ztrader

As usual, nice chart illustrations, Walter. Some have already seen the merits of using currency strength and weakness or as you called it, inter-currency analysis. Although, the our tools and approach may differ, the commonality is capitalizing the strength and weakness of each currency in our respective trading methodology. In the end, the objective is to make consistent profit with it. So, keep it coming. ENJOY! ztrader

Sledge, My apology if you had taken my post as hostile; it is not intended to be nor am I entering it in a pissing contest. I was making a general comment and sharing some thoughts on how I see the market and find opportunities within. I have no explanation of why the market in forex moves the way it is. I also trade emini futures and it's about the same story there. My traders IQ is low so I make my approach to trading simple by just going with the market flow and apply market timing. I take what the market gives. I don't think there is an actual nor one right answer to your question. There are lots of high caliber technical traders and market wiz here, who knows, one may come up with it. Again, please accept my sincerest apology. Feel free to ask one of the moderators to delete if you so desire. I wish you the best. ENJOY! ztrader

It seems that most seasoned and newbie traders alike are hung up on going after and making those big pips everyday from a single pair then get concerned with the market when it doesn't come around to give it. That's market reality and the challenge we face with as traders. You can stick [focus] to the daily on one pair or be flexible enough to work with the market and drill down to the lower timeframes to identify movement, if any. The name of the game is making consistent pips everyday. We are blessed with several currency pairs to look for these opportunities. I also have my focus pair but I am not married it. I let my D1 or H4 swing trades take the big pips as they come. I take my fun pips [money] in lower TF on pairs that will give me the setup for 10-20 or more pips. Like BigKahuna said, "perhaps it is the methodology". I called mine "scalp, cycle n trend". ENJOY! ztrader

brownsfan and MC, you can look over the zip file attached by 3monkeys in the above post. The files, calculations and other information are all in there. ENJOY!

Thanks 3monkeys. You beat me to it. Here is also an additional link you can look into: http://www.stideas.com/Free%20Trading%20Tools.htm#r%20leslie. For other Currency Strength/Weakness, including Fundamentals, Technical, and Intermarket analysis, this one is also a good resource site: http://www.pfxglobal.com/eur-usd/eur-usd-currency-pair-analysis-fundamental-and-technical-forex-trading-2.html ENJOY! ztrader

I know this thread is about strength and weakness of Forex but not to leave out the eminis, since I trade them also, I just want to add in here how a similar strength and weakness approach can be applied to emini futures or any instrument for that matter. Here is an example of how the accelerated drop on YM and ES is shown on the same Excel file I use for forex. One can SHORT one or both of them when weakness scoring 1 is shown, add to or stay longer with previously entered SELL for some nice 15-19 plus points each per contract. DONE for the day before New York martini lunch time that's why I am able to make all these posts. I only trade them for 2-3 hours. Although, my emini trading method is not dependent on this tool, it is still handy to have. ENJOY! ztrader P.S. Chimp, I hope this is not construed as hijacking the thread. Otherwise, please feel to have them remove. Gracias amigo!

Paul, The one I use is my modified version of the commercial copy. The creator has now replaced the Excel format with a full blown software which he is selling, I believe, at about 200 Canadian Dollars. There is also a similar freeware of the original Excel version available somewhere. I will look for the link and check if the site is still working. Please check your private message inbox. I have attached screenshot of the two softwares. Now, you'll know more why I like the excel format better. ENJOY! ztrader

Like I said there are number of ways of measuring the strength and weakness of each currency and forex pairs. Walter initially introduced here the use of TopGun Software's "sophisticated" FXMultiMap in 3 different settings. While I posted another using an Excel format. Here are couple more tools shown on the chart below: . Each shows the strength of JPY and weakness of USD in different ways. The bottom indicator [actually an expert advisor] is similar to the excel format attached to a chart. The top indicator is another way which shows the USD scoring 1 indicating weakness while JPY at 8 as strong and getting stronger/rising, a modified version of the Excel format. The middle one measure it completely different and based on range, pivot, support and resistance. All of them work, as a matter of preference, I like the Excel better coz it is simpler, easy to read, and no overload on CPU. ENJOY! ztrader

Thanks. Yeah, it's real time feed from MT4. I will be posting later using similar indicator for MT4. ztrader

Ooops, I pressed the wrong button. . Anyhow, it runs live, real time via DDE option on MT4. I just watch it on another monitor. BTW, I only use this approach mostly on pairs I do not normally trade. I just hit BUY or SELL on either Oanda or FXCM platform to enter live trades for them. ztrader

Thanks Paul. Like I mentioned in my previous post, the currency strength index in excel format only gives individual currency status for a short time span. I usually use it on 1 or 5 minute time frame which is good enough for me to capture 20-40 pips and at times 100+. There be will instances when there will be trade opportunities on more than one pair simultaneously. Today, in the US session, they were USDCAD, USDCHF, USDJPY and there were others but do not meet my criteria. On my next post, I will show couple of other ways, strength and weakness can be measured other than with the excel format. I have two other softwares I can use and set for longer time period, however, I have another method on swing trades on either 4 hours or Daily time frames. Because of the absence of true volume data for forex, the measurement of strength/weakness was improvised based on ticks, bid, ask, OHLC, of all selected forex pairs across the platform datafeed source. From there some interpolation/calculations are done to separate the relative strength/weakness of each currency in real time. Properly use, it is a very good tool and does the job it is intended to do. I hope this helps and answers your questions. With Walter's blessing, I wouldn't mind continuing on this approach along side his FXMultiMap. ENJOY! ztrader

