This week so far:
100 pips, but there's a 100 pip/contract (3 contracts) loss that has not been realised yet.
1 bad trade - that all it took. The currency pair? USD/JPY. Asd you may know, I had based this decision on the strength/weakness numbers. However, when I observed the data, the strength/weakness charts were not the best for making decisions regarding choosing currency pairs. Now see the chart below:
Yes, the absolute strength of USD is going up as indicated by upward slope. However, it is not strong enough to put EUR and JPY pairs in the positive over the month. Therefore, USD is not the strongest as was indicated in the absolute strength chart in my previous post. Misleading data is worse than no data.
Therefore, I am getting rid of the absolute strength chart. I am replacing this with the 'Currency % Strength' chart. This is base on adding all percentages for the base pair. The results are much better.
For example, consider USD:
Now, USD is weaker than EUR and JPY, which aligns with the % gain on the currency pair.
Again, all of this is automated! Thank you Power Query!
In the next post, I will show the gains for all currency pairs. Stay tuned.
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