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In this article I will provide my view on the EUR/GBP and the CAD/JPY. These are the pairs that I am currently interested in or was interested in last week for trading with the Hybrid Grid strategy.
- 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 .
The full aticle will provide:
- The weekly currency score for the major currencies.
- 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.
CURRENCY SCORE
| See Currency score explained for more details |
- The USD, GBP, CAD and CHF are very strong. The NZD, JPY, AUD, and EUR are the weakest currencies. The best pairs to look at are a combination of those pairs.
- Many pairs are currently in overbought and oversold conditions for the FXTaTrader Hybrid Grid strategy. According to this a pair is overbought/oversold once it is above/below the Weekly Bollinger Band. This is especially the case for the JPY, NZD and AUD.
- The CHF has strong correlation with the EUR so it is not the best currency for going long.
- The EUR and JPY seems the best pairs to go short because the AUD and NZD seems to have a temporary dip according to the currency score chart of these currencies and may recover soon.
- The JPY pairs are heavily overbought for the strong currencies except for the CAD. For this reason the CAD/JPY seems interesting.
- The EUR seems the better currency to go short with the USD or GBP.
- The EUR/USD is still oversold and for this reason the EUR/GBP seems to be the better pair to take positions.
- Both pairs CAD/JPY and EUR/GBP are having a reasonable currency score of resp. 10 and 11.
- For the coming week EUR/GBP is the best pair to trade and the CAD/JPY is the second best according to the strategy rules for the FxTaTrader Hybrid Grid strategy, see FxTaTrader Hybrid Grid.
- Last week (pending) orders were placed for the EUR/GBP and profit was made on 1 position.
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Open/pending positions of last week.
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 is getting stronger again after a small dip in the last few weeks.
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.Open/pending positions of last week.
EUR/GBP
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 is getting stronger again after a small dip in the last few weeks.
Ranking and rating list Week 40
Rank: 11
Rating: -
Total outlook: Down
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Possible positions for coming week.
CAD/JPY
This JPY pair is one of the few pairs not being in overbought condition. The pair is interesting for going long and is interesting for the Hybrid Grid strategy.
Ranking and rating list Week 40
Rank: 10
Rating: ++
Total outlook: UP
Total outlook: UP
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