I'm pretty young and i'd like to give EURUSD/GBPUSD a shot on demo first for a month or so before i go live. In short, i want to learn as much about how these currencies move intraday so that i can profit from that. As of today i scalped around 70 pips on a demo account by buying major H4 support off the 15 minute chart on EURUSD,whilst also buying a quick pullback in cable, as well as shorting an H1 eurusd pin bar after a pullback up in a downtrend. I use mutiple timeframes as it gives me a great sense of context, also to plot my levels and to trade off of them.cable and EURUSD are greatly correlated so if i see a long setup i WANT to see cable getting ready for a bounce for a bit on confirmation. i use the daily,H4,H1,M15 timeframes on both currencies. This is my first attempt at proper forex daytrading. as of now my demo account is slightly over 10k. lets see where a month of demo, then live can take us. pippy5000 sucks burgers ( imo )
right first trade was meh, i bought eurusd bought sold for a quick 5 pip loss. i went long EJ as it's hitting some big ass support off dailies, for a 40 pip bounce scalp,EURUSD was at some 'meh daily support' which was why i bought but it wasn't exactly at it so i closed it. s'all about the trends and how powerful they are, if there even is any. like EJ off the 15 min is downtrending, my emas are far apart etc, but on dailies we are just ranging, deviating from that bunch of MAs then pulling back up, hence the nice support.
ugh, got out for +1 pip. todays result: -4 pips. i exited as EJ didn't push up like i wanted it to,instead it tested a previous high and fell, plus i realised the time to get in on this support scalp was a few hours earlier ( see circled bit ). plus EURUSD is just trending lower, which is pulling EJ down . perhaps a little too quick to exit but i dont want any overnight trades, i did swing trade forex and had a massive 2200 pip month but lost 800 in 2 days when the Dubai announcement came out, made it all back though in 4-5 days. Also, to experienced forex traders, this is my beginning in trading FX, any advice? any pairs which are most correlated with EURUSD? stuff like that
Best when you're starting out is to only trade during the on hours when the markets for both pairs are open.
im such an idiot, EJ, the 15 minute chart is kinda meh, but it's basing out, just as the H1 is. lesson learned there:look at the higher TFs to see if this 'meh-ness' is worth something. Hourly looks like it's in for a pullback up. time to go long .
USD/CHF is inverse correlated to EUR/USD. When I'm trading one, I like the other to show a mirror reflection of S&R, TL, etc, to sort of confirm my trade.
took a look that's some nice correlation but there's not enough room on my screen for 4 more charts Think ill settle with usdchf until i make enough money for another monitor. Would there be much point in watching the 3 pairs together or would just one EURUSD correlation be enough? Damn boy, that's a nice co-efficient
going short USDCHF, hitting the 200 ema and major resistance as well as EURUSD hitting some support which could help push it down too. not really a day tarde , aiming for 100 pips at least here