In this article I will provide my view on the EUR/CAD and the EUR/GBP. These are the pairs that I am currently interested in or was interested in last week for trading with the Hybrid Grid strategy. You can view the performance and subscribe to this strategy on MQL5 by searching for FxTaTrader on MetaTrader 4 signals or by clicking here.
- All trades are based on specific rules according to the FxTaTrader Hybrid Grid strategy.
- All open positions can be viewed by clicking here.
- All closed positions can be viewed by .
This articles will provide:
Total outlook: Down
This pair will be discussed briefly in this article because the interesting pair for coming week is the EUR/CAD. The situation compared to last weeks has not changed very much for going short and this pair remains interesting for the Hybrid Grid strategy. The GBP however lost some strength last week. For more detailed information please read my previous article by clicking here.
Monthly chart: Neutral
On the monthly(context) chart the indicators are looking weak for going long.
The Ichimoku is showing a neutral view with price being in the middle of the cloud. The Tenkan-Sen is above the Kijun-Sen but both in the cloud. The Chikou-Span is below the cloud. The indicator is looking mixed with no clear direction.
The MACD is in positive territory. According to the histogram the inner-strength is weakening. The pair seems to be in a consolidation phase.
The Parabolic SAR is short but showing the preferred pattern of higher stop loss on opening of new long and short positions.
Since the monthly chart is used to get the context where that pair is in for the long term the indicators are looking fine because they are showing weakness in the current uptrend.
Weekly chart: Down
- All trades are based on specific rules according to the FxTaTrader Hybrid Grid strategy.
- All open positions can be viewed by clicking here.
- All closed positions can be viewed by .
This articles will provide:
- The weekly currency chart for the interesting pairs.
- The daily(timing) chart for the interesting pairs.
- Possible positions for the coming week and positions taken.
Every first Sunday of the month I will provide the long term strategy which has been added recently to the Hybrid Grid strategy. The strategy is under evaluation and positions have been placed on the evaluation account. The EUR/NZD, AUD/JPY, CAD/JPY and the EUR/GBP are the interesting pairs.
The article has been adjusted because it provided a lot of information. Each weekend an article is dedicated to the Weekly Forex Currency Score. The article of today is available on the blog.
- According to the "Currency score" and "Ranking & Rating list" the EUR/CAD is the best pair to trade and the EUR/GBP the second best according to the strategy rules for the FxTaTrader Hybrid Grid strategy.
- Last week (pending) orders were placed for the EUR/GBP and profit was made on 2 positions.
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Open/pending positions of last week.
EUR/GBP
Ranking and rating list Week 41
Rank: 13
Rating: -
Total outlook: Down
This pair will be discussed briefly in this article because the interesting pair for coming week is the EUR/CAD. The situation compared to last weeks has not changed very much for going short and this pair remains interesting for the Hybrid Grid strategy. The GBP however lost some strength last week. For more detailed information please read my previous article by clicking here.
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Possible positions for coming week.
EUR/CAD
The situation has improved compared to last week. This can be seen in the currency score and the TA charts as will be explained in this article. The pair is interesting for going short and for the FxTaTrader Hybrid Grid strategy.
Ranking and rating list Week 41
Ranking and rating list Week 41
Rank: 8
Rating: --
Weekly Currency score: Down
Based on the currency score the pair looks interesting in the last 3 months. The CAD showed in that period recently one dip going below the EUR and it recovered fast. Based only on this information the pair looks interesting for going short.
On the monthly(context) chart the indicators are looking weak for going long.
The Ichimoku is showing a neutral view with price being in the middle of the cloud. The Tenkan-Sen is above the Kijun-Sen but both in the cloud. The Chikou-Span is below the cloud. The indicator is looking mixed with no clear direction.
The MACD is in positive territory. According to the histogram the inner-strength is weakening. The pair seems to be in a consolidation phase.
The Parabolic SAR is short but showing the preferred pattern of higher stop loss on opening of new long and short positions.
Since the monthly chart is used to get the context where that pair is in for the long term the indicators are looking fine because they are showing weakness in the current uptrend.
