GBP/CAD: Long
A position has been opened July 14 after close of US session on July 13. As already mentioned in my weekly strategy reviews this pair remains interesting. The pair is clearly in an uptrend but is consolidating in the last period. The GBP is clearly in an uptrend and is currently the strongest currencies with a currency score of 8. The CAD is almost the weakest currency with a currency score of 2 just above the AUD (1). With a ranking of 3 the pair looks still interesting for taking long positions. See the weekend articles for more detailed information. When trading with the CAD I also check the weekly crude oil chart and this one is again picking up the downtrend after the pullback that started in February and March.
AUD/USD: Short
A position has been opened July 27 and because of the strong pullback a second position has been opened a day later. Last Friday, July 24, the pair succeeded to break through the recent lows at around 0,7340 and it is clearly building momentum. From a longer term perspective the pair succeeded on July 3 to close and break through the lows of March and April at 0,7535. Since then it remains an interesting pair for taking short positions. The USD has a curency score of 7 being almost the strongest after the GBP (8). The AUD is the weakest currency at the moment with a score of 1. The pair has a ranking of 5 at the moment and remains an interesting pair.
Possible positions for this week
All the pairs currently in the Top 10 look like a good opportunity except for the EUR/CAD when also looking at the Currency Score. At the moment the strategy has 2 positions open which is the maximum default amount by preference. However, if a good opportunity comes around with currencies that are not yet traded in the other open pairs it will be considered.
FxTaTrader Forex weekly ranking and rating Wk31 / Update Tue. 28-July-2015
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 two 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 strategy. Besides this list I also use the currency score which is also available once a week on my blog, together with my weekly analysis on my 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.