Indeed I am sure there are. It was my “bread and butter” for many years. Nowadays I trade 4H/1H with one eye on the daily charts. But I was referring to the context of your future ambitions and building a track record for that purpose.
Sounds good!
[quote=“maxowen1, post:11, topic:148119”]
i only open a position if the previous high or low where i set my stop loss is equal to at least 1/3 of my profit target, this way i only need to win 1 out of 3 trades.[/quote]
Good that you are selecting strategic levels for your stops and not just wherever a set R:R ratio calculates for it. There are of course other issues such as position size, scaling in or out, fixed or trailing stops (either manual or automatic), and so on. But i am sure you are familiar with these issues.
Well yes, to the extent that every pair is based on two currencies and that means two sets of fundamentals each with its own characteristics and issues. For example, GBP is very much Brexit-oriented at present as well as the basis economic factors. Some, like CAD are affected by commodities. So, for example, over recent days the EURUSD has looked very different to USDCAD. But taking too many pairs can obfuscate the learning potential whilst you are concentrating on your strategy and management issues.
Another issue is the possible use of crosses between the majors and in this respect you might like to take a look at this thread. It is NOT a trading method or strategy, it is purely a method of analysing the relative strength and weakness of the majors in order to suggest which pairs might perform with the best potential with whatever trading strategy you personally use. It seems to be achieving some success in that endeavour:
https://forums.babypips.com/t/trading-the-trend-with-strong-weak-analysis/77959