Currency strength meter - page 5
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Hi, how do I make my chart look like that?
Hello,
Just to share my 10cent experience base on FX meter,
When i trade base on the currency FX meter.
I just take EURUSD as a benchmark.
1. When i open position sell and buy, the FX meter must show the weeakness and strongest of currency. For example usd strong (>7.00) and eur weakness (<2.00), as theory we need to sell eur and buy usd, am i right? yes, immediately open position, but need to see the support and resistance for opposition currency. if not we will loss.
[Standalone] ForexGrail System with FXMeter (Currency Meter) by Tom Yeomans MeterSoftwareWhile 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 aIf anyone is interested in this aproach, feel free to send me a PM regarding any questions. Good trading to all.
I am interested in this approach. Could you outline what exactly you mean by your three steps. I have little real experience trading forex, but have been avidly learning about technical analysis for the last couple of years. I realize that due to leverage opportunities Forex makes trading on a small budget possible. I was hoping to learn more if you are willing.
Hello Rumpledone,
I think you've answered a question or two in the past for me. Regarding the strength meters... I currently have the xmeter which has a slower responding formula than the newsprofiteer indicator's formula.
Since the newsprofiteer indicator doesn't have open code, I'm trying to locate an open formula similar to what's found in that indicator... looking for a faster reacting formula than the xmeter's.
Any other meter out there with a faster reponse time with open source or close to Newsprofiteer meter? Thanks
Anyone is free respond. Thanks
I don't post code unless I intend to maintain it where I post it. Some people don't like their code posted by others because they can't maintain the integrity of the code. If a bug is found or an upgrade made, it becomes a maintenance nightmare having to update numerous sites. I would post the links to the code but forum admins usually don't like that even though the internet is supposed to be the INFORMATION HIGHWAY. In reality the net has become a place filled with TURF WARS. FREE INDICATORS are NOT hard to find. Use your favorite search engine. If you type "FREE MT4 INDICATORS CURRENCY" into you search engine of choice, you'll get plenty of hits. I am sure you can find one or more to your liking. HOPE THAT HELPED!
Anyone Having this strenght meter of Thomas Yeomans,If yes plz send me the link and kindly explains how to use it as strentgh or reading of strenght or weakness of currency.
Anyone Having this strenght meter of Thomas Yeomans,If yes plz send me the link and kindly explains how to use it as strentgh or reading of strenght or weakness of currency.
Hi,
I am also interested to find out the formula used to calculate the strength of each currency like the one Tom used for his meter. Does somebody know?
Here is my version of the currency meter.
Looks nice are you selling it ? I have interest
Hi, I am also interested to find out the formula used to calculate the strength of each currency like the one Tom used for his meter. Does somebody know? Here is my version of the currency meter.
I am still researching the formula how each currency strenght is calculated. For now its personal use only.
Hi to all here in this forum. I´m not used to reply here since i consider my self a newbie. I´m trading 3 years from know and indi are all lagging nd i have
used xmeter in the past and i thing it lags. Why it lags? because when it tells you that one currencie is stong and the other is weak the move already hapened.
I think that we should focus on oversold and ouverbought levels for each currency, and look for buy oportunities on the oversold currency against the currencie who is overbout. And the calculation should not use any indi, only
price action. That way you can have trades with great risk/reward ( min. 1:2 some times greater)
I`m studing for something like this with a spreadsheet and looking to improve, any help or ideas would be apreciated.
Well thats my opinion, and i not here that my idea is the best one, it is only
my thougt, and i would apreciate replys from you guys
Thank you
Cristian
P.s: Sorry for my bad english