ZoneTraderPro Currency Tool
ZoneTraderPro has developed a currency tool for trading all equities and the bonds. The currency tool works by aggregating Forex currency pairs the are highly correlated to the equity and bond markets. By aggregating different currencies, if an economic event occurs in a country that significantly moves only its' markets, the other currencies still provide an accurate indicator for US equity market that you are trading.
The tool works in the pre and post market and also with the bond market. Because the bond market is inversely correlated to the equity market, the tool is completely customizable so that you change the colors to match the instrument.
The currency tool is included with the purchase of the system and is also available as a stand alone purchase.
Identify Losing Trades
The ZoneTraderPro Currency Tool gives the trader real time information about when not to trade. What is more frustrating than a losing trade? With just one look at the chart you are able to tell the patterns should be avoided. Notice the slope of the line on the indicator.
Managing a Trade
The ZoneTraderPro Blog has a post about managing a trade after entry, which is probably the most overlooked aspect of a trading plan. The blog post and ZoneTraderPro Manual discusses handling the trade once the trade has moved 4-5 ticks in your favor. It is generally unfavorable when the market moves 4 ticks in your favor, then reversing against the entry. Now the Currency Tool shows you if the move is strong.