- 1 Trend Forecaster (TFC) + Trend Forecaster Dashboard (TFC Dashboard)
- 1.1 Very Nice Sell Signal on S&P 500
- 1.2 Disney Continues to Delight Us
- 1.3 Buy Trend on EURCHF M5
- 1.4 2023-11-02 – AUDCAD SELL
- 1.5 2023-11-03 – AUDUSD BUY
- 1.6 2023-11-07 – AUDUSD SELL
- 1.7 2023-11-07 – XAGUSD (SILVER) SELL
- 1.8 2023-11-07 – BTCUSD BUY (Almost Reached the Target the Day Before)
- 1.9 2023-11-08 – No Targets for EURJPY BUY (Interesting Situation)
- 1.10 EURAUD – Example of a Perfect Signal
- 1.11 How Important News Affects Trading
- 1.12 An Interesting Example for Buying on Gold (XAUUSD)
- 1.13 AUDCAD and AUDUSD – Very Similar Signals
- 1.14 AUDCAD and AUDUSD – Another Example of Synchronous Movement
- 1.15 EURCAD Sell Signal
In this article, we will explore a range of examples and advice on trading with the Trend Forecaster indicator and the Trend Forecaster Dashboard. Use the full power of both indicators and remember that practice is an important part of any learning process. Also, don’t forget that the Trend Forecaster Dashboard indicator is available for free to all buyers of the Trend Forecaster indicator. For more information about the Trend Forecaster Dashboard, see here. And now, let’s move on to practical examples.
Updated December 14, 2023
Trend Forecaster (TFC) + Trend Forecaster Dashboard (TFC Dashboard)
Very Nice Sell Signal on S&P 500
Very nice Sell signal on S&P 500:
The profit level is visible even on the current M5 time frame – no need to switch to Daily. A little bit of growth at first, made a false breakout and went clearly down on the signal. As I have already written in the instructions, if we work intraday, then if all other time frames show in the direction of our signal, D1 can be excluded, but watch how the price behaves near the level.
Disney Continues to Delight Us
A good position in Sell for Walt Disney Co CFD. There were premises for an earlier closing of the position, but on the local chart we see a downward trend (each local high and low is lower than the previous one).
Also, the Trend Forecaster Dashboard continues to confirm this movement, showing us Sell on all significant time frames.
I remind you that it is very important to monitor strong levels from high time frames (from H4 and higher) to more clearly see our potential targets.
For example, as we can see on the chart above, a good and strong support level is 79.21, or a slightly higher level around 79.50.
It is also important to note that before the price reached this level, the local high was higher than the previous local high, which I have marked on the chart. This led to a false breakout and further downward movement of the price. But further on the way of the price is a strong level. And here it is better to close the position, as it is still unclear whether there will be a breakout of the level downward. This will already be seen by whether the price will be fixed above the previous high or not. And if the price turns back to Sell, then how the price will behave near the strong level. In general, this is already a completely different story, and within the context of our work with the Trend Forecaster indicator and TFC Dashboard, it will be much calmer to just wait for new signals to entry.
Buy Trend on EURCHF M5
We see a local upward trend on the EURCHF M5 chart. Also, the Trend Forecaster Dashboard confirms a Buy trend:
We define our target – the nearest strong level on the Daily time frame:
2023-11-02 – AUDCAD SELL
We got a Sell signal on AUDCAD:
Far from perfect, as only the Daily is in our direction from the higher TFs so far.
But it’s not really that critical in all cases, as other time frames can support the price move later. It is more important to identify the nearest strong target level and watch how the price behaves near it.
There are 2 strong levels on the way, which are clearly visible on H4 – they are 0.8825 and 0.87884
Reaching the first target is certainly more than possible, but the second target is questionable and will depend on the price behavior near the first level and support in other time frames.
On the H4 chart, we see a clear uptrend, with each subsequent high and low being higher than the previous one. Therefore, reaching the level of 0.87884 would be consistent with the current pattern, and we might anticipate a pullback from that level as part of the ongoing uptrend. However, it is speculative to make firm predictions at this stage – we will need to observe how the price behaves as it approaches the level.
Only M15 TF has joined our Sell forecast, so it is likely that we will not hold this position for long. We should take our profit at the first target level of 0.8825.
Alternatively, we could close part of the position at this level and wait to reach the next target. This approach is viable, especially if one does not have the time to monitor price movements near the target level closely.
The price makes a false breakout at the level and rebounds from it. This shows that choosing this level as our target sell price was a very good idea.
2023-11-03 – AUDUSD BUY
Favorable situation for AUDUSD Buy. Higher time frames (except Daily) support our Buy signal:
We look at the potential of our open position on the Daily time frame. The nearest interesting level is 0.65215:
Perhaps we would like to earn greater profits from this trade, but we are observing a diminishing trend, as each successive high is slightly lower than the last. In light of this, a target of 0.65215 appears very promising.
The price was just a little short of the power to reach the same-day target:
And as a result, the price reached the profit level already on Monday, November 6, confirming a perfect strong level.
2023-11-07 – AUDUSD SELL
This is a promising signal. The daily chart supports our sell position. Nevertheless, we need to be cautious. We are checking targets on the daily chart, but there could be a false breakout. Pay close attention to the price behavior near the key level.
We anticipate the price to reach approximately 0.6381.
Remember that prices do not always match up to the exact pip, so allow for at least a spread plus an additional 1-2 pips when setting your profit target.
