CHF/JPY: Long
Little changes compared to yesterday. Position has been opened on May 6. The pair was low in the ranking list for about 2 weeks until last week and is now back high in the Top 10 with a rank of 2.
The CHF has a currency score of 8 and the JPY a score of 1 most of the time lately. The Weekly, Daily and 4 Hour charts are all looking strong. The currency score difference is 7, which is the highest difference possible, and the CHF is the strongest currency at the moment followed by the GBP(7) and the USD(6).
Possible positions for this week
There are some good opportunities this week in the Top 10, like the GBP/NZD, CHF/JPY, GBP/JPY, NZD/CHF, etc. Actually, almost the whole Top 10 looks interesting, except for the EUR/NZD when taking the Currency Score and the difference into account.
The AUD/USD is the most interesting at the moment for the strategy, but it is having a pullback in the Daily and 4 Hour chart. The preference goes to enter a position when the momentum starts to increase in the right direction.
Weekly Ranking And Rating Week 23 / Update Wednesday, June 3rd, 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, 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.