As a new trading week begins I’m looking at ways to find opportunities over many pairs. I use two free indicators from Forex Factory that look at currency strength. I use both MADsash and csDash and both work fine. In fact, I made a successful trade earlier in the evening as I could see the NZD gaining momentum and the EUR losing momentum (SELL EURNZD). I don’t typically place a trade when the Strength Meter display “all systems go” for a pair because I feel it may too late.
So today it worked out and I was right but as I often do I took 10 pips off the table early… but trade probably has much more in it (in fact the trade is 20 pips to the good right now). I have no problem with this at all.
So I like these dashboards but would like to be able to trade from one so off to MQL5 I go… and I find (apparently) the king of trading dashboards in one Wang Yu. I downloaded a few DEMO’s but could not get them to place a trade in Strategy Tester so I messaged Mr. Yu and we will see what I did wrong.
Why I like Dashboards (well I think I do… haven’t traded with one yet)
Firstly it allows an easier way to watch many pairs at once and (hopefully spot trading opportunities) but I also think there is value in NOT staring at a chart. You are looking at the trading scene in a very different way.
Many people use these dashboards to engage in “basket trading”, that is they are placing many trades in many pairs which all fit into a “basket”. You can click a single button and close all trades at once so even if some trades are in a losing position if the overall basket is up.. well you made money.
Mr Yu’s dashboards scan for many indications other than currency strength though. From what I can see his dashboards can scan all 28 pairs for things like;
- Stochastics
- Super 3 MA
- Support & Resistance
As well as dashboards based on many popular trading strategies like;
What Are The Scanners Scanning For?
As much as dashboards are cool and all it’s pretty important “what” they are scanning for. Of course, there is the myriad of usual suspects but what I’ve been looking at over the last few days is the power of envelopes. For me, it started with Bollinger Bands but I like the information provided by envelopes better.. it seems more logical and simple. More about envelopes later.