Dipping my toes into AUDNZD

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.

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:

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:

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

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

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There is definitely similarity when you look at the W1. But they’re not exactly the same, as you can imagine. When you zoom in to D1, it starts to look a bit different.

Even more so when you go down to H4 or faster. So, if you see a big drop in one, you’re likely to experience a drop in the other sometime soon. But such swings are difficult to anticipate.

They are there, though! Have fun!!

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Cool. I’ll have to check that out once you have it!

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I’m going back and forth my USDJPY and GBPJPY charts, and I feel like I get this better now. :smiley: Haha. Thanks again for the reco dushimes! :slight_smile: I’m planning to go short on GBPJPY but I’m just trying to spot a good entry. :thinking:

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It might take a while though! :sweat_smile: Would take a while before I muster up the courage again to broadcast my losses to the community. HAHA. :sweat_smile:

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@ria_rose I don’t mean to overwhelm you, but another pair that might interest you is CAD/CHF.

That’s gonna be quite different from any JPY pair, right? It moves quite nicely, in my opinion.

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Thank youuu @dushimes! :smiley: Keep them coming. :blush: I really appreciate the recommendations although I’m a bit slow in exploring these different pairs. I’ll be doing AUDNZD and GBPJPY for now, but will definitely check this pair out eventually! :blush:

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I feel like I actually have to ask for your patience if I’m a bit slow in familiarizing myself with the pairs you recommend. :sweat_smile: But super thank youuu!

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hahaha that’s all I got!

Any other suggestions, and you might start getting pairs that are more closely correlated.

I like NZD/CHF, but that might be close to CAD/CHF. If you’re not trading CAD much, you may be interested in CAD/NOK. Not sure what spread/margin requirement your broker offers, but trading CAD/NOK (or CAD against another kroner) might be nice.

Ok, now I’m done. haha

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HAHAHA! :smiley: Thanks for the recos, dushimes! :blush: I’ll try to get to these as soon as I can, although I didn’t do great on my first GBPJPY trade. :sweat_smile: Still getting used to it so that’s fine! Maybe I should try these pairs out on demo for now. HAHA.

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