Do the ‘Better’ Indicators Work on Forex? (16:39)
Normally I’m a real purist about trading the Emini – simply put, it’s the perfect trading vehicle. But I’m biased and I think it’s clouded my judgement about Forex.
My typical response is “don’t trade Forex because there’s no volume data”. I need price, volume traded at the bid/ask and average trade size to have a complete view of what’s happening. Price alone or price plus tick count (as a proxy for volume) aren’t enough.
But I’ve been ignoring Forex futures traded on the CME Globex. The video above shows how to use the ‘Better’ indicators for Forex trading.
Quote of the day …
Great email from Petr S., who’s a Forex trader. Here is how he is using the ‘Better’ indicators to trade Forex and his results:
“Barry, I want to express my most sincere thanks for your truly outstanding work and dedication to share your trading research and approach with trading community. I am a full time forex trader with aspirations to increase my trading account allowing me to switch eventually from spot forex to futures to fully utilize the power of your indicators.
Upon detailed study of all the information available on your site, I realized that for forex trading switching from my range bar charts to tick charts, using 3 timeframes for reference and adding the Better Sine Wave would be the most usefull adjustments to my charting set-up. Here is the comparision of several metrics for 8 trading days before charts adjustements and Better Sine Wave installation and 8 days after:
8 days before: 81 trades taken with average 10.1 trades per trading session, 2 profitable days out of 8, daily average 0.03 pips.
8 days after: 73 trades taken with average 9.1 trades per trading session, 7 profitable days out of 8, daily average 13.4 pips.
Talking about dramatic improvement! Barry, once more, thank you very much for your work and I wish you the very best in your trading and personal life.”
