Advanced Currency Meter
Every good forex system has the following basic components:
- Ability to recognize the trend direction.
- Ability to identify the strength of the trend and answer the basic question
- Is the market trending or is it in a range?
You might Have come across different versions of Currency Strength Meter before but this one is unlike any other. This is a more advanced version and offers more detailed information.
How Advanced Currency Meter Helps you Achieve These Components
Advanced Currency Meter is a tool that measures the strength between individual currencies in a pair. Advanced Currency Meter goes further in employing Moving Average and ADX indicators to confirm the strength of a pair, identify the trend and identify the stage of the trend.
What is the direction of the trend?
With Advanced Currency Meter, you can easily view the direction of the trend for all currency pairs in one window. It has two basic panels: one of the panels contains the strength of different currencies and the other shows the trend and strength of the currency pairs. When ever the arrow is UP, this is an indication of buy trend and when ever the arrow is DOWN, this is an indication of a down trend.
What is the strength of the trend?
With Advanced Currency Meter, you can easily ascertain the strength of a trend even if you are a novice. When ever a currency pair is trending, an arrow is displayed to indicate the trend direction. When ever a currency is in a range, the arrow is deleted to indicate that there is no direction.
Where do i enter the trend to have a good Risk Reward Ratio?
With Advanced Currency Meter, you can easily ascertain the best entry points in a trend. Whenever the difference in strength (off-set) between two currencies in a pair is greater than 4.0, this is strong indication to enter the trend. At this stage the market is likely to move in only one direction for a while thus this a strong indicator for entry points
One good attribute of the Advanced Currency Meter is its simple view. No complicated trend lines, channels, arrows etc... Just numbers that even a 10 year old can read.
If you are a Forex trader whose strategy involves trading the trend, then this is a must have tool for you. I would just like to add that no trading strategy is 100% perfect, so apply money management in your trading. Good luck and happy trading!
Note: Although Advanced Currency Meter can work as a stand alone system, it is however advisable that it should be used as a confirmation tool for other systems instead of trading it as a stand alone system.