Currency dashboards trading

I have always liked the idea of trading with dashboards you know, let the dashboard tell you where to go and then take your trades from there.
Lately I have been drawn again to the Currency strength Dashboard and there are so many out there free and proprietary but I feel that since they all work on the premise of pairing strong versus weak currencies, one can start out with the ones freely available here on FF.

The problem with nearly all is the inability for you to backtest visually or via an automated script or EA so I haven't really traded with them.
Another major drawback is that the values are constantly changing quite unlike most time based indicators that take a stand after the close of your desired time frame so most times you wonder what were the values derived and displayed before you viewed the chart.
Some moves may be exhausted before being picked up on the dashboards.

My recent observations points me to the fact that the values for the weekly time frame is more stable and I want to watch further.
This thread will be daily devoted to watching the W1 values and see how consistent the pairings derived from that time frame's values are moving forward.

Credit should be given to https://www.forexfactory.com/honestknave who supplied the csDash Indicator which can be obtained from here...
https://www.forexfactory.com/showthread.php?t=537107
And to https://www.forexfactory.com/shahed58 who supplied the CS_Shahed58_Ver7 EA obtainable here...
https://www.forexfactory.com/showthread.php?t=758795
Here's the template



And the indicators and EA



Later I hope to find how to successfully use lower time frame values but for now I'd just be watching the W1.

The day started with NZD scoring highest while AUD & CAD were the laggers on the csDash indicator, the csDash made 7 recommendations for trading at that time of day, NZDCAD & AUDNZD were the top recommendations.


This was in hindsight so I looked them up to see their performance and they were good.

Hi mate,

nice thread, good luck with it.
I'm just subscribed
Cheers

Later on I tried to see if another Dashboard could give confirmation so I added the EA by another FF member SS_Shahed58_Ver7 .

Now much after New York open, NZDCAD is still the hottest pair.

Thanks for dropping by.

Nice Thread. Subscribed.

I took a look at the Dashboards on the 15th and seemed the Aussie pairs were leading but turns out there was news release earlier and I sort of drifted away and didn't pay attention.

I just took a screenshot on Friday and went on to tweak my Renko Entry Charts.

I was minded to take a look at the Dashboards, before anything but I didn't actually follow the trade recommendations.


GBP, EUR, were the highest moving pairs while NZD and JPY were the bottom feeders so several pairs beginning from GBPNZD and EURNZD were highlighted.

Hey presto, they were winning trades (if I'd taken them, how come there's no live replay buttons in Forex Trading)

EURUSD was highlighted but I was overzealous.

Seems this is a great way to safely and consistently take at least 10 pips from the market EVERYDAY and just compound your account.
NZDCHF seemed like 10 pips was going to be tough to attain.

10 pips was exceeded eventually.

Likewise NZDCAD

Some more success stories.

Post #1updated with the indies and EA.

Hi Intrepidpips,
Thank you for your effort. you have a nice collection of dashboards. But which one works best? All Dash Boards cannot be used while trading. right?
Thanks

The csdash by honestknave and the CS_Shahed58V7 EA

For today, I got to the office latter than FO and my terminal was shutting down frequently until I closed some of the open charts.

The Dashboards made some recommendations and I was not objective enough to act on any, I didn't wan to take any trade from "FOMO" pressure.
It seems the thing with some pairs is not to expect too much as their present status may be due to a previous day move or an Asia Session move.

With that at the back of my mind, I decided to go with those properly aligned on the MA Price cross Dash and as at that time USDCHF & USDJPY were the best candidates.


USDJPY was a late starter

While USDCHF was already in play

The buy recommendation were NZDCAD & NZDUSD and NC was strongly pointing north on the MA Price cross.

AUDCHF was not properly aligned on the MA Price cross Dash earlier, but later it yielded the goods.

I'm liking what I'm seeing, it means that a R:R of 1:1 will bring you to "Profitabilityville".

AUDJPY initially yielded a loss (assuming we aim for 10pips and risk 10) but it was latter recovered and much more.



Now it's how to determine which pairs will do better than just 10 pips.

CADCHF, USDCAD, EURCAD were top of the recommendations,


but only the EURCAD went that way as at this time of posting.


Maybe the others would follow suit later.

now best pair eurcad?

Hello Intrepidpips,

Thanks for opening this thread. Best of Luck.

I agree with you that the 'change of values' is an annoying thing. And the exhaustion of the move leaves less pips on table.
Observing the weekly is a good thing. I hope it works well with you.

----------

I have noticed some indicators that combine number of (indicators inside them) which would give an alert when a certain score is achieved. For example: Let's say we have an indicator that measures MACD, RSI and Price change. It will display a signal once a certain score is met. Let it be 70 percent. The logic here is we enter before we reach the exhaustion.

I wish if I find something similar to dashboards.If a currency exhibits some bullishness or bearishness, I want to be notified at the 70 percent mark not after.

I have not PMed or contributed in dashboards forums with this idea. I will do this in the future and I hope any coder would assist.

----------

BTW, Have you experienced with FFX Universal strength for confirmation? I like the flexibility it offers. One can use MAs, Price, RSI, MACD, etc..
I am also attaching another symbol change indicator that has the ability to add/remove pairs.

Kind Regards

Sorry I am just seeing this, going by your screenshot, on the Shahed58 CS the M30 is indicating that EURCAD is the "hottest dropper" there's several confirmation too but the ADR table says the pair has already moved 68% of it's 5 day ADR so you may not just jump in, you might need a retracement first before a continuation Bearish move.
In all your SL needs to be able to absorb any pullbacks before going in the recommended direction.


From the 68pips ATR mark that move was worth 45 pips but what would you have risked for 45 pips?