Which forex pairs do you trade?

[It's Snake Pliskin]

What pairs do you trade and why?

 

[bvbfan]

Re: Forex pairs

AUDUSD - easier for me to understand economic situation here v US

But looking at
GBPUSD for volatility reasons, super moves Friday night, 200pips if you caught it

Prefer to take a longer view but I've been trying to play the swings and end up missing much of the action, at least I'm profitable

 

[wavepicker]

Re: Forex pairs

I focus on the following pairs,

USDJPY, USDCHF, USDCAD, EURUSD, GBPUSD, EURJPY,GBPJPY.

Reasons are varying but nothing to do with fundementals but rather volatility, spreads, and time zones traded. Most of the time various groups of these are moving in sync with each other in the same direction or inversely depending which pairs you are looking at. Thus if it's hard to make sense of a pair such as the EURUSD, you can easily study the USDCHF and it might offer more clues as these 2 are generally the opposite of each other over the short term.

ATM we are at a very important juncture with a long term low in place in the USD IMO. This may have major ramifications with regard to the metals over the next year, so when looking at them a good place start looking is at the USD

Chers.

 

[It's Snake Pliskin]

Re: Forex pairs

Thanks for the replies.

What time frames do you trade? 5min, 60 min, 4hour, daily, weekly, monthly? etc.

 

[It's Snake Pliskin]

Re: Forex pairs

AUDUSD - easier for me to understand economic situation here v US

But looking at
GBPUSD for volatility reasons, super moves Friday night, 200pips if you caught it

Prefer to take a longer view but I've been trying to play the swings and end up missing much of the action, at least I'm profitable

Bvbfan,

What seems to be the most volatile period (24hr) with the AUD/USD?

 

[bvbfan]

Re: Forex pairs

Since I've been doing it I would say it's been 10am-12pm (our time, when Australian economic data is releasesd)
and around 8am-10am (New York time, when key US economic data is released)

Someone at http://www.forexfactory.com/forexforum/ did a study on volatility- pip moves, if you have a look around it should still be there

 

[It's Snake Pliskin]

Re: Forex pairs

Since I've been doing it I would say it's been 10am-12pm (our time, when Australian economic data is releasesd)
and around 8am-10am (New York time, when key US economic data is released)

Someone at http://www.forexfactory.com/forexforum/ did a study on volatility- pip moves, if you have a look around it should still be there

No worries. So there seems to be plenty of opportunity depending on the time one has available to trade.
Thanks
Snake

 

[Naif]

Re: Forex pairs

EURUSD + AUDUSD + USDJPY
Those pairs respect the technical analysis rules.
Sometimes I trade GBPUSD but I always try to stay away from the cable its very dangerous and not easy to expected the next move.

The timeframes that I do use, 1hr, 4hr, daily & weekly, it depends on the direction of the pair.

 

[theasxgorilla]

Re: Forex pairs

Aussie Dollar/Swedisk Krona (AUD/SEK).

Tends to track the AUD/EUR cross-rate, but with with greater volatility, seemingly due to the Riksbank setting rates independent of the ECB. Interestingly the other day I was comparing the USD/EUR against the AUD/SEK and wouldn't you know it, on a 3-year weekly barchart they looked like a mirror.

Why? I live in Sweden and trade in Australia, so knowing when to shift money back and forth is important.

 

[theasxgorilla]

Re: Forex pairs

This is a daily 12-month bar chart of the AUD/SEK cross rate. I've marked it up a little. Any one care to throw their two cents worth in?

The forex charting tool (Java based) can be found here:

http://www.fxstreet.com/rates-charts/charts-panel/

File -> Change Symbol -> More -> AUD/SEK

Long, short, step aside?

 

[It's Snake Pliskin]

Re: Forex pairs

Mr Gorilla, it's nice to see you doing some forex trading.
What would say is the most pertinent thing to understand and master in FX trading?

 

[Kauri]

Re: Forex pairs

Mr Gorilla, it's nice to see you doing some forex trading.
What would say is the most pertinent thing to understand and master in FX trading?

Hi snake,
I guess the most pertinent factor would depend on the individual. The most difficult thing I find is getting meaningfull volume.

