Hello all,
I want to introduce a new method of trading. It is based on selecting the Strongest vs Weakest currency. As you know that forex trading is based on comparison of two pairs. So more stronger the base currency and more weaker the quote currency or vice-verse the is more profit you will make. So if you pair the strongest vs the weakest you get the most profit out of this trade. I have tried it as scalping strategy
I will be using two indicators:
- Forex Heat Map
Open following charts:
- M1
- M5
- M15
I open M1, M5 &M15 on a single window which also has the chart on it. On the other window I open H1, H4. You may toggle the screen by pressing Ctrl+ Tab.
Entry:
- Start from H4 and H1 see which pairs are the most green and most red (meaning red and green). This is to make sure you get the bigger picture.
- Look at M1 & M5 and M15 to look for the strongest pair (7 or 6 lime /green colored horizontal bars on Super Heat Map) & the weakest pair.
- Now look the strongest currency on the M1, M5, M15 and pair it with the weakest currency.
Exit:
- When the strongest starts to become weak (most signals turn red) and weakest starts to become strong (most turn green). AND
- When the Super trend indicator changes its color.
Example:
In picture below you may see that NZD is strongest and CHF is the weakest. So, BUY the NZDCHF.
P.S. I want the volunteer MQL programmer to code another wonderful indicator which I have requested here:
http://forums.babypips.com/expert-advisors-automated-trading/48383-request-30-40-lines-long-small-custom-indicator.html
Indicators.zip (4.37 KB)