NZD/USD: Short After closing a short position in profit on July 13th because of the strong pullback, another position has been opened on July 16 when the pair picked up the downtrend again last week. Because of the current pullback, the second position, which is almost always added when taking positions, has been opened also. The USD is clearly in an uptrend and is currently the strongest currency. The NZD is one of the weakest currencies, with a currency score of 2, after the CAD(1), which is the weakest. With a ranking of 4, the pair looks still interesting for taking short positions. See the weekend articles for more detailed information.
GBP/CAD: Long A position has been opened July 14 after close of US session on July 13. As already mentioned in my weekly strategy reviews, this pair remains interesting. The pair is clearly in an uptrend and it is gaining momentum. However, in the last days, it is consolidating. The GBP is clearly in an uptrend, and is currently one of the strongest currencies, with a currency score of 7. The CAD is the weakest currency with a currency score of 1. With a ranking of 2, the pair looks still interesting for taking long positions. See the weekend articles for more detailed information. When trading with the CAD, I also check the Weekly crude oil chart, and this one is again picking up the downtrend after the pullback that started in February and March.
Possible positions for this week All the pairs currently in the Top 10 look like a good opportunity, except for the EUR/CAD. When also looking at the Currency Score, these pairs remain interesting. At the moment, the strategy has 2 positions open, which is the maximum default amount by preference. However, if a good opportunity comes around with currencies that are not yet traded in the other open pairs, it will be considered.
Weekly Ranking and Rating, Week 30 / Update Tuesday, July 21st, 2015 Analysis based on TA charts for all the major currency pairs. Good luck to all. No advice, just info. Every week the forex ranking rating list will be prepared in the weekend. All the relevant Time Frames will be analyzed and the ATR and Pip value will be set.
There will be 2 updates during the week on Tuesday and Wednesday. The Daily and 4 Hour chart will then be analyzed and updated.
This makes that there will be no more than 48 trading hours between each update. This is a reasonable period when considering that the smallest time frame used is the 4 hours, meaning 12 price bars/candlesticks.
Weekly Ranking And Rating Week 30
The forex ranking and rating list is meaningful data for my FxTaTrader strategy. Besides this list, I also use the Currency Score, which is also available once a week on my blog at FxTaTrader.com together with my weekly analysis on my Strategy.
DISCLAIMER: The articles are my personal opinion, not recommendations, FX trading is risky and not suitable for everyone.The content is for educational purposes only and is aimed solely for the use by ‘experienced’ traders in the FOREX market, as the contents are intended to be understood by professional users who are fully aware of the inherent risks in forex trading. The content is for ‘Forex Trading Journal’ purpose only. Nothing should be construed as recommendation to purchase any financial instruments.