Forex Retracement System (from SmartForexSignal)

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1 Forex Retracement System (from SmartForexSignal)

2 Welcome to the Forex Retracement System Guide In this trading guide you will learn to use our state-of-the-art indicator to speed-up the trading of the Forex Retracement System strategy, and increase your efficiency. You will learn to: 1.Install the Indicator in MetaTrader platform. 2.Interpret the Messages of the indicator. 3.Change the settings of the indicator 4.Set up sound and alerts.

3 Installing the Forex Retracement System Forex Retracement System requires the "MetaTrader 4" trading platform which is freely available here: CLICK HERE TO DOWNLOAD METATRADER Follow the instructions and open a demo or real account. We recommend trading the indicator on demo account before proceeding to real accounts Once the file has been extracted you need to locate the folder where you installed MetaTrader on your computer. As standard, MetaTrader is installed under the Program Files folder, which is usually under the C: hard drive: Examples: C:\Program Files\MetaTrader Folder\ If you are using Interbank FX Trader, the folder will be at C:\Program Files\Interbank FX Trader 4\experts\indicators\ If you are using Alpari MetaTrader, the folder will be at C:\Program Files\MetaTrader - Alpari\experts\indicators If you are using FXDD, the folder will be at C:\Program Files\FXDD - MetaTrader 4\experts\indicators\ Unless you have deliberately chosen a different location, the Primary Path (C:\Program Files) will always remain constant. The only variation appears in the newer 64-bit (x64) versions of Windows where older, 32-

4 bit applications such as MetaTrader 4 are installed into the "C:\Program Files (x32)" folder. However, the Application Folder varies for every broker providing MetaTrader 4. But don't worry - if you are not certain where your installation is located then there's a simple way to find out: Position your mouse cursor directly over (do not click!) the icon on your Windows Desktop that you use to start MetaTrader 4... Once you have found your Metatrader4 folder open it Open the EXPERTS folder located inside the Meta trader folder Copy ForexRetracementSystem.mq4 and paste into the Experts folder If your MetaTrader is open, close it and then re-open. Check the Navigator pane on the left side of the MetaTrader 4 window

5 You should see the Forex Retracement System at the Custom Indicators folder. Double click on the indicator and click OK to load it onto your chart. Here is a video showing how to install indicators in MetaTrader platform:

6 Trading the Forex Retracement System The Forex Retracement System indicator is designed to automatically identify the trading setups described at the strategy guide. It automatically identifies strong trends, filters out range periods, identify local highs and lows, and alerts you when price retraces to a local high\low so you can enter a trade. However, it is important to note that despite its accuracy no indicator can replace a human being, and it is needed to confirm the signals manually before entering them, to make sure they fit the entry criteria. A human can also identify trades that the indicator would miss, due to its mechanical nature. Interpreting the Messages of the indicator After installation and attaching the indicator to the chart, you should see the indicator label ForexRetracementSystem The indicator also identifies trends and ranges, and will write whether the pair is trending up, down or in a range (flat trend with no momentum). If the pair is in range it is recommended not to take any trades.

7 Identifying Retracement Levels The indicator automatically identifies levels which price has broken, which we will enter when price re-tests them. These levels are marked on the chart by a horizontal, dotted line. When price retraces to such level, you will see a message on the screen. For example: 'Price is re-testing a local high, prepare for Long

8 trade'. A sound alert will also be issued, to alert the user that a signal is taking place. The Indicator identified a new high and alerted when price touched

9 Price retraced to a temporary low, touched it - and continued downwards. The indicator alerted the retracement early and allowed an early call of the downtrend. Settings of the Indicator There are several settings you can change in the indicator. You can reach the settings screen by clicking on the 'Inputs' tab when loading the indicator onto the chart: LabelsColor - handles the color of the labels that appear on the screen. Change to any color that you are comfortable with. Font.Size - Size of the font in the labels. Sound.Alerts - Set to 'True' If you wish to receive sound notifications, or 'False' otherwise. .Alerts - Set to 'True' if you wish to receive notifications when a signal occurs. Read the next chapter to set the settings properly.

10 Alerts The Forex Retracement System can send s when it generates alerts. As a default this feature is turned off. To receive when the Forex Retracement System issues signals, do the following actions: 1. Enable Alerts. In the 'Inputs' tab, set ' alerts ' to True. 2. Click on 'Tools' and 'Options'. 3. Click on the ' ' tab. 4. Check the 'Enable' checkbox. 5. Ask your Internet Service Provider (ISP) what are his server details. 6. Click on 'Test'. You should receive a test to your inbox. Feel free to contact us at ¼

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