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Tag Archives: pairs

2 Trades Today 79 Pips Profit

Not a brilliant days trading today. Dollar weakness saw all my pairs rally today. We did not see any qualified long set ups, which was a shame, but we did get 2 short trades.

The first trade was a Cable short trade for 38 pips. Entry was at 16236, exit was at 16298.

The second trade of the day was a Euro short for 41 pips. Entry was at 13144, exit was at 13101.

The total pips for the week are 211.

I always set myself a target of 100 pips profit per week. The last few weeks have been very good trading and we have exceeded that by a long way. I am sure we will see more qualified trades next week and have another good week. I am looking forward to it.

Have a great weekend everyone. 🙂

Which Forex Pairs Should I Trade To Make The Most Money

Which Forex pairs should i trade to make the most money?

When i first started Forex trading i only traded Euro Dollar. I traded that pair because it has the tightest spread, the best liquidity, and it consistently produced good moves on a daily basis. Euro Dollar is still my favorite pair to trade but i also trade Cable, AUD, and EJ. AUD don’t move as much as the Euro generally, but the spread is nice and tight. EJ moves well, but the spread can be a little wider. Cable moves very well, but the spread on Cable can get as large as 3 pips, so i will only trade Cable if i see a really good set up.

If you are new to trading i would recommend you start by trading Euro Dollar as i did. When you trade only one pair, you get to know how it moves over time, and that will help you with your trading entries and exits. Some traders only trade one pair, and do very well indeed. Specializing in trading just one pair can pay big pips, but you don’t get as many potential set ups when you trade only one pair. This is the main reason i trade 4 majors, and occasionally CAD. CAD don’t move that much, but you can get some good set ups on that pair, so its worth keeping an eye on.

The set ups that i look for work on any currency pair, and on any time frame so i am not limited to certain pairs, so i generally go for the pairs with the tightest spreads. If you are trading pairs such as Cable AUD and Euro you are trading against the Dollar, so if the dollar is weak all those pairs will rally, and if the dollar is strong the reverse will happen, so it does not really matter which pair you trade against the Dollar, so go for the one with the tightest spread. You can trade them all if you want, but the more pairs you trade at the same time, the more balls you have in the air so to speak. Its a lot harder to manage multiple positions, so i would not advise that you open multiple positions until you are a competent trader.