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Currency meter trading - strongest v weakest

  • #21
  • Feb 5, 2010 6:43am Feb 5, 2010 6:43am
Quoting pete.alfa
Hi Vantage & Profi,

I think it's useless for daily chart but it pick up reversal at 4h & 1h charts. I checked with Eur 5.7 Nzd 7.5 with Cad 2 now up to 3.3

But I dont think it will work with 5m.

now Cad suddenly has moved up to 7 then the E/C 5m sharply drops 54 pips & NZ/Cad drops 25 pips?. No news???
5mins later Cad droped to 6.3 & now 7.3. prices drop again 5-10 pips
I think the meter is immediately response. but it might works with 1h & 4h

Hope it helps

Cheers,
Hi pete,

I believe there was big news for CAD about half an hour ago. Was monitoring it just now. From Blue suddenly turned to Red. Currently CAD on 7.00 Orange alert. Even though CAD in Orange, but since USD not showing weakness number, we cannot see any great impact to USDCAD.

The meter do react immediately with any news impact that I do agreed with you.

I only monitor M1, M5 and M15. So far its works like a charm to me. Guess it works in any timeframe. Going to see how useful on NFP news.

Cheers
~ Let the TRADES come to you - be a TRAPPER not a HUNTER ~
  • #22
  • Feb 5, 2010 7:00am Feb 5, 2010 7:00am
Work best in scapling or swing etc??

Anybody had profitable trading system for this or take this for analyzie only??
  • #23
  • Feb 5, 2010 8:17am Feb 5, 2010 8:17am
Quoting draco76x
Work best in scapling or swing etc??

Anybody had profitable trading system for this or take this for analyzie only??
I've had several profitable trades in the past few days. Haven't seen how it runs in longer trades (a longer trade for me is hours LOL) that I've been in.

When I talk about scalps its generally on gu and ej and looking for 25 pips and hopefully more if running in line with a good daily candle etc.

I have seen a few 100+ runs so far, one on gbpchf, I wasn't in it but it was interesting to see how strongly gbp and weak chf was running. If you are in that, or any other trade running so far so quick you'll know it and you'll also know to look to exit at extreme of daily ranges at an appropriate W/M pivot round number etc.

If you have identified a good area for a long term trade then this could be a good tool to use to assit entry.

I have a friend that was 100+ up on eu and wouldn't exit with profits, I was telling him yesterday to get out as eur was weak usd strong, he didn't and from 100+ he was taken out at BE.

Its a tool, hoping it will be an edge. I have certainly seen numerous good 20-40 pip trades also, NB on moves that haven't been much more than that, ie it was good for getting the most of a limited run.
  • #24
  • Feb 5, 2010 8:19am Feb 5, 2010 8:19am
Quoting draco76x
Work best in scapling or swing etc??

Anybody had profitable trading system for this or take this for analyzie only??
The other point draco is that I think we are all new to this so yes theres going to be a lot of questioning what works nicely with existing trading techniques.
  • #25
  • Feb 5, 2010 8:19am Feb 5, 2010 8:19am
I've played with several different meters, and have never done any good with them.
The strength is not what matters, but the direction.
You can't see that with one that only has colored lights.

Even the ones with line graphs that show direction, haven't been profitable for me. The different time frames show different pictures and usually they contradict.
  • #26
  • Feb 5, 2010 8:21am Feb 5, 2010 8:21am
Quoting pete.alfa
Hi Vantage & Profi,

I think it's useless for daily chart but it pick up reversal at 4h & 1h charts. I checked with Eur 5.7 Nzd 7.5 with Cad 2 now up to 3.3

But I dont think it will work with 5m.

now Cad suddenly has moved up to 7 then the E/C 5m sharply drops 54 pips & NZ/Cad drops 25 pips?. No news???
5mins later Cad droped to 6.3 & now 7.3. prices drop again 5-10 pips
I think the meter is immediately response. but it might works with 1h & 4h

Hope it helps

Cheers,
Hi pete
Again this is a personal thing, if I had a 1hr/4hr set up I'd be using to time entry after the set up has occurred. If you have a set up that says sell gu and CM suggesting gbp strong and usd weak wouldn't it just make sense to wait for that situation to turn around?
  • #27
  • Edited 8:34am Feb 5, 2010 8:27am | Edited 8:34am
Quoting billbss
I've played with several different meters, and have never done any good with them.
The strength is not what matters, but the direction.
You can't see that with one that only has colored lights.

Even the ones with line graphs that show direction, haven't been profitable for me. The different time frames show different pictures and usually they contradict.
This one has no influence from one time frame to another. You get the direction from the colours. So if usd is blue 2 or lower it simply means that across the board all currencies usd is weak. If gbp is strong +7 it means that across all currencies gbp is strong. It does NOT guarantee that gu will go up, a certain amount of trading analysis/timing still needs to be done. Please see the chart in post 1, I didn't sell at the bottom hoping for a break out I waited for a retrace and turn in 1 min chart as everything was coming up weak still.
  • #28
  • Feb 5, 2010 8:41am Feb 5, 2010 8:41am
Quoting billbss
I've played with several different meters, and have never done any good with them.
The strength is not what matters, but the direction.
You can't see that with one that only has colored lights.

