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How To Trade Using Currency Strength Meter? Advice?

  • #1
  • First Post: Edited Apr 29, 2014 2:02am Apr 9, 2014 10:55pm | Edited Apr 29, 2014 2:02am
I've been learning to trade since 2006. Sadly I've not been profitable.

I recently been acquainted with an app known as currency strength meter. By Dr Simon (who turns up to be a scam) at sifuforex. Anyway long story short I like the idea of letting the market run first then enter on a pullback.

Resource - This is the tool I've been using.
It is an iphone app - Forex Strength Meter
https://itunes.apple.com/gb/app/fore...er/id474439550
Also if I didn't bring it along, I would view on the Finviz forex performance chart.
http://finviz.com/forex_performance.ashx

If anyone doesn't know what is a CSM (currency strength meter) view below
http://www.forexfactory.com/showthread.php?t=121839



My problem, need advise to clean up act.
When the app shows the extreme end of the currency, i.e as below above
Attached Image


I go to NZDJPY and watch.
Attached Image
.

1. Whenever I enter on the buy, the market inches up and then reverses. I got fake and then I have to cut losses.
What and which indicators or price action should I use to find out if price would continue?

2. How to find potential trade when you are always chasing what had happened?

To be continue...
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  • #2
  • Apr 10, 2014 3:07am Apr 10, 2014 3:07am
Quoting david_akc
I've been learning to trade since 2006. Sadly I've not been profitable. I recently been acquainted with an app known as currency strength meter. By Dr Simon (who turns up to be a scam) at sifuforex. Anyway long story short I like the idea of letting the market run first then enter on a pullback. Resource - This is the tool I've been using. It is an iphone app - Forex Strength Meter https://itunes.apple.com/gb/app/fore...er/id474439550 Also if I didn't bring it along, I would view on the Finviz forex performance chart. http://finviz.com/forex_performance.ashx...
David....

you said you have not been profitable and yet you stated in your blog that on 2013 you have made 100% per annum from trading?
(http://forexpriceactiontradinghack.com/blog/review-2013-moving-2014/)
Failure leads to Success if one learns from mistakes and never give up
  • #3
  • Apr 10, 2014 5:30am Apr 10, 2014 5:30am
Quoting jinchu
{quote} David.... you said you have not been profitable and yet you stated in your blog that on 2013 you have made 100% per annum from trading? (http://forexpriceactiontradinghack.com/blog/review-2013-moving-2014/)
Yes, but it was too little.
And my hunger becomes my greed and greed kills me.
sigh....

Thanks for taking the time and effort to view my blog.

Haha didn't know anyone would bother.
Forex Price Action Hacked - Price Action Rockstar
  • #4
  • Apr 10, 2014 6:01am Apr 10, 2014 6:01am
Quoting david_akc
1. Whenever I enter on the buy, the market inches up and then reverses. I got fake and then I have to cut losses. What and which indicators or price action should I use to find out if price would continue? 2. How to find potential trade when you are always chasing what had happened? To be continue...
The meter gives up the Strength but some times you have to wait for a retracement because the pair could be overbought / oversold already.
Want to learn more: HTO Trading
  • #5
  • Apr 10, 2014 6:16am Apr 10, 2014 6:16am
Quoting honeill
{quote} The meter gives up the Strength but some times you have to wait for a retracement because the pair could be overbought / oversold already.
Yes that is the issue. And sometimes price continues to rise/fall after each pullback but it happens so fast on the 5min/15min. I'm using fxprimus ecn with spread less than 2 pips and I'm having issues with placing buy/sell stops/limit after price runs up/down.

So how or which timeframe should I focus on placing entry after pullback?
Forex Price Action Hacked - Price Action Rockstar
  • #6
  • Apr 10, 2014 6:42am Apr 10, 2014 6:42am
Then I look for the next trade which happens to be GBPNZD (don't ask me why I choose, I'm still learning).
Attached Image

Then the worst happened. I got fakeout again.

Lost money again. It sucks to be the last penguin on board.

