Heres tom yeoman from accurstrength
if I had the time I would do most things exactly the same on the Corrie....
ok - I usually have the triple arrow corrie indicator open on a 5min chart setting that gives me more than 10 hours (see attachment) .....but whatever
only other differences really here is that I focus EXCLUSIVELY of USD trades (using the dow and the yen for correlation support)
oh yeah........and the price :whistling
N
Here is what I do each morning when I start my trading day.
I take a close look at each individual currency using the check boxes on the left side. I try to match its behaviour with various news items and reports that may have been released over that time period. I don't look at any other currency until I have finished examining the first one. Then I move to the second. Once I can confirm that a trend has been established in an individual, I use a pen to mark down some thoughts on a piece of paper in front of me. I finish one currency then move to the next.
I use a ten hour chart width so I can see trends within the time period I have available for trading. It shows me the last ten hours of strength or weakness. Unlike my older meters where I had to have it running for hours before a usable chart could be had, the AccuStrength lets me see what happened when I wasn't online.
As part of my observation for each currency I make horizontal lines and move the chart scroll bar back to see if certain levels have been reached over X amount of days. Once I think I have properly assessed that currency, I move along to the next.
When I have completed every one of the major currencies individually and saved the setups and themes, I have several combinations in mind. I use the accuchart and a regular pair chart side by side to see what each combination looks like from both angles. I match up my trend lines or horizontal highs and lows on the AccuStrength while observing the pairs price behaviour.
If a currency is very high and has been that way for a while, look for a bounce towards weakness. If another currency has hit rock bottom, then it is due for a rebound as well. I make a note of these potential opportunities.
My goal using the AccuStrength is to find a few currencies I think will be getting stronger and match them with currencies I think will be getting weaker.
Then, I make my trading system adapt to those two or four currencies. Following the trending patterns of individual currency strength while using common sense, is just basic. Any old timer will tell you. "Don't make it any more complicated than it has to be!"
I simply match a currency strengthening with a currency weakening. There are all kinds of values and pip arrangements when you are playing with exotic combinations of foreign exchange pairs so be careful and don't play with real money until you have mastered a demo account and know what amounts of money you are using. Scale up as you become more proficient.
Trading with strength charts instead of price charts is old hat for me. As many of you already know, I do not use candles or bars. Just lines and a couple of moving averages. I, like many who have been around awhile just need to adapt a simple system to get in and out. Other than that I don't rely on much else than reading news items and keeping my ears and eyes open for anything that may affect the two or four currencies I have in play. A professional news feed is essential.
I don't leave my desk while a trade is in play and I don't always find good possibilities. I show up and do my days work. Then I go home.
Have a terrific month ahead!
Tom-
