April 24, 2011
Free Forex Power Indicator
In this blog post I want to introduce a new indicator that has recently been created by Casey Stubbs (from Winners Edge Trading). It's called the Forex Power Indicator and it basically tells you the strongest trending pairs at any given time on various different time frames including the daily, 4 hour, 1 hour and 15 minute charts. It will also tell you which particular currencies are trending strongly at the moment, such as the GBP, EUR or USD, for instance.
This information is useful because whatever trading system you use to trade the forex markets, you should always be trading with the overall trend rather than against it.
What I like about this indicator is that you can click on a time frame and get immediate information on which pairs you should consider trading right now. So for example at the time of writing I have just clicked on the daily time frame and the Forex Power Indicator is telling me that the Euro is currently the strongest currency and the Swiss Franc is the weakest. It is also telling me that the best trade to consider right now is to go long on the EUR/CHF pair, based on this information.
Anyway if you want to check out the Forex Power Indicator for yourself, you can download it for free by clicking here.