I've currently got around 21 different forex templates loaded into my charting software but today I thought I would share with you one particular template that I've been working on recently. It uses a combination of moving averages in conjunction with one of my favourite indicators, the Supertrend indicator, and I think it could potentially be extremely profitable.
The components of this particular template are as follows:
- Exponential Moving Average (10) - blue
- Exponential Moving Average (21) - green
- Simple Moving Average (35) - red
- Exponential Moving Average (62) - pink
- Supertrend (1.5, 5)
As you can see, not only does the Supertrend indicator (with these shorter settings) track the price extremely closely but you also get some very nice breakouts shorter after these moving averages converge together.