GBP/CAD: Long postion closed
The open position for the GBP/CAD has been closed as a precaution. A profit has been made of 452 pips. The GBP is clearly in an uptrend, and is currently the strongest currency with a currency score of 8. The CAD is weak, with a currency score of 3 above the NZD/USD(2) and the AUD(1). With a ranking of 3, 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.
AUD/USD: Short
The pair seems to pick up the downtrend again after the short consolidation of the last days. A position has been opened July 27, and because of the strong pullback, a second position has been opened a day later. Last Friday, July 24, the pair succeeded to break through the recent lows at around 0,7340, and it is clearly building momentum. From a longer term perspective, the pair succeeded on July 3 to close and break through the lows of March and April at 0,7535. Since then, it remains an interesting pair for taking short positions. The USD has a curency score of 7 being almost the strongest after the GBP(8). The AUD is the weakest currency at the moment with a score of 1. The pair has a ranking of 4 at the moment and remains an interesting pair.
Possible positions for this week
All the pairs currently in the Top 10 look like a good opportunity also when also looking at the Currency Score. At the moment the strategy has 1 position open, if a good opportunity comes around, with currencies that are not yet traded in the other open pairs, positions will be opened.
Weekly Ranking and Rating, Week 31 / Update Wednesday, July 29th, 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.