Six positions. One bet. Most books look more diversified than they are.
Long EURUSD, short USDCHF and long GBPUSD is one short-dollar position in three costumes. A broker platform will show you three tickets, because showing tickets is its job. WatchTower reads the book as currencies: what it is net long of, how much of it is one idea, and whether the positions move together.
Four questions
What a broker platform will not answer.
What am I actually long of?
Long EURUSD, short USDCHF and long GBPUSD is not three trades. It is one short-dollar bet wearing three costumes, and it will win together or lose together. Net exposure collapses the book down to the currencies underneath it.
How much of this is one idea?
Concentration measures how much of the notional sits on a single bet. A book that looks diversified across six tickets and is 70% one call is the commonest way a careful trader gets hurt.
Do these positions move as one?
Correlation across the daily returns of what you actually hold. Two positions that have moved together for the last three months are one position for risk purposes, whatever the tickets say.
Am I on the same side as everyone else?
Your positions set against retail sentiment and against CFTC speculators. Being with the crowd is not automatically wrong, but it is worth knowing rather than discovering.
Depth
A list of positions, or a read on the book.
Being straight about it
What this does not do.
It does not connect to a broker. Positions are entered in the terminal, so no account is linked and no credentials are involved. It does not size a position, set a stop or tell anyone what to hold: it measures what is there and shows it plainly. What to do about a concentrated book is the trader decision, and nothing on this page is financial advice.
The panels
Ten boards.
- Portfolio exposure. Net currency exposure across every position, so the book is read as currencies rather than as tickets.
- Portfolio concentration. How much of the notional sits on a single bet, which is the number that decides how bad a bad week is.
- Portfolio correlation. Whether the positions move as one, correlated on the daily returns of what is actually held.
- You vs the crowd. How the book sits against retail sentiment and against CFTC speculators, position by position.
- Conviction check. Each trade direction against the score-implied direction, so a position held against the read is visible rather than forgotten.
- Event radar. Upcoming high-impact releases on the currencies in the book, which is a different list from the calendar as a whole.
- My portfolio. The book in one panel: live price and change, and the composite score on each holding.
- Portfolio changes. What has moved under the positions held, and whether it moved for a reason.
- Portfolio prices. Live prices and change across the assets held, flashing on the move.
- Portfolio briefing. A written read on the whole book: what it is betting on and where it is concentrated.
Portfolio risk, answered.
What is net currency exposure?
Every FX position is two currencies, one bought and one sold. Net exposure adds those legs across the whole book and shows what is left. Long EURUSD, short USDCHF and long GBPUSD net out to a large short dollar position and small longs elsewhere, which is a different picture from three separate trades, and a much more accurate one.
Why does concentration matter more than the number of positions?
Because six tickets expressing one idea carry the risk of one large position, not six small ones. Concentration measures how much of the notional depends on a single bet being right, which is the number that decides how bad a bad week is.
Does it connect to my broker?
No. Positions are entered in the terminal rather than synced from an account, so nothing is connected to a live trading account and no credentials are involved.
Does it tell me what to trade?
No. It shows what the book is exposed to, how concentrated it is, how the positions correlate and how they sit against the score and the crowd. What to do about that is the trader decision. Nothing here is financial advice.
What does the conviction check compare?
Your direction on each position against the direction implied by the composite score for that market. A position held against the read is not necessarily wrong, but it should be a decision rather than an oversight.
Is it free?
The free plan carries 32 of the 103 panels across 2 boards, and which ones is listed on the pricing page. Everything else is on Pro at $49 a month.