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TraderFX65 Strength Meter

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  • TraderFX65 Strength Meter

    One of the most useful indicators in my "toolbox" is my Strenght Meter. This is an indicator that I wrote for MT4 and I use it to help identify direction and momentum of a particular currency. I have several profiles on MT4 and one is "Snapshot". On that profile I have my Strength Meter in 15min, 30min, 1hr and 4hr timeframes. This give me a good idea of what's moving, what's not and what long term and short term direction they are moving. I also peek at on on daily and weekly to identify trend shifts

    This is no magic indicator, it gives false signals just like any other (it's based on RSI). However I have become very comfortable with it and it has become like a swiss army knife for me. I use it in several different ways and it's good at a lot of things. I throw trend lines, moving averages, I'll even throw a fib on it!

    What I will be doing is posting the Strength Meter several time a day on this thread. Here is the Legend:

    USD = RED
    EUR = DODGER BLUE
    JPY = PURPLE
    GBP = DARK GREEN
    CHF = GOLD
    AUD = BLACK
    NZD = LIME GREEN
    CAD = BLUE

    Hope you find this useful!

    Joe
    "The trend is your friend - until it bends at the end"

  • #2
    Strength Meter June 12, 9:00PM EST

    Strength meter shows continued buying of JPY and CHF with GBP and NZD selling

    sm15-30.jpg
    Last edited by Turtle Forex; 06-13-2013, 01:23 AM.
    "The trend is your friend - until it bends at the end"

    Comment


    • #3
      So how do we read into this Joe?

      Does that thumbnail mean a BUY on EU on both 30M and 15M TF's?

      Comment


      • #4
        So the coloured lines indicate each currency so you can easily identify which is strongest and weakest?
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        • #5
          Boozy - I do not use the "snapshot" for BUY or SELL, only to get a feel for what is moving. For instance, if I see JPY weak and AUD strong, I view that as a pullback and a wait for JPY to turn back up and AUD to turn back down since JPY is strong on the longer term (Daily) timeframes.
          "The trend is your friend - until it bends at the end"

          Comment


          • #6
            Yes Nick, each line represents a currency.
            "The trend is your friend - until it bends at the end"

            Comment


            • #7
              Strength Meter June 13, 6:00 EST

              I am eyeing a possible NZDJPY short

              sm6-13.jpg
              "The trend is your friend - until it bends at the end"

              Comment


              • #8
                I look at that and I see short EURCAD. Am I reading that wrong?

                Comment


                • #9
                  Strength Meter June 13, 7:15 PM EST

                  Some wild swings in the Strength Meter! NZD and AUD on fire today and JPY took an epic nosedive!
                  Attached Files
                  "The trend is your friend - until it bends at the end"

                  Comment


                  • #10
                    Strength Meter June 14, 6:15 AM EST

                    Happy Friday!

                    SM consolidating ahead of US data with the only real mover being the GBP earlier this morning. Personally will be watching EUR and CHF for possible buy opportunities against USD, CAD, AUD and CHF.

                    However at this point I am cautious to sell AUD or NZD and would prefer to sell only off extreme OB conditions as there is a chance of an upcoming trend reversal on the longer term charts.
                    Attached Files
                    "The trend is your friend - until it bends at the end"

                    Comment


                    • #11
                      Strength Meter June 18, 6:00 PM EST

                      Consolidation on the 30 minute after a fairly tame US session. Should see a nice breakout...who will it be?

                      sm6-18PM.jpg
                      "The trend is your friend - until it bends at the end"

                      Comment


                      • #12
                        Strength Meter June 19, 10:00 AM EST

                        Continued consolidation going into risk event. Notice that all currencies are now coming towards each other ahead of FOMC at 2:00-2:30 EST

                        consol.jpg
                        "The trend is your friend - until it bends at the end"

                        Comment


                        • #13
                          Strength Meter June 19, 8:30 PM EST

                          I put a 15 min and 1 hr SM....1 hr looks like a sea monster...;-)

                          sm6-19.jpg
                          "The trend is your friend - until it bends at the end"

                          Comment


                          • #14
                            Originally posted by TraderFX65 View Post
                            I put a 15 min and 1 hr SM....1 hr looks like a sea monster...;-)

                            [ATTACH=CONFIG]68[/ATTACH]
                            Haha, I see it!
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                            Open an account at Blueberry Markets and save the $97/monthly fee.

                            Click here to find out more.

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                            • #15
                              Joe,

                              Any chance of a latest image of the strength meter? The picture must be telling a thousand words regarding how 'sick' these commodity currencies are. AUD and NZD is like watching a slow death.

                              I really find it fascinating how currencies with positive interest attached, can be so out of favour.. interesting times.

                              Phil

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