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Market Reader

October 26, 2015 by Dominic Walsh Leave a Comment

Market Reader is a forex trading system. This system is different from other types of systems because it is built with different concept.  Market reader is reliable and powerful forex trading system. This forex trading system updates you with the recent moves that have been occurring in different time frames. Market reader lets you know whether the market is up or down, overbought or oversold bullish start of bearish start. By having mentioned information with you, you will be able to trade under any circumstances. Market Reader will work effectively in higher time frames like H1 and H4. It might be riskier to trade in smaller time frames like M1, M5 and M15.

While Market Reader forex trading system is a reliable forex trading setup, you need to be extra careful while using it since it doesn’t have any other indicators to confirm the trade setups, you solely need to depend on the little information that is displayed on the indicator window at the bottom of the window. Market Reader generates the signal on the basis of the color of the time frame that is displayed on the indicator window.

There are six different colors you can see on the indicator window. They are- dodger blue, red, yellowgreen, green, aqua, and pink. These six colors have different meaning. Dodger blue indicates up trend, red color indicates down trend, yellowgreen indicates overbought, green color indicates oversold, aqua color indicates bullish start and pink color indicates bearish start.

When Market Reader system is correctly loaded on your trading platform your chart should look like this:

Market Reader

You should decide which time frame to trade and see what’s happening on that time frame using Market Reader system. Suppose if you want to open a position in an hourly time frame you should see the color of H1 on market reader indicator. Enter only when the color of H1 is dodger blue or aqua. Your buying decision should be supported by the Market Reader indicator. Dodger blue or aqua means the trend is up.

Buying Conditions Using Market Reader System.

Market Reader System

  • Decide on which time frame you will be trading.
  • Once you decide the time frame look for the pairs which shows bullish signals.
  • Direction of the market should be up in majority of the time frame.
  • Place your stop loss just below the recent swing low.
  • Take your profit when the indicators change the color.

Selling Conditions Using Market Reader System.

Market Reader System

  • Decide on which time frame you will be trading.
  • Once you decide the time frame look for the pairs which shows bearish signals.
  • Direction of the market should be down in majority of the time frame.
  • Place your stop loss just above the recent swing high.
  • Take your profit when the indicators change the color.

Open demo account to test this system.

Download Free Forex Market Reader

Download Market Reader

Filed Under: Free Metatrader Indicators

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