In this post I will be reviewing the Currency Strength Meter for the popular and free to download MetaTrader 4 (MT4) trading platform that is currently one of the most widely used online forex trading platform around the world.
The Currency Strength Meter is simple to understand, easy to use and profitable when used correctly. By correctly I mean ensuring that you interpret the currency strength signals correctly and use additional technical, fundamental and price action analysis to confirm entry and exit signals.
Of course as with any forex system, I would make sure that I have good money management in place so that winner trades are greater than losing trades so I maintain a sensible risk to reward ratio. I find it best to cut losing trades short and let the winning trades run with a break even and trailing stop loss to lock in as much profit as possible.
You can use the Currency Strength Meter on any currency pair and time frame that you wish. I would personally trade the major EUR, USD & GBP pairs as I find that they tend to have the most liquidity as well as an ECN forex broker for lower trading costs and the best possible trading conditions.
Currency Strength Meter Features
The Currency Strength Meter as the name suggests, will display on your MT4 trading platform the strength of each currency pair in colour coded format thus making it super easy to interpret. Once you know the different currency strengths, you can have an edge over the market and can choose to trade the strongest currency pairs if you wish.
Currency pairs move up and down when one currency is stronger or weaker than the other so using the Currency Strength Meter to know these strengths and weaknesses over multiple time frames is of course highly beneficial and a great tool to have in your trading arsenal.
The chart tool is set up so you can see each major currency pair and how it compares to all other pair on each time frame. The green blocks indicate that that currency is very strong on those particular times frames than any other currency. On the contrary, the red blocks indicate that the pair is weaker than any other currency on that particular time frame. It is as simple as that!
Currency Strength Meter Summary
The Currency Strength Meter is a very useful tool to add to other tools such as the forex market sentiment and other technical, fundamental and analysis based systems.
The more you know about the inner movements of the market, the greater your edge can be, provided you have the correct strong trading discipline and do not let fear, greed and other negative factors stop you.
The Currency Strength Meter has slick dashboards that look great and includes multiple bonuses, full support, instructions and a money back guarantee.