I pick pairs to buy and sell against each other from my Currency Strength Indicator (afk.CSI) the plan to to buy strong and sell the weak. Any good CSI indicator will do.
The CSI shows me which pairs I should be looking at, and the I use the Forex Breakout Direction Indicator for my entries, stoploss and take profit values.
In the example below, the thick red line is GBP and the thin red line is JPY. See how the lines accelerate away from each other. This is a sign that I should be looking to trade GBPJPY.
JPY is moving up, getting stronger and GBP is moving lower, getting weaker. So I'm looking for GBPJY Sell on the Forex Breakout Direction Indicator.
I placed the thick white lines on the picture below shows you what I'm looking at.
The CSI sign was shown on the close of the daily candle on Thursday 02.08.18 and on the Friday morning I started to Sell the GBPJPY. Friday 03.08.18, Monday 06.08.18 and Tuesday 07.08.18 I had a strong sell signal on the Forex Breakout Direction Indicator.
I placed my EA on my chart and walked away. The EA places and set the correct orders, stoploss and take profit values, so I don't have to wait for the confirmation of the breakout.
The EA only places the orders from the information of the Forex Breakout Direction Indicator, i.e it is not a stand alone EA, it needs the indicator installed and managed on the chart for it to work.
In this example I actually return to my GBPJPY chart on Friday 10.08.18 and seen that this winning example banked me 191.6 pips
The USD came strong against the AUD, as shown on the Currency Strength Indicator below.
The CSI indicator shows all pairs, or just pair vs pair. The sell was called by the Forex Breakout Direction Indicator, given entry, stoploss and take profit values, banking 78.2 pips this week.
