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Elliott Wave International
Trading FX On Strength - A Weekly Strategy
Martin explains how he assesses the strength of each currency on a daily and weekly basis and ranks them from strongest to weakest. From this analysis, he decides upon the trades that he will place at the Monday open.
Martin's target is 60% winning trades. He discusses the trades that he has placed over each of the past six weeks, including the entry technique, stop loss rules and trade management to show how his results were achieved.
Martin is a great example of how a trader can evolve from novice to maturity through self-education, focus and putting in the time and effort to develop a strategy that works for him.
Markets:
Currency
Presenter (Author Override):
Martin Hatt
(3 votes)
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Tags: ranking currencies, relative strength, Currency
Comments
Very real and down to earth presentation from a real trader, trading is own money with a simple and plausible system that has made profits over the last eight weeks. No hype, no dreams just demonstrable facts.
Well done Martin Hatt
Great video, but unless I'm mistaken he never explains how he ranks the currencies? I'm assuming it's using moving averages somehow from the slide at 2:40?
Excellent presentation and a nice easy system , just a question which it would be nice if Martin could answer.
the Euro and swiss franc are very correlated, so when one of these becomes the weakest or strongest currency the other is likely to be also.
So would it be more prudent to move the risk onto a less correlated currency like you suggest the NZD.
because if you are using Swiss and euro you are effectively doing the same trades twice.
Hello I'm pleased you enjoyed the presentation! You are certainly correct that the Euro and Swiss Franc have been correlated over the last few weeks, although in case of the Euro its's because of its poor financial and economic situation whereas in the case of the Swiss Franc it's because the Swiss Central Bank is trying to stop it getting stronger by maintaining the 12010 level. So they may not remain correlated if the Euro economy improves (not looking likely) or the Swiss Central Bank decides it's printing too much money to maintain the currencyat 12010. As regards the NZD, it is certainly less correlated to the EUR and Swiss Franc but it is quite correlated to the AUD. Anyway, I think it is sensible to also consider on an ongoing basis the NZD and perhaps even one or two of the oil currencies (CAD, NOK, etc)as additional currencies or alternatives.
Martin
Hello I'm pleased you enjoyed the presentation! You are certainly correct that the Euro and Swiss Franc have been correlated over the last few weeks, although in case of the Euro its's because of its poor financial and economic situation whereas in the case of the Swiss Franc it's because the Swiss Central Bank is trying to stop it getting stronger by maintaining the 12010 level. So they may not remain correlated if the Euro economy improves (not looking likely) or the Swiss Central Bank decides it's printing too much money to maintain the currencyat 12010. As regards the NZD, it is certainly less correlated to the EUR and Swiss Franc but it is quite correlated to the AUD. Anyway, I think it is sensible to also consider on an ongoing basis the NZD and perhaps even one or two of the oil currencies (CAD, NOK, etc)as additional currencies or alternatives.
Martin
Hi Martin, your video doesn't go into detail about how you in fact work out the relative strength of each currency....can you explain? Wld be grateful if you could post here or send me a message. Slides suggest that it has something to do with the 89 SMA. I was at the traders forum yesterday 5/10/13 as I understand you were and was sent this link to your video by another attendee but I didn't get a chance to speak to you. Thanks.
I believe Martin just looks to see if the price action is above the 89MA for a '1' or below for a '0'.
Cheers
A
HI Martin - Fantastic video. I tried this technique this week and took a trade on the NZDUSD (short). I got stopped out on weakness in the dollar after a news event. How do you handle news events that occur throughout the week? Do you have a specific strategy?
Thanks again
Allyn