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Can someone fix this currency strength indicator? 37 replies

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Bank Currency Strength

  • #161
  • Apr 9, 2018 5:33pm Apr 9, 2018 5:33pm
Quoting Zkk
JaiRai, Will you apply core volume indi on M15 TF? How does it look on M15?
Hey Zkk,

Only when i am able to scalp (mentally). Due to my accident i am not always able to do so. But if, then i scalp only during volatile times.
See the charts for the majors. As you can see there are enough opportunities to get filled on an early-in early-out method or on confirmation trades:

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  • #162
  • Apr 10, 2018 1:46pm Apr 10, 2018 1:46pm
Following Jay's and Angela's lead - I entered multiple positions micro lots demo this afternoon for quick profit. The two in the shots below are still running SL set to break even. Already gathered ~20 pips profit each pair from the prior lots that I've closed out.

I screwed my trades up pretty bad this morning then went back and read through this thread again and realized I was entering wrong.

I've had good success with pivots (thanks to Davit here on FF) so this is all I use for S/R along with the daily open line (yellow). Read more about pivots here.

If you believe what you read, price tends to reverse more often back towards the pivot once it hits w61/w78. Both of these pairs were in that area when I bought them and it panned out. Since I'm not 100% fluent on price action yet - is there any other way to determine if a trade at these levels is suggested or not?

Thanks to Jay and Angela as well as the other contributors to the conversation here.

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Blessed is the one who takes refuge in Him.
  • #163
  • Apr 10, 2018 1:54pm Apr 10, 2018 1:54pm
Subscribed. Thanks for sharing JayRai!
  • #164
  • Apr 10, 2018 3:11pm Apr 10, 2018 3:11pm
Quoting reo4ua
Following Jay's and Angela's lead - I entered multiple positions micro lots demo this afternoon for quick profit. The two in the shots below are still running SL set to break even. Already gathered ~20 pips profit each pair from the prior lots that I've closed out. I screwed my trades up pretty bad this morning then went back and read through this thread again and realized I was entering wrong. I've had good success with pivots (thanks to Davit here on FF) so this is all I use for S/R along with the daily open line (yellow). Read more about pivots...
Nice work. Can you please share your Pivot Indicator ?
  • #165
  • Apr 10, 2018 3:35pm Apr 10, 2018 3:35pm
Quoting rvenky
{quote} Nice work. Can you please share your Pivot Indicator ?
Here you are.......
Attached File(s)
File Type: ex4 Pivot_Voty(2).ex4   73 KB | 406 downloads
File Type: mq4 Pivot_Voty(2).mq4   36 KB | 429 downloads
Blessed is the one who takes refuge in Him.
  • #166
  • Apr 10, 2018 4:05pm Apr 10, 2018 4:05pm
I saw an indicator which more or less gives the same indications as the core volume indicator. Have not checked if it repaints. Will be nice if we check it out and report

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2018-04-10 at 5.01.30 PM.png Size: 90 KB
Attached File(s)
File Type: ex4 BDTv2_MarketSentiment.ex4   25 KB | 653 downloads
File Type: ex4 BDTv2_TrendStrength.ex4   27 KB | 612 downloads
  • #167
  • Apr 10, 2018 4:19pm Apr 10, 2018 4:19pm
Quoting reo4ua
{quote} Here you are....... {file} {file}
thanks
  • #168
  • Apr 10, 2018 4:49pm Apr 10, 2018 4:49pm
Quoting reo4ua
Since I'm not 100% fluent on price action yet - is there any other way to determine if a trade at these levels is suggested or not?
Hello reo4ua,

Nice to see that it helps your trading! The answer to that question is somewhat difficult as there are many theories about that matter. I use prices from banks to determine S&R. Professionals (major banks, institutions, large investment companies etc) are able to see stop loss prices in volumes. So they are using that in their favour as well. Therefor the only thing i would use is the daily pivot beside bank positions. But the way Angela is trading looks interesting though. I must admit that. Maybe she can explain her way and it would fit more into your way of entering the markets?

