Forex Trading Technical Analysis (2010/09/03) Currency Strength/Weakness Meter
9/03/2010 Forex Trading Technical Analysis (FXpath.com) – Here are the strongest and weakest major currencies for the past week (August 30 – September 03, 2010), based upon relative percentage price change against each other from the beginning of this past trading week to the end of the week. This information can be used to identify possible trends and potential pairings of the currencies. The list is ordered from strongest (best performing) to weakest (worst performing):Strongest
1) AUD (Australian dollar)
2) CHF (Swiss franc)
3) CAD (Canadian dollar)
4) JPY (Japanese yen)
5) EUR (euro)
6) USD (U.S. dollar)
7) GBP (British pound)
Weakest
James Chen, CTA, CMT (bio)
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Comments
Hi, James,
When you mentioned about confluence of major fib 61.8% and minor fib 38.2% at the FX Expo in Las Vegas on Sept 25, Do you mean “continuation” or “reversal”? I like to confirm my thought of continuation pattern in this case. Am I right?
Thanks,
Ivy
BTW, I enjoyed your book and your presentation very much.
Hi Ivy,
Thanks for your question, and thanks for attending my Las Vegas presentation. To answer your question, when I talk about confluence, I am referring to two or more technical factors, like a major Fib level and a minor Fib level, coming together to support a trade decision. Once you have confluence, you would need to see how price action reacts to that confluence. It could be either a bounce or a breakout of that confluence. Whether it is a continuation or reversal would depend on price action around the confluence. If you need further clarification on this, please feel free to email me at the email address I gave out during my presentation. Thanks, Ivy!
James Chen
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