Unfortunately this trade ended in break even,not really a good time of the day to be trading this pair. Wait till start of Euro session.
Perhaps some exciting times await today with the scottish voting.
patience is bitter, but its fruit is sweet
This indicator is from flotsom. And below is his description.
This strength meter measures the overall strength of a currency on a "percentage" basis when compared to the other major currencies, and it measures this on a tick by tick basis rather than using Moving Averages as is the case with the CC indicators mentioned on this thread. For me, this makes this one more responsive and accurate for showing a currencies true strength "now".
When I say it measures as a percent basis, I mean in terms of how much a currency gains or loses compared to its price in a particular pair. For instance if the NZDUSD pair moves 80 pips higher, the USD has lost (very approximately) 1%. Whereas if the GBPUSD also moves 80 pips higher, the USD has only lost (again VERY approximately) 0.5%. So even though they have both moved the same 80 pips, in relative terms of percentage gained/lost, there is a vast difference. So this indicator measures percentage gains/losses rather than pips, as I again feel this is a much more accurate way to measure true strength when comparing currencies against one another.
There is a screen shot below to show how this should look and what each element is.
The indicator settings are as follows:
Currencies: EUR, USD, GBP, JPY, CHF, CAD, AUD, NZD - These are the currencies the indicator is measuring against one another. So in total the indicator will be looking at approximately 28 pairs as offered on most MT4 brokers.
CurrDisplay: 1,1,1,1,1,1,1,1 - these relate to the above 8 currencies. If they are set to "1", the indicator will display information about that currency. If it is set to "0", the indicator will not display that particular currency. So for example, if you weren't interested in seeing any information about the AUD and NZD, you would set this input to: 1,1,1,1,1,1,0,0 - You should note that even if a currency is turned "off" here (set to 0), the indicator will still use that currency in all its calculations for comparing relative strength, but simply won't display the information for that individual.
SymbolFixes: This is for prefix and suffix used on some brokers and is empty by default. If your broker uses something like "mEURUSD" you enter "m". If your broker symbols are "EURUSDm" you enter ",m". If your broker symbols are "mEURUSDx" you enter "m,x".
ShowSignal: This is where you enter the particular currency pairs you are interested in trading and getting suggestions for (you will see an explanation of this in the attached image). If you're not interested in any trade suggestions, you can leave this empty. By default I believe there are about 8 pairs listed here, but you can have as many or few as you desire.
TimeFrame: Default is set to 0 which means the indicator will use the time frame of the chart it is attached to. But you can set this to any time frame you like by entering the minutes here (i.e. 60 for the 1 hour chart).
StrengthBase: Default set to 60. This is used for the line graph and the left hand bar chart and means the point in the past from which to measure the currencies strength. So if set to 60, the meter will calculate the percentage gains or losses for a currency compared to where it was 60 periods ago.
RecentCHBase: Default set to 10. This is exactly the same as the above input but is measuring over a shorter period. So if set to 10, the meter will calculate the percentage gains or losses for a currency compared to where it was 10 periods ago. My intention is to use this to determine if a currency is strong or weak in the same direction in the short term as it is in the long term.
ShowLineChart: Set to true means the line chart will display. Set to false means the line chart will not be displayed.
ShowBarChart: Set to true means the bar charts will display. Set to false means the bar charts will not be displayed.
UpdateOnTick: Set to true as default and means the indicator will update and make fresh calculations on every tick, giving real time representation of strength.
AllowAlert: Default false, but can set to true if you want a pop up alert to notify you when a currency pair trade suggestion is made.
AllowSound: Default false, but can set to true if you want a audible sound alert to notify you when a currency pair trade suggestion is made.
MinAlertIntv: default 30 means the alerts will not sound more than once if the same pair to trade suggestion is made more than once within 30 seconds. This is useful if due to the tick by tick nature of the updated calculations a pair [/b]suggestion may flicker on and off a few times before it stays on or off.
LineChartBars: 200 as default is the number of bars you can scroll back on the line chart indicator. Setting this too high can mean the indicator can look very narrow to compensate for the odd time when currency strength diverge to extreme distances.
LegendOffsety: meter position on the chart.
MeterPosition: as above
Colours: self explanatory for the individual currency display on the line chart. There is also a legend to show this on the actual indicator display.
On our strategy, I suggest 1 hour for longer time frame and 30mins on shorter time frame.
It means, if you are on 1M chart, set StrengthBase to 60 and RecentCHBase to 30.
If you are on 5M chart, then set StrengthBase to 12 and RecentCHBase to 6.
This indicator is not to be used independently. Only use this indicator when there is "setup".
When "setup" line up, use this indicator meter to see if the pair you are entering is the strongest vs weakest currency. If it's not, you may want to consider entering with the strongest vs weakest.
For example, if a long "setup" appear in EU, you may want to check if Euro is strongest currency and if USD is weakest. A glance on the strength meter will indicate so. If AUD is stronger than EU, then you may want to long AU, instead of EU.
This strength meter measures the overall strength of a currency on a "percentage" basis when compared to the other major currencies, and it measures this on a tick by tick basis rather than using Moving Averages as is the case with the CC indicators mentioned on this thread. For me, this makes this one more responsive and accurate for showing a currencies true strength "now".
When I say it measures as a percent basis, I mean in terms of how much a currency gains or loses compared to its price in a particular pair. For instance if the NZDUSD pair moves 80 pips higher, the USD has lost (very approximately) 1%. Whereas if the GBPUSD also moves 80 pips higher, the USD has only lost (again VERY approximately) 0.5%. So even though they have both moved the same 80 pips, in relative terms of percentage gained/lost, there is a vast difference. So this indicator measures percentage gains/losses rather than pips, as I again feel this is a much more accurate way to measure true strength when comparing currencies against one another.
