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currency strength meter

  • #21
  • Feb 9, 2021 9:42pm Feb 9, 2021 9:42pm
Quoting Erebus
{quote} Yes, good point, but I doubt if you can find any post here on FF where anybody suggests to use this as an ENTRY trigger ??? On the chart posted please note these things are happening, at London Open marked by "X" 1. Below 34 EMA trend channel, below the 89 EMA 2. Below today's open 3. Below yesterday's low 4. Below Daily Pivot Point 5. Breaking the opening range indicator orange line So, I don't recall the position of those 2 currency at London Open but by then, I'm sure they would be moving to the respective strong & weak place. Use CSM...
Hello
Are you still using this strategy?
  • #22
  • Feb 11, 2021 3:28pm Feb 11, 2021 3:28pm
Quoting Krokett
{quote} Hello Are you still using this strategy?
Not as per that chart but definitely watching CSM (Currency Strength Meter) on a daily basis

For instance, got some pips on AUDJPY today



Attached Image
It takes a lot for me to IGNORE you, but you can try.
  • #23
  • Feb 11, 2021 3:37pm Feb 11, 2021 3:37pm
Quoting mario777
{quote} Is CMS is a lagging indicator? On your screenshot AUD and CAD is on the extremes but on the chart is already moved down and currently ranging.
Well, don't look at it as an INDICATOR

We are not looking for a hard and fast SIGNAL

Think of it as a UTILITY

We are looking for evidence of strong vs weak while looking at the direction of Price Action

So, it's another tool to use, if it's confirming, great, if not, better have a good look at what's happening

So, yes, it is lagging to some degree, but strictly from a day trading perspective, if something is strong/weak in the Asian session,

and that continues all day long, through Europe session and into New York, just go with the flow, works for me

It takes a lot for me to IGNORE you, but you can try.
  • #24
  • Feb 13, 2021 3:03pm Feb 13, 2021 3:03pm
I just finished programming an EA with those specs but without the CSM.
  • #25
  • Feb 15, 2021 7:41am Feb 15, 2021 7:41am
dont waste your time. a currency strength meter / indicator just shows you what has already happened and you can see with your own eyes. Pointless.
https://linktr.ee/Soultrader
  • #26
  • Feb 15, 2021 8:01am Feb 15, 2021 8:01am
Quoting soultrader
dont waste your time. a currency strength meter / indicator just shows you what has already happened and you can see with your own eyes. Pointless.
That may be true however I see the strength meter as an aggregation for each currency and not by pair and it strength or weakness which can sometimes be difficult to see across 7 pairs of USD, EUR ,GBP etc.
  • #27
  • Feb 20, 2021 10:25am Feb 20, 2021 10:25am
Quoting soultrader
dont waste your time. a currency strength meter / indicator just shows you what has already happened and you can see with your own eyes. Pointless.
I totally agree with you.
strength measurement?
it all depends only on the time frame used.
  • #28
  • May 14, 2021 10:39am May 14, 2021 10:39am
Quoting Erebus
{quote} No, I don't know the calculation; I do know the concept, most are based on the same I believe, which is pips movement again the pairs it trades with Check this thread for more information http://www.forexfactory.com/showthread.php?t=346227 Some are adjustable for time frame, I use 4H on 2, 3, and 4 in this screen shot because I am trading 15 minutes chart But also good to know the overall daily strength {image}
Hi Erebus,

Thank you for the input. I downloaded the file that you shared, but I am unable to get the different timeframes on there. Can you please advise.

Screenshot attached
Attached Image
  • #29
  • May 15, 2021 3:34pm May 15, 2021 3:34pm
Quoting acdforex
{quote} Hi Erebus, Thank you for the input. I downloaded the file that you shared, but I am unable to get the different timeframes on there. Can you please advise. Screenshot attached {image}
I don't see where I shared that indicator?

Looks like a screen resolution problem to me.

And I don't think that indicator has a time frame?

So I'm a little confused...

It takes a lot for me to IGNORE you, but you can try.
  • #30
  • May 16, 2021 2:57am May 16, 2021 2:57am
Quoting Erebus
{quote} Yes, good point, but I doubt if you can find any post here on FF where anybody suggests to use this as an ENTRY trigger ??? On the chart posted please note these things are happening, at London Open marked by "X" 1. Below 34 EMA trend channel, below the 89 EMA 2. Below today's open 3. Below yesterday's low 4. Below Daily Pivot Point 5. Breaking the opening range indicator orange line So, I don't recall the position of those 2 currency at London Open but by then, I'm sure they would be moving to the respective strong & weak place. Use CSM...
Hi Erebus,
Good Setup Do you use it only on 15M or can be used on Higher TF, and what is your signal For exit?
Also if it is possible to share separated indicators SONIC & PZ STREECH .

Regards,
Ahmed
  • #31
  • May 16, 2021 3:15am May 16, 2021 3:15am
Quoting zreboo
{quote} Hi Erebus, Good Setup Do you use it only on 15M or can be used on Higher TF, and what is your signal For exit? Also if it is possible to share separated indicators SONIC & PZ STREECH . Regards, Ahmed
Yes, currency strength is mainly used for 15 minutes while day trading.

If you were trading say, a Bearish Pin Bar of the Daily candle and price was at an all-time high, the trigger is below the bar so doesn't make much sense to wait for strength to tell you what to do.

