I'm going live with a new EA and I'd like to apply it to as many currencies as possible. Right now the topic of correlation is in my mind. I don't understand why we focus on correlation between currency pairs. Should we not focus more on the correlation of a system producing signals for two currencies? Who cares if the currencies are highly correlated if the results of the trades are not similar whatsoever?
I use different settings for different currencies based on that currency's volatility. There are many instances where two correlated pairs will not place the same signals in that day. OTOH, yes, there are days when the currencies trigger similar trades. Their results might end up differently though. One might straight out win, one might win a little, one might lose a little, one might straight out lose. Is that what we should be focused on?
In that instance, would I be able to apply the EA to almost every currency? The EA is a trending breakout model that loves volatility.
Right now I'm trading it on EUR/USD, GBP/USD, GBP/JPY, NZD/USD, AUD/USD, and EUR/JPY. What do you guys suggest for currencies I should be trading it on? Am I hurting myself?
I use different settings for different currencies based on that currency's volatility. There are many instances where two correlated pairs will not place the same signals in that day. OTOH, yes, there are days when the currencies trigger similar trades. Their results might end up differently though. One might straight out win, one might win a little, one might lose a little, one might straight out lose. Is that what we should be focused on?
In that instance, would I be able to apply the EA to almost every currency? The EA is a trending breakout model that loves volatility.
Right now I'm trading it on EUR/USD, GBP/USD, GBP/JPY, NZD/USD, AUD/USD, and EUR/JPY. What do you guys suggest for currencies I should be trading it on? Am I hurting myself?