Thanks guys, much appreciated.
Lesson 35 is on Options, is that it?
1 Like
Okay, it has been a long day of reading and watching of youtube videos, thanks again guys for all the links provided.
It seems to get their real time Heatmap comes with some sort of subscription. Anyway, a lot has been learnt today from those articles.
Or will the signal really be available to non-subscribers during market open hours? @The_Snowman Please I need your reply here. Thanks.
Yes, but donât worry about Lesson 35, donât trade options
I stand by my original statement = 35 Lessons page
How can I make it more clear, itâs the internet, let me try
The LINKS on the 35 Lessons page will take you to better quality information than most paid sites, guaranteed
So, take time to read those lessons, except 35 not so much
Anyone out there understand the difference?
2 Likes
I totally understand now. âThe 35 lessons pageâ and not necessarily the 35th lesson.
2 Likes
there are several very good heat maps available for free. Most are geared to very short term less than 1 hour trading eeven scalping 1M and 5M works well with them.
What time frame are you wanting to use a heat map for??
where do you see that a meter or map is for 1 hour or less? I general read them as strength during the day for sure, better from Frankfurt open and on, but donât associate that with a time frame
1 Like
If a currency starts gaining strength, wonât it be evident first in the lower time frames and move up to the higher ones? Then the higher it goes the longer it lasts?
I also think this is why before it gets to Dennisâs H4 chart it is already long gone and about to end.
@The_Snowman
When you look at the daily strength from the heat maps and take appropriate positions, do you close at NY close? Or do you hold until you see a decline in strength?
I have seen currencies go from strong to weak in one day.
And how do you know if a currency would continue in strength or weakness until the next day or next week?
1 Like
This meter is very good for upto 1 Hr, however it does not auto update so when you look at it, refresh first.
http://www.livecharts.co.uk/currency-strength.php
That said i trade mostly USD crosses and I use the DXY index as my indicator.
Absolutely correct, Dennis is for very long term charts, there was CHFJPY chart posted from memory, it had already moved 800 pips from the high before it got signal by his magic formulas, really?
Itâs such a slow moving method and yet no one can be bothered to record those trades on a demo, go figure!
I will only use this during the day, about to post some pictures soon. Not worried about follow through for next day at all
3 Likes
So, I recorded some shots of the FINVIZ meter during the day, pasted them into Word. I think that it is worth doing for each 4 hour candle close.
FINVIZ resets after New York close 5 pm, so not enough data, IMHO, until at least 8 hours passed, which is fine, thatâs just before Frankfurt opens, then London
You can see the progress of NZD to strong and JPY to weak, both of these held for the day, not always the case, you need to observe closely, perhaps news or whatever happens.
And see how smooth that price action was, note markets time along the top, good luck all
5 Likes
Very true, itâs a shame it resets and isnât a live constant indicator. I believe the data from this web based meter can be taken into Excel and used to generate a real time live graph.
I use an app (PC) that is programmed to take a screenshot every hour or whatever time frame I choose to monitor. You can then build a visual and see the currencies moving from weak to strong and back again across the day, week whatever⌠it just makes it easier if you are away from the computer or more importantly asleep.
A glimpse of the meter⌠sometimes doesnât tell the real story
2 Likes
Below is another interesting style of Currency Strength Meter that can be utilized for tradingâŚ
This Web based CSM displays TFâs from 5 mins to 1 Month⌠useful for trading shorter TFâs.
https://fpi.tradingstrategyguides.com/fpi/home/?tab=menu1m
While also displaying the 5 Hottest Pairs (Below) for your chosen Time Frame⌠Very handy indeedâŚ
Thanks to www.tradingstrategyguides.com for providing this resource FREE on their site.
1 Like
Typical Monday in forex trading; the JPY was weak on several pairs starting in the Asian session. The NZD/JPY and AUD/JPY moved up in the Asian session, then stalled in the main session. The USD/JPY moved up in the main session. All of todayâs movements did not have trend support on the higher time frames or these pairs were range bound.
3 Likes
crazy day, just yoyo price action all day, maybe New York can get something moving
Letâs compare these two
2 Likes
Markets have been this way for the last few weeks⌠most pairs going nowhereâŚ
Another quality CSM Chart, kudos @The_Snowman.
1 Like
Agreed.
To give this perception some comparability, Iâve been looking again at how prices have moved compared to their intermediate term trend, currently using the slope of the 50EMA on 26 majorsâ price charts to define this.
Of the last 5 completed weeks, the following weekâs close has been a continuation of the underlying intermediate term trend 11/26 times twice, 12/26 times twice and 13/26 times once: overall average 45%.
Meaning that recently, as soon as a trend is established, price is being pushed against it. Sellers are coming out as soon as buyers drive price up for a week, and vice versa.
I have looked at metrics like this before but not yet concluded how to use it in trading decisions⌠open to suggestions.
2 Likes
I came across this during my search for a currency strength indicator. The post is four pages and the coders have done a few iterations as the feedback came in during the thread.
https://www.forexfactory.com/showthread.php?t=610722
KC
1 Like
3 Likes
@The_Snowman , I havenât seen that one. Thanks for posting. Iâll check it outâŚ
Just followed the link⌠I have to head to work but bookmarked! Looks like a lot of reading!!
KC
one day your the pigeon, next day your the statue, hope this direction keeps up, or down as the case maybe
1 Like