Inspired by an indicator I found on stevehopwoodforex. I'm sure I'm not the first one on here to think of this. My apologies for the messy work though, because the chart gets scrambled when you move it, the text moves all over the place and the calculations are probably completely wrong, but I'm sure you get what I'm trying to do here.
Now check out the chart. How often a year does a currency significantly change direction? I know I haven't. Which could of course happen at any time for all I know and when it does we look to trade that currency only the other way and count the money we made on the long run we just had! The strengthening and weakening of a currency as you can see can last for months. Realising this changed my trading forever. My interpretation of the chart: Currencies that are significantly sloping away from eachother are candidates for trend trading.
Currencies that run paralel to eachother are ranging and can be traded from the top of a band or channel to the bottom with confidence.
I hope this makes sense. I have using similar android based software called currency strength index. You can get two styles of currency strength chart I developed from http: The second piece of Windows software is called the AccuStrength. Yes, they cost money, but they will save you a lot of time and energy trying to reinvent the wheel. This is a money-laden business so investing in your tools is perfectly in line with speculation.
It is not the end all and be all, but a well designed and properly calibrated currency strength indicator will get you in earlier and out faster. The FX4Caster is a one time purchase and the AccuStrength is a subscription model because of the data included with it. It's in my favourites bookmarks.
Only if there is a way of avoiding to scroll down to check which one is which because by the time I do it, I forget what I was about to check ;-. Would the idea be that you would trade an appropriate currency pair? Where can I get the script for trading view? Can you send me an email as well. From the creators of MultiCharts.
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