Good day trading family, I’m trading off a daily time frame and wanted to know if there is a currency strength meter that measures weekly and monthly currencies?
This is such a useful indicator to have. Especially when you bear in mind that it is the big banks who move forex prices and they are generally not trading pair exchange rates like we are, they are buying and selling actual currency supplies. There is nothing more annoying than buying an AUD-based pair that shows a nice long entry signal, only to find that the big banks are selling AUD and buying every other currency.
Search Google for a heat map.
Or develop your own way to gauge which currency is rising from either price change or charts - stick to the 28 leading pairs to do this - this means each of the 8 major currencies is present in 7 pairs.
You should be able to just switch to the weekly/monthly timeframe on your MT4 and your currency meter will tell you what the information is for that timeframe. There are lots of ones on the MT4 marketplace
There is a lesson in the babypips course that tells you how to interpret this data, it can be useful to see who is going long/short and on what
You have to do this job yourself - you read, analyze and choose.
@Zachariah1, Many, many resources for FREE Currency Strength Strategies in this thread…
Or follow the famous Trading the Trend with Strong Weak Analysis thread from Dennis3450
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Very much depends on fundamental analysis.
In general, it depends on events related to economics and politics.
Every trader should remain observant so as not to miss important points.
Yes I am using one on MT4. It’s a good indicator to evaluate performance of a currency against all the other ones. But I don’t use it without confirming the same with another indicator.
When I was a beginner, I used to face a lot of issues with making trading calculations. I used to get confused and have even made some wrong calculations that resulted in me losing my investments. That’s when I decided to use the online calculators that most brokers offer, every single time.