what info to have on a FX watchlist

[iMusingKiMi]

I usually avoid EUR crosses, and especially EUR/GBP. GBP/USD by itself is difficult to trade, let alone combined with EUR.

In fact, EUR/USD is the most majors for trading in forex. This pair almost certain provides as most useful indicator for any others. For instance, only BUY EUR/GBP when EURUSD trending higher and GBPUSD trending lower, only BUY or SELL EURJPY if EURUSD and USDJPY are aligned, only SELL USDJPY if EURUSD trending higher. That's the power of correlations.

 

[ForexVerified]

In fact, EUR/USD is the most majors for trading in forex. This pair almost certain provides as most useful indicator for any others. For instance, only BUY EUR/GBP when EURUSD trending higher and GBPUSD trending lower, only BUY or SELL EURJPY if EURUSD and USDJPY are aligned, only SELL USDJPY if EURUSD trending higher. That's the power of correlations.

Yes, trading correlations is good, but if you are taking the same position on a different pairs it's basically the same as adding up to position on one major pair.

 

[dianajs]

Yes, trading correlations is good, but if you are taking the same position on a different pairs it's basically the same as adding up to position on one major pair.

That has been my reason to mostly avoid trading following correlations. What's the point of trading EUR/JPY and USD/JPY if I can just trade EUR/USD? Not that I like trading EUR/USD, I'm just using it as an example. The same logic applies to other correlation pairs as well.

 

[EuroTrader]

That has been my reason to mostly avoid trading following correlations. What's the point of trading EUR/JPY and USD/JPY if I can just trade EUR/USD? Not that I like trading EUR/USD, I'm just using it as an example. The same logic applies to other correlation pairs as well.

If we know about the co-relation in the currency pairs then it is easier for us to do our trades and also the income we get become more

 

[alaska27]

I always follow the economical statics, which helps to understand the situation at the market better. It's useful to read the news of large companies. It's for those who like to trade shares.