The currency strength meter is best role is to help traders make lucrative choices regarding currency pairs of the strength or weakness of currencies in the Forex trading or Foreign trading markets. You can see the relative strengths of all majors.
Today we will learn how to trade with the Currency Strength Meter so we will trade a pair today,
Below is a Currency Strength Meter image, look at it carefully. In this picture, there are 2 sides, the first is strong, and the second is weak. This tells us which currency is strong and which is weak. There is a special thing in it that you all have to consider. Working on an hourly chart,
So in this picture, GBP is visible on the strong side, and CAD is visible on the other side, which is weak. This shows that there is a signal to buy GBPCAD, but there are also things to keep an eye on.
Below is another Currency Strength Meter image marked, as you will see GBPCAD filled in green above it is also important to recognize, This is also giving us a buy signal
The third step
Below is a Currency Strength Meter Image that is an indicator that will help you trade.
The indicator is marked GBPCAD P. All symbols are green, indicating that GBPCAD is available for purchase.
If the above three steps are in our favor, then we need to go to our GBPCAD hourly chart and confirm this indicator from there.
In the image below you can see that the GBPCAD is breaking the line and moving upwards, this shows that we can easily decide that we have a buy signal now.
The fifth step
Below are some Currency Strength Meter pictures. by looking at them, you can easily decide when you should trade and when not.
Seeing this picture, you will easily ignore trading
Just Green is available in the strong and weak sides. No red
AUDUSD is Not filled in green above
The indicator is marked AUDUSD is Not All symbols are green, indicating
The last step
Above we have taught how to buy GBPCAD, all the pictures above have been used in green color.
Well, if all the points turn red, you can easily sell them.
And if you give maximum chart time, people will understand gradually.
First, you trade with your demo account when you understand, then start trading with your real account.
This is my best effort. I am sure you will benefit from it. If you like it, then share it with your friends and relatives.
Thank you for your time