What is the Forex Black Book?
It
is important to understand what this software is all about. In essence,
it is a Metatrader 4.0 (MT4) indicator that uses a proprietary trading
strategy developed by Dustin and his crew. It uses moving averages that
aren’t on the charts themselves, but embedded into the trading indicator
code. Although it is very comprehensive and intricate, the user side of
the program is very easy to follow. We will discuss some of the trades
we witnessed while using the product. You may think, wait, another
indicator, but once you see proof it works then you’ll understand.
During
the beta testing phase, we were given a trimmed down version of what
you as a trader/consumer will get when you buy it. This will make a huge
difference when it comes to entering trades. Below is a screenshot of
what you will see on your MT4 chart when you have it running live.
As long as you are alerted to this trade you would be up a lot of pips.
The strategy and finer details are built into the indicator so you won’t see the squiggly lines all over the place. All you have to follow is price action. Some of the main features on the chart include:
MT4 Trading Template – Clean, simple and easy to setup
Trend Indicator – This tells you the current trend
Target Levels – These are the target levels when it comes to collecting profits
Up Arrows – Tells you when you should be buying
Down Arrows – Tells you when you should be selling.
Four Hour Charts – The time frame this runs on is a 4 hour chart – Critical piece
Obviously
you will want to learn what is happening in the background and that
will be taught to you by Dustin’s group. For now just focus on the
arrows in the chart. An important aspect of trading the Forex Black Book
is the time frame you use. In the beta model you had to set the chart
to four hours. The live copy will automatically post a 4 hour chart for
you. One of the many things we didn’t get testing the software.
We
were asked by Forex Trader’s Daily not to show you some of the finer
details of the software. Remember, we were using a beta copy, so we
didn’t have a lot of the cool features that live end users will get.
Some Forex Black Book Results
Again,
without going into great detail here, we’ve seen some phenomenal
results. We received the software in December, but we weren’t too keen
on trading Forex, Binary Options or any other market for that matter
during this time. We will show you a trade that was setup in December
and a couple that occurred in the month of January. Remember this is not
a scalpers paradise. This is for the longer term traders seeking out
the big moves. It’s all about peeling your trades as they go green. Take
profits when in profit and look for the big continuation pattern. There
were plenty of trade setups across the board, but we were only looking
for the best. Some of the currency pairs we were watching included:
EURNZD, EURJPY, USDCHF, GBPJPY, EURCAD, and the CADJPY. Which currency
pair will be up to you, but these are the ones we liked watching with
the Blackbook.
Here are a Few Forex Black Book Trading Examples
This
first trade occurred in early December. Several things were working
here. We saw a nice four days of consolidation near a support level
after a serious move down. Once the arrow popped on the screen a trade
could be placed. Notice the trend which is the green banner at the
bottom, was also in the right direction.
The
second trade we want to show you occurred in January. We are looking at
the USDCHF on this trade. Notice how the trend was Red in the indicator
at the bottom. You can see a bunch of green arrows, but we were only
looking for Red arrows. You want the two to synchronize. Finally a trade alerted us
to the short side. You can see two opportunities setup within a few
days. As we write this review, price is still moving in the right
direction. Had you pulled some off the table you could watch the rest
run. Again, you are looking for deep moves and need to be patient.
This shows a clear move to the short side once the arrow appeared.
The
third trade happened this week as well. Notice the solid green trend
indicator telling us to only look to the north side. On January 9th we
were alerted to take a long trade. Since then, the trade is up over 400 pips
in just a couple of days. Obviously the move was super strong, but it
allowed us to get in it. You may want to buy the software right now.
This is what your Trade Station will look like when you have winning trades with Forex BlackBook
Of course we had a high flying market the past few days, but being alerted to get in before it happens was perfect.
- What are the Yellow Arrows? – The Yellow arrows are caution trade options. Meaning you can take a trade, but use caution. Trade smaller amounts.
- What if Red Arrow appears on a Green Trend? – Although the short term is showing a put or short trade, you must stick with the current FTD trend.
- Is there an alert software within the system? – Yes, although we didn’t have access to the Trade Finder Software during the beta phase, there will be one with the BlackBook package. Keep an eye out during the webinars. SMS, email and Desktop alerts.
- How do you know when to exit in profit? – This will be up to you as a trader and your risk level. As you can see in the charts above there are U1, U2, U3, D1, D2, and D3. These are the targets you are going after.
- Where do you place a stop loss? – Usually you would want it just below the nearest support level for a long trade and just above the resistance level for a short trade. Make this level an area where it would have a chance to bounce/reverse and keep you in the money.
- Is money management calculated in the trades? – This isn’t calculated, but could be taught in the trading room sessions. This is definitely something you want to consider.
We’ve
only had access to the Forex Black Book software for a short period of
time. We are extremely excited to be part of this software launch. It’s
been fun testing it and we are happy to bring this honest review to you.
It makes trading long term a lot easier and gives you access to the big
moves you never knew you could find. With the simplicity of the
product, there will be a lot of happy people soon after the sales date.
To learn more information about this product you can click here.
Forex Black Book, advantage you need in the very competitive Forex market.
Forex Black Book, Download. Black Book Review. Forex Black Book Software
Indicators
are used for identifying, or even creating patterns from the chaos of
the currency market. In all cases, they receive the raw market data as
the basic input, and manipulate it in differing ways to create (as
opposed to discover) actionable trading scenarios. The natural
consequence of this description is that indicators are not tools of
prediction. Instead, they are used to give order to the price data, so
that it is possible to identify possible opportunities which can be
exploited profitably by the trader. No indicator is right or wrong with
respect to the signals that it emits, but each of them must be used with
an appropriate money management strategy in order to deliver the
desired results.
There
are many different kinds of indicators, and it is not at all a hard
task to define one's own tools for the purpose of evaluating the market
provided that a basic literacy in averages is attained, what is desired
from the created indicator is made clear. Different constructions will
lead to differing techniques which can then be employed most effectively
as part of a trading strategy.
So
you can regard indicators as your compass and ruler in navigating waves
of the forex market. We would use a compass or a ruler to predict when
or where a storm will hit, but every sailor knows their usefulness in
defining a path over the high seas. Use your indicators to plan your
journeys in forex, while protecting your funds with proper money
management techniques, and all will be well for you.
