There is no need to conduct technical analysis by yourself. You can use ready-made tools, e.g. trading recommendations and forecasts from the analytic agency Trading Central. Analysts team of TC gathers data on instruments of Forex and other financial markets and displays analysis in the handy and easy-to-understand view. How to use it we’ll talk in this article.
Brief information about the Trading Central company
The main fields of activity: Forex, futures, options, shares, indexes, interest rates, spot metals, commodities etc.
Business model – b2b
Partners – 300+ companies
FX and CFD brokers – 200+ companies
Traders – 60 mln +
Geography – 45 countries, 30 languages
Headquarters – London, Paris, New York, Hong Kong
The TC company works on b2b market since 1999 and translates analytics to online-brokers and commercial banks.
You as a trader cannot request analytics from TC directly. But you can cooperate with broker which is subscribed to the analytical package from TC and provide it to his clients. TC analytics is an additional competitive advantage of a broker. Ask your broker if he offers such services.
Market analysis methodology of TC specialists includes graphical and mathematical parts. Company’s analysts learn price behaviour with the help of line and candle charts and prove their forecasts with own mathematical indicators.
For the Forex market TC offers several products – plugins for trading platforms, news feed on a broker’s website, web-TV translation.
TC news feed on a broker’s website
Summary table with brief forecasts for all trading instruments
News feed from TC is built into the broker’s website: forecasts and trading recommendations are automatically translated in the real time mode. Data is refreshed several times a day, approximately every two hours.
Trading forecasts from TC look standardized. Data on trading instruments is shown briefly in the client’s Back Office or in appropriate website page. See what the information one can get from the news feed:
- currency pair;
- date and time of the forecast release;
- trading recommendations on every pair as a short summary (click to see full forecast);
- weekly trend arrow;
- data whether the forecast has changed in comparison to the previous week or not, id est whether the trend has changed its direction or not;
- monthly trend arrow;
- data whether the forecast has changed in comparison to the previous month or not;
- latest rate considered in the analysis.
Filter news by date and/or currency pair to sift redundant data. Expand the news to check the detailed forecast. For example, let’s look at the EUR/USD analytics.
The detailed technical analysis for a currency pair
The detailed analysis begins with the title – the main trading recommendation and time of the news release. The brief summary of the market situation at a time of the screenshot taking is “The bias remains bullish”.
The news at our screenshot was published on January, 6 at 10:07 GMT+2. TC forecasts remain relevant from 2 to 24 hours. It depends on the market behaviour so always check fresher forecasts.
The detailed forecast starts with the trading recommendation for the given instrument with the closest targets for placing defencive take profit orders. At the screenshot analysts from TC advise to place buy orders above the 1.0570 level and set take profit order at the level of 1.0615 or 1.0655, depending on the acceptable risk level of the applied trading strategy. (1)
The forecast also contains the alternative scenario for the case if analysts’ opinion turns mistaken. (2)
Below the technical analysis comment is situated. Now it states that RSI indicator shows upside momentum. (3)
Also the forecast includes key support and resistance levels and the latest rate considered while conducting the technical analysis. (4)
In addition to the analysts’ opinion the detailed forecast includes 30-minutes manually-set chart. It includes all the key lines and prices (5):
- Arrow – the branded arrow of TC showing the trend direction.
- Last price – i.e. the current price for the time of chart drawing. One should place orders from this level with upwards or downwards correction, depending on the arrow direction. Here we should enter the market (1.05971).
- Blue line – pivot points line. It can be used as a stop loss. In case the market goes against the forecast we will shorten possible losses.
- Green lines – resistance lines. Usually there are several resistance levels on a chart. Higher line means bigger risk. Here we place take profit orders.
- Red lines – support lines. They are drawn for the case the price goes against the forecast. Lower line means bigger risk.
Charts and marks of the RSI indicator.
Multilingual plugin in the MT4 trading platform
In order to follow TC recommendations directly in the trading terminal one can install the TC. Technical Analysis indicator for MetaTrader 4. How to do this read here. Brokers may set limits on use of the indicator.
TC automatically translates live data of the technical analysis in the trading platforms of the licensed partners. The same information as in the news feed on a broker’s website is put on the dynamic chart of a currency pair in MT4. It is much more comfortable to make trading decisions right in the terminal.
So, what we can see on the chart with the TC.Technical Analysis indicator added. In the top right corner we can see trading recommendation of red (if price is falling) or green (if price is growing) color. Support and resistance levels as well as pivot points are added to the chart. You can trade on these levels by simply clicking in that place where you want to enter the market. In the bottom left corner we can see the legend for all the TC lines.
Information about the trading strategy which is recommended by TC is displayed in the bottom right corner. It is the same data which is published on the website of a broker. But the main advantage of the TC technical analysis in the terminal is that the data adapts to the chart timeframe.
The plugin includes alerts which activate when the price intersects one of the key TC levels. Moreover, updates of the indicator are automatically uploaded in MT4, so a trader should only confirm new build.
Keep in mind that the TC analytics is just trading recommendations, possible scenarios of the price behaviour. As any other forecast they may not work in some cases.