Pairs correlation conflicting values

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

hi, the correlation between pairs is less important for me. In my opinion, the most important thing, in this case, is the correlation between strategies. Regards Greg

I currently use only one strategy (trend following)

so, pick fx pairs with low correlation if you using one type of strategy (trend following )

Oh, each situation has its own peculiarities, it is difficult for me to give you universal advice.

It’s true that sometimes it’s really better to block the drawdown with another asset because it has a more serious potential, but if you see that the drawdown is minimal, then you should save the position and add more, then maybe you will get a larger profit.