Most of us trading forex are very firmly fixed on eyeing the chart for each pair to identify opportunities - and also the other side of the same coin - risk. This takes up the bulk of our attention.
But this can be too narrow at times. It is very annoying to find you have bought a GBP-or JPY-based pair and only then to realise all the other GBP or JPY pairs are falling as the major players are rotating into USD or EUR.
A simple way to check you're not swimming against the tide is just to check the bullish/bearish consensus on the other pairs. For my own (multi-day trend-following) purposes, I do this by checking if price is above or below the 200EMA on the daily chart for each base currency: above is bullish, below is bearish. Each weekend, I check the consensus on 38 pairs. 11 of these show USD, 10 EUR, 9 GBP, and so on down to ZAR, 2 pairs.
Currently I have USD on 2 bullish points, 9 bearish, and falling. The EUR is stable at 10 out of 10 bullish points. GBP is 3 bullish points and 6 bearish and rising.
The pairs all this suggests would currently be of valid interest would be -
EUR/USD or AUD or CAD long
USD/CHF short
The table also shows GBP or JPY pairs not currently worth the risk.
Obviously, the 200EMA and D1 charts are for my purposes but these could be varied according to your own requirements.
But this can be too narrow at times. It is very annoying to find you have bought a GBP-or JPY-based pair and only then to realise all the other GBP or JPY pairs are falling as the major players are rotating into USD or EUR.
A simple way to check you're not swimming against the tide is just to check the bullish/bearish consensus on the other pairs. For my own (multi-day trend-following) purposes, I do this by checking if price is above or below the 200EMA on the daily chart for each base currency: above is bullish, below is bearish. Each weekend, I check the consensus on 38 pairs. 11 of these show USD, 10 EUR, 9 GBP, and so on down to ZAR, 2 pairs.
Currently I have USD on 2 bullish points, 9 bearish, and falling. The EUR is stable at 10 out of 10 bullish points. GBP is 3 bullish points and 6 bearish and rising.
The pairs all this suggests would currently be of valid interest would be -
EUR/USD or AUD or CAD long
USD/CHF short
The table also shows GBP or JPY pairs not currently worth the risk.
Obviously, the 200EMA and D1 charts are for my purposes but these could be varied according to your own requirements.
Bullish / Bearish forex selection
Currency Time Buy From Stop Loss Take Profit Take Profit 2 Trade Status Hit Take Profit
RépondreSupprimerOIL 18 hours ago 46.33 45.65 46.85 47.51 Running
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