The most common(main) pairs traded are:
eur/usd
gbp/usd
usd/chf
usd/jpy
I'm still new to this game but I follow 5 pairs(usd related) + oil whenever I have a chance to. I watch them intraday and spend every possible moment I have watching them. Then I have another 8 pairs, which are all European cross currencies + the Yen. I watch these but have yet to trade them. My main purpose for the cross currencies is to watch the correlation between the pairs. I guess that makes 13 pairs total + oil.
My trades are mainly placed on the eur+gbp+aud/usd and usd/chf. I do look forward to branching out in my trading eventually, but for now I feel like I have enough on my plate. No need to rush.
I just want to say trade whatever amount you are comfortable with. If you are comfortable trading 30+ pairs all the time, go for it. But most likely you will benefit greatly by watching <10 pairs. Don't rush yourself, it'll only slow down the learning process more.
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Rhody Trader
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In general, the shorter your trading timeframe, the fewer pairs you'll want to focus on. Day traders, for example, may only trade a pair or two. Someone taking positions they'll be holding for weeks or more will probably be monitoring all of the major pairs and crosses.
4CornersForex
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anybody find or know of any GOOD indicator services for gbp/usd pair?
welshandy1
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any advice please: the other day Bloomberg listed AUD a buy versus NZD, I concurred, and got in long. Now, AUD is dropping heavily against the Kiwi, I guess on the back of the Lehman fallout. Would appreciate the input of any senior chart watchers on here, to know whether I should just cut my (large) losses and get out of my long AUD...
1st bit of advice. Don't listen to Bloomberg!
2nd bit, next time pick a better pair. Don't know what spread you have over there, but right now it 12 points here with an sb co.
3rd bit. it may get a bit of support around here 12,200. But don't hold your breath. Even on a short time frame, can't see any buying point until around 12,270.
It's near its low of the day at 12,212 and it MAY bounce up from here.
I wouldn't ride it down any further.
welshandy1
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awesome, cheers for the advice Options. Youre right about the jump - it just jumped up to 12260! Am considering getting out now.
The reason I picked it was that the AUD looked seriously oversold, especially with the NZ economy doing worse and reporting more low.
Youre right about that spread too - 12 points is tough to play with
This Lehman debacle is screwing with risk aversion currencies (ie Aussie) but I was hoping that it wouldnt affect this particular cross so much, given that they are both similar. Guess it didnt work out that way tho!
Cheers
The reason I picked it was that the AUD looked seriously oversold, especially with the NZ economy doing worse and reporting more low.
Youre right about that spread too - 12 points is tough to play with
This Lehman debacle is screwing with risk aversion currencies (ie Aussie) but I was hoping that it wouldnt affect this particular cross so much, given that they are both similar. Guess it didnt work out that way tho!
Cheers
welshandy1
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looking at the chart, would you stay in, Options? Are we seeing some small comeback here maybe...?
(long shot I know!)
(long shot I know!)
welshandy1
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I wouldn't be in it in the first place!
That's quite a handy chart.
12,270 which was sup is now resistance.
It needs to clear this again to have half a chance.
12,220 is where the bottom will fall out of it if it drops down to it.
You might get lucky if it can break out upwards of that tiny down channel it is in.
It's at a key point for that now.
That's quite a handy chart.
12,270 which was sup is now resistance.
It needs to clear this again to have half a chance.
12,220 is where the bottom will fall out of it if it drops down to it.
You might get lucky if it can break out upwards of that tiny down channel it is in.
It's at a key point for that now.
welshandy1
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funny thing hindsight, its always 20:20
Im really hoping that 1.22 will hold...
thanks for your feedback.
Im really hoping that 1.22 will hold...
thanks for your feedback.
welshandy1
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Any currency trader needs to have their ar$e handed to them by GBP/JPY at least
once! Very humbling experience! :cheesy:
Marwan2010
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