1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Currency Strength Meter (Leaked)

Discussion in 'Forex Beginner Q&A' started by Currency Expert, Aug 24, 2016.

  1. Currency Expert

    Joined:
    Feb 14, 2014
    Messages:
    360
    Likes Received:
    9
    TAPPING PROFITS WITH AN INTRADAY STRATEGY


    “As traders, we should never stop learning, because the markets are never going to stop teaching. Continuing to learn is a vital part of becoming a better trader.”– Track ‘n Trade


    You may have heard that FX trading is all about combining strong currencies with weak currencies. Well, this is the home truth. In fact, this is what currency trading is all about, and the Currency Strength Meter helps us do this as easily as possible, while you are adequately rewarded.


    Currency Strength Meter – What You Need to Know

    The currency strength meter at LiveCharts gives you a quick visual guide to which currencies are currently strong, and which ones are weak. The meter measures the strength of all Forex cross pairs and applies calculations on them to determine the overall strength for each individual currency.


    How Does The Currency Strength Meter Work?

    The meter takes readings from every Forex pair over the last 24 hours, and applies calculations to each. It then bundles together each the associated pairs to an individual currency (eg, EURUSD, EURJPY, EURGBP etc) and finds the current strength.


    How Can This Help Me?

    It is useful as a quick guide to which currencies you might want to trade, and which might be worth staying away from. For instance, if a certain currency is very strong, and another suddenly turns weaker, you may find a trading opportunity. Such deviation between pairs usually indicates momentum. Conversely, if two currencies are weak, strong or average strength, there is often a range or sideways movement happening. You might want to stay away from trading those pairs. (Source: LiveCharts)


    Bringing It Together

    There are many ways in which currency strength information is displayed (like figures display, bars displays, etc.), but LiveCharts makes uses of rectangular bars.


    The strongest currency would display six rectangular bars on top of it.

    The weakest currency would display only one rectangular bar on top of it.

    The second strongest currency would display five rectangular bars on top of it.

    The second weakest currency would display two rectangular bars on top of it.

    The uppermost rectangular bar on top of the strongest currency is green, while the only rectangular bar above the weakest currency is red.


    Watch the video here: https://learn.tradimo.com/courses/183


    Looking at the CSM, the best thing to do is to combine the strongest currency with the weakest currency for the best result. Sometimes, we may combine the strongest currency with the second weakest currency (or the second strongest currency to the weakest currency).


    In a given day, all currencies with four or three bars on top of them would be avoided.

    Also, these are what we do not want to do:

    Combination of one strongest currency with another strongest currency,

    Combination of the weakest currency with another weakest currency,

    Combination of one second strongest currency with another second strongest currency,

    And combination of one second weakest currency with another second weakest currency.


    Strategy Snapshot*

    Strategy name:

    Strategy type:

    Suitability:

    Time horizon:

    Indicator:

    Setup:

    Position sizing:

    Stop loss:

    Take profit:

    Risk per trade:

    Risk-to-reward ratio:

    Maximum duration per trade:

    Maximum orders per day:


    The quote below ends the article:


    “When I follow my rules, good things happen. When I don't follow them, bad things happen.” - James Altucher


    *Please watch the details of the strategy video here: https://learn.tradimo.com/courses/183



    www.tallinex.com wants you to make money from the markets
     
  2. sininfinity

    sininfinity Active Member

    Joined:
    Apr 4, 2014
    Messages:
    644
    Likes Received:
    7
    There are many strength meters available on the market. You did not give any screenshot of which one you are talking about. Also the video does not show anything about the meter.
     
  3. Blossom

    Blossom New Member

    Joined:
    Apr 12, 2016
    Messages:
    107
    Likes Received:
    0
    Gender:
    Female
    Location:
    india
    I have never used any extra indicator or something like as in this post. But like to use if it really works good. I would also like to see any screenshot or images of this one to see how it works.
     
  4. sininfinity

    sininfinity Active Member

    Joined:
    Apr 4, 2014
    Messages:
    644
    Likes Received:
    7
    Strength meters have many functions. It usually shows how a currency is doing compared to related currencies. In case of forex consider the majors. The indicator use depends on the trader himself.
     
  5. Blossom

    Blossom New Member

    Joined:
    Apr 12, 2016
    Messages:
    107
    Likes Received:
    0
    Gender:
    Female
    Location:
    india
    Hey, thanks for the helping reply in post. Do you have used this indicator? Can you share your view on this indicator, on how to use it and how works it.
     
Loading...

Share This Page