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I downloaded interbankFX's GPS app this week and was wondering if anyone has been using it. Just wanting to find some pros/cons on the app or any ideas generally. I find it to be useful. Not a fire program that what the program detects as trends can not only makes just transactions. Just wanting to get some comments. Because men
J
I used that app before IBFX had it. Patterns on a single time frame can say one thing while patterns onto the following be part of a pattern move. I arrived to the conclusion which patterns were not really that helpful.
I locate trends on higher time frames and going to a lesser time frame to trade are a lot more helpful. For instance, go to a weekly chart and check the market direction. Go to a daily chart and when price breaks in the exact same direction, breaking up the prior days high/low is a fantastic approach to trade. So if the weekly chart is in a sell direction, I'll sell every time a currency breaks the previous days low. Follow the trend. Grab some pips and be done for the day.
Another way is to check the 4H trend and 1H trend. If both are going in exactly the exact same direction, go to the 5M chart and trade in the exact same direction.
This is the simplest way I've found to trade. Far Better than the GPS. Only my view.