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SmartTrader Just Got a Whole Lot Smarter: Introducing Our NEW Website

Whether you’re trading, charting, or simply scrolling through our website, we wanted the process to be as user friendly as possible. That’s why we revamped our entire site. Let’s take a look under the hood, shall we? First, we replaced the old way to get started...

10 SmartTrader Tools to Succeed

At the heart of success in trading is making effective and efficient trading decisions. That’s the secret! If you have the tools at your disposal to help you make well-timed, reasoned trades that pay off big, you could see wins time and time again. But wrapping...

Q&A with Ryan Ruscett/CTO

Earlier this summer, we announced our new Chief Technology Officer, Ryan Ruscett. In between his busy schedule, we were able to catch up with Ryan and chat about what he wants to accomplish at SmartTrader, oh, and horror movies too. Q: Understanding you just joined...

3 Charting Tricks Every Trader Should Know

3 Charting Tricks Everyone Should Know. Trading is rewarding, there’s no question about it. The satisfaction you’ll find from making a good trade, watching your investments grow and learning to trust your decision-making skills is enormous. But the technical...

Can Anyone Become a Trader

Can Anyone Be a Trader? The short answer: Yes, anyone can be a trader. But that doesn’t mean everyone should be a trader, or that everyone has the strengths it takes to stay in the game for the long haul. It’s important to do some introspection before making your...

Trading Room Community Rules

SmartTrader Trading Rooms are designed to provide an interactive outlet for traders to connect with others around the globe, share ideas, and learn trading strategies, market opportunities and more. It’s important to us that a safe space is maintained for you and...

SmartTrader Announces New CTO

SmartTrader announced today that Ryan Ruscett has joined the company as Chief Technology Officer (CTO). As CTO, Ruscett will lead efforts to strengthen SmartTrader’s technology focus and accelerate the cloud-enabled SaaS charting platform and trading solutions....

Trading Your Way

In honor of 26 years changing the lives of traders around the world, your favorite trading experts are sharing unique techniques and strategies for every type of trader at this incredible virtual event! This year's rapid market action has provided a nearly endless...

Counter Trend Lines in Forex: How Traders use these Signals

Top traders often use counter trend lines to take advantage of market movements. Here’s how they do it.

First, let’s define the two components of a counter trend line. First, it shows a market movement that’s smaller than the overall trend. Second, it runs in the opposite direction. So if your trend line is bullish, you can draw a counter trend line on any smaller bearish movement. Usually these are drawn manually.

So, let’s say a trader is hoping to take advantage of a bullish market multiple times. One way they could do this is to trade every time a bearish counter trend line is broken. (The opposite also works on bearish markets, trading on bullish counter trend lines being broken.) 

To trade on a counter trend line, look for a currency pair with a counter trend that has been taking shape. Choose your lot size, select a stop loss and a target. 

Remember to factor in your spread with your broker when you place your trade: You’ll want to be sure to spot enough of a win to cover the spread on your gain, and not have a setup that closes out a win that’s too small to exceed the spread.

Automated Counter Trend Lines in Forex

With automation, you could set the trade to take shape whenever your preset plan occurs in your charts, even if you’re not watching the currency pair at the moment when it happens. (Your computer or your VPS will need to be running, however.) You will receive an alert when the trade takes place, when you are using charting software such as SmartTrader.

If one pair doesn’t have the setup you’re looking for, your charting software should make it easy to find another pair that does have counter trend lines you can trade on. 

Bonus tip: When working manually, draw your upward or bullish trend lines beneath your candles in your charts, and your downward or bearish trend lines above your candles. That’s how the pros do it!

The SmartTrader Pro charting platform can enable you to trade with automated tools each month. Right now, you can try SmartTrader Pro for 30 days for just $27. Click here to see how the right software can simplify your charts so you can grow your portfolio. For a boost in automated functions (as well as speed and accuracy), give it a try today.