CHF/JPY: Long postion closed
Position has been opened on May 6 and closed today with a profit of 189 pips. In the last days the pair is consolidating and the 4 Hour chart is looking weak, the other charts are showing some weakness too. Although the currency score is still looking fine with the CHF having a currency score of 6 and the JPY a score of 2. The currency score difference is 4 and the CHF is one of the strongest currency at the moment after the GBP(8) and the USD(7).
GBP/AUD: Long
The pair was tipped last weekend and the weekend before. Positions have been opened on Monday June 15. For more information please check my Weekly strategy review: Weekly Review Strategy Wk25. The GBP is the strongest currency at the moment with a score of 8 and the AUD is having a score of 3. The 4 Hour chart is showing some weakness but the other charts are still looking strong. If you are interested in the trades click here.
Possible positions for this week
There are many good opportunities this week in the Top 10. When also looking at the Currency Score the EUR/NZD is not interesting, all the other pairs look like a good opportunity. For the strategy the NZD/USD and NZD/CHF seem the most interesting because they are having a pullback in the downtrend. The latter one is now close to a horizontal previous support that has become a resistance. This is the level around 0,6440 where the previous bottom was made in February. The NZD is still the weakest currency with a score of 1.
FxTaTrader Forex weekly ranking and rating Wk26 / Update Wed. 24-June-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. The choice and risk is always yours. Thank you.