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Currency meter trading - strongest v weakest

  • #41
  • Feb 5, 2010 8:03am Feb 5, 2010 8:03am
Quoting packgreen49
Hi,
When is the chart updated? I don't think is being updated.
Ron
Its continuous, if your CM has no movement then you'll need to check download rules from website in 1st post.
  • #42
  • Feb 5, 2010 8:10am Feb 5, 2010 8:10am
Quoting billbss
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 date to work with. I don't know of any other...
Link for that indi. Thanks I'll have a look. http://www.forexfactory.com/showthre...t+strength.ex4
  • #43
  • Feb 5, 2010 8:14am Feb 5, 2010 8:14am
My first reaction is the CM I have shown is very simple. A currency is either strong or its not right now, also thats a lot of lines to have to look through on a lot of time frames.

Having said that the fact that its a true mt4 indi means you can back test.
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  • #44
  • Feb 5, 2010 8:20am Feb 5, 2010 8:20am
Quoting Vantage
My first reaction is the CM I have shown is very simple. A currency is either strong or its not right now, also thats a lot of lines to have to look through on a lot of time frames.

Having said that the fact that its a true mt4 indi means you can back test.

As I indicated, you can get rid of the time frames you don't want to look at, and leave only one.
I believe the meter you posted was zeroed in on the 1H.
  • #45
  • Feb 5, 2010 8:25am Feb 5, 2010 8:25am
Quoting billbss
As I indicated, you can get rid of the time frames you don't want to look at, and leave only one.
I believe the meter you posted was zeroed in on the 1H.
We'll have a look, I do like the simplicity of the CM I've posted. Bottom line it whats you have that works for you that'll be the deciding factor.
  • #46
  • Feb 5, 2010 11:21am Feb 5, 2010 11:21am
Hello i have the CM and i want to know if you are still having good results for your trades in 5m charts.

Does it give you always good signals or do you have bad trades.

Thanks i want to try this meter the first posted here for a 5m scalp strategie but i´m agfrayd it will give me bad signals.

Thanks for your experience

Alfredo
  • #47
  • Feb 5, 2010 10:02pm Feb 5, 2010 10:02pm
Quoting billbss
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.
I'm going to stick with CM as per first post for now.

I didn't see anyone posting potential set ups or trades from Hanovers thread. If you, or anyone else, is using any CM feel free to post those trades/set ups here so we can all learn. If one is showing up continually as better than another we can settle on that one perhaps.
  • #48
  • Edited 10:47pm Feb 5, 2010 10:10pm | Edited 10:47pm
Quoting Alfredo
Hello i have the CM and i want to know if you are still having good results for your trades in 5m charts.

Does it give you always good signals or do you have bad trades.

Thanks i want to try this meter the first posted here for a 5m scalp strategie but i´m agfrayd it will give me bad signals.

Thanks for your experience

Alfredo
I did almost 8% return on capital yesterday from 3 trades. Yes I am following my basic strategy from higher low lower high thread (link in 1st post) and waiting for CM to confirm.

I can't stress enough that no 1 thing is guaranteed and cannot replace some basic trading skills. However looking for hl's/lh's with nice candles (shooting stars + bearish engulfing in lower high downtrend or hammers and bullish engulfing in higher low uptrend) with confirming CM will be successful.
  • #49
  • Feb 5, 2010 10:32pm Feb 5, 2010 10:32pm
Quoting Alfredo
Hello i have the CM and i want to know if you are still having good results for your trades in 5m charts.

Does it give you always good signals or do you have bad trades.

Thanks i want to try this meter the first posted here for a 5m scalp strategie but i´m agfrayd it will give me bad signals.

Thanks for your experience

Alfredo
Hi Alfredo
All of these with the arrows are for me potential trades. Either in the move down lower highs/nice candles you'd just have to check CM. In the move up there have been clear higher lows. Again what was the CM showing?
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  • #50
  • Feb 5, 2010 10:36pm Feb 5, 2010 10:36pm
That was gu above. This is eu. There can be no doubt of usd weakness on both charts but was CM showing eur or gbp stronger in move up around 9pm per these charts? Either way there were lots of trades to get in one with hl's and good candles.
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  • #51
  • Feb 5, 2010 10:46pm Feb 5, 2010 10:46pm
I have been classified as a commercial member. I understand this as Henry Liu does have some pay to use products on his website.

I stress I HAVE NO COMMERCIAL/FINANCIAL BENEFIT WHATSOEVER in referring this freely available currency meter. I am not endorsing any other product by Henry Liu. Apart from his free emails I DO NOT use any of his other services.

He has made this product freely available and yet again I thank him for that.
  • #52
  • Feb 6, 2010 12:23am Feb 6, 2010 12:23am
Quoting Vantage
I'm approaching 50 but I wouldn't describe myself as vintage!!
sorry for the change of name, it was sleep of finger..

i appreciate all your posts. i have got the CM but i have not been able to use it bcos i got it at the close of the trading sections.

But please i will like to know how you confirm trend with other indicators, Henry Liu also talk of using other indicator. I have read the 1st post but can you explain as if to new-bie. i will like to stick with your strategy........ pls do.
THANK YOU again
  • #53
  • Feb 6, 2010 2:24am Feb 6, 2010 2:24am
Quoting yullah
sorry for the change of name, it was sleep of finger..

i appreciate all your posts. i have got the CM but i have not been able to use it bcos i got it at the close of the trading sections.

