The Forex Reversal works
with the following 28 currency pairs, on the M1 timeframe:
EURUSD, USDCHF, GBPUSD, USDJPY, EURJPY, EURAUD, CADJPY,
NZDUSD, AUDNZD, AUDJPY, NZDJPY, GBPJPY, USDCAD, AUDUSD,
EURGBP, EURCHF, GBPCHF, EURCAD, CHFJPY, AUDCAD, EURNZD,
GBPCAD, NZDCHF, NZDCAD, AUDCHF, GBPAUD, GBPNZD, CADCHF.
INSTALLATION INSTRUCTIONS: Note, please have the latest build of MT4.
1. Start your MT4, go to File-->Open Data Folder-->MQL4-->Indicators. Place the indicator (.EX4) there.
2. Then again in MT4, go to: File-->Open Data Folder-->Templates. Place the template (.TPL) there.
3. Restart MT4 and drag and drop the indicator to any chart (or right click on chart and select template.)
4. There is an option called, "Global Alerts", which is set to True by default. This allows you to receive signals from other currency pairs, even if you've only attached the indicator to a single chart. E.g. You might have attached the Forex Reversal to EURJPY M1, but you'll still receive signals for all the other pairs. You can always disable this function if you wish.
ENTRY RULES: Simple, enter as soon as you see an arrow appear on your chart. Arrows appear at the close of the candle.
EXIT RULES: There are no strict rules for the TP (take profit) and SL (stop loss). Frankly everyone has different methods of exiting their trades. No single ideology is enforced. You are welcome to focus on your own exit strategies, using your own technical analysis, whether it be Fibs, Pivots, Trendlines, Moving Averages, Stochastics, Bollinger Bands, etc. But at the very least, we strongly suggest that you do incorporate some support & resistance into your trading, e.g. you can use this for your stop loss (remember, a stop loss is essential, never trade without one!). By simply having the same fixed TP and SL for every trade, you're making it hard for yourself in the long term - in our experience this is not a good idea, rather you need to be flexible, because so is the market. Some traders prefer to use a trailing stop, which again, can be very useful. Just remember, every trade needs to be judged on its own set of circumstances.
EXCEPTIONS: Do not trade during major news releases, nor on Friday afternoons. Even though the latest version has some extra filters to try and avoid getting caught up during major news/global events, this does NOT mean you are to blindly take trades during such times, should they appear. Ignoring fundamentals is a mistake.
AUTOGMTOFFSET : If set to true, then the indicator actually automatically detects your broker's timezone. It is recommended that you leave this option on. If you set AutoGMTOffset to False however, then you will need to manually input the correct offset value in the hour_offset field. In this case, please refer to the chart below, which tells you what offset you need to place in the indicator's options.
NOTE ABOUT WEEKENDS: The AutoGMTOffset feature will not work on the weekends, i.e. generally from Friday evening to Sunday evening, because most brokers are closed, so if you wish just to browse charts on weekends, simply use the chart below to set the correct hour_offset field. You'll need to turn AutoGMTOffset to FALSE if you're testing the indicator over the weekend, but REMEMBER to turn AutoGMTOffset back on (i.e. to TRUE) on Sunday evening when the market re-opens.
Again, if you're not using AUTOGMTOFFSET, (especially during live trading) make sure your hour_offset is correct, otherwise the arrows will be in the wrong place! And remember to change your offset if your broker's timezone changes. Some brokers change their timezone to account for Daylight Savings Time (DST), during March and November, some don't. Check with your broker.
NOTE: Some people may have trouble seeing the arrows: If so, please try the following:
1. After you've installed the indicator, take the template (included in the RAR package), apply it in MT4. Then open any M1 chart, right-click on the chart, then click on "Template", and then on #Forex_Reversal.
2. Make sure your arrows are THICK LINES, e.g. a thickness of 4. If they are a thickness of 1, then they're barely visible.
3. You'll need to TICK "Allow DLL imports" when attaching the indicator to your chart.
The indicator supports:
- Pop Up Alerts with sound: So you can ramp up your speakers if you're not sitting at the computer.
- Email notifications: You'll have to go into MT4 --> Tools --> Options --> Email, to apply the settings (such as your email username/password).
- Push Notifications: If you have an iPhone or iPad, or an Android smartphone, then you can receive virtually instant alerts on the go! Go to MT4 --> Tools --> Options --> Notifications --> Enable Push Notifications. Then enter your MetaQuotes ID, which you can find on your smartphone.
If you have any questions, please don't hesitate to email: support [at] forexreversal.com
FINAL POINT: PLEASE ALWAYS USE THE LATEST VERSION OF THE FOREX REVERSAL. IF YOU HAVE AN OLD VERSION OF THE INDICATOR, PLEASE DISCARD IT AND START USING THE LATEST VERSION. PREVIOUS VERSIONS ARE NOT SUPPORTED.
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