 

[It's Snake Pliskin]

Re: Forex pairs

Hi snake,
I guess the most pertinent factor would depend on the individual. The most difficult thing I find is getting meaningfull volume.

Hi Kauri,
Thanks for your post.
Could you elaborate on "meaningful" volume for me please? It is a highly liquid market.

 

[Kauri]

Re: Forex pairs

Hi Kauri,
Thanks for your post.
Could you elaborate on meaningful volume for me please? It is a highly liquid market.

I hoped I would get to bed before you asked that, its been a highly liquid night.. :alcohol:


In my "basic" understanding the FX market is not a single market, so there is no one body running it, unlike for instance the ASX. So depending on who you trade with and their choice of platform, you will get either their volume or perhaps an aggregate of several volume sources, as there is no central collation of all the different volumes across all the globe.
A bit like trading BHP shares with for instance "Etrade" and getting only their daily volume, or maybe the total of a few brokers volume, but having no firm idea of the total of all brokers volume put through the ASX.
Hope this makes sense.

 

[It's Snake Pliskin]

Re: Forex pairs

I hoped I would get to bed before you asked that, its been a highly liquid night.. :alcohol:


In my "basic" understanding the FX market is not a single market, so there is no one body running it, unlike for instance the ASX. So depending on who you trade with and their choice of platform, you will get either their volume or perhaps an aggregate of several volume sources, as there is no central collation of all the different volumes across all the globe.
A bit like trading BHP shares with for instance "Etrade" and getting only their daily volume, or maybe the total of a few brokers volume, but having no firm idea of the total of all brokers volume put through the ASX.
Hope this makes sense.

Kauri,
Thanks.
I actually worked it out while I was having a shower. Volume studies are not too accurate, nor are they representative of true traded volume. I've resigned myself to ignore volume and trade differently. I may bloq my progress or post it here.
You like the liquid too. Good stuff.
Regards
Snake

 

[theasxgorilla]

Re: Forex pairs

Mr Gorilla, it's nice to see you doing some forex trading.
What would say is the most pertinent thing to understand and master in FX trading?

The most pertininet thing?

Geez, just one thing? I don't trade short or ultra-short term so I can't speak about that. Probably that you can trade them with trend following tools just like any other market and they can be boring for long periods of time and then move uber fast.

And if you think that fundamentalists struggle to get right the true value of a company with all of it's public reports and announcements etc. try to value one country against another! If you can come up with some kind of objective economic dashboard for the health of one economy versus another then you might be able to understand the sentiment that is driving the gravitation of funds towards one country and away from another (and put your money in the right place at the right time).

 

[It's Snake Pliskin]

Re: Forex pairs

The most pertininet thing?

Geez, just one thing? I don't trade short or ultra-short term so I can't speak about that. Probably that you can trade them with trend following tools just like any other market and they can be boring for long periods of time and then move uber fast.

And if you think that fundamentalists struggle to get right the true value of a company with all of it's public reports and announcements etc. try to value one country against another! If you can come up with some kind of objective economic dashboard for the health of one economy versus another then you might be able to understand the sentiment that is driving the gravitation of funds towards one country and away from another (and put your money in the right place at the right time).

Thanks for the insight ASXGorilla!

 

[It's Snake Pliskin]

Re: Forex pairs

EURUSD + AUDUSD + USDJPY
Those pairs respect the technical analysis rules.
Sometimes I trade GBPUSD but I always try to stay away from the cable its very dangerous and not easy to expected the next move.

The timeframes that I do use, 1hr, 4hr, daily & weekly, it depends on the direction of the pair.

Naif can you expand on the "cable" please?

 

[Kauri]

Re: Forex pairs

Naif can you expand on the "cable" please?

Cable is GBPUSD.. something to do with the trans alantic cable I think.. Skippy is.... yep you guesed it

 

[Page]

Re: Forex pairs

I think the best pair to trade is EUR/USD for the reason that you have a lot of sources of information for these currencies.
I recommend you to put into practice and to take greatest information before opening an account, and be conscious that Forex is the most impulsive and risky market.