Picking your trade pair?? Why? & How?

[Eric Alyea]

Picking your trade pair?? Why? & How?

What is the reasoning???
Action....Volatility.... Stability....
Risk management...My Broker told me to...

Newbie’s don’t get this one...

“Every one” should respond to this,,, Even if it is just a, 1st date that spread her leg’s, 1st time trade story. {Especially that story}

In simple words... “HOW & WHY” did you use "real" money to trade your 1st Forex pair, and how was that, (your experience) for you.
Let’s do detail’s ... broker... lot size... if you got off, (your money out of the broker) and what you did with it. Oooh yeah.

This will be deleted later:
I have a date with a piece of machinery that I am primping for sale. We have been in a two day all nighter. My human woman is pissed. Other that me being in the garage, she moan's about my 15 second looks at the charts and the fight if she closed my chart window out..
it's how i don't look at the chart's that make's me look forward to coming back (plug that into your every day life.

Good luck to all!
{Luck is where preparation meet’s opportunity}

 

[Music Man]

I do not trade any particular pair. Instead, I use clustering to pick strong/weak pairs and then look at the charts to see where S/R, candlesticks and volatility are at. If the yen is strong and the euro is weak, then shorting EUR/JPY may be the answer, depending.

When I first started, I tended to trade EUR/JPY, as it seemed to be more of a ranging currency. In those days, I tried to scalp the ranges. Now, I tend to look for trends and potential breakouts, as they have a lot more profit potential.

It's less frenetic, as well.

MM

 

[Eric Alyea]

And this brings up things from another thread:

Good answer:
And back to the point of how you started... What was you 1st real profit??
It’s not a girl you can say, broker and $. Everyone has their 1st. Leave out what you can’t say.

And this brings up things from another thread and a second point:
OK this is it... Who was your 1st... and who do you wake up in the morning to???

oh, did I forget to add.. why was the change better for "you" (because that is your "today" reality), and how it, or what ever process you use makes money for you?

https://www.forexpeacearmy.com/fore...dle-s-wick-s-price-time-tick-s.html#post35908

My first look is usually with Guppy MMAs (multiple moving averages). I save candlesticks for later.

Of course, everyone has their own methodology. If there was a 100% sure method and everyone started using it, that would change the market enough to keep it from working.

When it comes to my "just woke up look" at the charts, I begin with the hourly where the bulk of my indicators are. I keep my charts very simple, so by bulk I basically mean my pivots, major support/resistance, trendlines, and moving averages (alligator). I then start checking all my sources for fundamental data as I like to have a solid up to the minute feel of where the market was while I was away and where it's headed. I then go back to the charts and see if the technicals and fundamentals agree. If so, it's probably gonna be a good day, if not I stick with what the technicals tell me.

As far as candlesticks go, I look for long wicks because they serve as great indicators of where price action will most likely reverse, as well as swing points to use for drawing fib lines. But it's the candle bodies that I use for drawing my support/resistance lines and not the wicks. My theory is that the wicks represent 'noise' while the body represents actual open and close levels. I also use that 'noise' when determining S/L; more noise means more liberal S/L.

What did you need differant to satify you, to justify the change?

I don't judge, I am just a RECON MAN, I only report the "FACTS"

This is one time you have to be honest with others so everyone can learn. Everyone was all over Felex's Thursday post's, https://www.forexpeacearmy.com/forex-forum/secrets-successful-forex-trader/ well now you have a chance to say something other than ...."Good post"... Felix was trying to make your daily Forex & life practice better. It starts here, tell other's what you do at least in Forex for real.

"How has Forex changed your daily life??"

 

[Ricex]

The choice is strong vs weak, how? by looking at this FOREX DAWN: Trading strong vs weak (+indicator)

I have no real favourite pair, my favourite is the one that's paying my bills.

 

[pawelrad]

I think that most pairs are now JPY, also I would be careful with pair of CHF cause there is a lot of government interference.

 

[Eric Alyea]

Recap

Recap

Music Man
clustering to pick strong/weak pairs

I do not trade any particular pair. Instead, I use clustering to pick strong/weak pairs and then look at the charts to see where S/R, candlesticks and volatility are at. ...
... I tend to look for trends and potential breakouts, as they have a lot more profit potential.

Study your fundamentals:

https://www.forexpeacearmy.com/fore...dle-s-wick-s-price-time-tick-s.html#post35908
Quote:
Originally Posted by Pharaoh
My first look is usually with Guppy MMAs (multiple moving averages). I save candlesticks for later.

Of course, everyone has their own methodology. If there was a 100% sure method and everyone started using it, that would change the market enough to keep it from working.

Quote:
Originally Posted by Forexwatchman
When it comes to my "just woke up look" at the charts, I begin with the hourly where the bulk of my indicators are. I keep my charts very simple, so by bulk I basically mean my pivots, major support/resistance, trendlines, and moving averages (alligator). I then start checking all my sources for fundamental data as I like to have a solid up to the minute feel of where the market was while I was away and where it's headed. I then go back to the charts and see if the technicals and fundamentals agree. If so, it's probably gonna be a good day, if not I stick with what the technicals tell me.

As far as candlesticks go, I look for long wicks because they serve as great indicators of where price action will most likely reverse, as well as swing points to use for drawing fib lines. But it's the candle bodies that I use for drawing my support/resistance lines and not the wicks. My theory is that the wicks represent 'noise' while the body represents actual open and close levels. I also use that 'noise' when determining S/L; more noise means more liberal S/L.

Ricex
Strong vs. Weak indicator’s (technical analysis)

The choice is strong vs weak, how? by looking at this FOREX DAWN: Trading strong vs weak (+indicator)

For beginners, I think stay in a demo with one semi volatile pair. EUR/USD used to be that but you can’t work your retracement practice on that and not get hurt with out knowing the “Reports”.

 

[Caoimhin]

Here's one way (beware, I'm a newbie)

I just recently closed out a short EURAUD trade that I put on in February for a nice profit (demo account, don't get too excited). Here was my top-down decision process

Fundamentals
AUD: Only central bank that had started raising rates
EUR: Europe is in big economic trouble (US may not be far behind, but hey I'm an American!)
There were candidates for the short side that provided larger interest rollover, but I was looking at it as a trend trade not a carry trade so I just didn't want negative rollover.

Sentiment = COT non-Commercials
AUD: net long and increasing
EUR: net short and decreasing

Technical
EURAUD pair in a obvious down trend on the weekly chart

I'm would like to get back into another short Euro trade, but since the Australian government started flapping its jaws about taxing mining companies 40% of profits the fundamental picture there has changed. I am considering the EURUSD for lack of a better alternative but the COT situation on the DXY is deteriorating, so for now I'll just wait.

It worked out pretty well this time. Since I'm a newbie please feel free to comment / criticize / scorn / ridicule. And please don't ask about those OTHER trades - I don't want to talk about it.

 

[Ricex]

Excellent trade Caoimhin, good decision making process.

 

[ali syed arsalan]

Proper money management is necessary for everything.
If you have everything from money management to calculations of charts and technical then you are done with your daily earnings.

 

[geula4]

I think it depends on your experience

I would suggest that new traders stick to the Euro/USD and perhaps other major pairs but not the crosses.
More experience traders should move on to other currencies as long as they feel comfortable trading them.
In all cases, a good understanding of the fundemental and technical background is needed before placing a trade. just my 2 cents...