- One of the biggest reasons 98 % of traders lose money in forex is because they don’t know what currencies are strong respective weak. Knowing the strength of a currency will dramatically help you on the way to become a world class trader, you will never look at the market the same way once you have fully understood the importance of currency strength.
This is a universal application, meaning that it doesn’t matter what approach or strategy you have to the market, it simply shows you the best pairs to trade so that you can apply your strategy accordingly.
Note: The strength is updated by professional traders for most accuracy and not by computerised scripts.
Full Description
Daily Currency Strength gives you a great indication of what pairs to buy respective sell for the day. The strength ranges from -7 to +7 since there are 7 major pairs.
+7 is considered to be the strongest -7 is considered to be the weakest
You want to combine the strongest against the weakest currencies, example; if EUR is +6 and USD is -4, we are then looking for opportunities to go long on the EUR/USD.
You do that once a day for each session ?
Do you give more power to currency that do not change from one session to the next?
For instance, GBP -1 in all 3 sessions, however JPY has changed from -1 to +4.
Does it worth it to do it more often during the day? For example, during NY session to do it at the begining and amid?
Thanks buddy.
Tradinggrouptw
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Hey man, for most accuracy i recommend that you do it 3 times per day, Pre-Asian, London and New York Opening. tradingview.com/v/igHpF5vJ/
Tradinggrouptw
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This will give you a great overall view of the order flow.