How To Trade Pullback With Advanced Dashboard for Currency Strength and Speed
Hello Bernhard, I was wondering if you could explain with probably visual aids how to know when a currency's strength is weakening and going into a correction before probably regaining strength and continuing with the trend? I would like to know how to get this information using the currency strength & speed.
Secondly, how can one combine a Break of Structure with the signals generated by the Dashboard?
Thanks
90 vistas
Certainly! To identify when a currency's strength is weakening and potentially going into a correction, you can use a strategy similar to what we employ with ACS28. One technique is to watch for a HOOK alert, especially when it appears on a supply and demand zone. Although the Dashboard does not have a specific HOOK alert, you can visually observe extreme currency strength (indicated by bold and pink or yellow CS values) and also monitor the reversal of the speed value.
USD: CS strong 159 but speed sell -28
NZD CS weak -163 but speed buy +18
The same you can see on ACS28.
Additionally, it is recommended to use the Advanced Supply Demand indicator to confirm the entry zone for a trade.
Regarding combining a Break of Structure with the signals generated by the Dashboard, it is important to note that the Dashboard itself does not provide specific signals for a Break of Structure. However, you can use the information provided by the Dashboard, such as the currency strength and speed values, to support your analysis of potential breakouts. By combining the insights from the Dashboard with your understanding of breakouts and market structure, you can make informed trading decisions.
HIT+HOOK Alert please check comment 9
https://www.mql5.com/en/blogs/post/697384#comment_5308066
If you have any further questions or need more clarification, feel free to ask.