I was told to trade a single pair and learn everything about that pair (don’t trade too many pairs at once) . The pair that i’m trading is EUR/USD. I would like to trade a second pair (bored looking at one :). Could you recommend another pair to trade that doesnt move along with eur/usd and with good spread. Most pairs seems to move together.
Also, i recently bought a system on ebay and the author clearly states don’t make a trade against the trend even if there’s a signal going the opposite direction (signal says BUY and trend is down).
The problem, the author never gave examples what criteria he uses to define a trend. so i’m asking you all give me some examples you use to define a trend other than eye-balling. Moving ave?
I’m also a fellow newbie but I started demo trading 3 days ago and marked a trend by following either the higher lows and the lower highs. Higher lows signified for me an uptrend and lower highs a downtrend. A trend reversed when a higher low suddenly switches to a lower high and vise versa. It makes sense to me but could be overly simplistic but it’s nice to have in the arsenal along with other indicators which I am still learning about
Firstly, you probably wasted money buying a system on ebay especially if it doesnèt give examples.
You want an extra pair then go for GBPUSD but stick to a major, there are too many complications trading crosses like GJ.