Dipping my toes into AUDNZD

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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Sorry! I should have suggested demo.

Why not try backtesting your strategy on these pairs?

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Please tell us more about your strategy.

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Hello @ria_rose, hope you are doing well.
I agree with @SrAaron. I need to know more about your strategy.

I read this but wasn’t very informative in my opinion.
By the way, I’d like some more information to see in which specific direction you need guidance.
I’m not saying or pretending that I’m a super guru or I have the holy grail, but I can assure you using ICT concepts I found consistency and profitability.
So please, share more info with us :slight_smile:

Last but not least regarding the start of the post

Do you know/understand that the price is delivered in all pairs via an algorithm from three companies worldwide using the liquidity of the Central Banks?
More specifically check these two PDFs:
This is from SNB

and this is from DTCC

This is for Algos.
Let’s go now to the pairs, you have chosen the most correlated pairs.
What I mean by that, like the AUD/USD, EUR/USD, AUD/NZD etc. there is also a chart for the Futures of each currency.
How you can find them?
Simply by typing 6A1! on the search on Tradingview


A stands for Australian Dollar, B for British Pound, C for Canadian Dollar and I think you got the idea.

Let’s see now AUD Futures and NZD Futures:

AUD:

NZD:

If you put the charts next to each other you will notice that these two pairs are moving almost the same.
So what does that mean for AUD/NZD? Mostly consolidation.
So the guys were suggesting AUD/NZD to avoid correlation with other pairs, yes they nailed it with that but you are stuck now between one pair with the two most correlated currencies.
Another example. Check EUR Futures, and GBP Futures, and then check EUR/GBP :slight_smile:

Anyway, I’ll close this message by saying that.
Correlation is not bad if you know your model and what you’re doing.
By saying that I mean if you are watching 2 positively correlated pairs such as EUR/JPY + GBP/JPY
or EUR/USD + GBP/USD or pick some other by yourself, in most cases the pairs are going to move in the same direction, but in one of these 2 pairs, you will not have the pullback to open the position.
One will kick like a donkey, and the other will take time to move. This is where you are looking to buy/sell in positively correlated pairs. Negatively correlated pairs are a bit tricky so for now I’ll not suggest it.
I hope this post helps you to widen your vision.
Be safe, and good trading :v:

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Oh no! Hahaha. Definitely not your fault. :sweat_smile: I mean, I should’ve thought of that myself. HAHA. But thanks! I’m thinking of trading these pairs on demo and hopefully, at least one of them would be a fit for my strategy. :sweat_smile:

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Helloooo! :blush: Hmm. I feel like the closest strategy to the one I’m using is the golden cross strategy. It’s something that ypu can also try looking up! :sweat_smile: I’m not really smart enough to completely come up with my own from scratch. :sweat_smile:

Ooooh. :open_mouth: Thank you so much for your inputs arven! :blush: And I’m sorry if I’m not very good at explaining my strategy. :sweat_smile: But like I’ve said, it’s aligned to the golden cross strategy and I often just tweak the part where I exit. :open_mouth: As for the pairs, these are quite new to me so I’m also trying to familiarize myself with them. :open_mouth: Apart from AUDNZD, I’m also on the GBPJPY chart. :open_mouth: If ever it doesn’t work for me, I’d be okay with going back to my USDJPY. :sweat_smile:

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