The Goldminor Indicator is an indicator for the Metatrader Forex platform that provides very clear entry and exit signals. In this article I give you a quick review and some initial thoughts about this indicator.
The only way to acquire the Goldminer Indicator is by purchasing the Forex Funnel automated Forex trading system. According to the creators of Forex Funnel, the Goldminer Indicator is so accurate in identifying the trend, that they initially intended to launch it as a separate Forex product, but finally decided to offer it as a bonus to their Forex Funnel product.
The Goldminer Indicator consists of 2 indicators working in conjunction to form a complete trading system with very clear entry and exit positions. At the bottom of the chart are colored bars that are either blue or red and on the graph itself are purple and yellow arrows.The trading rules are simple –
- Purple Arrow + Red Bar = Sell
- Yellow Arrow + Blue Bar = Buy
I haven’t had much time to test this system yet, but what I’ve seen so far looks quite promising. The indicator seems to read the trend very accurately and generates around 2 trading opportunities per day. The indicator works on the 1 Hour time frame, but the documentation does not specify if it works best with a specific currency pair, so this needs to be tested. I just used the USDJPY in my tests, because this is the pair that Forex Funnel itself trades on.
One interesting thing that I noticed in the Goldminer Inidicator manual is that the creators suggest a strategy that uses the same values for stop loss and take profit. For example, if you use a 30 pip take profit setting, then you should use a 30 pip stop loss, etc.
I’ve spent a lot of time looking at the trades that the Forex Funnel system execute and so far it doesn’t look as if the robot trades according to the Goldminer Indicator, which is a good thing because this means that you essentially get 2 distinct trading systems with your purchase.