2023-11-07 – XAGUSD (SILVER) SELL
Let’s consider another example: here is a rather risky signal on XAGUSD (Silver):
The issue with this signal is that significant time frames, such as H4 (4-hour) and Daily, do not support selling according to the TFC Dashboard. Our sell is supported by the H1 time frame. However, the Daily chart indicates a global downtrend:
At this point, we cannot say with full confidence whether the level will be broken. The level is very strong, and even if it is broken, it is unlikely to happen on the first attempt. Generally, when trading at such points, it is better to take profits at the nearest strong level. Then, in the worst case, you will merely miss part of the profit, but you will be able to avoid a loss if a strong pullback occurs.
We’ve taken a profit on the level:
2023-11-07 – BTCUSD BUY (Almost Reached the Target the Day Before)
On the Daily chart, we see that the price did not reach the previous peak for a couple of days:
But in the end, knowing that the current trend on the Daily is upward, we still achieve our target level.
The trend is our friend!
2023-11-08 – No Targets for EURJPY BUY (Interesting Situation)
Buy signal on EURJPY:
We’re checking the Daily time frame:
And here’s the surprise – there’s no nearby target for buying. What to do in such a situation? Now I will tell you what I do in such cases.
It should be taken into account that in such a case the price can literally fly upwards, or form a false breakout and come back down. We will not consider the fundamental background of this, because if you add fundamental knowledge and important economic news to your analysis, you will become even stronger. So, let’s consider only technical analysis. What can be done in this situation, and what profit to expect.
We see a rather strong uptrend in the daily time frame. We set our Stop order behind the low of the current daily candlestick to defence our position in case of a price downtrend movement. And we’ll pay attention to the previous candlestick: it shows the continuation of buying interest (remember candlestick analysis).
Then we can set the Profit level 1.5-3 times more than the Loss level. But at this point, the price will try to break through a very strong level of the high. I did not get greedy in such a situation, and set the profit about 2 times more than the loss:
Then the price tested the level of 161.73 and pulled back a bit. It will be reasonable to move our Profit target to this level or even a little lower:
The price is getting closer to the target:
And our take profit is triggered:
We do not know exactly where the price will go next. But our task is not to guess, but to get profit, so we have reached our target and will wait for new signals. The main thing in trading is not to be greedy and to take as much as the market gives, not to sit through significant losses, waiting for unattainable goals to be achieved.
EURAUD – Example of a Perfect Signal
Here is an example of a very clear signal on EURAUD M5:
As we can see, the currency pair EURAUD according to Trend Forecaster statistics shows great results. The potential at the opening of this Buy was very positive.
On the daily chart, we also clearly see a near-term good target for this Buy:
How Important News Affects Trading
A good example today is a buy signal on EURUSD:
As we can see, higher time frames support buying (H1, H4 in Buy) – the color of the Trend Forecaster Dashboard panel is green.
Let’s look at the targets on the Daily time frame:
On the path of our trade, there are 2 good target levels:
1 – 1.07564
2 – 1.08334 And also on the way – important news regarding USD:
Target #1 is more than expected. A good option here would be to take half of the profit at level #1, move the stop-loss to break even, and wait for level #2 to be reached. However, since we have important news on the horizon, we quickly exit the market. In our case, we set our target at level #1:
In general, such trading can be considered quite risky, as it is generally undesirable to be in the market before the release of important news. But if you are already in the market, either move the position to break even or at the very least, closely monitor price behavior.
An Interesting Example for Buying on Gold (XAUUSD)
All time frames on the TFC Dashboard confirm buy signal:
We switch to the Daily time frame and see that the nearest strong resistance level is at 2004.05:
We also place a stop order below the low of the daily candle to protect our buy trade.
Meanwhile, during the trading process, the price made us a bit nervous by pulling back below our entry level:
However, since signals from all time frames on the TFC Dashboard continued to confirm buying opportunities, the best choice in such a situation would be to wait and observe the price behavior.
And it turned out that way in the end. A little later, the price reached our target level:
We take our profit and wait for new signals.
AUDCAD and AUDUSD – Very Similar Signals
Look at how similar the signals can be.
And here’s AUDUSD:
In both cases, both H4 and Daily time frames supported the upward movement.
We switch to the Daily time frame and identify the nearest strong (key) levels for both currency pairs:
In the end, both pairs reach the targets:
AUDCAD and AUDUSD – Another Example of Synchronous Movement
Pay attention to the recent synchronous movement in the currency pairs AUDCAD and AUDUSD:
As you can see, this can be used as confirmation for signals. If you identify a clear target on the daily time frame for one of the currency pairs, you can simplify the analysis by closing both positions for both instruments when the price reaches the target (strong level) for one of them.
EURCAD Sell Signal
What is interesting about this signal is that all time frames except the Daily show clear Sells:
But it is worth keeping in mind that, as a rule, if the global trend on the Daily time frame is against our local trend, we should consider taking the nearest strong level as our profit target. So, let’s switch to the Daily time frame to evaluate where we could set our take profit:
We observe two nearby strong support levels at 1.46145 and 1.45820.
In general, if we are not trading on a medium-term basis, it is advisable not to leave positions open over the weekend, as there is always a risk of encountering a market gap or other surprises during the opening. Therefore, a prudent decision on Friday would be to take profit at the nearest level of 1.46145, although the probability of the price reaching 1.45820 is also quite high – given that the level is very strong.
The Daily time frame does not support us. Perhaps this is the beginning of a future reversal, and the Daily just did not have time to react. However, it doesn’t matter for us today, as our target is 1.46145:
The level has been reached, and the price has also touched the next level at 1.45820, which is below our target level. It appears that the price is experiencing a false breakout.
But despite all this, our target is reached and the profit is taken:
To be continued…