Quoting rvenky
I saw an indicator which more or less gives the same indications as the core volume indicator. Have not checked if it repaints. Will be nice if we check it out and report
Hello rvenky,

Sometimes it seems like there are indicators that are somewhat the same. But when we search for it, we can always find indicators that from what we think could be a bit the same. However, as long it isn't 100% the same, it is not. Even when it could be for almost 80% the same, it is not worth risking your capital since trading in global is a tricky business at its own. You need a tool where you can rely on and understand its logic. For me that is not a technical algorithm where i want to put my trust in (read as: risk my capital for). There are many, many indicators out there that looks pretty good but there are still many, many traders that are getting disappointed in the end and are on the edge to give up trading. My best advice would be focussing on actual trading with something you know very well, know its logic and try to become consistent. That task is already hard to crack and need all of your focus and available time. But it is possible! I am not the smartest person around here, believe me, but i managed to become a trader for a living.
  • #169
  • Edited 6:46pm Apr 10, 2018 5:14pm | Edited 6:46pm
Quoting rvenky
I saw an indicator which more or less gives the same indications as the core volume indicator. Have not checked if it repaints. Will be nice if we check it out and report
Many thanks for sharing.

For me personally it's not the indicator calculation or result, but the data source that's critical. If an indicator's values are sourced from a MT4 broker's OHLCV, then this data (being derived from price) necessarily lags sentiment, and is 'retail' in its nature; while MT4 volumes are local broker tick volumes. Whereas bankersfx claim that their core volumes are actual volumes being traded on institutional trading floors, the idea being that these institutional guys will have a better idea than retail traders as to future price direction, and hence increases or decreases in this volume could potentially give an earlier and/or more accurate indication than data calculated from a MT4 broker's OHLCV. (That's the only reason I would consider paying for such data; as a programmer I can derive anything that I want from MT4 for myself).

If I understand JayRai correctly, he's attempting to go beyond technical analysis, and obtain data from banks and institutions that potentially point toward market sentiment (and possibly toward some of the fundamental items displayed below the waterline in the graphic here). [EDIT: I had written this before I read JayRai's comments in post #168]