No worries I try again.
Forex Price Action Hacked - Price Action Rockstar
  • #7
  • Apr 10, 2014 7:14am Apr 10, 2014 7:14am
Quoting david_akc
{quote} Yes, but it was too little. And my hunger becomes my greed and greed kills me. sigh.... Thanks for taking the time and effort to view my blog. Haha didn't know anyone would bother.
You got a nice decent blog there, and the articles are quite interesting to read...

my opinion, CSM is just one way to measure trend.... there are many ways of it being calculated though....
I did not use it because it is way too complicated for my brain
Failure leads to Success if one learns from mistakes and never give up
  • #8
  • Apr 10, 2014 7:34am Apr 10, 2014 7:34am
Updated CSM (currency strength meter)
Attached Image


Attached Image


I went long on EURAUD because ADX (trend strength) is falling. Nothing to do with CSM. The 4 hour ADX didn't show any movement as well.
Got about 11pips excluding commission.
Forex Price Action Hacked - Price Action Rockstar
  • #9
  • Apr 10, 2014 8:41am Apr 10, 2014 8:41am
Quoting jinchu
{quote} You got a nice decent blog there, and the articles are quite interesting to read... my opinion, CSM is just one way to measure trend.... there are many ways of it being calculated though.... I did not use it because it is way too complicated for my brain
Yes, you are always at the mercy of the has been. But I like the fact that price moves first. Keep my brain free from guessing. But at last you could also be at the mercy of the last peak.
Forex Price Action Hacked - Price Action Rockstar
  • #10
  • Apr 10, 2014 11:48am Apr 10, 2014 11:48am
The last one is a crazy one. I never been humiliated or shame ever. Atlast luck doesn't strike twice.
Attached Image

Looking at the above I randomly choose the same as the last trade. EURAUD.

And then the worst ever happened.
Attached Image


I went long. Thinking I could go get twice lucky. At last I was wrong.

Worst thing is I was frustrated and shorted the other way. I could have profited but I'm just wasn't patience enough as I was looking at the lower tf, as long as 1min.

Stupid! Stupid! Stupid!.

Guys anyone care to help me understand when price reverses or price would continue?
Forex Price Action Hacked - Price Action Rockstar
  • #11
  • Apr 11, 2014 6:46am Apr 11, 2014 6:46am
Quoting david_akc
The last one is a crazy one. I never been humiliated or shame ever. Atlast luck doesn't strike twice. {image} Looking at the above I randomly choose the same as the last trade. EURAUD. And then the worst ever happened. {image} I went long. Thinking I could go get twice lucky. At last I was wrong. Worst thing is I was frustrated and shorted the other way. I could have profited but I'm just wasn't patience enough as I was looking at the lower tf, as long as 1min. Stupid! Stupid! Stupid!. Guys anyone care to help me understand when price reverses or...

Hi david_akc you should be buying strength and selling weakness. So the better pair to choose would be AUDUSD, AUD being the strongest and USD the weakest.

So in this case you should be trading AUDUSD for the long side (this is preparation), now you just have to wait for an opportunity.

“There's no such thing as luck. Luck is where preparation meets opportunity."
Want to learn more: HTO Trading
  • #12
  • Apr 11, 2014 12:21pm Apr 11, 2014 12:21pm
Quoting honeill
{quote} Hi david_akc you should be buying strength and selling weakness. So the better pair to choose would be AUDUSD, AUD being the strongest and USD the weakest. So in this case you should be trading AUDUSD for the long side (this is preparation), now you just have to wait for an opportunity. “There's no such thing as luck. Luck is where preparation meets opportunity."
Yes it seems but how the hell I know where market could or should reverse and meet with the trend. Many times price reverses and follow the trend at the 5 mins and 15 mins timeframe. Leaving me nothing.

Sometimes price respect only the 1hr. This is the in between than gets me really really pissed.
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  • #13
  • Apr 11, 2014 5:13pm Apr 11, 2014 5:13pm
Hopefully before end of this weekend I'll do a screenshot of the ideal setup for me to spot.

