Thank you tradingjournals that makes a lot of sense. Is there a news source that you follow that has helped you develop your trading approach? What sources do you check every day when you first look at the market? (Anyone else please reply as well...) This is very interesting to me --- I am very interested in the 24 hour aspect as well. Thank you again,
First of all here are the currency pairs I am following on a daily basis: EUR/USD USD/JPY GBP/USD USD/CHF AUD/USD USD/CAD NZD/USD EUR/JPY EUR/GBP EUR/AUD EUR/CAD EUR/NZD GBP/JPY GBP/CHF GBP/AUD GBP/CAD GBP/NZD CHF/JPY CAD/JPY NZD/JPY AUD/JPY AUD/CHF CAD/CHF NZD/CHF AUD/NZD NZD/CAD AUD/CAD I no longer trade or follow EUR/CHF. That seems like a lot of currency pairs to watch, but in reality each day or so the trading setup I am looking appears on 1 or 2 pairs at most, so I only focus on those 2 the rest of the day. Not really, for example currently the widest spread is on the wild GBP/NZD and stands at 4.7 pip on my Forex platform, not a big deal if you consider that this pair can move 100 pips by the time you return from the bathroom! If follow all the time zones, without exception. I set up an alert on my wireless internet tablet and if the price I am looking for has been reached I react immediately, even if it's 3 AM in the morning and I am sleeping. My time frame goes from the 15 min to the 4h charts but I prefer the 15 min, they offer nice mini trends all day, assuming you have a good trading system to capture them.
Thank you, very helpful.... Why is EURCHF not interesting, with all of the other pairs why is this an exception? Also, do you have an average time you are in a trade? 30 minutes, hour, 10 minutes? Thanks again!
I believe that forex is more likely than not a zero to negative sum game. Therefore I believe it is a risky activity, in which one may lose money, time and health doing it. Hence, I think any interest should be weighted against the risks. You may have noticed the other day the "180 degree" moves the currencies did in the middle of the US evening. They can suddenly turn from black to red in short time, and with no advance warning. Feel free to PM me.
If EUR/JPY ever goes up the next stop should be around the 131.95 area, a strong magnet as far as I can tell from the charts. Beyond that I have no clue TradingJournals. I never try to predict the future, I just follow the signals that my system is generating, right here right now. By the way, you grabbed some nice pips today.