NZD/CAD: Long
The current pull back in the pair offers a good opportunity to step in. For that reason positions have been opened for this pair based on the analysis described in my article Weekly Review Strategy Week 3. The pair is now also within the Bollinger Band in the Weekly chart so it does not look overbought anymore for that reason.
The CAD is the weakest currency this week after the EUR and the NZD is a stronger currency so far this week according to the FxTaTrader Currency Score.
Possible positions for this week
At the moment no positions are taken for the FxTaTrader strategy in the EUR and CHF although the EUR/USD looks interesting. Only after the big news event , the ECB Interest Rate Decision, positions will be considered. The USD/JPY is starting to look interesting but more confirmation is needed before taking any long positions.
FxTaTrader Forex weekly ranking and rating Wk03 / Update Tue. 20-Jan-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 2 updates during the week on Tuesday and Wednesday. The Daily and 4 Hour chart will then be analyzed and updated.
This means 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.