Does anyone know which mt4 Currency Strength Indicator was used in A.Coulling’s book ‘Forex For Beginners’? I’ve read it twice and am pretty sure its not mentioned anywhere in the text. I noticed that the Apollo Currency Strength Indicator has a remarkable resemblance but was hoping someone could confirm… I realize there are others, but I specifically want the one in the book…
As emeraldorc noted, Coulling states repeatedly in her videos that the currency strength indicator is her own. Coulling has also mentioned a number of times in her videos and at least one book (as I have only read one of her books), and I paraphrase: there are a number of them [currency strength indicators] on the market and it doesn’t really matter which one you choose as they all do something similar.
The Apollo indicator does look remarkably similar but so too do most of the others. They are mostly based on currency baskets to gauge the relative strength of a given currency measured as a percentage of movement from either moving averages or indicators such as RSI.
Her currency matrix takes a much more straight forward approach. When the value of USD increases it should be reflected in the charts with an general increase in USD/JPY, USD/CAD and USD/CHF and a general decline in EUR/USD, GBP/USD, AUD/USD and NZD/USD. Any currency pairs moving contra to the group would indicate the greater strength of a particular currency than the USD.
Her currency strength matrix can be done away with by just looking at the indices of the majors. EURX moving up, JPYX moving down, CHFX moving up, etc. Which one is moving up the most or down the most? You still need to break it down into individual pairs but it is a fairly reliable way of gauging strong/weak currencies without an actual CSI. If EURX and CHFX are trending up and USDX and JPYX are trending down and the rest are just chopping then you have your currency pairs to look at: EUR/USD, EUR/JPY, USD/CHF and CHF/JPY. Now find the pair(s) that meet your actual trading parameters (candlesticks, moving average crosses, lunar cycles, whatever you use to trade).
Currency strength indicators simply attempt to make a relative movement an exact figure where the movements are not exact at all and can never be – they can only be relative. Nothing wrong with them but you need to know what you are looking at The indices can tell you essentially the same thing which I am sure is something I think Coulling may have also mentioned.
On a different note: Anna Coulling is terribly long winded but I just love listening to the sound of her voice. To me it sounds authoritarian and upper brow yet oddly soothing at the same time.
I understand the indicator she uses was developed by her friend - Mark Boardman and can be purchased from him. Look him up on Youtube. His videos are interesting to watch and he explains his trading strategy in no nonesence terms.