CHF/JPY: Long
Position has been opened yesterday after the close of U.S. session. The pair is still having a rank of 1 being at the top of the list. The CHF still has a currency score of 8 and the JPY a score of 1. The Weekly and Daily chart are looking strong and long positions will remain open.
Possible positions for this week
Many pairs in the Top 10 contain the CHF or the JPY and there is already a position open containing these currencies so it is preferred to look for another pair. The other pairs do not look like a good opportunity. A NZD/CAD and USD/CAD short is not according to the strategy because the NZD and USD are strong currencies from a longer term perspective. The GBP/CAD are two average currencies with the CAD having a score of 7 and the GBP a score of 4. Also this is not a good pair to trade. Meaning the only remaining pair to trade in the Top 10 when applying the rules for the strategy is the CHF/JPY.
FxTaTrader forex weekly ranking and rating Week 19 / Update Wed. 06-May-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.
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 also 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.