Multiple Forex Feeds for Fibonacci Pattern Trading

Multiple Forex Feeds for Fibonacci Pattern Detection

If you only are looking at 1 data feed; you’re only seeing part of the picture when it comes to pattern trading on the forex markets.

While this is no an issue for our futures and equity traders; it is a big issue for forex traders. The problem is that the forex does not run of one central exchange so the view that we have of the market is typically through the one broker we might be using.

The problem is that many times brokers will have different spreads which will adjust the bid/ask price. A clear example of this is around news events where a lot of brokers will increase their spreads to reduce their own risk. When they decrease their risk, your risks just increased because the pattern that was then discovered really never existed in the first place.

Because there is not a central exchange for Forex traders, we do something really unique for you. We look at 5 different feeds to make sure that when brokers increase their spreads; it won’t fire off new “fake” alerts because our systems are smart enough to see the pattern did not occur on all of the feeds and was the results of spreads being increased.

  •    Using multiple data feeds prevent false patterns

  •    Less time looking at patterns that are never there for everyone else

  •    Make sure your seeing what everyone else is seeing

This is mainly only a problem for traders when it comes to trading the forex because of multiple exchanges, but it gives you a further edge to know that the pattern your about to trade is also the same one that is appearing on other peoples charts.

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