This indicator was developed by gfkforex. It is a very easy and non-complicated indicator to use. It is an indicator that is designed in such a way that it suits even the beginners. You don’t have to consume much of your time trying to do technical analysis. It does everything for the trader and only shows what is necessary for the trader. It don’t even make the chart to appear disorganized since it gives very little but very important information. It is a self-satisfying indicator that can be used totally independently without the need of any other indicators.
The indicator is in such a manner that it displays the trend of the market prices. And at the same time gives a buy or sell signal. The indicator is displayed on a separate chart below the main chart. It has a blue line that indicates the trend of the trend. Then there is also a sell or a buy signal that is a displayed on the top right corner. It is displayed as a red dot in case it is a sell signal or a blue dot in case it is a buy signal with the sell signal or buy signal respectively depending on which signal is given.
Fig.1. The GFK Forex Indicator.
The blue line that is plotted by the swings according to the trend of the market prices on a chart. On the right side of this chart there is a vertical scale that is in the range of the market prices that are used to get the trend indicated at the moment. For example if the market prices that were analyzed were from1.7234 to 1.7564, this will be the minimum and minimum of the scale. Therefore this scale varies according to time and according to the currency pair used.
How to place orders using GFK Forex Indicator.
What a trader needs to do when using this indicator is only to place the order when the indicator says place the trade. When the signal is a red dot accompanied by a sell signal, then you place a sell. If the signal given is a blue dot accompanied by a buy signal, the trader should place a buy.
GFK Forex Indicator example of a sell signal.
GFK Forex Indicator example of a buy signal.
After placing the orders you should either use stops or be there to watch the market for you to close the order when an opposite signal is given. For the stops, you should place a stop loss at maximum 10 pips away from the entry point of the order. Then the take profit should be place at a realizable level. You should not set your take profit at a level that might take too long to be met.
Download Free Forex GFK Forex Indicator