Exotics is an easy one but do you have other pairs you won’t touch even if that’s the only good trade available?
Other than exotics? Nope. The only currency I would never trade is TRL. I’ve looked at the charts and seen some wild gaps. Up and down. It was madness.
It didn’t gap that often, but often enough for me to stay away. Imagine you’re in the green by 10%, the next day your account has been liquidated.
Thanks, but I’ll pass.
No GBP pairs, especially GBP/JPY. I spent a year of pain and loss trying to understand GBP price action movement to no avail.
Possibly because I trade the Asian market session, only to be shorted out when the London session opened.
Another pair comes to mind. EUR/HUF. It moves nicely. Not great, but pretty good. But the spread is super wide. I’m considering dropping it from my roster.
In general I don’t trade the minors and exocits all together, just the 8 majors.
I try to keep away from the very low volatility pairs -
AUD/CAD, AUD.NZD, EUR/CHF, EUR/GBP etc.
I need a consistent trend for a good entry and return but these things reverse every 3 days and range for months at a time.
Wow this is interesting! Not even Cable!
Ah okay that makes sense. But what if it’s the higher tfs?
Yeah this is the best way to go. I used to trade minors but now I’m realizing maybe it’s not for me.
Wow I wouldn’t even have thought of that! How did you end up adding that to your list?
I looked at all the EUR pairs, and I liked how it moved. But, the spread is too wide. I dropped it from my roster this morning.
How long did you have it there?
a few years…haha
I’ve been reducing my list for time reasons, but also because my account balance is too low to trade so many pairs anyway.
Any pairs you’re avoiding?
That pair would have never been on my list. Also too scared to even look into TRY lol. But from the minors/majors I don’t really have any specific pair I’m avoiding.
You could try trend trading, as there would not be many available as most days it’s a ranging FX market.
Already am! Well, that’s what I’m trying to do…
I find that using Heiken Ashi candles clarifies trend movement. And so does Ichimoku 8-22-44 setting only buying above the cloud and selling below the cloud - never buy below, nor sell above because that’s not a true trend trade, just a retracement - which could be utilised as a short term scalping trade.
I also use MACD histogram bars 3 -10-16 and RSI 50 to show volume price movement per candle. And PSAR 0.09-0.50 balls to define previous support and resistance zones.
Overall, that set up is profitable. Hope that helps.