i’m curious, Pauley (and hope you don’t mind being asked): why those two? is it partly because of the obvious inverse correlation, in that the USD is the base currency of one and the quote currency of the other?
I’ve chosen these as they’re both major pairs with E/D being the most traded and U/J being high in the trading ranking and it’s not correlated (I believe) directly with the E/D
they are about 80% correlated!
inversely correlated, clearly, as the USD is the base currency of one and the quote currency of the other, but that’s still very strongly correlated - which was why i asked (i thought possibly you might not quite have appreciated the significance of this)
i am trying to help, not to criticise!
No worries, it’s good to hear this info from more experienced traders. Everything is a learning curve for me right now.
What major currency pair would you recommend that isn’t so strongly correlated to EURO/USD?
the least correlated with EUR/USD must be GBP/JPY and AUD/CAD
GBP/JPY is a pretty wild ride, though!
i would therefore suggest AUD/CAD
(i think you’re right to make EUR/USD first choice)
Generally speaking any currency pairs that share a currency between them (EUR/USD and USD/JPY) are likely to be highly correlated.
I choose loyalty but as a part-time trader, I find that EUR/USD is the best option for me due to its stability.
Nice roadmap! Wish you good luck and all the bests Pauley!
i also use EUR/USD. the spread on BTC is a bit high but i like this too.
Does seem that most traders are favouring EUR/USD. But I would think BTC is a bit risky, but has been super bullish these last few weeks. I’ve got a grid order scalping strategy running on Binance for BTC.
My favorite currency pair is EUR/USD." This pair is one of the most popular and heavily traded currency pairs in the world, which makes it a great choice for traders looking for liquidity and volatility. Additionally, the EUR/USD pair is influenced by a variety of economic factors, such as interest rate differentials, political events, and economic data releases, which provides traders with plenty of opportunities to profit from market movements.