Hi Dennis,
How come jpy denominator and xau numerator strength weak analysis same with close price and 4hr close 200 sma are close in order except usd.
Hello Dennis;
First thanks for the solid info throughout this from, its very informative.
Can you tell me how many pairs in S/W analysis should we use and apply our rules on them, only the strongest vs the weakest or can we drag in the 2nd & 3rd place from the following pairs?
thx
Big move on Friday in the CADJPY thrust this pair into our top spot. If you recall the prior week I suggested this trade as an alternative to the GBPJPY, CHF entered the week as our top currency but had the largest downfall of the week. Unlike the CHFJPY trade that had numerous technical hurdles to get over, CADJPY is in breakout mode, lots of clear sailing higher for this one
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That is a personal choice, if the top trade 1/8 has some technical issues as we saw last week with CHFJPY , nothing wrong with looking at a 2/8 or 3/8 , just have a trade plan and stick with it.
are you saying there is a correlation between Gold and the Yen?
Hi Dennis;
You are using FXCM from what i have seen, i was about to open a live account, but stopped after seeing some really bad reviews, so if you have been using them for a while , can you tell me your opinion (good / not good) will do.
FXCM was my first FOREX broker and I was very happy with them, I had a good relation with their training staff, and love the FXCM Trading Station, but they did something wrong and no longer service accounts in the US, My own trading is now with FOREX.com, but as you can see I still use FXCM for charts
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Top SW Trade CADJPY got off to a great start, we started with an opening gap higher, and finished up from the gap, that is a strong move
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Pullback day, everything down today against the Yen, GBP and AUD hit the hardest, there also is a new trade deal between Canada and USA which is why the CAD is acting so well
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last week ( post 1936) I put out this trade idea short AUDUSD, as you see price is picking up speed to the downside,
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Good action today in our Top SW Trade CADJPY, after a one-day pullback we hit a new high. If you had bought two weeks ago when I suggested it as an alternative trade you would be up over 200 pips. As posted earlier AUDUSD* is also doing well
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New Top SW trade, AUDCAD*, make sure it fits your trading plan before going in on it, it looks like short Yen trade is over for this swing
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Actually, GBP was a better choice than CAD for the high end against AUD. This was visible in the charts from yesterday,
If we look at these thumbnails for the XXXJPY pairs, we can see that GBPJPY was the only one holding its own and remaining almost unchanged against JPY whereas CAD was also falling in the same way as AUD, NZD and the others, albeit at a slower pace.
Compare yesterdayâs candles in the oblongs in the CADJPY and GBPJPY. The CAD had had a boost from the new trade agreement but was already fading back to its earlier levels against USD, but GBP was finding support independently. Comparing these thumbnails together with GBPâs move up from 3rd place to 2nd place in the table then it justified considering GBP as an alternative high end currency:
If we then look at the GBPAUD we can see that it has been putting in an extraordinary performance recently, so it was worth a shot!
I bought it this morning at a terrible price and watched it drift off all day, but without triggering anything on technical grounds, and then it shot back up and gave a nice quick 50 pips, If I had entered after the pull-back during the day (in the red circle) it would have made 100 pips on the day.
My point here is simply that it is worth looking beyond the absolute percentages and also look at the chartsâ movements and the underlying reasons driving the movesâŚwe can see high percentage values on the way up during a trend but also on the way down as a trend fades - so it is just maybe worth digging a bit deeper to see whatâs driving the moves and keep an eye on the 1st and 2nd position currencies at both ends of the table.
Just some thoughtsâŚ
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A lot has changed from this time last week, I will be back later with my totally bias thoughts on where I see this market heading
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As we try to figure out where this market is heading, here are all the forces in play
- US unemployment at 49 year low
- 49 year low in unemployment rate caused the stock market to selloff
- Low unemployment is a green light for US Fed to continue raising interest rates
- US Stock market is now in a correction
- Rising US interest rates should mean a strong US dollar
- US dollar alternatives like Gold, Silver and Crypto will remain in bear market
- US media is pushing for war with Iran
- Currency likely to benefit most from lead up to war with Iran, USD, GBP and CAD
- US elections 1 month away
- Cleveland Browns won their second game of the year ( in this wacky world that has to mean something)
In summary, think contrarian, nothing is as it seems
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As US stocks continue to correct, Yen is making its way back to #1
Below are todayâs changes in Yen pairs from Midnight to 12:45 pm today
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Strong day for the Yen but not much changed in our rankings,
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Why would war benefit USD? Base on my observation previously, i thought whenever there is war or any war about to happen. Usd almost for sure will crash. Isnât it?
US stocks have paused and so has the FOREX market, calm before the storm
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