Hi, thank you, i understand your point…a currency strength meter is determined by a technical calculation.
What I’m trying to get across is that the reason a currency is a the top or bottom is caused purely by fundementals. Take today for example, on a 1hr currency strength meter, the USD will be at the bottom. That is caused by Fridays NFP headline number being below expectations, and this week the dollar has continued to weaken in expectation of a soft CPI print tomorrow.
And what I’m trying to suggest is that a trade shouldn’t be taken purely based on a currencies position on a strength meter. An understanding of the reason why it’s at the bottom is needed to have confidence the weakness can continue.
I hope that makes sense. Thank you for replying, best wishes 