In the vast complex world of foreign exchange currency trading, a tested strategy coupled with reliable Forex indicators and sound money management principles are all that you really need to become a consistently profitable trader.
Tired of the hearing about the same old boring indicators? Tired of hearing people talk about the MACD, RSI, and moving averages? Looking for a few new, exciting, and reliable Forex indicators to take your trading to the next level? We have you covered.
The Psych trading indicator keeps tabs on market psychology through aligning with the primary trend. Rather than trading alongside retail trader sentiment, this indicator looks at the positions of big banks and money flow. The Psych indicator is a trend trading system that works on all time frames, and is a great addition to other technical indicators.
So, what does it look like and how does it work? First off, it consists of a color changing oscillator at the bottom pop-up window, which represents both extremes and midway points in market psychology. Like an RSI, if the oscillator moves above 80 or below 20, this is considered an extreme in market psychology and tells us of a potential turning point in price action.
Apart from this, the Psych indicator also displays green and red arrows directly on our charts. These arrows are based off psychological patterns combined with high probability price action formations.
This fairly simple Forex indicator instantly highlights any Pin Bars that appear on our charts, saving us time while acting as a clean visual aid in the middle of chaotic price action. In addition to marking Pin Bars, the indicator also marks its own entry, stop loss, and take profit target levels that we can choose to use for our own positions. Parameters can be fully customized to align with your own trading strategy, and the indicator will also work on any given time frame.
What does it look like and how does it work? The Pin Bar detector will highlight bearish and bullish bars with red and green arrows, respectively. The entry, stop loss, and take profit levels can easily be toggled on and off. The indicator gives us three potential take profit levels and a single stop loss level.