- by Palouse Forex Trader
This is a little review on what its vendors call the Best Forex Trend Scanner. The product name is called Forex Trendy. Who can say what is best? I have been trading Forex for over a decade, but it seems this product may be of value, if it fits your trading style. Personally I am a trend trader and go for longer trends (weekly and monthly), which are easier to pick out on your own. But trends are trends, and as the saying goes, “The trend is your friend.” Trading shorter trends (the day charts or less) takes a fair amount of skill, and this is where Forex Trendy may be a useful tool. I can recommend you look at the vendor website for you own evaluation.
The Forex Trendy software may especially fit your trading style if you are open to trading from an array of trending pairs in various time frames.
Forex Trendy scans price action on 34 Forex pairs, on 9 time frames (from minute to monthly). Multiplied out that is 306 Forex charts being scanned for trending action. Not bad. Why not let someone else (or their computers) help you with some of your thinking?
Here are some words from the product site below:
“The truth is that most Forex systems or robots make money with the trend, but loose money in a choppy market. For example, imagine you trade a system that makes 50% winning trades, but another 50% are losing trades. By By following the trend you would dramatically increase the odds of winning. If you increase the odds of winning by only 20%, that would make 70% winning trades and 30% losing trades. This can make the difference between losing (or breaking-even) and winning. In other words, by following the best trend it can only be better. Avoid struggling with the erratic market chaos when the trend direction is unclear.
“Take only confident trades in the best markets at the current time. You would be the one knowing which one particular (even exotic) pair is trending while other traders wouldn’t notice it without this tool. Knowledge is power! Now a special bonus: Auto recognizing Triangles, Flags, Wedges and Trend Lines Forex Trendy is a much more sophisticated application capable of recognizing basic chart patterns. It scans through all the charts, on all time frames and analyzes every potential breakout. After considering the reliability of the pattern it tells you something like this: Hey, look at USD/NOK on hourly time frame… the price just broke down from a Triangle! And you see the chart with the trend lines forming the triangle and the breakout point – all that clearly drawn for you.
“The trend line looks solid with many touching points, so you are prepared for the massive breakout. Something you would miss unless you have supernatural powers to watch and analyze all the charts! Such events happen very rarely in one single chart. What’s inside the Member Area?
“No thick eBooks to read or complex software to install Live charts of the best trending currency pairs and time frames Audible alerts, email alerts User friendly interface Optionally, you can select / deselect pairs or time frames from the auto analysis and more options Quick overview of the trends on all time frames Now a special bonus! Automated chart analysis – recognizing “Triangles, Flags, Wedges and Trend Lines” on 34 currency pairs and all time frames Great value for only $37 quarterly (That’s just $3 a week or 60c per trading day!) You can cancel at any time.”
You can go to Forex Trendy with this link:
Forex Trendy Website: http://forextrendscanner.org/ForexTrendy
A little more . . .
“Knowing the trend is crucial. Sure, you have experienced times when you entered the trade and waited during the choppy zone while some other pair was making a solid move. Trading the market that turns up and down and takes back all the profits during a series of losses feels like a slow torture…
“Works with several trading platforms such as MetaTrader, NinjaTrader, TradeStation. Nothing to download or install. Easy to use.”
Forex Trendy: http://forextrendscanner.org/ForexTrendy
If you are a beginning trader, this could be very good for you. There is a lot to learn in Forex and recognizing trends is paramount. If this software can give you an eye for spotting trends that is a benefit in itself, let alone the trading edge this software can give you. If you are an intermediate trader (doing it a while but not quite making it) Forex Trendy may be just what you need to stay in the black. If you are an expert, you know the value of a good Forex analytical trending tool.