I am a great believer in trading 1 main pair that you know well and also trading with the trend.
The question I have is based around changes of sentiment - there comes a time when the pair you trade will move from bullish to bearish and vice versa. However, the most important trend, the Daily chart is the last to indicate this change in trend so what do we do in the meantime?
GBPUSD is a perfect example of this recently and if we didn't take any counter trend trades we would have missed out on almost 1000 pips in the last week or so.
What would we do in these cases? Some would say find another pair with a strong trend but IMO the pairs I trade when I have not followed them closely are the ones I lose money on.
Knowing 1 pair would allow counter trend trading but this has it's own risks.
The question I have is based around changes of sentiment - there comes a time when the pair you trade will move from bullish to bearish and vice versa. However, the most important trend, the Daily chart is the last to indicate this change in trend so what do we do in the meantime?
GBPUSD is a perfect example of this recently and if we didn't take any counter trend trades we would have missed out on almost 1000 pips in the last week or so.
What would we do in these cases? Some would say find another pair with a strong trend but IMO the pairs I trade when I have not followed them closely are the ones I lose money on.
Knowing 1 pair would allow counter trend trading but this has it's own risks.