Time installing the Profiles: Just a few minutes with our MetaTrader Pro setup
What does it do?
These profile setups show the 7 major currency pairs on the daily (D1) and hourly (H1)timeframes.
They are ordered from top to bottom, left to right, according to the tab order along the bottom – this order is quite specific so we recommend you get to know our reasoning before considering changing it.
The top-left is always the S&P500 as our market risk sentiment barometer, with the Canadian Dollar (CAD) pairs below to monitor it’s traditional inverse correlation. We then place the remaining correlated and inverse correlated pairs side-by-side and above-below, with the final two pairs being the traditional safe haven currencies, the Swiss Franc (CHF) and the Japanese Yen (JYP).
You can quickly re-set their alignment to fill the screen using the menu option Window > Tile Vertically – this is something you will most likely need to do for all profiles, after your first installation and upgrades, to match your monitor resolution.
What is it for?
What we are looking for is an overall change in sentiment for major currency pairs against the US Dollar (USD), and then to trade the pair with the cleanest trade setups, and strongest or weakest price-action, in relation to the Dollar and other major currencies.
How do we use it?
Our default view, 90% of the time will be the Dollar Pairs D1 profile to gauge overall market bias, switching to the Dollar Pairs H1 profile when looking for the best levels and price-action for trade set-ups.
Then, when we have found a pair we are interested in, we will also look at how that particular currency is trading in relation to each of the other major pairs, to gain a better understanding of the relative strength of it in the current market.
We tend to only trade dollar pairs, and very few cross-pairs due to their increased spread costs in relation to the ATR for our chosen timeframe. However, the longer term your trading timeframe, stops and targets, the more affordable these spreads will become when costing them into your probability edge evaluation.
Includes all Profiles, Templates and Indicators, with statistics, screen, email and smartphone alerts.
