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Deep-Diving On Specific Currency PairsEvery Forex trader has a number of currency pairs that they follow. Some may follow a small number of pairs but with depth, while others may just skim through multiple pairs and take trades at first glance. This article is to speak about the idea of focusing, observing, studying, learning about a few selected pairs. Focusing On A Single Pair Choosing a single pair to focus on in the beginning may seem boring, but it will give you the insight that you need over the long term. Focusing on more pairs will get you distracted and make it harder for you to grasp the current situation. By really understanding what really drives the market, you would be able to forecast with greater accuracy and understanding. Sure, by watching more currency pairs you may be able to look for more opportunities, but opportunities which are subtle and require experience to spot will brush past you. Keep watching and capitalising opportunities on the current pair for two weeks or so. Here's how to make that possible: Choose a pair that you feel the most comfortable with Take notes on how the pair moves Determine the forces that dictate impulses or correction phases Understand how the pair moves at the top or bottom of the structure Understand how the pair moves at the middle of the structure Trade the pair for about 2 weeks or so What's next? Once you feel ready, you may feel like adding more pairs into your watchlist. You could start by adding 2 more and watching how it moves. Adding 2 More Pairs Choosing another 2 more currency pair may be a tad bit difficult, as it would require you to divert your attention. Choose 2 of your most readable pairs and add them to your Top 3. Trading them right off that bat may be too overwhelming, so watching them for a week is enough. The philosophy here is to get you accustomed to switching between pairs while still retaining the information of other pairs. Here's how to make that possible: Choose 2 pairs that you feel most comfortable with Take notes on how the pair moves Determine the forces that dictate impulses or correction phases Understand how the pairs move at the top or bottom of the structures Understand how the pairs move at the middle of the structures Forecast the pairs, but do not trade them just yet Conclusion There isn't a definite framework or method for how many currency pairs you should watch. This is just a way that I have concocted to better ease the adding of new pairs. Do you agree with this idea? If you do give me a like, if you have other thoughts, positive or negative, leave it in the comments below, and if you love it, share it.
Education
by cwphuah
AUDNZD ShortA L O H A - Daily in area of scoop pattern creating a double top and currently in a corrections which mean it can still head up and touch the outer trend line creating even better scoop/double touch pattern. Multiple ways this can go but the setup are really clean to me, when price moves i think there will be a lot of opportunities here. Let me know what you guys think! 15 min - correcting/ hover after a small impulse down within a descending channel.few potential that it could reject off the dotted trend line but with strong momentum across the Aussie. it's possible to break down further. maybe this is it. 4hr - letting the market set this up, if there is a bearish close that engulfs the previous bull candle, a type of confirmation of the double top within the descending channel. 1hr - Its not a strong bearish impulse rejecting and could be forming a bigger correction. Although I do see some bullish opportunities it's possible they will be short term, overall looking to sell this pair. PS: what does "beyond technical analysis mean?" lol
Short
by Reid_Hicks
1
EURGBP SA L O H A - Have been watching this for about a week now and momentum has finally picked up. Currently in a tight bear flag heading downward. Impulse early morning while Hawaii traders were asleep, did not set an entry order but okay as the market always corrects. This is a nice potential entry I am eyeing out at the break of the structure or at the top for a double top, scoop within the 15m/1hr time frame. Bears are kicking in so not looking for any longs for a while. Headed to bed now, will set an entry order and see what happens. Have a great night and may you have a profitable week! Mahalo. What do you guys see?
Short
by Reid_Hicks
NZDCAD ShortA L O H A Hey Everyone, looking to short NZDCAD in the next couple hours after the new market day is confirmed and candles closed. D - At a key area at the second touch of a descending channel with an overall bear market. 4 HR - bearish engulfing at top of structure; descending within a descending; engulfing candle which is a beautiful sign this could be an opportunity to get in short for a long ride down, at least to the recent low near .83617; also a scoop pattern here (double touch at top of channel 1 HR - currently in a correction after the break down out of the ascending channel. Impulsed out now waiting for a cleaner spot to enter. Few option to getting in is a hover at the top of 15m second touch bear flag or a possible entry at bottom, outside of structure for a Reduced risk entry. Price can go early or consolidate for a while so have placed on alert at the top of second touch on the 15m and will monitor if there is a hover and breakdown to down side. Potential for a 10% move on this if able to hold to the down. Been backtesting to keep my mind at ease with all this waiting. Will wait and stay out of the market until new market day is open (11am HST) and a little more hover correction before placing an entry.
Short
by Reid_Hicks
EURGBP SA L O H A Hey every one, staying patient to start the week, haven't place a trade for a week now as am waiting for clearer set ups as we are in an overall corrective market IMHO. There are a few pairs I have on watch but am currently only looking at EURGB S. Weekly - Been in a bearish trend since the second week of august. Strong bear market. D - Major impulse down with many corrective patterns down to .84877 but honestly doubt I'll personally be holding it down all the way if we do get a sell indication. Daily in a descending channel with at least two touches in the channel. 4hr/1hr - Both extremely corrective atm. potential for a triple touch on this trend line as price does not have to go all the way up to the outer trend line as Mark likes to say, it can reverse any time, the market is imperfect. staying vigilantly patient with sell alerts if it breaks down below the ascending trend line. alert at .89200 just to see where price is I'm keeping in mind that price can go earlier than expected as well. Comfortable with waiting for a impulse break and enter on the first correction. Wish you a profitable week in the charts and in life traders! Mahalo for reading!
Short
by Reid_Hicks