Hello pals, whats your favorite marketmilk tool and why…??.. your thoughts please, i await your replies… thanks…
What is Marketmilk tool? Are you talking about default trading indicators or anything else?
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I like the Forex tab in finviz.
Gives a very good summary of whats going on
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I like the currency strength chart that shows a line graph of all the major currencies. I like selecting the weekly timeframe. Pretty cool to see.
How exactly do you incorporate it with the weekly chart?
I don’t. I just like looking at it to see which currencies were the strongest/weakest. Allows me to check on what’s happening in those countries and then I can see which pairs to be on the lookout for in the coming week. I don’t have an exact process except that I like looking at it lol
I really love this tool especially the market snapshot. It gives me a general idea of which currency is moving for that day (very informative for me since I am a day/session trader). This way, I don’t have to flip all 8 currency group manually everytime I do my pre-analysis. It also give me a general idea of how deep the buying and selling in that particular currency group because it also shows the % price change ( <= 0.20% = meh, =>0.50% = interesting, =>0.80% = Woah!, etc). If you noticed 0.80% price changed (not exactly this number of course, just a rough gauge), you can then maybe check your fundamentals and check why does price moved so much. A good example maybe regarding the recent JPY group, price changed over 1.00% and after BOJ announced the interest rates and also stated that they won’t intervene the JPY for now. It weakens the JPY like crazy. I saw a lot market manipulation happened on the NY session especially USDJPY on that day maybe because of things have become super super 1 sided and the larger players couldn’t fill their orders at a good price but this is a little bit complicated and not suitable on this topic.
The tool does has its flaws though. You cannot be like see it and pick a pair blindy weak vs strong for example. You still need to check it manually after that to feel if the rhythm of the market still suggest that. I know it sounds mambo jambo but if you do know how to extract infomation from it. It’s a good tool.
I also wanted to take a chance say thanks to BP for creating this tool. I would say this is one of the best currency strength meter out there. It’s free, uses FXCM data and all that good stuff.
Thank you. 