Welcome to the thread, My Strong Weak rankings are of my own formula, there are others strength indicators but none are like mine. My best advice is to stop day trading and follow along on this thread as my SW rankings will identify high-quality swing trades, trades can last weeks and even months
We had a big up day in US stocks taking back all of Fridayâs loses, When stocks rise the Yen falls as we saw today, Still no break in the Yenâs trend, just a bull back for now. GBPAUD is our newest Top SW Trade, SW Trade from March 21st GBPCAD finally went positive, If the stock market rally continues any Yen trades you are still in, could take a beating this week
GBPAUD closing the daily ranked 1 and 8 is my entry for tracking purpose, this has worked very well for us, how you plan to enter is up to you, some traders might look for an additional confirmation before taking the trade, it is all up to you and your trading plan
I have always based my rankings on the 4hr chart and 200 moving average, as these are medium-term swing trades this works well, I wait for the daily close to take my final readings and update my rankings daily,
Top SW Trade GBPCAD entered on March 21st hit a high on Monday of +140 pips, the price has pulled back to below the entry point, but this pullback is giving us a nice bullish flag pattern, I am looking for this one to move higher
Of the 10 Trades my SW rankings have identified this year, the + 140 pips in GBPCAD has been our worst trade this year. Not a bad start to the year, You will have to go back to November to find a trade that failed to give us at least 100 pips
Most of our Strong Weak trades will look extended, that is the beauty of this system, most traders will avoid extended pairs and sometimes even bet against them, this is why âmostâ traders lose.
Possibly, but price is currently 90 pips Down from my entry on the day, having been a little over 100 pips down.
(I closed my bet yesterday for a loss of 20 pips as the moevemnt idnât look hopeful, CAD was rising in strength and I felt I had waited long enough. )
There is clearly something in the relative strength concept, but entries and exits need to be well thought out.