Weekly chart: Down
On the weekly(decision) chart the indicators are looking strong for going short.
The Ichimoku is meeting almost all the conditions except for Chikou-Span being still above the cloud.
The MACD is in negative territory and showing continuation of this downtrend.
The Parabolic SAR is going short and showing the preferred pattern of lower stop loss on opening of new long and short positions.
Daily chart: Down
On the daily(timing) chart the indicators are looking strong for going short.
The Ichimoku is meeting all the conditions.
The MACD is in negative territory. According to the histogram the inner-strength is getting better.
The Parabolic SAR is going short but not showing the preferred pattern of lower stop loss on opening of new long and short positions. However there is no preferred pattern yet for going long either.
The Ichimoku is meeting almost all the conditions except for Chikou-Span being still above the cloud.
The MACD is in negative territory and showing continuation of this downtrend.
The Parabolic SAR is going short and showing the preferred pattern of lower stop loss on opening of new long and short positions.
Daily chart: Down
On the daily(timing) chart the indicators are looking strong for going short.
The Ichimoku is meeting all the conditions.
The MACD is in negative territory. According to the histogram the inner-strength is getting better.
The Parabolic SAR is going short but not showing the preferred pattern of lower stop loss on opening of new long and short positions. However there is no preferred pattern yet for going long either.
Total outlook: Down
EUR/CAD Daily chart
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Open/pending positions evaluation account of last month.
This is the second article where we will look into the longer term strategies. The strategy does not differ much from the current strategy used on the daily chart. There are 3 important differences which are:
I will go briefly into details on all the interesting pairs for the evaluation account. For more information you can check the Evaluation account on FxTaTrader.com.
- The timing chart is the weekly instead of the daily and the decision chart is the monthly instead of the weekly. There is no context chart.
- There is also more emphasis on taking carry trades because positions will be held longer.
- The profit target is 1/4 ATR of the monthly chart instead of the weekly.
I will go briefly into details on all the interesting pairs for the evaluation account. For more information you can check the Evaluation account on FxTaTrader.com.
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EUR/NZD
Last month a short position was taken for this pair on the evaluation account. The stop loss got hit causing a loss for that position.
The EUR/NZD remains a very interesting pair for the longer term and for the FxTaTrader Hybrid Grid strategy. I will monitor this pair for new possibilities.
Ranking and rating list (Click to open the list)
Rank: 21
Rating: = +
The EUR/NZD remains a very interesting pair for the longer term and for the FxTaTrader Hybrid Grid strategy. I will monitor this pair for new possibilities.
Ranking and rating list (Click to open the list)
Rank: 21
Rating: = +
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AUD/JPY
Last month (pending) long orders have been placed for this pair on the evaluation account. One order is currently open and another one still pending
Also this pair remains a very interesting pair for the longer term and for the FxTaTrader Hybrid Grid strategy.
Ranking and rating list (Click to open the list)
Rank: 11
Rating: --
Also this pair remains a very interesting pair for the longer term and for the FxTaTrader Hybrid Grid strategy.
Ranking and rating list (Click to open the list)
Rank: 11
Rating: --
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CAD/JPY
Last month (pending) long orders have been placed for this pair on the evaluation account. One order is currently open and 2 are still pending.
Also this pair remains a very interesting pair for the longer term and for the FxTaTrader Hybrid Grid strategy.
Ranking and rating list (Click to open the list)
Rank: 17
Rating: +
Also this pair remains a very interesting pair for the longer term and for the FxTaTrader Hybrid Grid strategy.
Ranking and rating list (Click to open the list)
Rank: 17
Rating: +
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EUR/GBP
Last month a (pending) short orders have been placed for this pair on the evaluation account. The order is still pending.
Also this pair remains a very interesting pair for the longer term and for the FxTaTrader Hybrid Grid strategy.
Ranking and rating list (Click to open the list)
Rank: 13
Rating: -
Also this pair remains a very interesting pair for the longer term and for the FxTaTrader Hybrid Grid strategy.
Ranking and rating list (Click to open the list)
Rank: 13
Rating: -
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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 www.FxTaTrader.com or the direct link to this article. Good luck in the coming week.
