Currency strength meter - page 7
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[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 da 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 meter tool. The application of this type of trading system requires routine entry and 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 world currencies. We shouldn’t care. Our trading decisions should only b based on what is most likely to happen to a particular spread. From my years teaching, I saw losing traders unable to control their emotions as a common fault . They seemed to think they could trade from the seat of their pants. Make a few bucks with me in the morning, then piss it all away on hunches later. Each winner I taught made trades based on sound reasoning. Nothing was left to emotion. So...I strongly recomend this tool for anybody to use it, even a begginer can trade this system with ease and greater success than other tools I used and tested. If anyone is interested in this aproach, feel free to send me a PM regarding any questions. Good trading to all.
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
I use a currency strength meter called fxmcsm, its a desktop app that works with metatrader 4. Its very easy to use and understand, all I do is to trade when the trade indicators are green using 14 and 50 SMAs on my 1 hour charts for trade confirmations. Do a search on google for FXMCSM and you can download a free 14 day full version. Hope it helps you more.
why don't anyone make this indicator with PAIRS! instead of single currencys? that would be great for hedging! that will be something I would actually pay for! I think single currencys is useless, you get the same result following a moving average.
Hi roughetrader, there is a currency strength meter called the FX Multi Currency Strength Meter or FXMCSM for short that does 28 currency pairs for the 8 majors. You can even download a mt4 indicator to use with it for free, just do a search online.
Is this software still available or rather is it still as functional as it used to be; I heard of it some years back, don’t know about how it works right now