So which currency pair should you trade?
With so many currency pairs in the Forex market, choosing the right one can be challenging. This is where Fullerton Markets' expert advisor tool, Currency Strength Dashboard, comes into play.
It works similar to other currency strength meters with a few advantages that, when leveraged, will help you pick high probability trades.
What is a currency strength meter?
It is a tool that traders use to identify strong and weak currencies.
When trading in the Forex market, you're doing two things--buying the stronger of the currency pairs and then selling the weaker one.
A currency strength meter provides you with a clearer and easier-to-understand view of the currencies in the market at a specific trading day or timeframe.
How currencies are ranked strong and weak differs from one system to another.
One currency meter may highlight strong currencies in green and weak ones in red. Another will provide you with a list of strongly trending pairs and sideways pairs based on the currency meter.
As for the Currency Strength Dashboard, currency pairs are automatically arranged from strongest to weakest from top to bottom, respectively.
Simple, right?
Not quite.
While the idea of a currency strength meter is simple enough, it's not exactly straightforward. If it is, every Forex trader will be using it and raking in thousands each trading day.
To make the most of this amazing tool, you should know exactly how it works and understand the logic behind it.
This is because certain conditions need to be met to ensure winning trades. These include the timeframes you use and the technical and confirmation indicators involved.
As long as you know how this amazing tool works, it will help identify the currency pair that matters and beat your own odds.
Learn something interesting about the Currency Wars.
What does the Currency Strength Dashboard have to offer Forex traders like you?
- A clear direction on market trends, whether they're uptrend or downtrend, so you can place a buy or sell order accordingly and trade towards the trend
- Access to the best trending pair to trade
- Ability to track currency performance through the dashboard's auto-ranking system
- Auto-switch charts to the best ranking
- Receive alerts based on the preference you set--specified timeframes, certain values, etc.
- Access the dashboard on both LIVE and demo trading accounts
With the use of the Currency Strength Dashboard, you never have to miss an opportunity to make a winning trade, spend hours watching charts and price movements, trade against the trends, or lose more than win. This brings us to the next point.
How the Currency Strength Dashboard helps improve your trading experience
This expert advisor tool helps address common pain points that some Forex traders experience. You could be facing them too.
Lack of time to monitor the charts
This means you don't have the ability to stay glued to your computer or mobile device for hours on end because you have a day job or other responsibilities to handle.
In this case, you can use the currency strength meter as indicators for short-term trading the way many professional Forex traders do. By looking at which currencies are on the rise, you can make quick trading decisions or verify signals other indicators have provided.
Lack of technical skill
The Currency Strength Dashboard is easy to understand and use, which is why many new Forex traders use it. The visual display tells you exactly which currency pairs are performing well or underperforming, and you don't need to be a market expert to figure it out.
Costly trades
Currency strength meters provide you with a clear view of which currencies are correlated, protecting you from double exposure. If you can see at a glance which assets move in the same direction, you won't make the mistake of opening multiple positions that are essentially the same trade.
From the dashboard, you will also see which currencies have a negative correlation and effectively prevent you from needless hedging. When you know in advance that the currency pairs move in opposite directions, you would not trade long on both only to end up losing one trade.
Poor trading strategy
Apart from double exposure and hedging, the Currency Strength Dashboard will also help you identify the risk level of the trade you just entered. Are the currency pairs positively or negatively correlated? Is there little or no correlation?
By referring to the currency meter, you can improve your trading strategy by some measure. Combine this with other methods you know and you may be able to trade profitably.
Since the Currency Strength Dashboard is FREE to use from your Fullerton Suite, you pay zero to gain plenty.
How does the Currency Strength Dashboard compare with other currency strength meters?
While the Currency Strength Dashboard works like a currency meter, it does a much better job in generating more comprehensive data.
- Auto-scans all timeframes and currency pairs and not just based on a given timeframe
- Compares currencies in shorter timeframes such as one or five minutes and then generates real-time results
- Determines the best trending pair to trade from all scanned timeframes and currencies
- Sends notifications when there's a shift in currency ranking and when set preferences are met
- Switches charts automatically to display the best ranking
- Helps you avoid lacklustre or ranging pairs
Because the Currency Strength Dashboard is designed to be customisable, there's a range of functions that you can use to help you pick out the best trending currency pairs.
How to customise the Currency Strength Dashboard for the best results
Some of the settings you can configure are:
Calculation Mode
- Point Mode - calculate and rank in points
- Percent Mode - calculate and rank in % change
Bars to determine open-close - set the number of bars where the calculation is based on a specific timeframe. Five bars on five minutes is equivalent to 25 minutes.
Set the timeframe to allow calculation
Sort currency pairs by:
- Absolute Value - where currencies are ranked in order of highest change
- High to Low - where currencies are ranked from the highest positive to lowest negative
Minimum pause between alerts (sec) - receive alerts when there's a switch in ranking based on the time you set such as five seconds.
Check out this video for more information on dashboard customisation.
You can also enable/disable alerts on specified timeframes and allow an indicator to open a chart when there's a new ranking in selected timeframes.
Since charts in the Currency Strength Dashboard are ranked in order, it will automatically change when a new ranking occurs. Just click on a currency symbol to open a chart.
Start profiting from your trades now
Open an account with Fullerton Markets today and enjoy free access to the Currency Strength Dashboard via your Fullerton Suite. You can then start trading and earning using this easy-to-use expert advisor tool that instantly tells you which currencies are on the rise and ripe for trading.
Ready to build and grow your wealth in the world's largest financial market? No better place to start than right here with us! Begin trading with Fullerton Markets today by opening an account:
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