I still have to get used to the power indicator, I see during the day the powers of the single states and the pairs change (also on daily tf).
I write down the strongest pairs, but I have to check them many times. Rocky, how do you use it? How many times do you check it?
Thanks!
Just because indicator shows pairs as being strong thats only in relation to what market is doing now. For instance if 4 hr shows GBP AND USD as strong
but when you put mouse over the bars at it show 8.2 and 7.7pips thats really pretty flat anf if the weak currencies are AUD and JPY and they show similar readings there is not much to trade.
But say you get a reading of USD 18.4 then just start putting up USD pairs to see whats there, probably better day for trading.
I have that I Forex Power indicators also. But I do not use it everyday. I have three monitors, So watch my favorite pairs, 4 charts per monitor on two monitors and then trade on the third. Which ever has the best looking charts that is what I trade. Lately I have been Trading GBP/USD and USD/CAD more than anything else. It is just what ever you feel most comfortable with. Some days you will catch a big move and some the smaller moves.
Market has been flat with low volume since last Thursday. But hopefully will pick up after Yellen testimony today.
GW, The way that trade GBP/USD BECOMES a valid entry is if the consol. are to left of your price line is 15-20 higher giving you a better chance at profit.
Ignored
RP im not sure i got ur meaning here
could u explain it with a chart pic plz?
thnx
Hello, good day everyone!
On 4hr tf the power meter show only nzd very strong and usd enough wick, I suppose to focus only to buy nzd/usd, right? The other currencies I thick are not interesting today.
I am right?
Thanks!
Looking at NZDUSD, if we have Kumo breakout (bullish), there is about 25 pips to the TP, with a SL of 15 /20 pips, it is not an ideal RR (it is about RR=1.5).
Would you take this setup?
Thanks
A question to Rocky and Kthrapp....seems like you guys trade about the same time and was curious how you handle the news or red labeled news events....Also it seems, by looking at your charts, you look which pair is trending, that you get in somewhere around the US session, trade the 1 to 3 hour trend...you get in and out by London close....take you pips and enjoy the rest of you day...which that's the way it should be...I guess what I'm asking is say the US is high on strength and say the NZD is weak, but you have US or NZ news in 30 M....do you wait till after and regroup then.......or do you focus on other pairs....
I'm central time so about 1 to 2 hours off of your times, and like how you guys trade...I used to try the Asian, London and everything else, even all day some time, would have made my pips but then lose on retraces and ranging....but like Kthrapp I started to focus on 20 pips or so and call it good and just want to trade the morning and have a life.....if you guys could give some more input to your styles it would be appreciated.....like do you start off with the daily, or have s/r lines, supply demand zones, fib levels or just start the day off with the charts that's in front of you and go from there.....I know we could never copy your styles cause as long as there is emotion in trading everyone will look and feel different about the same trades, but just looking for like a checklist or routine that you go through....but anyway thanks for all of your input and charts, because they are welcomed to learn by.....thanks
Rocky, it seems you always find the good pairs to trade! I am always looking somewhere else! I was looking at NZDUSD, NZD showed on power indicator very strong and USD enough week, but there was not moving...
Rocky, it seems you always find the good pairs to trade! I am always looking somewhere else! I was looking at NZDUSD, NZD showed on power indicator very strong and USD enough week, but there was not moving... {image}
