I decided to close it out as I didn’t like how it closed above the 200ma. GBP looks to have some strength returning for the time being.
GBPCHF trades this week, 140pips so far, looks like PB to 1.265 then onto 1.27 hopefully, it’s still No1 & looking good.
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Not sure I got this right, first time for everything, but somehow there must be an easier way?
Not sure you got it right? What is it you’re trying to achieve?
The GBPCHF according to Dennis’ rankings was in favour of the CHF, so GBPCHF sells.
You’ve been buying, so what was your process?
Ben
I pulled this number 30 min before the close so they could change a little, another day of pullbacks and consolidation
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Try to change the oanda strength meter to JPY instead of USD
I was actually looking for a trade on the CHFJPY which changed to positive a few day’s ago and diverging, but was also looking at GBPCHF as it was No 1 or close for a number of day’s. The charts were similar both showing a move out of the AP trend and upwards, so I meant to actually place the trades on CHFJPY. But once you picked up what I had done I opted out and thankfully took the bonus. Might be a nice entry on the GBPCHF if it was a pullback, but to me it looks like every currency is converging towards zero strength so trades might be slow going forward.
Enjoy
I’ve got about the same story as you, but I went long on GBPCHF and eventually stopped out instead of taking the profit.
Per CCFp (different indicator from Dennis’ numbers), over the past N days or so, both currencies were converging to center. So, even though GBPCHF was in the #1 spot, GBP was strengthening and CHF was weakening.
That’s my take, too, according to this (H4 chart):
So, I’ll be watching Dennis’ numbers for a crossover, but I need to see a currency move significantly before I place a trade.
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How slow is this market, just look at AUDJPY, this pair became a Top Trade on May 13th and if you had entered with a 100pip profit target and 50 pip stop for a 2 to 1 reward vs risk ratio you would have hit your target today, a whole month for 100 pips, that is just the way this market is behaving
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It looks like . . . perhaps premature, but it looks like . . . JPY is going back to the #1 spot.
Yes it is JPY back at #1 but is this a continuation of the previous trend or a retest of old lows, charts to follow
If your interpretation of the weakness in Yen was just a pullback you were rewarded on Friday as prices in all our Yen trades hit new lows which means new highs in pip total, our more recent Top Trade GBPCHF is still holding near breakeven
Yes I got JPY just squeaked past CHF for NO1 spot. Good old GBP remains bottom. Note my close time is GMT so it is different to most. GBPCHF has also been knocked into second by GBPJPY (which has also been around the upper spot’s. If I had kept mytrade from 6th May on GBPCHF, which I did have but opted out, I would now had 745 pips from 1.33166 to 1.25655. Must be trigger happy but easy in hindsight.
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Same, I see the moolah and take it. Somtime I drop half and keep the rest, but this was another missed boat for me. I am still in it now, but later entries …
More pain for the Pound
3 of our 4 most recent Top SW Trades hit new lows today, If you sold short these four pairs you would be up by the following, not bad for a slow-moving market
GBPCHF* +99 pips
GBPJPY* + 411 pips
AUDJPY* +155 pips
NZDJPY* +331
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One day reversal in GBPJPY but not before hitting another new low. US Stocks had a very strong day which should be bad for the Yen but who knows in this upside-down market
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Hey Dennis
If I live in the UK which is the best time to take the readings to create the excel sheet? At the close of the UK daily charts?
Thanks
Matt
Well, I’m not Dennis, but there seems to be a clear lack of understanding on your part here.
Dennis does the reading at the end of widely accepted close of the Forex trading day, 5 PM in New York, so that obviously is the BEST time.
Of course, Forex doesn’t actually “close” during the week, unless you count the 2 or 3 minutes the servers are reset, which happens to be 5 PM in New York and also when generate the daily daily statements.
So, back to the readings, obviously, taking a reading at any time during London session will result in a widely different ranking than a reading at the daily close, eg. 5 PM in New York.
Why? because, look at how far a pair can move from your supposed close of UK session and the actually daily close of 5 PM in New York.
Not saying it won’t work for you, but only you can log it for a few months and test it out; or go back and backtest perhaps?
Other than that, I don’t believe Dennis will support any other reading than 5 PM in New York, and he won’t be able to tell your the UK readings or spoon feed in you in any other way, good luck!