Currency Strength Indicator?

[balikforex]

Hi,

I've read the book of Anna Coulling, and saw that she uses some type of currency strength indicator. It seems to be a reliable way to watch market for possible breakouts. I found two in my research;

1) Apollo Currency Strength Meter

2) Quantum Currency Strength Meter

I would appreciate any insights regarding to reliability of these products or any other alternatives.

Thanks.

 

[EuroTrader]

Hi,

I've read the book of Anna Coulling, and saw that she uses some type of currency strength indicator. It seems to be a reliable way to watch market for possible breakouts. I found two in my research;

1) Apollo Currency Strength Meter

2) Quantum Currency Strength Meter

I would appreciate any insights regarding to reliability of these products or any other alternatives.

Thanks.

It is good that you can get help from such books that will help you plan your trades and also get to know about the strengths of any currency pair easily

 

[ElaineMDG]

I'm hoping to renew this conversation, as I am also currently reading Anna's book on Volume Price Analysis and attended one of her online "classes", (which was basically just a "trading room" hosted by her and her husband for 2hrs of looking at her charts & talking about their rather expensive software).
Although the concept of matching volume and currency strength makes a lot of sense, I was under the impression that accurate "volumes" for Forex were basically impossible?

I can understand how this would be extremely helpful in commodities, stocks, even indices; does the available information for currency pairs even mean anything if it's not "accurate"? I've seen currency strength indicators in several places, (that's what Complete Currency Trader by James Edwards is based on), and obviously individual currency strengths would affect the currency pairs; but on ALL the different time frames? As I've seen watching CCT's indicator (free on their website) AND at Anna's class the other night, the strengths can differ WIDELY between 5, 10, 15, 30, 60 and 240 minutes and even more if you do Daily! Perhaps I just haven't gotten to that point in the book; but I don't understand how you can take "readings" for a currency pair, pointing 4 different ways (i.e.: 5 min strong-strong, 15 min strong-weak, 60 min weak-strong, daily weak-weak: these were actually the readings for USDJPY yesterday); to form ANY kind of conclusion, whether scalping, swing or long term trading?

I plan on sending Anna an email when I get further along in the book-it DOES have some good basic information. I think along with the above, my main problem with her so far is that she claims to use "simple price action"-but I believe she had the prettiest, but most complicated charts I've seen since beginning this journey!! Her books also have very mixed reviews, several from supposedly experienced traders weren't very polite. I reserve my judgement as she and her husband DO bring over 30 years each of experience into their teachings. I WOULD love any input from the wonderful folks here at FPA!

 

[ForexVerified]

Well, I'm guessing a good currency strength indicator are the candlesticks by themselves, the length of their bodies and the patterns.

 

[EURUSD]

Well, I'm guessing a good currency strength indicator are the candlesticks by themselves, the length of their bodies and the patterns.

I am also like with simple way using candlestick pattern to looking trend market, but seems I am also ever hear about currency meter which used on various currency, but still don't understand what advantage using currency meter in trading.

 

[EuroTrader]

I am also like with simple way using candlestick pattern to looking trend market, but seems I am also ever hear about currency meter which used on various currency, but still don't understand what advantage using currency meter in trading.

Some of the Candle sticks are very easy for us and this is why we can use them easily in our trades. But also we have to see if the trends in the markets are clear or not and how much scope of profits is present in our trades

 

[ElaineMDG]

Anna Coulling who's written 2 books on Volume Price Analysis (specifically for Forex-includes the currency strength as the primary indicator), has a few articles about it on her site and is having some free webinars on it this week, (in both EU & US time zones). Basically what I'm finding is that what she says is true: "People either love it and can't trade without it; OR say it's completely worthless in Forex". I've sent emails to 4 different professional forex traders (2 also "coach" or mentor); and their replies were evenly divided-2 love it & sung its praises, the other two said its a waste of time & money.
I'm more than willing to keep my mind open to trying it, but would love to hear from some people who've actually used it in a Forex strategy. I'm planning on sending Anna an email later this week-AFTER I finish the first book. While I can see how the currency STRENGTH would be really useful, my questions are mainly regarding VOLUME. Also, on the currency strength indicators-Anna is constantly going between 1 min to 1 hour charts; and they can vary VERY widely! So if I can't figure out by reading how those extremely volatile, multi-time frame charts are used together; I'll ask her about this.

 

[ForexVerified]

Anna Coulling who's written 2 books on Volume Price Analysis (specifically for Forex-includes the currency strength as the primary indicator), has a few articles about it on her site and is having some free webinars on it this week, (in both EU & US time zones). Basically what I'm finding is that what she says is true: "People either love it and can't trade without it; OR say it's completely worthless in Forex". I've sent emails to 4 different professional forex traders (2 also "coach" or mentor); and their replies were evenly divided-2 love it & sung its praises, the other two said its a waste of time & money.
I'm more than willing to keep my mind open to trying it, but would love to hear from some people who've actually used it in a Forex strategy. I'm planning on sending Anna an email later this week-AFTER I finish the first book. While I can see how the currency STRENGTH would be really useful, my questions are mainly regarding VOLUME. Also, on the currency strength indicators-Anna is constantly going between 1 min to 1 hour charts; and they can vary VERY widely! So if I can't figure out by reading how those extremely volatile, multi-time frame charts are used together; I'll ask her about this.

1 min charts are too distracting and you can't get a clear picture. After years of trading I've come to conclusion that the simpler you trade the better you'll be. Candlesticks give you all the info you need about trend/range, strength, S/R zones, and such. Using more indicators will just clog you with info and you'll have difficulty making good decisions. But that's just me.

 

[ElaineMDG]

1 min charts are too distracting and you can't get a clear picture. After years of trading I've come to conclusion that the simpler you trade the better you'll be. Candlesticks give you all the info you need about trend/range, strength, S/R zones, and such. Using more indicators will just clog you with info and you'll have difficulty making good decisions. But that's just me.

I'm agreeing with you here-watching a video she did on you tube & having a hard time trying to figure out the stuff coming in from the side, 2 different bars on the bottom, and more lines than I've seen on any chart since I was drawn to price action. I'm about to give up on her book because I can't find where she's getting all this volume information-when I've seen everywhere else that there is NO accurate volume information in Forex. I'm still going to send her an email & see what she says; but after claiming repeatedly that she relies on "simple price action and volume", and being "assaulted" (so-to-speak ) by more indicators than I've seen on MANY charts-I think I'm going to just put this away and go back to Al Brooks book on Price Action in Range Trading-that actually makes sense! thanks for your input!!

 

[ForexVerified]

I'm agreeing with you here-watching a video she did on you tube & having a hard time trying to figure out the stuff coming in from the side, 2 different bars on the bottom, and more lines than I've seen on any chart since I was drawn to price action. I'm about to give up on her book because I can't find where she's getting all this volume information-when I've seen everywhere else that there is NO accurate volume information in Forex. I'm still going to send her an email & see what she says; but after claiming repeatedly that she relies on "simple price action and volume", and being "assaulted" (so-to-speak ) by more indicators than I've seen on MANY charts-I think I'm going to just put this away and go back to Al Brooks book on Price Action in Range Trading-that actually makes sense! thanks for your input!!

It's true, volume in Forex is different than at the stocks, so it's difficult to get a clear image of how much was actually traded.

About the books, I would recommend everything from Alexander Elder if you haven't read already.