Choosing right amount and right pairs to trade

I’m quite new in forex. Currently I’m studying Ichimoku system. I chose it because I used to be sports gambler and it gives me strict discipline when to trade. One of the problems for me is the amount of currency pairs I’m watching. I have almost 30 charts of different pairs and even if the smallest time frame I’m checking is 4h, still I’m usually out of time. I know it is too many but I don’t know to which ones I should stick to. How many pairs you would recommend and which ones are better for Ichimoku?
Thanks in advance.

I would recommend watching the 28 significant pairs. But break it down into the 8 currencies not 28 pair charts.

For example, right now AUD and NZD are both very bullish. These two economies are brother and sister anyway so it can be argued there is no point taking parallel positions in both currencies. Likewise, although there are 6 AUD pairs that are not matched with NZD, there is little argument for taking 6 parallel trades in the same direction across these 6 AUD pairs.

By the same token, beware of a chart signal that tells you to be short NZD when all the AUD charts say buy AUD.

EUR and CHF can also be treated much of the time as related, as can CHF and JPY. Under many market conditions, GBP and EUR are closely related also.

Of course, trading at shorter and shorter time-frames progressively removes these advantages…

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Just run through the 28 pairs on the daily window. This is a top down approach. If a trading opportunity is there, move down to the 4 hr chart to use as a confirming Ichimoku signal, then the 1hr chart ro make your trade, providing this chart is also in line with the 2 higher charts above. 3 ducks in a row give an excellent prospect of a winning trade - but if any chart is out of synch - no trade…

It takes me 30 minutes to complete this exercise.

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Tommor, CAD & AUD are competitors because their economies rely on mining. One useful pair to trade when fundamental economic strengthens or weakens on either are noted in media reports.

As for AUD/NZD it’s a devil to trade as many retractments occur, often out of the blue…

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