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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 Wk03. 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
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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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. For more information on the FxTaTrader Forex Models "Ranking and Rating list" and "Currency Score" visit the following pages on my blog:
Introduction to the FxTaTrader Forex Models
FxTaTrader Forex Ranking & Rating list
Currency score explained
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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 would 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.