Im new to FX and i was wondering if any one can share their thoughts if currency pair matters, and if so which are best to trade under the following condition:
Timeframe: 1H (Day trading within few hours)
Strategy: Mostly Action Price Strategy, Fundamental as minor which mostly watch for major event and try to avoid trading before event.
I think EURUSD will be good for you according to your condition. But, It is not sure enough because the market is very volatile. I suggest you to research properly before making any decision.
EUR/USD has the narrowest spreads from most brokers as it is the most heavily traded pair, so this reduces your overhead costs. Other major pairs are also at the exact same spread, such as AUD/ USD, USD/JPY
ATR is a good measure of volatility - the only two commonly used ATR periods are 14 days and 20 days. Obviously ,some volatility is necessary for price movements to be great enough to give you a profit, but too frequent intra-day reversals can be a trade-killer.
In both cases, take the value and convert it into a percentage of the major pairs’ prices. A bid/ask spread of 1 pip on EUR/USD is not the same as 1 pip on USD/CHF. Likewise their ATR’s can only really be compared if you normalise them by making each a percentage of its price.