This week.. I added two new tools to my trading arsenal…
The first is an expert advisor to help me calculate my lot size and enter two orders automatically.. one order that I close when it hits my target profit, the other I let it trail using a custom indicator that I wrote….
The second tool that I started using this week is a nice little program that shows the relative strength of 8 major currencies, programmed by Henry Liu… You can get it here http://www.currencystrengthmeter.com/
This program can work with any MT4 broker, and is a really neat way of telling at one glance which currency has a higher chance of rising (or falling) vs another currency…
I use it whenever my price action reading shortlists more than one possible pair for trading.. For instance, at 12:30pm (GMT) yesterday, I noticed that JPY is suddenly very strong… all three pairs (EURJPY, USDJPY, GBPJPY) formed a long bearish candle… I had to decide which pair, among the three, to trade… Using the currency strength meter, I can easily determine that EUR was strong, whereas USD was weak… Thus, trading USDJPY will be a much better choice than EURJPY… and indeed… USDJPY fell much more dramatically than EURJPY…
A really simple but useful application… and btw, did I mention that it’s free? :-D
