Currency strength meter - page 2
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hallo smeter... i already used one strenght meter but it doesnt help me in doing a good judgement to take a position by refer directly throught the meter.can u tell me how to read the strenght meter bcoz its change quite fast..tq
You may using them the wrong way or the one you are using is lagging.
I have been using the currency meter from currencymeter.com and it is great.
The most effective way to use a currency meter is to use a trend indicator as well as entry and exit indicator.
good luck.
Does anyone have the CCF pcl indicator shown here ?please post it
I modified some code to make that indicator.
There is an excel sheet which uses that MT4 DDE data to calculate the currency strength
[Standalone] ForexGrail System with FXMeter (Currency Meter) by Tom Yeomans MeterSoftware While I wait out the current US dollar bullishness to subside I decided to scratch an itch I’ve had for a few weeks and test out Tom Yeoman’s ForexGrail strength meter. I’ve resisted looking into this trading tool for quite a while as I know that Tom prefers to trade short time frames, generally 5 minutes charts, which have never seemed to mesh very well with me. After trading for five years now I know only too well the randomness vortex that exists in these short time frames. The ForexGrail is a Windows application that shows the relative strength of an individual currency. When EUR/USD is rising there is at least one of the following two reason in play (if not both): the euro is strengthening and/or the US dollar is weakening. If you want to figure out technically which is the case you can look at other currency pairs that contain the euro and US dollar and see if the euro is also gaining against other currencies, or if the dollar is weakening elsewhere. The ForexGrail does this examination for you and if a currency is strengthening against multiple currencies then it will be given a value closer to ten. If a currency is weak against multiple other currencies then the application will give it a value on the bottom end of the scale closer to zero. The application uses a MetaTrader DDE price feed as its data input and thus must be run for a while before you can see any real trends or changes in the strength or weakness of any individual currency. The ForexGrail thus allows you to quickly zone in on a currency pair that is trending nicely without having to examine tons of charts. Another reason why I haven’t given up completely on short term time frames is something that has stuck with me from reading Richard McCall’s Way of the Warrior-Trader. McCall’s approach to trading is grounded in his martial arts background and is steeped in the way of the samurai. He focuses on short term trading (for him on the e-minis) for no more than an hour each morning. Just as a samurai sword fight is quick and brutal, McCall recommends focusing all your energies on your trading activities for a limited amount of time. You engage with the market for however long you are at your peak mental fitness, and then disengage and rest for the remainder of the day. I think I’ve mentioned this concept a few times before and generally tried to apply it in the way I approach the market for medium and long-term trading: the majority of my analysis and market research is done during a twenty to thirty minute period in the morning. As I dial down the time frames on my charts and look to examine those five minute charts again I need to take heed of this same approach to make sure that I don’t get sucked into the relentless tick movements at these shorter time frames. I don’t want to be watching prices bob up and down for hours on end. I want to be able to hone in on where the action is, which hopefully the ForexGrail will help with, spot a trading opportunity that fulfills a predefined set of criteria. Manage and exit the trade within a reasonable timeframe and then go about the rest of my day. profitable trades using just two moving averages and the currency metertool. The application of this type of trading system requires routine entryand exit. Your trading decision will have 3 parts to it.1.. Picking a pair of currencies.2.. Finding an entry.3.. Determining your exit. Everyone is taught that there are hidden meanings in the patterns.Don’t make the mistakes 99% of traders end up making.THERE IS NO HIDDEN MEANING TO FOREX PRICES.Our job, as day traders is not to predict the direction of worldcurrencies. We shouldn’t care. Our trading decisions should only bebased on what is most likely to happen to a particular spread.From my years teaching, I saw losing traders unable to controltheir emotions as a common fault . They seemed to think they couldtrade from the seat of their pants. Make a few bucks with me in themorning, then piss it all away on hunches later. Each winner I taughtmade trades based on sound reasoning. Nothing was left to emotion. So...I strongly recomend this tool for anybody to use it, even a begginercan trade this system with ease and greater success than other tools Iused and tested. If anyone is interested in this aproach, feel free to send me a PM regarding any questions. Good trading to all.
Hi, I saw this from you and yes, I am thinking of making the purchase of Tom Yeoman's FX4meter. I then found another (Trend Zone Forex Trading System) and just confused myself. Maybe you could help . Please tell me which of these meters would be best for a seasoned trader Thanks Rich P
Hi, I saw this from you and yes, I am thinking of making the purchase of Tom Yeoman's FX4meter. I then found another (Trend Zone Forex Trading System) and just confused myself. Maybe you could help . Please tell me which of these meters would be best for a seasoned trader Thanks Rich P
Both are the same... they use same system and calculations.
I just using one of this currency meter..
it really working right since it confirmed well the currency strength for us to enter the position..
but be careful if you all download illegal or from torrent...
lot of virus recently...
Regards,
Michael Z
I just using one of this currency meter..it really working right since it confirmed well the currency strength for us to enter the position..but be careful if you all download illegal or from torrent...lot of virus recently...Regards,Michael Z
How do you know there are tons of virus in them recently :P
How do you know there are tons of virus in them recently :P
lol
..because I had tried to download many currency meter before..but, got virus..
got warning from my kaspersky..
maybe I should start buying the original..lol
That indic is a bit confusing. Trend can very easily be established with a moving average, some trendlines or just plain looking at the chart.
i saw this two meters in and i think it will be of great help.
Every Indicator is practically useless, all of them are based on past prices... so why pay for another one that only looks prettier?? The true advantage of some indicators is that when we use them we try to predict some past event that humans (Market) could repeat probably in the future...
I agreed, and market do not repeat itself. This is why I sometime laugh at people that defend their new indicators ignorantly thinking they are experts because their indicator said so.
It is understandable this how few retail traders make a living from the markets and not from the actual trading using indicators they have re-coded.
By the way I use only CCI to support some decisions to avoid trading on a particular day or not.