[forexflash]

[Standalone] ForexGrail System with FXMeter (Currency Meter) by Tom Yeomans MeterSoftware

While I wait out the current US dollar bullishness to subside I decided to scratch an itch I’ve had for a few weeks and test out Tom Yeoman’s ForexGrail strength meter.

I’ve resisted looking into this trading tool for quite a while as I know that Tom prefers to trade short time frames, generally 5 minutes charts, which have never seemed to mesh very well with me. After trading for five years now I know only too well the randomness vortex that exists in these short time frames.

The ForexGrail is a Windows application that shows the relative strength of an individual currency.
When EUR/USD is rising there is at least one of the following two reason in play (if not both): the euro is strengthening and/or the US dollar is weakening. If you want to figure out technically which is the case you can look at other currency pairs that contain the euro and US dollar and see if the euro is also gaining against other currencies, or if the dollar is weakening elsewhere.

The ForexGrail does this examination for you and if a currency is strengthening against multiple currencies then it will be given a value closer to ten. If a currency is weak against multiple other currencies then the application will give it a value on the bottom end of the scale closer to zero.

The application uses a MetaTrader DDE price feed as its data input and thus must be run for a while before you can see any real trends or changes in the strength or weakness of any individual currency.

The ForexGrail thus allows you to quickly zone in on a currency pair that is trending nicely without having to examine tons of charts.

Another reason why I haven’t given up completely on short term time frames is something that has stuck with me from reading Richard McCall’s Way of the Warrior-Trader. McCall’s approach to trading is grounded in his martial arts background and is steeped in the way of the samurai. He focuses on short term trading (for him on the e-minis) for no more than an hour each morning. Just as a samurai sword fight is quick and brutal, McCall recommends focusing all your energies on your trading activities for a limited amount of time. You engage with the market for however long you are at your peak mental fitness, and then disengage and rest for the remainder of the day.

I think I’ve mentioned this concept a few times before and generally tried to apply it in the way I approach the market for medium and long-term trading: the majority of my analysis and market research is done during a twenty to thirty minute period in the morning.

As I dial down the time frames on my charts and look to examine those five minute charts again I need to take heed of this same approach to make sure that I don’t get sucked into the relentless tick movements at these shorter time frames. I don’t want to be watching prices bob up and down for hours on end. I want to be able to hone in on where the action is, which hopefully the ForexGrail will help with, spot a trading opportunity that fulfills a predefined set of criteria. Manage and exit the trade within a reasonable timeframe and then go about the rest of my day.

profitable trades using just two moving averages and the currency meter
tool. The application of this type of trading system requires routine entry
and exit. Your trading decision will have 3 parts to it.
1.. Picking a pair of currencies.
2.. Finding an entry.
3.. Determining your exit.


Everyone is taught that there are hidden meanings in the patterns.
Don’t make the mistakes 99% of traders end up making.
THERE IS NO HIDDEN MEANING TO FOREX PRICES.
Our job, as day traders is not to predict the direction of world
currencies. We shouldn’t care. Our trading decisions should only be
based on what is most likely to happen to a particular spread.
From my years teaching, I saw losing traders unable to control
their emotions as a common fault . They seemed to think they could
trade from the seat of their pants. Make a few bucks with me in the
morning, then piss it all away on hunches later. Each winner I taught
made trades based on sound reasoning. Nothing was left to emotion.


So...I strongly recomend this tool for anybody to use it, even a begginer
can trade this system with ease and greater success than other tools I
used and tested.
If anyone is interested in this aproach, feel free to send me a PM regarding any questions.
Good trading to all.

[oilfxpro]

Originally Posted by forexflash

[Standalone] ForexGrail System with FXMeter (Currency Meter) by Tom Yeomans MeterSoftware
.

The application uses a MetaTrader DDE price feed as its data input and thus must be run for a while before you can see any real trends or changes in the strength or weakness of any individual currency.

The ForexGrail thus allows you to quickly zone in on a currency pair that is trending nicely without having to examine tons of charts.

Great idea sounds good

OILFXPRO

[forexflash]

The currency meter is a tool. It is an important part of every forex traders arsenal.
As you will see after watching it for a few days, this is a very powerful tool no currencies trader should be without.

The most overlooked aspect of what a currency trader is doing is neglected in traditional foreign exchange trading. We trade strengths and weaknesses. That's what trading is.

"You will never see a currency strength meter on a broker supplied platform. Until now, only the large players could afford them. The fact that currencies trend and brokers must follow them, instead of move them (like smaller regulated markets) is the Achilles' heel of today's high leveraged Forex brokers. It's clearly the most powerful tool available to a forex trader."

People who read my posts know that i trash every scam out there, but this software earns
my recomendation to anyone who want to be profitable in a simple way.
Anyone interested can PM me for info regarding this.

[oilfxpro]

Paul

A good currency meter can make a lot of difference to your bottom line.Unfortunately the vast majority of indicators and tools are made by amateurs and are totaly useless

OILFXPRO

[FerruFx]

This tool is exactly the same as !xMeter. The base calculation is the original Tom Yeoman's excel spreedsheet.

Thanks Tom.

FerruFx

[oilfxpro]

Originally Posted by FerruFx

This tool is exactly the same as !xMeter. The base calculation is the original Tom Yeoman's excel spreedsheet.

Thanks Tom.

FerruFx

Ferru

With all due respect to your work, Forex Flash has a more accurate formula

OILFXPRO

[FerruFx]

Originally Posted by oilfxpro

Ferru

With all due respect to your work, Forex Flash has a more accurate formula

OILFXPRO

You probably right but I am sure that the base is the same. His original formula to calculate the individual currency strength is the only one to be considered. No indicator involved ... only price action. I doubt that he changed this. Of course he probably added some others secrets sauces!

FerruFx

[oilfxpro]

Originally Posted by FerruFx

You probably right but I am sure that the base is the same. His original formula to calculate the individual currency strength is the only one to be considered. No indicator involved ... only price action. I doubt that he changed this. Of course he probably added some others secrets sauces!

FerruFx

Hi Ferru

The Yeoman's formula is very amateurish , I read the code in your indicator /E A .I am also not going to tell you why it is amateurish , because OUR secret formulas can be deciphered on message boards

OILFXPRO

[oilfxpro]

Originally Posted by oilfxpro

Hi Ferru

The Yeoman's formula is very amateurish , I read the code in your indicator /E A .I am also not going to tell you why it is amateurish , because OUR secret formulas can be deciphered on message boards

Even the orignal design of the currency heat map is amateurish
Currency heat map - Forex Trading

OILFXPRO

In my opinion currency heat meter is a piece of crap ,designed and coded by amateurs.

See for yourself on the chart it is crap ,one requires the knowledge how to read indicators and to see if they are performing correctly.This indicator is very typical of every indicator sold and obtained from from forex tsd

OILFXPRO

[RebateFX.com]

That indic is a bit confusing. Trend can very easily be established with a moving average, some trendlines or just plain looking at the chart.