[B]EUR/NZD: Short
[/B]One position that was opened on March 26 and closed today with a profit of 190 pips (1/2 Weekly ATR). The NZD looks strong having a currency score of 7 at the moment, it is strong against all currencies except the USD. The EUR has a score of 1 and is the weakest currency at the time of writing. More (pending) orders will be placed.
[B]
Possible positions for this week[/B]
The AUD/CHF looks like an opportunity for going short although the strong short term uptrend of Tuesday and Wednesday makes the pair consolidate longer before finding the downtrend again. The AUD has currently only a score of 2 being the weakest currency after the EUR. The CHF has a score of 6 being strong against almost all currencies except for the USD and NZD. The Weekly and Daily chart are looking fine for going short but the 4 Hour chart has to show the downtrend also but it is consolidating at the time of writing.
Another good opportunity is the USD/JPY being at the moment one of the top rankings in the Ranking and Rating list. With the USD being the strongest currency and the JPY only having a score of 3 it is another reason to look at this pair.
[B]FxTaTrader Forex weekly ranking and rating Wk15 / Update Wed. 08-Apr-2015[/B]
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.
[B]DISCLAIMER:[/B] 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. Thank you.