All PZ indicators are available in the Market tab of Metatrader 4 and 5.

Sonic is free in the PVSRA thread and they have their own forum now for years.

Good luck
It takes a lot for me to IGNORE you, but you can try.
  • #32
  • May 16, 2021 4:55am May 16, 2021 4:55am
Quoting Erebus
{quote} Yes, currency strength is mainly used for 15 minutes while day trading. If you were trading say, a Bearish Pin Bar of the Daily candle and price was at an all-time high, the trigger is below the bar so doesn't make much sense to wait for strength to tell you what to do. All PZ indicators are available in the Market tab of Metatrader 4 and 5. Sonic is free in the PVSRA thread and they have their own forum now for years. Good luck
Any idea of how using CMS?
I am using it in H1 timeframe, not so great but tweak it in my own way, quite helpful
need some deep down studies in it
Nothing to learn here
  • #33
  • May 16, 2021 11:11am May 16, 2021 11:11am
I trade using a currency strength meter I found on Trading View. It's called 8 Pair Strength. I usually trade it at the beginning of the NY open, and I'm generally looking for both positioning AND slope of the lines. I would rather trade a pair with a sharp slope closer to the middle as opposed to just blindly picking the top and bottom lines because often times they are overbought/oversold.

Here's a trade I took on NZD/USD Friday around 8am EST.
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  • #34
  • May 16, 2021 1:09pm May 16, 2021 1:09pm
Quoting Nico1359
I trade using a currency strength meter I found on Trading View. It's called 8 Pair Strength. I usually trade it at the beginning of the NY open, and I'm generally looking for both positioning AND slope of the lines. I would rather trade a pair with a sharp slope closer to the middle as opposed to just blindly picking the top and bottom lines because often times they are overbought/oversold. Here's a trade I took on NZD/USD Friday around 8am EST. {image} {image}
Still quite risky. Price had already gone to much as you can see the left. Actually i think thats terrible way of using cms
Besides i suggest dont use cms in oscillator form, rather numbers should be more agile
Nothing to learn here
  • #35
  • May 16, 2021 5:56pm May 16, 2021 5:56pm
Quoting NoobM
{quote} Still quite risky. Price had already gone to much as you can see the left. Actually i think thats terrible way of using cms Besides i suggest dont use cms in oscillator form, rather numbers should be more agile
Depends on your objective really. If you are going for significant moves, then no I wouldn't advise this. If you're looking for a way to target strongly trending pairs in order to grab a small amount of pips... it's actually been quite accurate. Admittedly, I don't have a big sample size yet but my strike rate with the small amount of trades I have taken with it is pretty high.
  • #36
  • May 16, 2021 8:17pm May 16, 2021 8:17pm
Quoting Nico1359
{quote} Depends on your objective really. If you are going for significant moves, then no I wouldn't advise this. If you're looking for a way to target strongly trending pairs in order to grab a small amount of pips... it's actually been quite accurate. Admittedly, I don't have a big sample size yet but my strike rate with the small amount of trades I have taken with it is pretty high.
If so i still suggest you use cms in number form, i havent used for scalping yet but i think thats worth to try if you like scalp
Better using it in london session.
Nothing to learn here
  • #37
  • May 16, 2021 11:34pm May 16, 2021 11:34pm
Quoting Nico1359
I trade using a currency strength meter I found on Trading View. It's called 8 Pair Strength. I usually trade it at the beginning of the NY open, and I'm generally looking for both positioning AND slope of the lines. I would rather trade a pair with a sharp slope closer to the middle as opposed to just blindly picking the top and bottom lines because often times they are overbought/oversold. Here's a trade I took on NZD/USD Friday around 8am EST. {image} {image}
Thanks for the heads up on that indicator, just starting to learn TradingView (TV) and liking it

You realize there are labels on the right?

And regards NZDUSD, the Friday strength didn't last

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It takes a lot for me to IGNORE you, but you can try.
  • #38
  • May 17, 2021 12:53pm May 17, 2021 12:53pm
Quoting Erebus
{quote} Thanks for the heads up on that indicator, just starting to learn TradingView (TV) and liking it You realize there are labels on the right? And regards NZDUSD, the Friday strength didn't last {image} {image}
Yes, I know. I forgot to maximize the screen last time lol. And yes, the Friday strength didn't last but I was able to grab some pips before the party ended.

And funny you should mention that, because this morning's trade was short the NZD/USD for 10 pips...
Attached Image (click to enlarge)
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  • #39
  • May 17, 2021 1:35pm May 17, 2021 1:35pm
Quoting NoobM
{quote} If so i still suggest you use cms in number form
I'm a little confused why you're so insistent on number form only. A number by itself only gives you the overall strength. It doesn't tell you the momentum of that strength (slope of the line) or the history of it. The number on its own is one-dimensional. The oscillator is three-dimensional.
  • #40
  • May 18, 2021 1:50am May 18, 2021 1:50am
Quoting Nico1359
{quote} I'm a little confused why you're so insistent on number form only. A number by itself only gives you the overall strength. It doesn't tell you the momentum of that strength (slope of the line) or the history of it. The number on its own is one-dimensional. The oscillator is three-dimensional.
I would agree a momentum line is a must or even looking at volume in addition to the strength meter. Once again it is a lagging indication it is not predictive so a number although useful could deminish quickly without you knowing why
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