EUR/NZD: Short position opened
EUR is having a pull back on different pairs but remains still a weaker currency and this offers an opportunity to take a short position on the EUR/NZD which is having a strong pull back also. The pull back seems to hold at a 50% Fibo level measured from the high of 5-11-2014 at 1.6273 to the low of 17-11-2014 at 1.5680. This area seems to be also a support level that has become a resistance. A short position has been opened with an initial profit target of 1/2 Weekly ATR.
AUD/USD: Still in a downtrend and momentum picking up
The pair is now in the 4H. chart back below the Ichimoku cloud and the MACD is also back in negative territory. The situation has improved significant and the open short postion is in profit.
Profit has been made on 1 position entered at 0.8781 almost the highest level of this week where exhaustion took place on the short term bull trend. Another order has been placed again atthat level. Once the pair gets back in a strong down trend more orders may be placed.
Forex ranking and rating Wed. Wk 47 / 19-11-2014
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.
The Forex ranking and rating list is meaningful data for my FxTaTrader Hybrid Grid strategy. Besides this list I also use the Currency Score which is available once a week on this blog also together with my weekly analysis on my Hybrid Grid Strategy.
Although the explanation may seem simple and clear there is always risk involved. I added a disclaimer to my blog for this purpose. If you like to use this article then mention the source by providing the URL FxTaTrader.com or the direct link to this article.
Disclaimer: The article is 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. The choice and risk is always yours.