Are you new to Forex? This section might be helpful for you. Do you want to trade, invest, or partner with us? Then be sure to read further. Everything you wanted to know about instruments we offer, but were too afraid to ask.
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Positive slippage, no requotes, and other fair conditions for Purple Trading clients. Did you know that all these tools are free of charge for clients of Purple Trading?
In this section you can find a brief history of the Purple brand. Academy News Autochartist Market Reports Autochartist Market Reports Many traders start trading with an idea that sitting at the computer all day ensures that they do not miss any trading opportunity and thus increase their chances for success.
Final Thoughts shares Forex signals are recommendations either made by human analytics, automated software or a trading robot that provide information about a currency pair. This information will allow you to make an informed decision as to whether you want to proceed with a specific trade.
However, they will soon realize that this style of trading is mentally challenging and it results rather in losses than in profits. But how else can a trader ensure that he has an overview of interesting trading opportunities without constantly monitoring the price movements in MetaTrader?
One solution is offered by Autochartist, where you can order sending reports with current signals directly into your mailboxes.
Wherever you are, with Autochartist you will always know what opportunities are currently being created in the market, without having to follow the instruments on the platform. Autochartist generates and sends three types of reports to the email: Market Report for Asian, European or American session Correlating Alert a report with the confluence of two signals High Impact news a list of important news Market Report The Market Report is the most comprehensive report that Autochartist generates.
This report is produced three times a day before trading in Tokyo, London and New York starts.
The Market Report provides an overview of the technical market outlook for the next trading signal for the next 24 hours, and you can get it to your mailboxes before large financial centers open. An example of this report as received in an email box is shown in Figure 1: Figure 1: The Market Report in an email message By clicking on the click here button, which is at the top of the email message, you will be taken to the online version of the report that is directly on the Autochartist website, see Figure 2.
Here, you can change the language version of the report. Figure 2: The online version of the Market Report The report has three main sections. The economic events section summarizes the main high impact news expected on the day. Keeping track of important news is important and many traders prefer not to trade at a time when a piece of important news is announced because of sharp and unpredictable movements in the price of the instrument. The next section is a summary of market movements that shows the current change in price with a price valid 24 hours earlier.
The most important part of the report consists of technical analysis and price prediction. For each instrument listed in the analysis, the trader can see: The time when the price is expected to be reached, The identification of the price pattern with a brief description of the current status, The identification of the support level and resistance. The moving average and RSI are calculated based on 34 candlesticks. How reliable the predictions are can be shown in the above example with the AUDUSD currency pair, which according to the report should fall to the price 0.
Points 1, 2, 3 and 4 define the downward channel according to the Market Report. The Market Report signal is then at a point B. We can complement the Market Report analysis with selected indicators. At point A, the faster average fell below SMAwhich is the point where the first confirmation of the downward trend occurred.
In addition, we have the Purple Strike indicator in the chart, where the blue dots indicate the point from which the price can be expected to rise and the red dots indicate the point from which the price can be expected to fall. At point B, this indicator showed that the price should rise, so at this point, we would be in conflict with what the Market Report says.
The Purple Strike indicator, on the other hand, confirmed that the price could fall at point C. Here, we would enter the trade at 0. We would put a stop loss above the last high, which is at At point D, the price reached the expected target as predicted by the Market Report.
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However, it took longer than expected 12 hours and the price also did not move in the expected direction immediately but continued to rise for some time.
We can also see that the price moved much farther than the anticipated target price, and if we kept the trade until reaching the point E, where the Purple Strike indicator changed the bearish signal to the bullish one, we would have much bigger profit.
Popular questions answered Who is a Forex Trader? An FX trader is any individual who exchanges one currency for another. Individual traders commonly use different platforms to exchange foreign currency.
What is the lesson herer? It is good to take the signals from the Market Report with some insight. It would be a mistake to start trading them immediately without a knowledge of the technical analysis.
Trading signal for the next 24 hours signals are not always reliable and it requires experience to gain confidence in them. You should try to understand when they work and when they don't with backtesting them on a few examples.
Correlating Alert Another interesting report you can receive into your email is the Correlating Alert. It is a report in which you can see a trading opportunity where there is a confluence of the price pattern and the signal on the key level of support or a resistance. The time difference between the two signals is a maximum of 5 candlesticks at the time when they were generated.
Another parameter is that the prediction where the price can move must be at least 20 pips.
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Due to the combination of two signals, this report gives stronger signals than the Market Report. Figure 4 shows the first part of this report in an email message. In this section, a symbol to which the signal relates and other parameters such as a direction, an expected target price and a probability are given.
Figure 4: The Correlating Alert — Part 1 In the 2nd part of the email message you will find the price pattern and the key levels of the support or the resistance. See Figure 5: Figure 5: The Correlating Alert - Part 2 In our case, the pattern of the rising wedge is identified on two-time frames, namely 30 min and 60 min, where the lower trend line was broken.
At the same time, the support level, which has already been broken in the case of the 30 min chart, is shown. In the case of the 60 min chart, there is another support to which the price is expected to approach. The red rectangle then shows the target price area. This report provides an overview of the significant news that will be announced over the next 8 hours when high volatility can be expected.
You will receive the reports for the sessions you choose. Figure 6: The High Impact News report.
Figure 6 shows an example of the High Impact News report in the mailbox. The advantage is that you can simply add individual events to your calendar either in Google Calendar or Outlook, where you can set reminders so you won't forget them.
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How to subscribe to these reports? Autochartist reports are available for free for all Purple Trading clients. You can subscribe to receive them in your PurpleZone Hover over the figure silhouette with your mouse Click on "My Profile" section Click on market reports Fill in your email address, choose the type of report which you want to receive and desired trading session.
The Market Report provides an analysis of trading opportunities for the next hours. The Correlating Alert report shows only such trading signals where there is a confluence of a price pattern with a key support or resistance level.
The High Impact News report shows an overview of important news to be released during the next 8 hours where high volatility is expected.