Hi there,
I’m interested in only trading the AUD/USD pair or focusing heavily on it and I was wondering what would be the best approach if you want to trade just one pair? I didn’t think it would be possible to make a lot of money trading just one pair but a guy from a fx chatroom said he only traded GBP/USD and his results were 300%+ if I can remember correctly. He does have over 10+ years experience trading and he’s a trend trader and scales in. I’m not sure if he trades the swings if the pair isn’t trending but I would think that’s what he would do if he only trades that pair. He probably trades every timeframe too. I don’t know if he scalps. I think he also researches the pair extensively, technicals including fundamentals, and goes back to as much historical data as he could. Does anybody have any other techniques they recommend on how to best trade just one pair? I started hand charting each hourly bar from AUD/USD today so I can track the price and have the pair pretty much ingrained in me. Where can I learn more about this pair btw? I’ve heard that AUD is correlated with gold but in terms of trading it, I’m not too sure how to best utilize information from gold. I’d appreciate any advice anybody has to offer on either the AUD/USD or how to focus on trading just one pair. Thanks!
For example I’ll take my one trade guessing the right direction and I add on to my position when I’m confident via technical and my own sentiment. I saw the bullish pressure for example on this pair unable to break past the 83.900 level and everytime it hit that level it seems to lose pressure and start selling off. So in my sentiment if history was to repeat itself I’d put a sell in that upper region of 83. Once you’ve looked at a pair for a long time you’ll start realizing “habits” that occur on the charts obviously because it happens once doesn’t mean it’ll happen again but there’s a higher probability that it will and that’s what I bank on. I’d say price levels for me and see where a pair struggles to progress are perfect areas to catch reversals or to follow the trend. If you need me to clarify a bit just let me know.
Also I look at the higher time frames as you have less chances of being faked out.
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What made you hone in on AUD/USD? Its daily range is small and it moves at a snail’s pace most of the time.
Trading just one pair while you’re learning to trade will certainly help you to remain focused and you will get to know it’s idiosyncrasies well.
My suggestion, at the risk of sounding like a broken record, is to learn price action analysis primarily based on market structure. Search for “market structure trading” on YouTube.
Take a look on the link where you will find the audusd analysis.
There you can see what is daily and weekly pip range so you base your trading to get the most out of it.
Audusd is the pair with low volatility amd you if you base yoir trading on the daily time frame with price action patterns then you will wait for the signal. Maybe even days to show up.
If you trade gbpusd then you have much more volatility and the signals will appear a lot more than on audusd.
See the gbpusd pair analysis here:
Because of the high interest rate differential between Australia and the United States, the Aussie-dollar remains a favorite of traders seeking volatility:
During bullish market environments, the AUDUSD can run up faster than many pairs due to its interest rate differential.
During bearish market environments, AUDUSD can fall much faster than many pairs due to its interest rate differential.
depends on the capacities, an operator with an experience of 20 years is not the same as one of one year or months