- December 19, 2022
- Posted by: Forex Wiki Team
- Category: Forex Trading System
Forex Spectrum System Review
The Forex Spectrum System is a powerful tool for traders looking to make informed decisions in the foreign exchange market. This MT4 trading system utilizes a combination of seven different indicators to provide non-repaint buy/sell signals that are highly accurate. The system is designed specifically for trend-following day trading and combines dynamic trendlines, smoothed moving averages, and multiple trend oscillators to identify potential trading opportunities.
Features of Forex Spectrum
One of the key features of Forex Spectrum System is the Probability Meter dashboard indicator, which provides valuable information to help traders make informed decisions. The system is particularly effective on shorter timeframes and is well-suited for scalping or day trading.
In addition to the moving average crossovers and Buy Sell Magic indicators, Forex Spectrum System also includes a triple trend filtering system to ensure that signals are in line with the current market trend. However, it is important to note that this is a manual trend following strategy, and traders will need to use their own judgment and analysis to make decisions about when to enter and exit trades. It is recommended to practice on an MT4 demo account until you feel confident and consistent in your trading.
Best Brokers List
The Forex Spectrum System works with any broker and any type of account, but we recommend our clients use one of the top forex brokers listed below:
Forex Spectrum System Settings
Forex Spectrum System
The 11 MA (red) and the 21 MA (white) are smoothed moving averages that provide crossover trend signals and act as dynamic support and resistance levels. To make your primary trading decision, use the Buy Sell Magic arrow signal after you have confirmed the trend. In addition, the Pivot Points Multi-Timeframes indicator plots horizontal lines showing key support and resistance levels for the price.
Before making a trade, it is important to verify the signal using the RSI Filter, RBCI Hist, and Solar Wind trend oscillators. These indicators plot blue and red bars that provide buy and sell confirmations and valuable trend information. You can also exit a trade when the Solar Wind indicates an opposite trend to your entry.
This MT4 trading system is very simple and easy to use, even for complete beginners. It can send you signal alerts through mobile notifications, platform pop-ups, and email, so you don't have to constantly monitor the charts. This system can be applied to any currency pair in the Forex market, as well as other assets such as stocks, commodities, cryptos, precious metals, oil, and gas. It can be used on any time frame, from 5-minute to 30-minute charts, and works best on M15 timeframes.
Trading rules for this MT4 Trading Systems
To increase your chances of success in the Forex market, it is important to follow good money management practices and avoid trading during high-impact news periods. It is also advisable to exit your trades half an hour before major news events.
To be a profitable trader, discipline, emotions, and psychology are key. Know when to trade and when not to trade, avoiding unfavorable times and market conditions such as low volume or volatility, exotic currency pairs, wider spreads, and trading beyond major sessions.
For a buy entry with the Forex Spectrum system, the following conditions should be met:
- The 11 MA moves above the 21 MA
- The Buy-Sell Magic plots a green arrow
- The price breaks above the immediate pivot resistance
- The RSI Filter bars turn blue
- The RBCI hist and Solar Wind plot blue bars with positive values
For a sell entry, the conditions are:
- The 11 MA drops below the 21 MA
- The Buy-Sell Magic shows a red arrow
- The price moves below the immediate pivot support
- The RSI Filter bars turn red
- The RBCI hist and Solar Wind plot red bars with negative values
When it comes to exiting a trade with the Forex Spectrum system, you can use a fixed profit target or set your take profit a few pips below previous support or resistance levels. You can also exit manually if the system conditions reverse. It is recommended to use a stop loss, either by setting it below the entry price using previous support or resistance as a reference point, or on the previous high or low swing. Avoid using fixed stop loss settings without any reference points."
Free Forex Spectrum System V2 To Boost Your Trading Accuracy
The Forex Spectrum System is a aMT4 trading powerful tool for traders looking to make informed decisions in the foreign exchange market.
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