This mean, do you find currency when is away from zero or when it's come back to zero ?
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No. I usually monitor it simultaneously with instit. algorithms for frontrunning/stop hunting purposes or to gain information about specific (intraday) money/order flow pattern.
i stick with 2 pairs EU and GU. both very active. both pretty correlated with each other in if one is bouncing of a set point the other will often follow. I also use EG to see which is stronger........e.g. if both EU and GU are trending up, i go to EG to see it's direction and if the Euro is stronger against pound i'll enter the EU long...vice versa for GU
No. I usually monitor it simultaneously with instit. algorithms for frontrunning/stop hunting purposes or to gain information about specific (intraday) money/order flow pattern.
I have been searching for the best way to identify strong or weak currencies each day. Pairing a weak currency with a strong one is obviously an ideal way to select pairs when looking for trades however i have still not found an efficient and consistent way to do this. I have been looking at trader 101's basket method with some great success. Sometimes though, the basket is jumbled up and market direction is hard to gauge. I have also been watching a few different currency strength meters from the relative strength basket thread. The problem is...
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I will start from the bottom line: there is not such a "perfect" pair, which will work accurately with all indicators. In fact, instruments that you can put in a specific formula simply do not exist. When I try to determine whether a pair is weak or strong, I usually want to find a simple answer in the chart (daily/ intraday). For example, EUR/CHF daily chart would not give you such a clear idea about the pair's direction, because the pair has been stamping for moths and it is difficult to understand if it is bearish or bullish. However, analyzing the daily chart of EUR/USD leaves no question regarding the trend. To conclude, if you can spot the trend in the very first second that you see the chart, then you can actually say if it is weak or strong. If it takes you too long and it is not obvious, it means that there is no absolute answer and the risk here is higher.