Even the ones with line graphs that show direction, haven't been profitable for me. The different time frames show different pictures and usually they contradict.
For what its worth Mrs V and I had a GU buy chance this morning which under our hl/lh rules would have worked fine. We didn't take that as CM was not lining up. There were 3 or 4 other possibilities where our normal trading rules and CM did line up. We took one, was negative for the spread + 1 pip for around a minute before we went positive.

Having said that on gu we also had a lh sell per our previous trade rules where the CM didn't agree, we didn't take it and CM saved us a losing trade.

Anyway GU then turned around had a perfect lh shooting star with CM agreeing for close on 40 pips, 2 re-entries 1 BE and 1 +17 where normal trading + CM agreed.

I don't know about anyone else but some days I do 1 trade some days 5 or 6. If this can swing 1 losing trade at say -15 to a +20 I know my month end will be a whole lot better.
  • #29
  • Feb 5, 2010 8:52am Feb 5, 2010 8:52am
Was posting here just glanced over to see usd 5.6 and gbp 1.5 and in last 10 mins a 40 pip drop. Usd had been in mid 5's the whole time guess gbp must have fallen away a little.
  • #30
  • Feb 5, 2010 9:00am Feb 5, 2010 9:00am
This is exactly the kind of situation I'm looking for. GU 5 min a lower high with in this case mid 5 strength on usd and gbp weakness coming in (it was 2 and below and hit 0 in the move down). Nice candle nice lower high CM agreeing eventually a potential 60 odd pip trade. Having all that plus knowing what currencies are doing overall (strong v weak) will I believe increase the odds of a winning trade.

The exit was a 62% ext of Y's range and a D pivot 'to the pip'.
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  • #31
  • Feb 5, 2010 9:11am Feb 5, 2010 9:11am
hi all, i like this thread, please where can i download currencymeter. and please vintage, can you be posting it here whenever you see strong signal of strong and weak currency.
If possible i dont know if you can give us the software here to download
  • #32
  • Feb 5, 2010 9:11am Feb 5, 2010 9:11am
Ok that was a quick 22 pips in about 2 mins. 1 min lh cross of 8 lwma usd stayed strong and gbp stayed weak. 5 min had a small lh shooting star.
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  • #33
  • Feb 5, 2010 9:12am Feb 5, 2010 9:12am
Quoting yullah
hi all, i like this thread, please where can i download currencymeter. and please vintage, can you be posting it here whenever you see strong signal of strong and weak currency.
If possible i dont know if you can give us the software here to download
See the link in 1st post for download.
  • #34
  • Feb 5, 2010 9:21am Feb 5, 2010 9:21am
Quoting yullah
please vintage
I'm approaching 50 but I wouldn't describe myself as vintage!!
  • #35
  • Feb 5, 2010 9:23am Feb 5, 2010 9:23am
Quoting yullah
can you be posting it here whenever you see strong signal of strong and weak currency.
I'll post what I can but up front I post more when Mrs V is not around she just about busts a gut when I post too much.
  • #36
  • Feb 5, 2010 9:43am Feb 5, 2010 9:43am
Poss final gu sell may just be shaping up, we'll see.
  • #37
  • Feb 5, 2010 9:48am Feb 5, 2010 9:48am
Quoting Vantage
Poss final gu sell may just be shaping up, we'll see.
Doesn't look like it and I'm outta here now.

CAD has been strong for most of the day. GBP weak. Never really looked at gbpcad but its on the radar. Trade strong v weak. Obviously the big move was news but after that cad has been consistently +7 ish.
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  • #38
  • Feb 5, 2010 9:49am Feb 5, 2010 9:49am
The CM.
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  • #39
  • Feb 5, 2010 10:00am Feb 5, 2010 10:00am
Hi,
When is the chart updated? I don't think is being updated.
Ron
  • #40
  • Edited 1:58pm Feb 5, 2010 10:02am | Edited 1:58pm
Quoting Vantage
This one has no influence from one time frame to another. You get the direction from the colours. So if usd is blue 2 or lower it simply means that across the board all currencies usd is weak. If gbp is strong +7 it means that across all currencies gbp is strong. It does NOT guarantee that gu will go up, a certain amount of trading analysis/timing still needs to be done. Please see the chart in post 1, I didn't sell at the bottom hoping for a break out I waited for a retrace and turn in 1 min chart as everything was coming up weak still.
It doesn't show influence between time frames, because it's locked in on a single time frame- probably hourly.

I'm posting a much better strength meter by Hanover.
Hanover is probably the most skilled coder on the forum.

It shows not only the strength but the direction of movement.
It shows all time frames, but you can select the one you want and get rid of the rest, in the parameters.

Also, you need to download a demo from MIG to run any strength meter on. It has all 26 pairs. That gives it more data to work with. I don't know of any other broker that has all pairs.
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