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RE: Currency Correlation
As you all know, Currency Correlation is very important factor. When I first learned about the importance of this and began google it, I had hard time finding anything online to use so I thought I would suggest you guys to make an own.
This is what I learned so far, the currency strength is important, when knowing that a certain currency is strong paired with the weakest, there is a huge possibility this will be a trending paid for a while.
But to be more sure if it will continue its trend, we can also compare it with Currency Correlation, this will then make this trend even a safer to trade on, or it will alarm we are going to take a trade on a pair that is not the best one, compared to the Currency Correlation with another pair.
There are a lot of info about currency correlation, but here are a few links to what I found so far, that can be as reference for you, if you begin to develope a own.
https://www.myfxbook.com/forex-market/correlation
https://www.investing.com/tools/correlation-calculatorWhat I would like from a software that works of currency correlation is following:
Software measures the currency strength and it looks at all pairs and in remember which pairs are now rising and getting strength, and when london open is, after about 30 minute after london open, the market begins to develope, and roughly after 1 hr after london open the software have recorded the market and placed it into its memory ready for giving out the result, WHICH PAIR IS NOW READY TO TAKE A TRADE ON (lets say we here talks about day trading, and short trades of 1-2 hrs/trade)
Now when this currency strength is measured and recorded into the software “QUANTUM CURRENCY CORRELATION PRO”
then the correlation module built into it takes over that info, the pair, and now it compares this pair to the correlation from other pairs, if this intended pair to trade at all is the best one, when it has processed this comparison of currency strength and correlation and waited until all aspects of a good trade is there, then it begins to display a colorful bar from red to green that it is now coming up to a level of BEST TRADE OPPORTUNITY FOR THIS PAIR. This software would take out a little bit of the hassle to sit and stare at curves until a good trade arises.
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