You already know about the importance to choose the right currency pairs to trade each day.
Look, even if you have the best system in the world, if you choose the wrong currency to trade you wont get too far.
On the other hand, if you are using an average system, but you trade the right currency pairs each day, you’ll be fine in the long run.
What’s your take about this?
How do you choose which currency pairs to trade each day?
Now, these are a few of the currency pairs that I believe are trading in a very clear market condition.
The GBPUSD is trading in a very clear bearish condition, let me show you why I think its bearish:
Since it broke through an important LT support level (1.6711), it is now likely to continue its way down until it reaches its next LT level at 1.6245.
It is currently trading around 1.6570, so we’ve got more than 300 pips before we hit the next level.
So we’ve got plenty of room to plan our trade.
The USDCAD traded for a few weeks near a LT level, around 1.0928, but a few days back it broke through the lower extreme of the short term range, triggering a bearish condition.
Let me show you how it looks like in the short term charts:
As long as the USDCAD keeps trading below 1.0864 I’ll be looking for short opportunities.
This is another currency pair that is trading in a very clear bullish condition.
It traded for a few months in a range… but a few days back it broke the upper extreme of the range triggering a bullish condition.
Here is how it looks like:
So its clear that the AUDJPY is trading in a very clear bullish condition. There are more than 250 pips before we hit the next LT level at 99.94.
Right now I’m just looking for clearer levels in the short term charts to start looking for long opportunities.
These are a few of the currency pairs that I think have clear market conditions… What do you think about them?
What other currency pairs are you trading?
Share your thoughts.