It happens to all of us, just don’t make it worst by chasing a missed move
Sometimes trading is as simple as taking entries right off my strong weak rankings, Here we see JPY and AUD first hit #1 and #8 on the close of April 29th, had you shorted the pair at the closing day price of 80.84 , today as of this posting price has fallen to 78.45 , that is a profit of 239 pips without ever looking at a chart
I just notice I pulled number for AUD off of daily not 4hr chart, so the numbers for the AUD are not correct, it is still weak just not as weak as my rankings indicate, this does not effect price or the 239 pip move I posted above
Hi Dennis, one wouldnt just take the trade blindly. I think you would have to wait for the ideal entry be it retrace or a breakout.
I think so anyway
M$M
Here is my weekly market review video
You never want to make trading a coin toss, with my strong weak rankings and matching #1 with #8 your getting the best pair to trade, buying on the pullback is a good way to get in, I don’t care so much for breakouts but sometimes the work well
Dear Dennis3450
Is it correct to wait for AJ pullback MA200 in next time when AUD become stronger than JPY , or we can short AJ in short term.
Tks for your advise.
Regards
Best entry has been on pullback to 200 ma on daily chart. Price is extended here, it could go lower, but you have to ask yourself after such a move lower is there still enough move left to make the trade worth while, If you are day trading, continuing to ride this momentum lower might make sense, as a swing trader it is pretty late in this move to be taking new positions
I hope this helps
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Here is my strong weak rankings for as of close Friday, I also included all of last weeks rankings with the AUD numbers corrected, as I posted earlier I mistakenly pulled numbers from the daily chart instead of 4hr chart for the AUD, all others where pulled from correct chart
Last week we had a nice move lower in EURUSD coming off a daily pinbar reversal. I did not trade this as I normally do not take counter trend trades, so I will be waiting for this counter trend move lower to play it’s self out and get long. If you did go short we have strong support at 1.4000 , support from 34 ma at 1.1338 a reversal at any of these areas would be a good place to get long and take profits if short
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a good day for all the Yen pairs, Maybe it is time for the yen to pullback. If it does I will be looking for a setup to get long Yen
NZDCAD
NZD has been the weakest of the comdolls and CAD strongest so why not short the pair. Looking at the 4hr chart going back to February we have a nice stepping down trend with the 200 ma proving to be a great place to get short so that is what I did last night, up 70 pips with breakeven stop in place so this is a risk free trade from here. This is not a pair a normally trade so anything I make on this trade is a bonus
EURAUD and AUDUSD has been good trades for me last 12 hours.
You will like this then, these are the 7 main pairs I trade, using my Strong Weak rankings to get these numbers AUDUSD and EURAUD are my top trending pairs
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I think this counter trend move in EURUSD might be losing it’s steam, Those 3 doji’s at the end of this move lower is telling me the Bears are losing their grip. I also like how the 34 day ma is just below current price
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Comdolls are starting to look better here, the pull back may be over. GBP might be #1 but remember YTD it is weakest of all currencies
Oil pullback looks like it may have ended, I am looking for oil prices of 50+ before summer
with oil moving up again, look for USDCAD to resume it’s down ward trend. I still have a 1.2000 target
Remember you heard it from me first
Yen retakes #1 , it is a fools play to be shorting the yen, oil and metals had a nice up day, I will be looking for trade setups with the comdolls
Don’t tell me that the 200 ma is a meaningless line on a chart
EURUSD 1hr chart