Walter, Here is how I look for currency strength vs. weakness. On the day open on WHC MT4 platform, EURCAD bounced off of LOD and EUR started to pick up strength while CAD weakened, as shown in the Excel file I use. By the 2nd hour of the Tokyo open, the Currency Strength Index excel file was showing EUR at +7 and CAD at 1.0. The LONG trade resulted in a quick 30 pips profit. Inter-Currency Analysis or Currency Strength vs Weakness is a very good tool to enter trade with significant momentum within a short time span. You will always find high probability trades with it. ENJOY the Adventure! ztrader

Excellent! The simpler you can present it in a thread, the easier it is to grasp the merits of the fxMM indicator. Please try to limit it to say a 5minute time frame which I think would be the best TF to capture the strength/weakness momentum. But, it's your call. ENJOY! ztrader

Nice catch, Walter. Here is how I grabbed mine minutes ahead of the Bernie Show on a bounce off of HOD. Walter, you may have to start a new thread on forex with your FXMultiMap outside of this Five Tick thread. As always, your analysis is always appreciated. ENJOY! ztrader

EURUSD got cloudy an hour or so before the US market open and the temperature drop for some 90-100+ pips. Uncle Bernie can do his show tonight and we'll just see and trade how it shows on the chart tomorrow. :cheers: ENJOY! ztrader

cowpip, you hit it right on, "it doesn't really matter". Most traders seem to go astray from what is right in front of them, their chart, their method. Stick to what shows on your chart and method you use. If your method signals a LONG and if it so happens that the dollar decline/oil rise, so be it. Take your profit. Go with the market flow and market timing. It's hard to go wrong with that. ENJOY! ztrader

Yes, it was a nice "gimme trade" after the news. I took mine off of a bounce on previous resistance/now support which may possibly coincide with a fibonacci level. Nonetheless, I am glad to have caught it right around market opening of US exchanges while I went short on YM and ES. ENJOY ztrader

Walter, This is the TopGun Software which you can get for free if you sign up with one of the brokers, i.e. FXDD. FXCM, and FXSolution through LeverageFX. If you will be scalping, you should be able to meet their trading volume requirement. Nonetheless, TopGun has lots of useful indicators, other analytic studies and way too many methods to trade with. You will enjoy them all for your research. For scalping, you really would not need more than a couple of them. The FX Heatmap will do the trick, yet I prefer to use the FXmeter. The e-signal data is a big plus of course and I am planning on using it in a different way. ENJOY! Z

gecko, That's a $2000-$5000 plus $50.00/month deal and a good amount of capital for you to get started. You can learn as much by following Ozfx thread and other threads here or other forums. You can download the videos from here for free and learn similar if not better method: http://www.traderslaboratory.com/forums/f30/from-zero-newbie-to-a-hero-3921.html. Or you can send me half of what fxtradingpartner is charging and you can be up and running in 3 days, 3 weeks, 3 months. Seriously, there's lot of help available in this forum or elsewhere for free or for much less. You just have to exert some effort and time, lots of screen time. ENJOY! ztrader

For over 6 months now, I have been using MT4 from Water House Capital [WHC] based in Russia and have not had any problem downloading their demo platform from their site here: http://www.metaquotes.net/files/whc/whc4setup.exe. They have the most symbols available among all MT4 brokers, from forex, eminis, futures, equities, etc. I use it primarily for charting on YM [see today's chart], ES, and, EJ. Word of caution: there will be some time when the price is delayed otherwise, it matches exactly the data feed from Zenfire on my Ninjatrader platform.

The few times last week that I have logged in, my text chat did not send through in the room. Paltalk is a good alternate but if you guys would like to do chartshare or upload charts in the room, may I suggest a free community room at http://www.tradingrooms.com. Private and passworded room is also available if that is preferred. Z

Hola torero, Yeah! Let's nominate walterw to lead the YM while Hlm takes on ES. :thumbs up: Now, we just need someone to handle ER2. See you there. ENJOY! ztrader

Maverick, I have spent a couple of weeks in the TTZ chatroom. It was nice and their method seems profitable and the environment was a lot of fun with some unnecessary display of rudeness. I am new to Market Profile [not new to trading, though] so I have considered buying their course. There are other alternatives, however, like Balance Trader (very reasonable price), among others, and/or learn on your own through this forum and other study materials. I figure I would just add that $2000 to my trading account and purchased a very reasonable one time payment for TPO charting on Ninja Trader. As far as chatroom, the one we have here is great. You can watch the master scalper, The Chimp [waltwerw] scalp the heck out of YM. Hlm is also very helpful calling levels on ES and YM. This two guys turned me into "The Wimp" this morning when it comes to scalping. LOL! ENJOY! ztrader

Water House Capital has eminis on their MT4 platform with free charting. Their real time data feed is as close as you can get to data feed from Zenfire on Ninja Trader. ENJOY! ztrader

walterw & Pyenner, I applaud you for making the effort on your attempts for a "perfect" - exact match of the VT version. This maybe an exercise in futility as the actual result of the conversion maybe affected by the codes and how it is executed in the respective platform. If one feels that the VT version gives him/her an edge in trading the method, then so be it and use VT. I think the MT4 version of igorad is more than sufficient to trade your method profitably. The looks would just have to be in the eyes of the beholder and trading results are always based on each individual trader's ability, regardless of graphics and systems. I use the VMA on NT and on MT4, only one of them lines now and it serves me well. Then, of course, my trading approach is completely different. You are presenting a very viable method here. Please don't let the minor variance in the horizontal line takes you out of focus unless it is causing your trade to lose or giving up over 10 pips. My 2 pips on the match. Is it match point yet at the U.S. Open [tennis] Championship? ENJOY! ztrader