If you are looking for a way to help find patterns or a good technical view one tool that is of note is Autochartist. What it does in a nutshell is scan over the charts looking for certain patterns and then rating those patterns based on previous patterns of the same type. Amazing stuff. Instead of spending hours scouring looking for a pattern, you can instead load up the Autochartist web panel ( website ) then wait for an alarm to go off to show a forming pattern.
If then that pattern looks good to you then go ahead and trade. If not, ignore.
This is definitely one of those tools if used wrong could backfire though, so try to see it like a tool rather than trading sole advice, however by using it with your current knowledge of buying low and selling high, it is a great tool that can help you improve in your overall success..
Benefits and Features
- Based on Price Action
- Unbiased data
- Shows Results of Patterns over time and success rates
- Alarm for new signals
- Easy to Use
- Good for newbies to trading and also professionals
- Loads quickly
- Mt4 compatible
One of the best of all, is that it is free with many brokers. One such broker it is free on is Gomarkets Australia.
P.S. As mentioned in the video above I highly recommend practice trading and back testing. In a way similar to driving a car.
The program I use and recommend is one called Forex Tester 2, with this program one can practice any strategy you like and trade over many previous years to find out if you strategy is effective.
Rather than opening a demo account and testing live this allows a trader to practice on real charts from the past and accurately get a guide of how a strategy works in a couple of hours rather than months.
To check out Forex Tester 2.
Want more information..? For more on Autochartist check out my previous post on it.