In this post I will be reviewing the Five Candle Mastery Indicator which is a more complete manual forex trading system of the Five Candle Mastery Strategy that I previously reviewed. This version of the Five Candle Mastery Indicator will point out these patterns on your charts for you and provide you with clear entry arrows for you decide if you should take the signal and enter into the market. It includes what the developer calls a Five Candle Mastery Line that helps to identify the direction the market is moving in whilst the behind the scene analysis attempts to pinpoint the an entry opportunity.
Five Candle Mastery Indicator Trading System
The Five Candle Mastery Indicator is a very simple and basic manual forex trading strategy that can generate trading signals although you may wish to filter them with you own trading analysis. A long term and short term moving average can help ensure you stay on the correct side of the trend and potentially use The Five Candle Mastery Indicator to time your entry into these trends.
I would just make sure that I have good money management in place with winning trades bigger than losing trades to maintain a favourable risk to reward ratio. I would be using an ECN forex broker can help me save on trading costs with low spreads, low commissions and low slippage.
Five Candle Mastery Indicator Summary
Overall, The Five Candle Mastery Indicator is a very basic forex trading system but still useful when used alongside good discipline and money management. You may even wish to lock in profitable trades with a break even and trail winning trades with a trailing stop to ride trends as much as possible.
Perhaps it would be a good idea to start on a demo forex trading account with The Five Candle Mastery Indicator until you “master” it and consistently do well.
It is good in the sense that it is very flexible and can be used on any currency pair or time frame and to fit around your schedule.
The Five Candle Mastery Indicator comes with instructions, trade examples, full support and a money back guarantee.