Thought it might be interesting to compare what it is we all are looking at when we trade. So post a screenshot of what it is your looking at and lets compare notes.
To kick things off, this is my practice account. Its a micro account cause i don’t believe in demo’s any more. I’m practicing scalping the EURUSD. So I have open my MT4 on the 1 min chart with candles, stoch, a PSaR and a support/resistance indicator. Along side is a 34-tick chart from cTrader with a stoch indicator. The rest is up to me.
I use a MACD and a 1, 5, or 15 minute chart. I don’t pay attention to the candles too much as they are represented in the MACD. I actually have two computers. One that I trade with, and another that I use as a monitor for a different chart. It is helpful to be able to look at both at different time frames to see what is going on. I would actually like to get 2 32 inch monitors with 4 different screens to read news and flip through stuff (news/events) during the time that I am trading. Let me know what you think!
The screens give me all I need to know, pips available, currency direction, spreads and strengths. I use the strength meter like a virtual trading mentor 24x5, putting me in the right trading position at the right time.
When I’m trading I look at two Multi Currency Strength Meter screens as shown here and my 28 MT4 charts.
The screens give me all I need to know, pips available, currency direction, spreads and strengths. I use the strength meter like a virtual trading mentor 24x5, putting me in the right trading position at the right time.
[B]David - can you give us some insight into your use of the strength meter? Who is providing this service for you? Is it free? Have you seen “Mirror Trader” where you can follow other’s trades?[/B]
Here is a video showing my trading desktop. I suggest as you create yours keep one thing in mind, where are the buyers where are the sellers? Do not fill your screen with distractions. For example, News Feeds. Forex can go either way on any type of News. All you need to know is when will the News be released so you know when to stay out. So far this month I have 22 trades one loss. And I do it with simplicity. Simple is better. Allen
I am not into automated trading, therefore “Mirror Trader” is not for me, personally I prefer to trust my own instincts than let software do my trading for me.
I have used a lot of Investment Banking trading floor software during my trading career and evaluated as part of my remit a lot of Internet based trading software to improve trading performance and lower the firms IT costs. Trading is all about having the best information/news in front of you to make the right trading decisions.
There are other commercial tools that do a similar job to the FX Multi Currency Strength Meter and a lot of free ones which do a similar job that can help you understand why a currency pair has little or no price movement.
Trading for me is also about [B]PMDC[/B] (price movement, direction and confirmation), which currency pairs have the biggest potential for movement on any one day, what is the strength of that movement and in what direction is that movement likely to go.
Trading signals you can get from just about any indicator, some simple indicators like an SMA cross, or to the realms of Ichimoku Kinko Hyo etc which I also use. The key to whether the signals are real trading signals ones or not is to understand the strength of the movement. Are those currency pairs at the beginning of a trend or at the end.
The Multi Currency Strength Meter is one of those tools which works with MT4 DDE data, I did take a 14 day free trial, but now I have paid for it to give me unlimited confirmation of trades for a one-time price. Some people use strength meters for trading signals, you can but I wouldn’t advise it, I just use it like a big brother/mentor to keep me informed on whether the trade signals are valid ones.
My suggestion is to download it for free and use it for 14 days, then either download a free alternative or pay for it.
at the moment, here are Daily, H4 and H1 charts (trading H4 in direction of D1 and looking for entries in H1). Indis: Pivots and stochs with different parameters for each time frame, all in one template though.
Thought I would update my screenshot. In my first post I said I was learning to “scalp” the EURUSD well the result of my work lead to a simplifying of my screen.
Top chart is a 5min chart with market times attached. Bottom chart is a tick chart set at 34 ticks during the Asian session, out to 55 when Moscow open, 70 at London open and back to 55 at London close. Attached is a 20 ema. The 5min chart serves no purpose other than to keep a bit of perspective on the market. All the action happens on the tick chart where I base my trades by price action.
simples
