HOW TO USE TRENDSPIDER

In this TrendSpider review we will talk about why this charting platform is the future of technical analysis and we'll show you how to use Trend Spider. The video below is a webinar that we did with them and it gives a solid overview on how to use their charting tool.

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As a matter of fact, the future of charting for “retail” traders is here! It doesn’t matter if you’re trading stocks, cryptocurrency, futures or Forex.

Truly, if you’ve been trading long enough, you’ve figured out that trading is all about finding your edge. With TrendSpider you’ll have an edge over other traders who are not using algorithms for trading.

Why? Firstly, because the automated, computer generated drawing of trend lines will allow the beginner or advanced trader to identify trends faster. Secondly because the charting tool helps you time entries and exits into trades more effectively. Thirdly because it makes trading simpler and easier. And in today’s busy world that is much appreciated. 

TRENDSPIDER REVIEW – AUTOMATED TECHNICAL ANALYSIS

I might be the “Trend Line Master” but one thing I noticed about my charting is that I sometimes make mistakes. I miss a a trend line here and there. I’m human after all. I might be tired, distracted, or not zoomed in enough, or too far out to see the wick or candle touching the trend line perfectly.

You know the old saying of aim small, miss small. Subsequently, being off on a trend line by even a small amount can make the difference on if your entry or exit is profitable. It’s sometimes the difference between a win and a loss!

Therefore, there are a million reasons at any one point where you might make a mistake with your charting, or an occasional error when setting your alerts using your ThinkorSwim broker.

Here’s the thing about machines. They do what they are programmed. TrendSpider uses math with a level of consistency not possible by human traders.

Hence, this is why computers that trade or otherwise know as high frequency trading computers are so widely used today. Some of these HFT computers use a degree of the technology that TrendSpider brings to you at a fraction of the cost.

TRENDSPIDER REVIEW – MULT-TIME FRAME ANALYSIS

As a rule, the best way to figure out how to use Trend Spider is to dive in and start playing with it. The main feature and curb appeal is the multi-time frame analysis. Below is an example of comparing a daily and weekly chart.

To begin with, being able to compare two time frames at once saves time, and adds confidence to your analysis. Also it adds accuracy to your trading plan. As a result, trading your daily swing trade setup becomes a lot easier when you know there is “room to run” according to the weekly charts trend lines.

Next, once you’ve gone over the charts, you set your alert, and wait for your entry, and trade the plan! In our trading service, the Bullish Bears teams shows how to use TrendSpider when we are trading live in our trading rooms.

 AUTOMATED TECHNICAL ANALYSIS

TrendSpider Review

Here is an example of a TrendSpider chart of $CMG. Note the daily trend lines are highlighted solid. The weekly trend lines are dotted to make them distinguishable Comparing the two and setting alerts for when a candlestick touches the trend line you are eyeballing is the name of the game.

TRENDSPIDER REVIEW – AUTOMATED FIBONACCI RETRACEMENTS

Another key feature is automatic Fibonacci retracements. This is another great time saver that uses the proper analysis for the time frame you are viewing. In general, I use Fibonacci retracements for both day trading and swing trading. I find their mechanical levels of support and resistance to act as magnets for price.

Consequently, I have found the automation is superior in that there is no guesswork on what peak or low to draw the fib lines to. The platform does it for you, effectively removing all the bias.

TRENDSPIDER REVIEW

Weekly Fibonacci retracement of $CMG

AUTOMATIC CANDLESTICK PATTERN DETECTION

By the way, as you guys may already know, we are big candlestick pattern traders. Generally we are often discussing candlestick patterns on our live streams. We even created an entire free candlestick course for traders to learn this very important part of trading.

Additionally what we love about TrendSpider is there ability to recognize over 40 different candlestick patterns. In order to use this feature simply click and select which candlestick pattern you are looking for and it will be highlighted so you can easily find it on the chart. TRENDSPIDER REVIEW

To demonstrate above check out the hammer candlestick recognition in the platform, highlighted in blue. To learn about hammer candlesticks, read about how to trade hammer candlestick patterns here.

TRENDSPIDER REVIEW – HOW TO USE TREND SPIDER FOR DAY TRADING

Above we have shown how TrendSpider works for swing trading, but using TrendSpider for day trading strategies is fantastic as well.  Next take a look at the $SPY chart below. For example you can see how using a 5 minute time frame against the daily time frame chart allowed for a couple of good long and short entries.

TREND SPIDER REVIEW

HOW TO USE TREND SPIDER EFFECTIVELY

Also check out our webinar below with Trend Spider from earlier this year. We were lucky enough to have the founder of the company show us how to use Trend Spider effectively. The product continues to get better with each new update. When you become a Trend Spider member you can rest assured the product will continue to get better as it ages!

TRENDSPIDER REVIEW – HOW TO USE TREND SPIDER TO SET ALERTS

Another key point of this trendspider review is to talk about the trade alerts. Right click a trend line and it will bring up some interesting choices. You can set the alert to email and text you when a trend line is hit.

That way, the Trend Spider platform is always watching and ready to alert you to the perfect entry or exit on your trade. Likewise we like that you can set it for breakthrough, touch or bounce, AND on a specific time frame candle. (Usually we select all 3 for the alert)

For example, it might be an hourly or daily chart you are watching, but if a FIVE minute candle touches your trend line you’ll get the alert.

Also you can adjust the sensitivity of the alert. So if it gets within, say .10 cents of your trend line, you’ll get the alert (sometimes nice to get an early warning!). Fill in the Alert name, the description, and don’t forget to set the duration for how long you want the alert active (from 1 to 30 days)

TrendSpider Review

TRENDSPIDER REVIEW – HOW TO SET MULTI FACTOR ALERTS

So, if you’ve been a trader long enough, you realize that successful trades happen when a confluence of factors are taking place. Well, within the TrendSpider platform we now have multi-factor alerts. These allow you to customize a few different criteria for your alert to fire off. First, go to the alert section of TS and select the + sign to create the alert. Secondly, you can select your conditions. This is where you can really use the alert system to mirror your style of trading. Do you want an alert when daily RSI is oversold, a 5 minute candle forms a tweezer bottom, and a hourly candle forms off the 8 SMA Daily? Within .15 cents? You can do that!

Trend Spider Review

Check out the sweet conditional alerts you can set with TrendSpider. Winning!

To read more about this update check out their edited blog post here

 

TRENDSPIDER REVIEW – AUTOMATED TECHNICAL ANALYSIS

If you liked what you saw in this TrendSpider Review, feel free to try a trial of the product for yourself here!

Also, for Bullish Bears members we do have some special discount codes. Here are two discounts exclusive for our members. Bullish Bears members get 15% off for by using coupon code BULLISH15. or use BULLBEAR30 – which is 30% off plans. The coupon applies to first 12 months of service, renewals after 12 months are at normal prices. If you guys go for the yearly, using the above coupon, you save 15% once for paying yearly. Then save 30% again with our discount. That’s a total of 45% off the yearly plan. It’s a great deal for a platform this awesome! You won’t find another product like it on the market. 

Use promo code BULLBEAR30 to save 30% off PRO Yearly or ELITE Yearly plans.

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