Hi everyone, newbie here
I need you insights about a particular topic : pairs correlations
I’ll give you an example : if I want to long EURCAD, I go check correlation values with my already open trades (let’s say I already have a short NZDCHF open and losing)
Now the problem is when the table shows me a positive correlation between the two pairs, it’s conflicting and I don’t know what to do
Shall i close the NZDCHF trade since it’s losing before getting long on EURCAD ? or not open EURCAD at all and wait for the outcome of NZDCHF trade ? Sometimes the NZDCHF (losing position) will turn out profitable and I’ll end up losing money on my new trade
Do you find yourself in similar situations ?
Thanks a lot