But please i will like to know how you confirm trend with other indicators, Henry Liu also talk of using other indicator. I have read the 1st post but can you explain as if to new-bie. i will like to stick with your strategy........ pls do.
THANK YOU again
I can't comment on anything Henry Liu has said, as mentioned I do not know anything as to his other methods/services.

More on methods coming.
  • #54
  • Edited 3:08am Feb 6, 2010 2:52am | Edited 3:08am
Quoting yullah
But please i will like to know how you confirm trend with other indicators, Henry Liu also talk of using other indicator. I have read the 1st post but can you explain as if to new-bie. i will like to stick with your strategy........ pls do.
THANK YOU again
Its difficult to put down briefly what took years to look at consider, reject etc etc.

You first need to decide what kind of trading suits you. I for the life of me struggle to hang into trades and cannot remember the last time I held a trade overnight. So I trade short term.

There are many ways to consider trend, it does however depend on the time frame you are looking at, 1 min could be going up whilst 4 hr heading down etc etc.

For my short term purposes I generally look at 1 hr being above/below a 21 ema as my trend.

My main method is trading higher lows and lower highs as per the thread link in first post http://www.forexfactory.com/showthread.php?t=108544 . I would suggest you look up as much as you can on 1, 2, 3 tops and bottoms. This will give you a lot of info.

You could look at Harold 4x's The key to the Mint http://www.forexfactory.com/showthread.php?t=57116 he talks of 1 2 3 set ups as his method. You can look at the Andrew Forex trading system also, http://www.forexfactory.com/showthread.php?t=214635 he doesn't call it higher lows lower highs but if it walks like a duck, sounds like a duck its probably a duck. Anyway I like his method a lot and it works well on 5 min charts. I would also suggest looking at Joe Ross the traders trick entry http://www.forexfactory.com/showthread.php?t=4462 which is classic 1 2 3 top/bottom trading. He has a free ebook for this.

The 1 2 3 set up is trying to get in right at the beginning of a turn.

There are hosts of systems at FF that are variations of 1 2 3, higher lows/lower highs. They don't call it that but its what they are with numerous variations of indi's to look at.

Once you've been through the above you should be able to spot 1 2 3's all over the place. Decide on a method of trading them as that set up alone can give you a living from forex.

Good luck.
  • #55
  • Feb 6, 2010 7:45am Feb 6, 2010 7:45am
VANTAGE, thank you very much for your response. i will go through all those threads this weekend and apply them to CM when market opens. i want to be like you in not opening my trade till 2nd day.............

TQ again and again
  • #56
  • Feb 6, 2010 8:15am Feb 6, 2010 8:15am
Vantage you're an amazin guy.. thanks

With a scarily similar chart setup to me :o
  • #57
  • Feb 6, 2010 3:15pm Feb 6, 2010 3:15pm
Hi Vantage,

Thanks for starting the thread, I have downloaded the CM and it appears as it should, just need some live data to make sure it works

I shall monitor its progress in the Euro/UK session, I know that things can be choppy then but it is the only time I can trade each day.

Lets hope it can thin out the losers by predicting a future trend and only trading in that direction.

With Medici, Islander and yourself all trading similar basic setups but with personal fine tuning, there has to be a message there for all newbies.
Money grows on the tree of persistence
  • #58
  • Feb 6, 2010 10:46pm Feb 6, 2010 10:46pm
Quoting yullah
i want to be like you in not opening my trade till 2nd day............
Hi yullah
I'm not entirely sure what you mean by this? Not opening 'till 2nd day?

I look at daily charts to see if there are good candles (hammers, shooting stars, bullish close little upper wick, bearish close little lower wick ie types of engulfing candles) to give an indication of following days trend. If we are following daily candles which does happen around 60-70% of the time you will normally get good runs.

I also then look at daily for obvious strong historical supp' + rest' levels which would include previous turning points and W and M pivots.
  • #59
  • Feb 6, 2010 10:53pm Feb 6, 2010 10:53pm
Quoting ozmacca
With Medici, Islander and yourself all trading similar basic setups but with personal fine tuning, there has to be a message there for all newbies.
I'm fairly new to Medici trades, Islander is a freak of nature, I mean that in the nicest possible way. I still aspire to trade at his level.

In the mean time I'll try and look for some trend and jump in from 5 min chart where good candles (hammers, shooting stars, engulfing with little lower/upper wicks in the direction of trend), hl's and lh's combine.

Time will tell if the CM will help. Provided its coded right logic does suggest it will give some advantage. Again though just because say usd is weak and gbp strong it DOES NOT g/tee gbpusd will go up all the time, hopefully just MOST of the time!!
  • #60
  • Feb 6, 2010 11:00pm Feb 6, 2010 11:00pm
Quoting yullah
VANTAGE, thank you very much for your response. i will go through all those threads this weekend and apply them to CM when market opens. i want to be like you in not opening my trade till 2nd day.............

TQ again and again
Oh as always don't trade with real money until you are comfortable with a method. When you are then move to a small acc and again when comfortable move on to bigger trades from there.

Trading with real money is diff from demo trading. I feel that even if you are losing money that may be insignificant to you financially, mentally losing money is NOT something you want to be getting in a habit of doing.
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