Here are a few of the currency pairs I’m currently monitoring.
On some of them I’m already trading/looking for a trade opportunity, while on others, I need to wait for the market to do “something” before I start looking for a trade opportunity.
But there is something in common on all of them: CLARITY.
Clarity trumps everything in forex.
What do I mean by clarity?
It’s how clear the analysis of a currency pair is. Is it clear that the market will move up? or down? Or I have absolutely no idea of what the market is going to do?
Of course, if there is no clarity, there is no point on trading that particular currency pair, you have no idea of where it is heading right?
Clarity is so important when trading the forex market, that it can help you get good results even when you don’t have a good entry system, patience, etc.
AUDJPY Analysis, EURAUD analysis, forex, GBPUSD Analysis, USDCHF analysis
Sometimes you find the best trades in the less expected currency pairs!
How many of you actually trade the AUDJPY?
If you asked me why I’m trading this cross, I’d say: because I rather trade a currency pair with a larger spread but clearer market conditions (therefore better odds of winning the trade) than trading a currency pair with a tighter spread but not a clear market condition.
Take a look at the AUDJPY daily chart and you’ll see what I mean by clear market conditions (if you don’t see it please comment below and I’ll show you the chart).
And here are my signals in the new entry system:
AUDJPY Analysis, forex, signal
If you had a chance to decide to get either: the best analysis or the best entry system, what would you get?
Here is my take…
I’d go for the best analysis. Because even with the best entry system, if you choose the wrong currency pair to trade, or you go short when the market is likely to continue up, the best entry system won’t do any good.
What do you think?
And that’s what I try to do every morning: do my analysis and come up with a trading plan for each one of the currency pairs that I’ll be trading.
For instance, take a look at the AUDJPY:
analysis, AUDJPY Analysis, Entry System, forex
Yesterday I opened my AUDJPY trade, I really like this one because of its risk reward ratio, I’m risking 43 pips and I’m trying to get 405 pips… good ha? Make your math, what would you get if you risk 1% of your account in this trade?
Anyway, I’d really feel more comfortable once the AUDJPY breaks the ST resistance level shown below:
And I have another one in the USDCAD. It’s been painfully slow, but moving in the intended direction, so I guess it is alright:
AUDJPY Analysis, forex, USDCAD Analysis
This week has been slow, not much volume in the market so far. But I hope things change on the second half of the week.
I’ve just got a signal to go long in the AUDJPY and just placed my order:
Here are the details of my order:
AUDJPY Analysis, forex, signal
Normally, I don’t take trades on correlated pairs, but the entry signals appeared at different times of the day, so I guess it was alright.
Earlier on the week (Monday) I had a pending order on the AUDJPY but got cancelled because the market close below the lowest low of the pattern that triggered the signal. Then yesterday, I got another signal on the AUDJPY and it was triggered today (a few minutes ago).
I got the NZDJPY signal last night, and it was triggered a few minutes after the signal.
What is interesting about these two trades, is that on both them, I’ve already move my SL close to the breakeven level, both of them traded already above the range. We’ll see what happens.
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AUDJPY Analysis, NZDJPY Analysis