There is a screen shot below to show how this should look and what each element is.
The indicator settings are as follows:
Currencies: EUR, USD, GBP, JPY, CHF, CAD, AUD, NZD - These are the currencies the indicator is measuring against one another. So in total the indicator will be looking at approximately 28 pairs as offered on most MT4 brokers.
CurrDisplay: 1,1,1,1,1,1,1,1 - these relate to the above 8 currencies. If they are set to "1", the indicator will display information about that currency. If it is set to "0", the indicator will not display that particular currency. So for example, if you weren't interested in seeing any information about the AUD and NZD, you would set this input to: 1,1,1,1,1,1,0,0 - You should note that even if a currency is turned "off" here (set to 0), the indicator will still use that currency in all its calculations for comparing relative strength, but simply won't display the information for that individual.
SymbolFixes: This is for prefix and suffix used on some brokers and is empty by default. If your broker uses something like "mEURUSD" you enter "m". If your broker symbols are "EURUSDm" you enter ",m". If your broker symbols are "mEURUSDx" you enter "m,x".
ShowSignal: This is where you enter the particular currency pairs you are interested in trading and getting suggestions for (you will see an explanation of this in the attached image). If you're not interested in any trade suggestions, you can leave this empty. By default I believe there are about 8 pairs listed here, but you can have as many or few as you desire.
TimeFrame: Default is set to 0 which means the indicator will use the time frame of the chart it is attached to. But you can set this to any time frame you like by entering the minutes here (i.e. 60 for the 1 hour chart).
StrengthBase: Default set to 60. This is used for the line graph and the left hand bar chart and means the point in the past from which to measure the currencies strength. So if set to 60, the meter will calculate the percentage gains or losses for a currency compared to where it was 60 periods ago.
RecentCHBase: Default set to 10. This is exactly the same as the above input but is measuring over a shorter period. So if set to 10, the meter will calculate the percentage gains or losses for a currency compared to where it was 10 periods ago. My intention is to use this to determine if a currency is strong or weak in the same direction in the short term as it is in the long term.
ShowLineChart: Set to true means the line chart will display. Set to false means the line chart will not be displayed.
ShowBarChart: Set to true means the bar charts will display. Set to false means the bar charts will not be displayed.
UpdateOnTick: Set to true as default and means the indicator will update and make fresh calculations on every tick, giving real time representation of strength.
AllowAlert: Default false, but can set to true if you want a pop up alert to notify you when a currency pair trade suggestion is made.
AllowSound: Default false, but can set to true if you want a audible sound alert to notify you when a currency pair trade suggestion is made.
MinAlertIntv: default 30 means the alerts will not sound more than once if the same pair to trade suggestion is made more than once within 30 seconds. This is useful if due to the tick by tick nature of the updated calculations a pair [/b]suggestion may flicker on and off a few times before it stays on or off.
LineChartBars: 200 as default is the number of bars you can scroll back on the line chart indicator. Setting this too high can mean the indicator can look very narrow to compensate for the odd time when currency strength diverge to extreme distances.
LegendOffsety: meter position on the chart.
MeterPosition: as above
Colours: self explanatory for the individual currency display on the line chart. There is also a legend to show this on the actual indicator display.
On our strategy, I suggest 1 hour for longer time frame and 30mins on shorter time frame.
It means, if you are on 1M chart, set StrengthBase to 60 and RecentCHBase to 30.
If you are on 5M chart, then set StrengthBase to 12 and RecentCHBase to 6.
This indicator is not to be used independently. Only use this indicator when there is "setup".
When "setup" line up, use this indicator meter to see if the pair you are entering is the strongest vs weakest currency. If it's not, you may want to consider entering with the strongest vs weakest.
For example, if a long "setup" appear in EU, you may want to check if Euro is strongest currency and if USD is weakest. A glance on the strength meter will indicate so. If AUD is stronger than EU, then you may want to long AU, instead of EU.
- #1,366
- Oct 30, 2014 9:57am Oct 30, 2014 9:57am
- | Joined Jan 2008 | Status: Trillion Dollar Man | 1,495 Posts
- #1,368
- Nov 18, 2014 8:01am Nov 18, 2014 8:01am
- | Joined Oct 2014 | Status: Keeping it simple | 37 Posts
Hey guys, I loved this thread, what happen? Did this system failed? i see no more activity here
Happy trading everyone...
![Click to Enlarge
Name: 2016-01-11 10_54_33-2096579888_ Tickmill-Live - [CADCHF,M5].png
Size: 21 KB](/attachment/image/1827815/thumbnail?d=1452506111)
- #1,378
- Jan 11, 2016 4:21am Jan 11, 2016 4:21am
Hello rifid,
First off, Happy New Year and Thank you for sharing your system.
Clean way to look into triangle break out.
I went thru first 50 pages of this thread, this weekend.
For me 5 pip SL feels too tight and I never get the confidence to buy the right volume. So I look to keep the SL at 50% of the distance which the 'small void' had made.
The tool is palringo right? how do i get the pc client for this? Or is it meant only for smart phones?
Here is my first observation of a possible setup. Correct me, if it's wrong.
Thanks
TradeStar
First off, Happy New Year and Thank you for sharing your system.
Clean way to look into triangle break out.
I went thru first 50 pages of this thread, this weekend.
For me 5 pip SL feels too tight and I never get the confidence to buy the right volume. So I look to keep the SL at 50% of the distance which the 'small void' had made.
The tool is palringo right? how do i get the pc client for this? Or is it meant only for smart phones?
Here is my first observation of a possible setup. Correct me, if it's wrong.
Thanks
TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar