Hey everyone I have recently found a trading strategy that is showing good profits. At the same time though it seems like I’m missing the right currency pairs. What I mean by that is that I will have two signals for trades but one will be a good trade while the other one stops me out. I feel as though the missing part of my strategy is to find the right currency that will become stronger than the other. Any tips would be well appreciated
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You should have a look at Dennis’s thread here - Trading the Trend with Strong Weak Analysis.
As an alternative, check how the currency is doing against a standard currency - most people would use USD for this, but EUR would be a good option. If your currency is bullish against the USD, ask yourself some really tough questions why you would want to short it against some third currency.
Finally, each weekend I check which currencies are bullish or bearish against the most other currencies. You can use various measures for this as long as you use the same one and stock with it - that way any changes will be apparent and hopefully meaningful.
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These work exactly the same as A1lenTrader’s meter just in a Chart form…
http://megatrendfx.com/additional-forex-indicators/currency-strength-meter-indicator
Or an actual FREE CSM Indicator for Metatrader 4
If using Ctrader let me know, I have an Indicator for that platform as well.
Definitely have a look at Dennis thread…
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