Forex Ranking And Rating Week 48
Forex Technical Analyst Trader | Nov 23, 2014 12:21AM ET
Besides the Ranking and Rating list provided here I will also prepare this weekend the Weekly Currency Score list which will support my analysis for trading in the coming week which is then followed by my Review on the Hybrid Grid strategy.
When looking at the Top 10 in the Weekly Ranking and Rating list we can see that for the coming week the follwing stronger currencies are well represented: USD(4x), CAD(2x) and the NZD(2x). The JPY(5x) is clearly the weaker currency followed by the EUR(3x).
All the JPY pairs presented in the Top 10 of the list are looking overbought in the Weekly charts being above the Upper Bollinger Band. For intra week trading it seems best to wait for a pull back below this Band. There have been some pull backs during the last few weeks in the JPY pairs. However, in the last few weeks there were also other interesting pairs and according to the rules of the FxTaTrader Hybrid Grid strategy the preference goes to 2 pairs chosen for trading. If a possibility comes around with a JPY pair it will be analyzed for possible trading.
The other interesting pairs for the coming week at this moment besides the JPY pairs on pull back are the EUR/USD, EUR/CAD, AUD/USD, EUR/NZD and the GBP/USD all for going short. Even if the latter one are the 2 stronger currencies from a longer term perspective it is clear that the GBP is the weaker one. This can clearly be seen in the Currency score of this week.
A nice combination for coming week may be e.g:
- EUR/NZD with the GBP/USD
- EUR/CAD with the GBP/USD
- EUR/NZD with the AUD/USD
- EUR/CAD with the AUD/USD
The mentioned pair combinations can be traded at the same time according to the rules of the FxTaTrader Hybrid Grid strategy because these are all different currencies. By not trading the same currency in the same direction more than once you may have better chances with lower risk.
A JPY pair on pull back may look interesting also to be added making it the maximum amount of pairs(3) being reached according to the rules for the strategy. This should be a pair that does not have a currency already being used in an other pair of preferecne for trading.
The EUR/USD is also a good pair for trading but it cannot be combined with another pair unless it is a JPY pair on pull back.
Forex weekly ranking and rating for Wk 48 / 22-11-2014
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.
Get The News You Want
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 article is 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. The choice and risk is always yours.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.