*As at 22.00 Hrs BST on Sunday 19th November 2017
HOW TO USE:
Try cross-referencing the above 6 currencies: i.e take the strongest and the weakest and open the corresponding chart. So for example, if USD is the strongest (S1) and JPY is the Weakest (W1), open the USD/JPY chart on the daily timeframe and see if price action agrees.
You don’t have to stick to the No1 crosses either: There are 9 potential currency crosses here, so maybe pair the 2nd strongest (S2) with the 3rd weakest (W3) and see what the chart throws up.
Week 46 (last week) review
NZD / USD Short
A straight up +110 pips from the weeks open to close. (Feel free to compare charts, See the whole of last weeks post HERE)
GBP / AUD Long
Another very healthy = 217 pips from the weeks open to close. (Feel free to compare charts, See the whole of last weeks post HERE)
This is the power of our Strength / Weakness analysis; it brings about an awareness of specific chart action that otherwise may remain hidden in amongst the noise of the market.
EUR / AUD Long
It had to give, and it did ! Our best performer of the week giving us a stonking + 361 pips ! (Feel free to compare charts, See the whole of last weeks post HERE)
THIS WEEK’S CHOICES, CHARTS, OPINIONS, CAVEATS & MORE…
NZD / JPY Short (Strong 1 Vs Weak 1)
This signal landed on Tuesday 14th Nov and has produced + 205 pips. We’re aware of the falling channel support and even more so of the 75.90 support below that, but as usual we’ll be guided by our Strength Weakness analysis for our exits, holding this position until we see a good reason not to
AUD / JPY Short (Strong 1 Vs Weak 2)
A midweek signal generated on Wednesday 15th.
Following a minor hesitation at 88.65 support this pair took a dive straight through it, taking out a 4 1/2 month bull trend line with it. Most traders would baulk at holding a position through such support, we however simply trade with the market. Return to date: + 184 pips.
NZD / CHF Long (Strong 1 Vs Weak 2)
Another Tuesday 15th Signal.
I don’t personally like trading the CHF (being an ex-Alpari UK client…) so in and out, take the money at 0.6720 and run. Returned + 137 pips.
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