Monitoring the market

Just out of curiosity…

How many pairs do you monitor looking for a possible trading setup?

I only look at 1, I can trade up to 4 but really the one is all I need. This will of course vary wildly for other strategies.

https://www.myfxbook.com/portfolio/route-60/1137256

I monitor them all to be honest. I trade when I have a signal, but do not limit myself to only a handful of currency pairs.

I do monitor them all to, the first pair to the “signal” gets my attention (not neccessary traded)… I used to stear at one pair for a very long time and waited for hours and days for a signal just to discover at the end of the week that I had lost many other trades because I ignored them…

I agree that limiting it to one currency pair or just a few makes no sense and can harm you more than it does you good. Of course the opinions differ, but I at least take a look at them. When I get a few signals I narrow down the list to the best trade according to my analysis.

+1 but at first I only did one and waited until I got a signal. Now I scan them all looking for short and long term opportunity. But only trade with good signals
Gp.

Personally, its a horses for courses. My “scalping” strategy is primarily one pair which I’ve expanded to 4. Yet my donchian channel break strategy monitors 16 pairs, commodities and indexs. I do have a bot in place to do that.

Definately agree with others but. Learn on one possible two pairs first but then you need diversify after that.

Are you turtle trading with donchian, or do you have a different strategy?

G’day bro,

Na, it’s not turtle trading although I learn a lot studying their work. Pretty simple strategy but. On the EURUSD set the upper channel to 1440. Wait for the price to retrace 80 pips, set a buy limit @ upper channel then trail the order on the channel, SL at the retracement pips (80) TP same. Then manage the trade. I like to grab an extra 5 pips then move SL to TP, usually gets triggered but occasionally runs on.

Short is a bit different, here I’m looking for a short fast retracement from the lower channel so set that at 40 and look for the price to retrace 60 pips, rinse and repeat with a sell limit.

Of course it varies from pair to pair and my bot does the hard work, I believe it’s my job is to asses the trade quality (I can always cancel the order) then manage the trade once on. Jan was my first month using this strategy and happy enough with the results. Got 80 pips last night, all while I slept yeh ha!

And olde mate AbritrageonAcid has got a very good donchian channel strategy that’s worth checking out.

I’ll check it out, I’m trying out a few different tweaks with the donchian as a side project these days :slight_smile:

Its a good method if you are trading on longer time frames because only then you will be able to check several pairs. Time frames like H4 and daily offer this facility to trade on many pairs.

A good trader will always monitor the movement of the price anytime, to know shere the market is gone or moved. He will be helpfull by the technical indicator used, and by monitoring the movement of the price he will predict and can open a position buy or sell.

Think your making too many asumptions there bro. How each trader uses the many tools available to us is as unique as each trader . So I ask you this, why not use a bot to monitor the markets for opportunities. It means my time can assess market conditions and determine the validity of a signal. It’s then up to me to accept the trade and manage it. Theres no team of traders monitoring the markets at my house.

Plus IMO trying to predict the market is a sure recipe for disarter. Listern to the news trade in the here and now.

I am monitoring 13 pairs (mainly the majors), quickly analyzing them when I wake up to plan my trades (about one hour), then I close everything and will check twice a day at the closing of 4hr candles (20 minute each tine). At a given 4hr candle closing I will open max three trades for a total of 2% of my account. I also try to avoid similar risks (Three shorts on AUD pairs for instance).

By having a larger number of pairs I may try and find the best setup, meaning taking the strongest currency against the weakest.

I monitor all the majors along with Dollar Index, S&P, Gold and oil.

I trade longer term though so it is easier to cover more instruments.

When I was day trading it was only priactical for me to focus on EURUSD, GBPUSD, USDJPY, S&P and Gold