Forex Ranking And Rating Wed. Week50
Forex Technical Analyst Trader | Dec 11, 2014 01:24AM ET
EUR/CAD: Short postions still open.
The EUR is gaining strength this week and is having a Currency Score of 4 at the moment of writing, 1 point higher compared to last week. The CAD on the other hand is getting weaker this week and has a Currency Score of only 3. Price is at the higher side of the range where a 50% (Fibo) level is present at 1.4310 measured from the high 1.4733 of Aug. 7 and the low 1.3882 of Nov. 23.
The last short position has been opened. Based on the longer term view where the CAD is the better currency the probabilities are high of an end to the pull back and the downtrend will resume any moment.
USD/CAD: One Long position closed.
The pair is in an uptrend in the last weeks and the pull back this monday with recovery on tuesday looks like an opportunity to step in again with a first position. This has been opened and profit has been taken on wednesday.
GBP/AUD: One Long position opened.
The pair showed a good performance this week by breaking clearly through the highs of last weeks. It is clearly in an uptrend and a position has been opened. On further pull back more positions will be opened.
Forex ranking and rating Wed. Wk 50 / 10-12-2014
Analysis based on TA charts for all the major currency pairs. Good luck to all. No advice, just info. Every week the Forex ranking rating list will be prepared in the weekend. All the relevant Time Frames will be analyzed and the ATR and Pip value will be set.
There will be 2 updates during the week on Tuesday and Wednesday. The Daily and 4 Hour chart will then be analyzed and updated.
This makes that there will be no more than 48 trading hours between each update. This is a reasonable period when considering that the smallest time frame used is the 4 hours, meaning 12 price bars/candlesticks.
The Forex ranking and rating list is meaningful data for my FxTaTrader Hybrid Grid strategy. Besides this list I also use the Currency Score which is available once a week on this blog also together with my weekly analysis on my Hybrid Grid Strategy.
DISCLAIMER: The articles are my personal opinion, not recommendations, FX trading is risky and not suitable for everyone.The content is for educational purposes only and is aimed solely for the use by ‘experienced’ traders in the FOREX market as the contents are intended to be understood by professional users who are fully aware of the inherent risks in forex trading. The content is for 'Forex Trading Journal' purpose only. Nothing should be construed as recommendation to purchase any financial instruments.
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