Please don't get me wrong: I'm not saying that what you're sharing isn't valuable; I'm just saying what's most helpful to me, given my own approach to trading.
  • #170
  • Apr 10, 2018 5:29pm Apr 10, 2018 5:29pm
Quoting hanover
and possibly toward some of the fundamental items displayed below the waterline in the graphic here)
Wow, that is the first time i see such knowledge in a public forum like FF. And yes, you are totally right. I am trying to keep my trading based on fundamentals as much as i can. I agree, every positive intended share is valuable. But for me it isn't what i like to use. Maybe because i wasn't successful in my early years using technical approaches or because i am not that gifted to use it successful or that i found my way of trading in a fundamental way. Either way, i never try to talk anybody down when using technical indicators but try to explain why i am not using them. Hanover explained it well, better than i could. So many thanks for that!
  • #171
  • Apr 10, 2018 5:34pm Apr 10, 2018 5:34pm
Hi Jai, I agree with you. What I have learnt is at some point of time you will start forming your own style of trading depending on the amount of capital you have, time you have and what you styles you have exposed yourself to. Though I keep looking at new trade ideas I still have a core method of interpreting the market and trade the currency that I feel will move. New ideas needs to be looked at and see if can enhance your core trading method. I did not know about Bankersfx before I saw your thread and I am trying to see how it will help me in my trading.
  • #172
  • Apr 10, 2018 5:45pm Apr 10, 2018 5:45pm
Quoting rvenky
Hi Jai, I agree with you. What I have learnt is at some point of time you will start forming your own style of trading depending on the amount of capital you have, time you have and what you styles you have exposed yourself to. Though I keep looking at new trade ideas I still have a core method of interpreting the market and trade the currency that I feel will move. New ideas needs to be looked at and see if can enhance your core trading method. I did not know about Bankersfx before I saw your thread and I am trying to see how it will help me in...
I understand your point of view totally. I think most readers do actually. But regarding Bankersfx, well, i still have 2 other data subscriptions elsewhere to compare as much as i can with Bankersfx. I am not saying that i have trust issues but i always want to know for sure how solid something is. Especially when my capital is at stake. Until now i am very satisfied though. There are others that offer such kind of data but not bundled in the way they do (yet).
  • #173
  • Apr 10, 2018 5:53pm Apr 10, 2018 5:53pm
I am willing to try new things. That is why I subscribed to Bankersfx. But Initially I wanted to check only the core volume indicator. Next month I will check the other indicator. See if it fits my trading method. As of now I like the core volume indicator and surely help me in my trading.
  • #174
  • Apr 10, 2018 6:02pm Apr 10, 2018 6:02pm
Quoting rvenky
I am willing to try new things. That is why I subscribed to Bankersfx. But Initially I wanted to check only the core volume indicator. Next month I will check the other indicator. See if it fits my trading method. As of now I like the core volume indicator and surely help me in my trading.
Good to see that it helps! Please do not make rushed decisions. Make good considerations if something adds to your trading. And if you make a decision, make sure you tried your best to make the most of it. Thanks for taking the time and energy sharing your comments and experience. I forgot to thank you earlier for that.
  • #175
  • Apr 10, 2018 6:11pm Apr 10, 2018 6:11pm
We are a family. and we share our experiences with each other. You saw bankerfx you shared. I saw the other component I shared. Angela shared her experience. I requested one more member for the pivot indicator he uses and he shared. That is how we help each other and grow togeher. But all of us have one goal. Make money in forex and everyone is doing it at their own pace. But If there are skeptics then I need to assure them that you can make money off forex inspite of what the brokers do provided you got a simple nice system and you are focused. Focus has to 100% just like driving a car. If you are not focused you will surely meet with an accident.
  • #176
  • Apr 10, 2018 8:16pm Apr 10, 2018 8:16pm
Merged all of JayRai's posts into a word document for my own reference. If anyone's interested, see attached.
Attached File(s)
File Type: docx JayRai. Through 4-10-18.docx   1.6 MB | 737 downloads
Blessed is the one who takes refuge in Him.
  • #177
  • Apr 10, 2018 11:33pm Apr 10, 2018 11:33pm
@JayRai

Do you trade intruments other than FX using the same approach? If yes, which data provider do you prefer on other instruments?

Thanks in advance!

Cheers
  • #178
  • Apr 11, 2018 2:33am Apr 11, 2018 2:33am
Quoting reo4ua
Merged all of JayRai's posts into a word document for my own reference. If anyone's interested, see attached. {file}
Thanks for summing it up
i also subscribed to bankersfx to try it out, it's pretty accurate
i tend to use it for locating possible trending pairs with bank position and ride the wave at retracement with core volume
like buying GBPAUD since asian session, which contribute to more than 70 pips move
  • #179
  • Edited 3:08am Apr 11, 2018 2:57am | Edited 3:08am
Morning All -

Looking for feedback on the trades I opened this morning at London open. What would you do differently?

From the strength chart I assessed that my buy focus this week should be CadJ/CadCh/GJ/GCh and sell NCad.

Attached Image


First entry 3 micro lots buy. This one immediately worked out and hit my 1st TP. I closed the 2nd one and the 3rd one is riding with SL set to BE.

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Second entry - I'm not certain if this would be considered ranging or if price is making lower highs. Was hesitant to enter but I believe I followed the rules.

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Third - To me, all looks good with this setup. In addition to the entry rules, I had price making lower highs, 78.6 fib and previous price rejection area confluence and a nice rejection bar. Didn't notice until after entering that the volume bar I entered on shot back up to even with the average line. Need to wait until bar close I guess?
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Blessed is the one who takes refuge in Him.
  • #180
  • Apr 11, 2018 3:24am Apr 11, 2018 3:24am
Quoting Zkk
{quote} Thanks for summing it up i also subscribed to bankersfx to try it out, it's pretty accurate i tend to use it for locating possible trending pairs with bank position and ride the wave at retracement with core volume like buying GBPAUD since asian session, which contribute to more than 70 pips move

No problem. What timeframe are you using and have you had other successes at Asian open? Be aware red gbp news coming up.
Blessed is the one who takes refuge in Him.
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