Dipping my toes into AUDNZD

Trading Discussion Currencies
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Hellooo! :smiley: On one of my posts, a few members recommended that I try trading AUDNZD to avoid the strong correlation between pairs. And today, I’m currently watching my charts for this pair and hoping that I get to open a trade soon! :smiley: I hope my crossover system works for this pair also. :smiley:

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Will be interesting to see how you get on as its never crossed my mind to try and trade pairs that closely related.

Good luck :slightly_smiling_face:

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Why not? This might be the best pair to select for using a range trading strategy.

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Any more details about your strategy? Sorry if you shared elsewhere.

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Love it! Will you have a separate trading journal for it? Or will you post trade updates here too? :slight_smile:

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AUD is consistent, NZD isn’t. Useful for scalping on the ihr chart. If you can handle GBP/JPY, you should be welcoming this pair.

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What are the spreads like on this pair?

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Would you consider GBP/JPY as well? It moves quite differently from other pairs.

EUR/USD
USD/JPY
AUD/NZD
GBP/JPY

This is a nice roster with plenty to keep you busy.

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Oh. :open_mouth: Hmm. I got a bit confused. :sweat_smile: I initially thought it was recommended because they don’t have that much correlation. :open_mouth:

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Thanks tommor! :blush: I’ve actually opened a trade for this already, but got stopped out a few minutes in. :sweat_smile: I’m considering to go back to using trailing SLs.

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Oh it’s okay! :smiley: I haven’t really talked much about the strategy itself cause I thought it was pretty straightforward. :sweat_smile: I use the 200 and 50 MAs. I just buy around support whenever my 50 MA is above 200 MA, and sell at resistance levels when it’s below. :thinking: As for my SLs and TPs, I don’t have a definite rule for it yet, but I sometimes just go for the most recent peaks and bottoms. :thinking: Definitely need to revisit this also since my SLs tend to be too tight. :sweat_smile:

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I might open a separate trading journal for it! :smiley: Haha. For this post, I just kinda wanted to let people know I’m already exploring their suggestions. :blush:

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I can’t handle the pressure of scalping so I’ve been checking this pair on the daily. :thinking:

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Steve also recommended the GBP/JPY so I’d probably check out that also. :smiley: Thank youuuu! :blush: These are pairs that I haven’t really traded in the past so I’m hoping to get to know them more. :sweat_smile:

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I asked something like this a while back. Check it out.

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Ooooh! Okay! :smiley: Thank you. :blush:

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Maybe I’m remembering wrong, but don’t you also have JPY experience with USD/JPY? That might be helpful!

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I do! :smiley: USDJPY is one of my favorite pairs of all time. :smiley: Haha. I just thought it might still be quite different from the movement of GBPJPY with it being a minor and all. :open_mouth: But hopefully that helps! :blush: Also, thank you for encouraging me to trade at my own time and pace, which is why I’m giving it a go again. :blush:

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USD/JPY vs GBP/JPY W1 chart 2014-2020

USD_JPY_20230919_11.20
USD_JPY_20230919_11.201220×602 30.2 KB

GBP_JPY_20230919_11.21
GBP_JPY_20230919_11.211220×602 30.7 KB

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Nice! :smiley: Now GBPJPY will definitely be among the pairs I trade moving forward. :smiley:

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