hello people in babypips!
miss you all
so here is a quick question i faced, how do you start analyzing and learning about a new pair?
what are the steps you might do?
and for sorry for being absent, kids, job and wife 
To me, there isn’t really a correct way to learn a new pair as currency moves in certain cycles and based on current supply and demand (not those drop based drop etc S&D I mean, more like what currency is moving now).
Some of the tips that you might find useful:
- Read the market structure (Trend, channel or range).
- Correlation (See that particular currency moving in group).
- I’m not an indicator guy but I have to admit that moving averages (especially EMA) does help you in identifying trends as long as you know how to use it.
Also, as far as currency pairs go, don’t look for extra ordinary pairs to trade. For example, USD/ZAR, USD/SGD or whatever similar like these (I wrote these as these are the first few pairs that came into my mind). Stick to the major 28 pairs only. It’s not so much about which currency pair should I choose (it does important though depending on the context), but more like it’s about which currency is moving right now. This is because in order for that particular currency to move, the larger players must have interest in buying the currency first before we decide that we want to ride with them.
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I have found as a trending trader that the EUR & AUD minor pairs are the most consistent - albeit I leave USD well alone currently, as the FX market is in every day sentiment depending on the USD currency price action movement.
Depends on analysis method. Do you employ TA, FA or both?
Just look at the charts and see how it moves. Does the price action suit your strategy?
Don’t soup it up. Just keep it meat and potatoes.
When I want to learn about a new currency pair, I begin by reading about the economies related to those currencies and any recent news. After that, I look at past price charts to see how they’ve behaved and try to spot any patterns or important price levels. I usually don’t switch between currency pairs very often.
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You can try trading a new pair on demo account first and see whether your strategy and thoughts work on this new pair well or not.
Before starting to trade in a new pair, try to measure whether your analysis works well on that particular pair.
I would say that it depends on where you are at in your journey.
There are a lot of trading mentors who recommend that new traders focus on a specific pair and learn how and why it moves a certain way at a certain time. We’ve all come across this sort of cliched advice but it’s something of a red herring.
For those new to trading foreign currencies, I would suggest focusing on the basics - start learning about what actually makes the market move in the first place then begin acquiring the skills to properly analyse those movements and measure good risk to reward opportunities.
Focusing on individual pairs, learning more about their specific characteristics and such like, may help you enhance and refine an edge but it probably won’t as much help you find one. Hence the reason you need to start with the basics first.
If you are absolutely intent on focusing on just one or two particular pairs, I really like the reply by @ImogenBeaumont
When I want to learn about a new currency pair, I begin by reading about the economies related to those currencies and any recent news. After that, I look at past price charts to see how they’ve behaved and try to spot any patterns or important price levels. I usually don’t switch between currency pairs very often.
This is good advice that speaks for itself.
Hope this helps and good luck!
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I think you should first recognise patterns that chappen in set pair to lern price acction of it