I'm a EURUSD junkie

The first step towards solving a problem is to admit that you have one…

I have in the last couple of months found myself to be a EURUSD junkie!
I’ve been so consumed with the pair that I don’t trade anything else anymore and that kind of bothers me because I can have hours and hours of screen time, waiting for the pair to setup according to my rules and strategy. On heavy news days they tend to make to much noise for me to read the market so I usually sit out most of the day and that’'s valuable time that I could traded some other pairs…

Now… The thing about how I trade is that for me it’s not only enough to see a pattern, a price action bar that by the book should be treated this or that way according to how it looks… For me, a bar alone is worthless…even a full pattern is worthless unless I watched how each bar behaved while it created the whole pattern…

I find it easier to be right on the outcome of a trade when I have seen how the previous bars behaved while they was created… How a bar behave between open and close gives me valuable information about how the market might continue to behave…after several thousand screen hours you kinda get a feeling of the market and you’ll recognize what it’s doing…

Now…what I wonder is…does anybody know about or believe to know about other NONE EUR or USD correlated pairs that has simulare movements/behave like EURUSD because I would like to have other options to monitor specially during high impact news days on the major pair.

What I do, and how I do it works great for me but I’d like to add a pair or two to my watch list during the day

your story is not unique, … I have noticed a LOT of traders seem overly obessed with that pair. on another website i visit it has one of those instant chat features and like 80% of the discussion is always on the EUR/USD

a constant stream of…
"just gone short at 1.16224"
“price has just broke the 1 min trendline [.jpg]”
"waiting for RSI to crossover for long, target is 1.16744"
“wahhhh, …my stops just been hit …waaahhh!”

[ok, that last one is a bit exaggerated, but at the same time there’s a legitness of truth present as well]

and this type of talk is not unique to other forums, it’s right here on babypips as well cough EUR/USD Technical Analysis from a Newbie (need to be confirmed)cough

personally, a pair will attract my attention if the spread is resonable and it produces a decent amount of setups for my method of trading. other than that i couldn’t care what pair it is, … i really don’t get how people get so obsessed over the EUR/USD …especially if there are better pairs out there suited to your style of trading. ok, fair enough, if the EUR/USD produces the most setups for your style of trading then by all means you should be trading it the most … however i suspect that a lot of traders are just jumping on the EUR/USD bandwagon wheather the pair is well suited to them or not

its daily range/average spread one of the reasons why EURUSD is the most discussed instrument…among the fact that after all EUR and USD are the most important currencies in the world. Its one of the most attractive instrument, moves a lot to give plenty chances to make cash everyday so no worries if anyone is addicted to it

I thank you for this post!

I agree so much… I don’t get the appeal of EUR/USD because it is so choppy at the moment… worse than trading the S&P500…no direction…

I get the EUR/USD long term as a bear trend, but a lot of forum posters seem short-term, for which
this pair is actually not a big mover… You would be better off trade short-term volatility on something
like the GBP/NZD, which has an average ATR ranging at present between 220 and 315 pips PER DAY!!

I think EUR/USD is popular because it is cheap (spread) and everyone talks about it… and it has a lot
of liquidity, but that is also what kills its volatility…Too much liquidity makes its movements smaller,
unless it is a big news moment (like the NFP etc.) but then it may be a breakout and that is it… no
follow-through…

That is how I view it, but some traders might be able to squeeze lots of pips out of this pairs short-term,
although I think that the down-trend from last year was the big opportunity… now we are lost in a foggy
mire of directionless chop… Just leave it be, I say…

Each to his/her own, I say!

:slight_smile:

GBP/USD moves in the same direction with EUR/USD. You can follow that too (if you like).

I have noticed many books and websites tell starters to trade just one pair and then offer the EUR/USD pair as the “most liquid” and thus the “best to start”. I read one book that even said that traders should trade a single pair until they are consistently profitable with it and only then move on to trade additional pairs. This is all BULLSHIX nonsense that needs to be ignored. It is no less likely to be good wisdom than the advice to trade Coca-Cola stock exclusively until profitable.

What it REALLY means is that the author trades curve fitted systems (if he/she trades at all). If the system cannot profit in CAD/JPY but can profit in EUR/USD it is likely only to be a curved system that will not profit in the future in anything.

-Adrian

For example EUR/USD has currently a bullish cycle beginning 1h after an event called:
“Press conference following the Governing Council meeting of the ECB” (the monetary policy meeting)
and ends 2 weeks before the next scheduled time of the same event.
I do buy at the beginning of the cycle and hold until the end of it, when I close the position.
Then I wait 2 weeks for the conference. I may sell in this time, but with caution.

How do you call this Adrian?

It’s easy to become addicted to the markets.

Lucky we have that weekend gap to try usher us back into having a life otherwise Forex addiction might be a more serious epidemic :stuck_out_tongue:

I’ve spend the weekend thinking a little about this, and I’ve come to the conclusion that I will for a period of time remove eur/usd from my screens and actually try to trade some other pairs for a while.