The Forex Dashboard App is the ultimate currency strength/weakness app indicator for Android.
It monitors the status of the 8 major currencies (also Gold and Oil) in real time using the data coming from 6 different time frames: from as short as 15 minutes up to a month of data.
Why Use Forex Dashboard App?
This will give you, not only an overview of the currency situation, but also details on how it is performing in the short term as well.
The strength/weakness score goes from -100 to 100 and is calculated using all the pairs in which the currency is involved in. So when for example you see a strong EUR and a weak USD, it means that EUR is strong vs all the other currencies and that the USD is weak versus all the other currencies. This information makes a Long (buy) trade on EURUSD much more interesting.
By analysing the single currencies, the Forex Dashboard App will help you choose the best pairs to trade.
Simply take the currency or the currencies that are stronger and match with those that are weaker.
You can easily spot them as the stronger ones have green histograms while the weaker ones are red.
Also, when the score is greater than 80 or lower than -80, the text label of the period becomes green or red accordingly.
This can be an interesting entry signal… or at least the first half of it. Now, to be sure, you need another pair that in the same time frame is giving the opposite signal. At this point you can enter a Long (buy) OR Short (sell) trade on that pair.
Depending on the time frame, you should have different targets ranging from a few pips to whatever works best on the time frame you are trading. It can be that easy!
You can trade the Forex Dashboard App on its own by using the signals described above, or (even better) integrate it into your trading system and it’ll help you in your trading decisions. The strength and weakness of two currencies can easily help you understand the trend of a pair. From the long term to the short term. Remember… the trend is your friend and the best trends come when there is a divergence between two currencies, i.e. when one is strong and the other is weak.
How Does Forex Dashboard App Work?
The Forex Dashboard App algorithm works by analysing pure price action. It doesn’t use any other indicator like moving averages, RSI, etc.
So all the signals are in real time and not lagging. You’ll also get to notice how currencies are correlated. You’ll get to notice what it means to have a strong Yen, a strong US Dollar or a strong Euro. You’ll be able to pick up interesting intermarket correlations with having Gold and Oil displayed, which can assist you in predicting the market. Forex Dashboard App is an all in one app indicator!
The Forex Dashboard App uses data coming from the Internet so please check you have enough credit if used on mobile networks!