The market is always changing but human and their emotions never. So I guess we never evolve much.
Forex Price Action Hacked - Price Action Rockstar
  • #14
  • Apr 11, 2014 6:45pm Apr 11, 2014 6:45pm
Quoting david_akc
{quote} Yes that is the issue. And sometimes price continues to rise/fall after each pullback but it happens so fast on the 5min/15min. I'm using fxprimus ecn with spread less than 2 pips and I'm having issues with placing buy/sell stops/limit after price runs up/down. So how or which timeframe should I focus on placing entry after pullback?
Your story is a common story in trading. I've not only lived it, but have been around long enough to see scads of others trade themselves out of market doing the same exact things.

Currently, all you have is an idea and a desire to trade. These 2 things cannot, in themselves, carry you through market, there is so much more to it.

When you go to decide a time frame, you have to first gain a sense of the size of swings in each time frame. You have to define what you consider a reasonable profit and you have to match that on the back side with some sort of risk to reward ratio.

Nobody can do this for you, my friend. This is something you will need to decide.

How much time do you have to commit to market per day?
What are your daily goals? (be reasonable)
What is an acceptable loss as applied to the size of account you can afford to trade with?
When you have reached your goals, per day/per week, will you know enough to stop?

Having been at it for the length of time you have, and given your current story, in most cases, I would tell you to pack in your chips, cash in your account and go buy yourself something nice, because market is obviously not your place...I've said this many times before to many other traders...

But...

You seem different.

Where, when others lose, they hang their head in shame and are at the point where nothing will help them. You are different. You realize your mistakes and still want to press through them.

I think you have a chance...

I would recommend you walk yourself through a couple of the active trade system threads and do some Due Diligence. See what helps others define the criteria for taking a trade and then, answer the questions for yourself that I have asked above.

Somewhere, between what you know, what you can learn from others and some of what you will need to honestly answer for yourself will give you a plan for your next trades.

Take the time, my friend. I've seen a lot of folk a lot like you make it in this game.

You're not there yet, but by the end of next week, you could have started your own thousand mile journey.

All the best to ya!

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #15
  • Apr 11, 2014 8:11pm Apr 11, 2014 8:11pm
HELLO!
Try this one.

Dan
Attached File(s)
File Type: mq4 Cash Spitting Sensor.mq4   40 KB | 1,550 downloads
  • #16
  • Apr 17, 2014 4:59am Apr 17, 2014 4:59am
Quoting dansmol
HELLO! Try this one. Dan {file}
What does it do? Do you have screenshots?
Want to learn more: HTO Trading
  • #17
  • Apr 21, 2014 9:44pm Apr 21, 2014 9:44pm
Quoting david_akc
{quote} Yes that is the issue. And sometimes price continues to rise/fall after each pullback but it happens so fast on the 5min/15min. I'm using fxprimus ecn with spread less than 2 pips and I'm having issues with placing buy/sell stops/limit after price runs up/down. So how or which timeframe should I focus on placing entry after pullback?
EAs are allowed on all spread types. Usually when we having an issue with using our EA with a particular spread type, it is due to the symbols. I think you should make sure the symbols in your EA match the symbols displayed in the Market Watch panel of your MT4 platform as this could be an issue.

For a ECN account, the currency pairs available for trading will be denoted with suffix "-" i.e EURUSD-, AUDUSD-, GBPUSD- etc.
For a Fixed account, the currency pairs available for trading will be denoted with suffix "." i.e EURUSD., AUDUSD., GBPUSD. etc.
For a Variable account, the currency pairs available for trading will not be denoted with a suffix.

Should your issue rest beyond the above troubleshoot, I strongly suggest you to contact your EA provider for further assistance.
FXPRIMUS trader
  • #18
  • Last Post: Jan 3, 2015 7:04pm Jan 3, 2015 7:04pm
David AKC
I'm not sure if you know this but small TF charts a very Unreliable if you apply these same principals on a larger TF you may have some success
I used to trade 5 min charts Trust me they are just noise most of the time .
I became profitable when I stopped using them
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