Thanks Max, I’ve certainly had a few aha moments over the holidays
But this might also be a useful tool, a free spreadsheet that analyses
Trend strength for you, and then tells you what pairs to focus on
Then I compare Strong/Weak ranking, and if we get a match, look
for an entry signal
The spreadsheet is from a Free resource site. The only thing they
charge for is a currency strength indicator, which you can get FREE
from Dennis here, or OANDA, FX street, Myfxbook, Finviz,
Tradingview, and countless other free sites, so I’m not quite sure
why anyone would pay for a freely available resource.
Here is the free spreadsheet, if anyone wants it
Spreadsheet.xlsx (821.1 KB)
Out of courtesy I must mention it is provided free by earlyforexwarning
it looks like the screenshot below
On the left side, where you can quickly enter data with their drop down menu,
you can see trend strength in GBPCAD and NZDCAD
But how well are the individual currencies trending against all
the other currencies? Not really thought about that before
Is it over complicating matters?
this same site takes exactly the same approach to Strong/Weak
but it occured to me that they probably based this spreadsheet
on their quite sophisticated currency strength program
so why not convert it back again?
How do you do that? Not sure, but here is my cunning plan
On the left input columns, forget about trends ‘Up Down None’
but replace with question, is Base currency Dark Blue for Up,
Dark Red for Down, and Neutral for No Trend, do this on H4, D1 W1
This should provide a very similar result to their currency strength program.
You will see on the right, which currency is strong or weak against all the
other major currencies.
Finviz just compares currencies to $, Dennis I believe compares to Yen
Is there any real need to complicate matters further?
Probably not, Dennis and his colleagues are doing great, one making
45% profit first month
It may have some psychological benefit, if you believe your analysis
is ultra precise
For similar reasons I recently acquired a tool that gives the trend strength
on each TF as a %
So it should work like this
Trend strength W D H4 90% 86% 84%
S/W Analysis W D H4 Strong Up Strong Up Strong Up
I’ve won my first two out of two with this approach, on new year’s eve too.
the only extra factor is checking for sufficient space for price to move