I read about this site on another forum.
The attached pic is one of the resources on the site. It is a Currency Strength Meter (CSM). If you look closely you will see comparison other pairs are unselected and this reveals the "naked" strength/weakness of a currency, over time, as an index. I've never seen this done anywhere else. I have no idea how it is calculated but to me, at a glance I now know what currencies to avoid and which are worth looking at the trading platform for confirmation and entry point.
I can only speculate why there are six or seven of these charts. It's either for setting up different timeframes or different base currencies.
The feed to the charts is not continuous so to refresh I change TimeFrame and maybe add a second currency and then remove it after I have explored any new divergencies (one getting stronger, other getting weaker). It's definately worth exploring as it is helping me a lot.
The site has a lot of other resources too, like technical analysis of selectable pairs against a variety of indicators and some downloads. I like it so thought I'd share the link.
Of course, I only know what I have deduced about the info here. I thought I'd post this and see what other people think about how to exploit this for trading.
It would be great to hear what others think. Is there any other way we get to see an index of a single currency?
The attached pic is one of the resources on the site. It is a Currency Strength Meter (CSM). If you look closely you will see comparison other pairs are unselected and this reveals the "naked" strength/weakness of a currency, over time, as an index. I've never seen this done anywhere else. I have no idea how it is calculated but to me, at a glance I now know what currencies to avoid and which are worth looking at the trading platform for confirmation and entry point.
I can only speculate why there are six or seven of these charts. It's either for setting up different timeframes or different base currencies.
The feed to the charts is not continuous so to refresh I change TimeFrame and maybe add a second currency and then remove it after I have explored any new divergencies (one getting stronger, other getting weaker). It's definately worth exploring as it is helping me a lot.
The site has a lot of other resources too, like technical analysis of selectable pairs against a variety of indicators and some downloads. I like it so thought I'd share the link.
Of course, I only know what I have deduced about the info here. I thought I'd post this and see what other people think about how to exploit this for trading.
It would be great to hear what others think. Is there any other way we get to see an index of a single currency?