Currently I use the slope of the 50EMA for each pair to tell me if the base currency is bullish or bearish. When a bullish currency is based against a bearish one I give that 2 bullish points: if the bullish currency is based against a neutral currency 1 point and if against another bullish currency zero points.
Each pair can score up to 9 points using my current favourite criteria. The 9 pointers get priority for a trade, plus relaxed entry pattern conditions, and so on down to 6. I don’t generally take trades on pairs scoring 5 or less.
Fantastic week for our NZD top trades ( see charts below) but an even bigger week could be coming as GBP weakens and is falling below support. Shorting GBP against your favorite currency is not a bad play here. I will post some setups I am seeing later in the day.
Also, good to see lots of participation on this thread, sometimes I feel like I am talking to myself so it is encouraging to see lots of feedback.
I have seen a few people over the years create a line chart using my SW rankings. It comes down to whatever works for you. I am kind of going in the other direction as I am looking at charts less as they can bias your trading decisions
That’s a perception error, on our part, I think @Dennis3450 - I think a lot of people, myself included regularly follow your thread, but felt that it would be rude to intrude ! - So if you find it encouraging to receive feedback, I’m sure people will be more inclined to contribute
Did we see the beginning of the end of NZD and AUD strength or just a routine pullback after a good run, that is always the challenge to know which. If this is just a pullback then watch for a reversal candle on a shorter time frame chart, I like the 1 hour chart.
not so Dennis, I’m a rookie and get lucky sometimes. For my LT is I think its beginners luck. However I will not trade LT this week due to such an uncertain market. I look to learn any place I can and I seldom every refuse a question.
Just want to ask questions regarding the computation of your strong and weak analysis. Do you usually wait for the candle to close at 4H timeframe before computing for the S/W? And also, do you compute for the newyork session close?
NZD weakens a little but continues to have a wide margin hold on the #1 spot, CAD falls back to #8 as Oil prices remain weak, locally I am seeing gas prices down to 2.27 that is lowest I have seen this year.
The stock market continues to get killed but no huge effect on the FOREX market
