have a scalping method), 30mins and 1hr time frames.
- For beginners, you may start with a small account size of $200 to trade 0.1 lot on USD/JPY pair. You must trade only one pair for one account since currency pairs are correlated both positively and negatively to each other.
- For USD/JPY, initial stop loss should be placed 12 pips from the entry point and with a fixed target of 50-100pips depending on the time frame traded.
- Trading during London and New York sessions is recommended also since the market gets better momentum in these periods.
- You are not advised to change your lot size on a mini account ($100 or $200) trading USD/JPY until you can grow your account size to $1000. Then you can trade 0.2 and so on and so forth.
- For $1000 account balance you may migrate to EUR/USD or GDP/USD taking two positions per signal. Both positions should have an initial stop-loss of 20 pips and trailed as close as possible to the stars. One position should have a Take Profit (TP) of 100 pips and the other has no TP but trailed based on the appearance of the stars.
Input variables send alerts after the close of a bar or a candle and do not repaint.
Email Alerts and Sound Alerts.