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A currency strength indicator capable of showing the strengths of the currencies in different colors is a great tool for traders to keep track of how much certain pairs are worth.
Forex traders can prepare trading strategies based on the Forex meter and trade them accordingly – The indicator provides a net value of the currency pair’s strength on the current chart and provides BUY or SELL trading signal.
The indicator is well-suited for new and experienced forex traders. It helps you identify bullish or bearish moments in order to eventually buy/sell accordingly.
The indicator can be applied to any intraday or higher time frame but still provides the same currency strength, so chart time frames don’t matter
If you trade currencies & know how to read charts, then you’ll want to look for periods of high-impact moves when the strongest currency pair is in an upward trend. Those times could signal opportunities for a move in the opposite direction.
When trading any currency pair, you should check if the net value of the currency the pair is in is positive or lower than six. If so, place a BUY trade with your stop loss below previous swing lows to benefit from a potential increase in prices.
On the other hand, traders shall book profits if the pair’s strength moves below four or exit with a good risk-reward.
Taking this approach to the market may not be wise right now, as the latest swing high was at -6. Forex traders should try a SELL trade with a stop loss set above that recent swing high instead.
Conclusion
Forex traders can identify bullish and bearish currencies using Giraia 28 pairs TRO Modified indicator for MT4 in order to Buy and Sell using their strength. It is also completely free and can be downloaded easily.
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