I want to configure an EA with trailing stop of 20-25 pips (wonder if this is too small) and wondering what currency pairs would be good for this configuration. I do not love risks and prefer to take small gains than high losses. Please, can someone recommend at least 10 currency pairs I should be playing with?
The main currency pairs traded are from the 8 largest global currencies -
AUD
CAD
CHF
EUR
GBP
JPY
NZD
USD
There are 28 main forex pairs formed from these -
AUD/CAD
AUD/CHF
AUD/JPY
AUD/NZD
AUD/USD
CAD/CHF
CAD/JPY
CHF/JPY
EUR/AUD
EUR/CAD
EUR/CHF
EUR/GBP
EUR/JPY
EUR/NZD
EUR/USD
GBP/AUD
GBP/CAD
GBP/CHF
GBP/JPY
GBP/NZD
GBP/USD
NZD/CAD
NZD/CHF
NZD/JPY
NZD/USD
USD/CAD
USD/CHF
USD/JPY
The most heavily traded pairs form this list are usually, in this order -
EUR/USD
USD/JPY
GBP/USD
EUR/GBP
USD/CHF
USD/CAD
AUD/USD
The order and the make-up of this list can change at certain times, e.g. EUR/GBP might be more heavily traded recently than usual due to the Brexit process.
Impossible for me to say which would be best for your purpose but you can get an idea of how volatile each pair is from consulting the ATR for each: this is Average True Range and expresses the average number of pips per pair over the previous X days, 14 days is the default on most charting software but 20 is also often used, expressed as ATR14 or ATR20 respectively. When you see these ATR’s you will see immediately that some pairs move dramatically more than others.
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