When looking at the Top 10 in the Weekly Ranking and Rating list we can see that for the coming week the following stronger currencies are well represented:
USD(4x), CAD(3x) and the GBP(2x). The JPY(4x) is clearly the weaker currency followed by the AUD(3x) and the EUR(2X).
All the JPY pairs presented in the Top 10 of the list are still looking overbought in the Weekly charts being above the Upper Bollinger 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. All the other pairs in the Top 10 are interesting for the coming week.
A nice combination for coming week may be e.g:
- AUD/USD with the EUR/CAD
- EUR/USD with the GBP/AUD
- EUR/USD with the AUD/CAD
- NZD/USD with the EUR/CAD
- NZD/USD with the GBP/AUD
- NZD/USD with the AUD/CAD
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 the same direction, of an other pair of preference for trading in the coming week.
Forex weekly ranking and rating
for Wk 50 / 06-12-2014
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.
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Introduction to the FxTaTrader Forex Models
FxTaTrader Forex Ranking & Rating list
Currency score explained
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