Forex Ranking & Rating Tue. W47 / 18-11-2014. Analysis on 4 time frames with the Ichimoku & MACD indicator
EUR/NZD: Short
position at higher level.
The
EUR is having a pull back on different pairs but remains still a weaker
currency and this offers an opportunity to take a short position on
the EUR/NZD which is having a strong pull back
also. At the time of writing the most recent high of 1.5877 seems the
right price to step in. Once weakness on the currency comes
back the level for placing the order will become more clear.
AUD/USD: Still
in a downtrend but lack of momentum
The pair is still in the 4H. chart above the Ichimoku cloud and the
MACD is in positive territory. However the situation has improved with at the time of writing price around the MA's and going down and MACD weakening.
Profit has been made on 1 position entered at 0.8781 almost the highest level of this week where exhaustion took place on the short term bull trend. Another order has been placed again at that level. Once the pair gets back in a strong down trend more orders may be placed.
Forex ranking and rating Tue. Wk 47 / 18-11-2014
Analysis based on TA charts for all the major currency pairs. Good luck to all. No advice, just info. Visit FxTaTrader.com for more info and Disclaimer. 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.
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Although the explanation may seem simple and clear there is always risk involved. I added a disclaimer to my blog for this purpose. If you like to use this article then mention the source by providing the URL FxTaTrader.com or the direct link to this article. Good luck in the coming week.
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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. The choice and risk is always yours. Thank you.
