Trading multiple pairs

[djc0]

Sorry for the newbe question.

Most advice for beginners often recommend picking a pair and sticking to it. But from a purely technical point-of-view why should this matter? Does each market have its own "character" that needs to be learnt?

For example, does it make sense to trade both GBP/USD and EUD/USD at the same time (in the evening Melbourne time, say). I understand these two pairs are correlated, but not exactly. Seems like you could "technically" trade on both of them and gain (or lose) differently. Even on the 5m chart i have plenty of time to ponder more than one pair.

Thanks

 

[Stormin_Norman]

watch the correlation. maybe look for a set up on either of them; rather then trading both. if you follow my meaning.

the cable seems to be the most 'technical' currency - adhering to fibonacci lines and pivot points more then others.

 

[Mr J]

I trade all the Major pairs. Focusing on one or two may work for some approaches, and for other approaches it may not matter at all.

I understand these two pairs are correlated

It is all correlated to a certain extent. I think it's worthwhile to watch them both, as they do vary enough to produce their own trades. Same for the AUD.

 

[lasty]

Sorry for the newbe question.

Most advice for beginners often recommend picking a pair and sticking to it. But from a purely technical point-of-view why should this matter? Does each market have its own "character" that needs to be learnt?

For example, does it make sense to trade both GBP/USD and EUD/USD at the same time (in the evening Melbourne time, say). I understand these two pairs are correlated, but not exactly. Seems like you could "technically" trade on both of them and gain (or lose) differently. Even on the 5m chart i have plenty of time to ponder more than one pair.

Thanks

Given those two currency pairs that you have highlighted both are USD based therefore a weakness or strength in the USD should normally influence the outcome.However the EUR/GBP cross can also move reflecting the strength or weakness against each other.