Besides the Monthly Ranking and Rating list provided here I will also prepare this month the Monthly Currency Score list on the first Sunday of the month which will support my analysis for trading in the coming month which is then followed by my Review on the Monthly FxTaTrader strategy on the third Sunday of the month. The articles will be published once a month during the month and one article every weekend.
Because of the high presence of the CHF pairs in the Top 10 it is better to use the Top 15 in the coming period. All the CHF pairs will be ignored for trading until the weekly chart starts to show useful data.
When looking at the Top 15 in the Monthly Ranking and Rating list provided here we can see that for the coming month the following stronger currencies are well represented for going long: CHF(7x), USD(4x) and the GBP(3X). The EUR(4x) is clearly the weaker currency followed by the CAD(3x) and the AUD(3x).
A nice combination for the coming month(s) may be e.g.:
These are just a few examples and there are many other combinations possible. The mentioned pair combinations can be traded at the same time according to the rules of the FxTaTrader strategy because these are all different currencies. By not trading the same currency in the same direction more than once you may have better chances with lower risk.
This month (pending) orders were placed for the EUR/NZD. Profit has been made on 2 postitions and another 2 are still open. More details on the traded pairs will be provided in my strategy article that is due to be published in February. The possible positions for the strategy will then also be described.
FxTaTrader forex monthly ranking and rating for February / Sun. 25-Jan-2015
Analysis based on TA charts for all the major currency pairs. Good luck to all. No advice, just info. Every month the forex ranking rating list will be prepared on the last Sunday of the month for the coming month. All the relevant Time Frames will be analyzed and the ATR and Pip value will be set.
There will be 1 update during the month on the second Sunday of the month. The Weekly and Daily chart will then be analyzed and updated.
This makes that there will be no more than 15 trading days between each update in case of a period with maximum 3 weeks in between. This is a reasonable period when considering that the smallest time frame used is the daily, meaning 15 price bars/candlesticks.
These articles will be prepared every last Sunday of the month for the coming month (February) and updated on the second Sunday of that month. This longer term strategy does not differ much from the weekly strategy. There are 3 important differences:
- The decisions are based on the monthly chart instead of the weekly chart and the timing is based on the weekly chart instead of the daily chart. There is no context chart.
- There is also more emphasis on taking carry trades because positions will be held longer.
- The profit target is 1/4 ATR of the monthly chart instead of the weekly chart.
The longer term strategy uses the monthly chart for decision making and the Monthly ATR to calculate the profit target. The results are satisfactory up to now. One of the reasons for using a longer term strategy is the higher profit target. However the stop loss is also higher so the strategy will work in a similar way to the Weekly strategy except that less trades will be made and they will be held longer. The advantage of this is also that some pairs that cannot be traded Intra Week may very well be traded Intra Month and vice versa. The Monthly Ranking and Rating list, see here above, has been fine-tuned for this purpose and it is still under evaluation.
The FxTaTrader Monthly forex ranking and rating list is meaningful data for my FxTaTrader Monthly strategy. Besides this list I also use the Monthly Currency Score which is available once a month on this blog also together with my monthly analysis on my Strategy. For more information on the FxTaTrader Forex Models, the "Ranking and Rating list" and "Currency Score" I recommend you visit my blog.
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. The choice and risk is always yours.