This is a simple and efficient Forex indicator that is recommended to even the Forex beginners. It suitable for use in all the currency pairs. However the recommended timeframe with which the indicator works best is the 1-hour timeframe, but it can as well be used in any other timeframe of your choice, both for swing trading and scalping.
When you download the package containing this indicator, it come with indicators customized for several currency pairs but once you insert on of them on the trading chart you can simply drag and drop any currency pair into the chart and the indicator will still work.
You will notice that this is one of the few indicators that will be used for both swing trading and scalping depending on the timeframe that the trader is using. When the trader decides to use too tight timeframes then the indicator will result in giving many signals after very short time intervals hence allowing for scalping. Also if the trader uses large time intervals like D1 and so on, the indicator will give signals after a longer time interval allowing for long term trading.
This indicator just as most of the other indicators enable the trader to receive various alerts when there is a signal. To receive automatic sound and message box alert when the FX Turbo Marksman generates a signal, you should click on Inputs tab and set ‘SoundAlarm’ to True. The indicator also sends send emails when it generates trades
and\or exit signals. However this by default is turned off. But if you need to be receiving emails when the FXTurbo Marksman Indicator issues signals, enable Email Alerts. In the ‘Inputs’ tab, set ‘EmailAlarm’ to True, then click on ‘Tools’ and ‘Options’ then click on the ‘Email’ tab then check the ‘Enable’ checkbox, ask your Internet Service Provider (ISP) what are his email server details and finally click on ‘Test’. After this you should receive a test email to your inbox.
This indicator generates and displays arrows when there are signals. The arrow can either be red or dark yellow. The red signal indicates a down trend while the dark yellow signal indicates an uptrend.
Fig.1. The FX Turbo Marksman indicator using the 30 minute timeframe.
Using the FX Turbo Marksman indicator to trade.
A dark yellow arrow is a long signal, and a Red arrow is a short signal.
So the trader should place a sell order when the indicator generates a red arrow and buy order when a dark yellow arrow is generated. The orders should be placed in the next candle stick or bar that forms after the on which the arrow was generated on closes.
For maximum compatibility and good returns it is recommended to trade each currency pair with its matching version of FX Turbo Marksman. For example: If you trade the USD/CAD, trade with the FX Turbo Marksman of the USD/CAD pair.
It is recommended to exit the trade as soon as the FX Turbo Marksman generates the opposite signal, i.e. shows an arrow in the opposite color.
But it will be good if you use stop (take profit and stop loss levels) to minimise losses.
Fig.2. Opening and closing orders using the FX Turbo Marksman indicator.
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