Currency Power Ranking 2006-01-19
January 19, 2006 by Trader Rich
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Rank
R.S.
Rank
R.S. Change
1
CAD
100
6
11.82
+5
2
CHF
65.14
3
75.19
-1
3
GBP
58.30
5
53.1
-2
4
USD
55.01
2
79.53
+2
5
EUR
45.28
4
67.98
-1
6
AUD
36.17
7
11.48
-1
7
JPY
19.04
1
100
-6
8
NZD
0
8
0
nc
Popularity: 1%
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There are other indicators I use to help with the timing of my entry and exit, slow stochastics, moving averages, MACD, although decision-making is weighted toward support and resistance areas. I also look at the overall trend (daily, weekly,etc.); then a period of potential swing/intraday up or down movements (support/resistance) with a risk to reward ration of around 3:1 or better. Regarding short in-and-out trades: there are people who are good at it (I guess). However a important factor to consider if you executing many in-and-out trades where risk to reward will always be high (I liked the “action” back then) — you are “paying the house” up front to enter the trade, i.e., the spread between bid and offer, which gets expensive pronto if you’re not right a high percentage of the time. I found demo trading indespensable before and after I jumped into the real thing. I still demo trade to check my emotional control and decision-making skills. 13 1/2% return a week consistently is great, obviously more skill than luck. Many good wishes.
There are other indicators I use to help with the timing of my entry and exit, slow stochastics, moving averages, MACD, although decision-making is weighted toward support and resistance areas. I also look at the overall trend (daily, weekly,etc.); then a period of potential swing/intraday up or down movements (support/resistance) with a risk to reward ration of around 3:1 or better. Regarding short in-and-out trades: there are people who are good at it (I guess). However a important factor to consider if you executing many in-and-out trades where risk to reward will always be high (I liked the “action” back then) — you are “paying the house” up front to enter the trade, i.e., the spread between bid and offer, which gets expensive pronto if you’re not right a high percentage of the time. I found demo trading indespensable before and after I jumped into the real thing. I still demo trade to check my emotional control and decision-making skills. 13 1/2% return a week consistently is great, obviously more skill than luck. Many good wishes.
Hello Rich. What does the ranking above tell you in your decision-making process? Do you consider it important? Where did you find this info?
Hello Rich. What does the ranking above tell you in your decision-making process? Do you consider it important? Where did you find this info?