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How to Get Free Forex Trading Signals

Forex trading is a lucrative and exciting way to make money online, but it can also be challenging and risky. You need to have a good understanding of the market trends, the technical analysis tools, and the risk management strategies to succeed in this field.

But what if you don’t have the time, the skills, or the resources to do all that? What if you just want to follow the signals of successful traders and copy their trades automatically?

That’s where free forex signals come in handy.


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For those who are new to this trading term, free forex signals are trading recommendations that are generated by experienced traders or software programs and sent to you via email, SMS, or social media platforms. You can use these signals to enter and exit trades without having to do any research or analysis yourself.

But how will you find reliable and profitable free forex signals in 2024? How do you avoid scams and low-quality signals that can cost you money instead of making you money?

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In this article, we will show you how to get free forex signals in 2024 from three different sources: moving average-generated signals, indicator-generated signals, and last candlestick-generated signals.

We will also give you some tips on how to evaluate and use these signals effectively.

1). Moving Average Generated Signals

Moving averages are one of the most popular and simple technical analysis tools that traders use to identify the direction and strength of the market trend.

For new traders who are coming across this term for the first time, a moving average is a line that shows the average price of an asset over a certain period of time.

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Trading with the SMA indicator

There are different types of moving averages, such as simple, exponential, weighted, and smoothed.

Each type has its own advantages and disadvantages, but they all serve the same purpose: to smooth out the price fluctuations and show the underlying trend.

Moving average-generated signals are based on the crossover of two or more moving averages.

And what is a crossover you ask?

A crossover occurs when one moving average crosses above or below another moving average. This indicates a potential change in the market direction.

For example, if a 50-day simple moving average (SMA) crosses above a 200-day SMA, this is called a golden cross.

This is a bullish signal that suggests that the market is in an uptrend.

Conversely, if a 50-day SMA crosses below a 200-day SMA, this is called a death cross. This is a bearish signal that suggests that the market is in a downtrend.

You can get free forex signals based on moving average crossovers from various sources online. Here is an example of a tool that gives signals based on moving averages

2). Indicator Generated Signals

Indicators are another type of technical analysis tool that traders use to measure various aspects of the market behavior, such as momentum, volatility, trend strength, etc.

Indicators are usually displayed as lines or histograms below or above the price chart.

There are hundreds of indicators available for forex traders, each with its own formula and interpretation. Some of the most common indicators are:

  • Relative Strength Index (RSI): This is an oscillator that measures the speed and change of price movements. It ranges from 0 to 100, with values above 70 indicating overbought conditions and values below 30 indicating oversold conditions.
  • Moving Average Convergence Divergence (MACD): This is a trend-following indicator that shows the relationship between two moving averages of different lengths.

It consists of two lines: the MACD line and the signal line. The MACD line is calculated by subtracting a 26-period exponential moving average (EMA) from a 12-period EMA.

The signal line is a 9-period EMA of the MACD line. When the MACD line crosses above the signal line, this is a bullish signal.

When the MACD line crosses below the signal line, this is a bearish signal.

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  • Bollinger Bands: This is a volatility indicator that consists of three lines: a middle band and two outer bands. The middle band is a 20-period simple moving average (SMA).

The upper band is calculated by adding two standard deviations to the middle band. The lower band is calculated by subtracting two standard deviations from the middle band.

When the price touches or exceeds the upper band, this is a bearish signal. When the price touches or falls below the lower band, this is a bullish signal.

The tool below shows signals generated from different technical analysis indicators: –

3). Last Candlestick Generated Signals

Heiken Ashi Candlesticks

Other than using the methods shown above to generate signals, you can also get signals by looking at the last candlestick in the chart.

Still in the case of new traders,

Candlesticks are a type of chart that shows the open, high, low, and close prices of an asset for a specific period of time.

Each candlestick represents one period, such as one minute, one hour, one day, etc.

Ideally, you’d use a candlestick to identify price action and the sentiment of the market.

By looking at the shape, color, size, and position of the candlesticks, traders can identify various patterns and signals that indicate the possible future direction of the market.

Some of the most common candlestick patterns and signals are:

  • Hammer: This is a bullish reversal pattern that occurs at the end of a downtrend.

It has a small body and a long lower shadow that is at least twice as long as the body.

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Its appearance indicates that the sellers pushed the price down but the buyers came in and pushed it back up.

hammer candlestick pattern

  • Shooting Star: This is a bearish reversal pattern that occurs at the end of an uptrend.

It has a small body and a long upper shadow that is at least twice as long as the body. It shows that the buyers pushed the price up but the sellers came in and pushed it back down.

Inverted Hammer or Shooting Star candlestick pattern

  • Engulfing: This is a reversal pattern that consists of two candlesticks of opposite colors. The second candlestick completely engulfs the first candlestick’s body.

If the second candlestick is bullish (green), this is a bullish engulfing pattern that indicates a possible uptrend.

If the second candlestick is bearish (red), this is a bearish engulfing pattern that indicates a possible downtrend.

Bearish Engulfing candlestick Patterns Bullish Engulfing candlestick Pattern

Here are examples of signals generated from candlesticks: –

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