Dislikedwhy dont you just try the majors you are attempting to replicate the value off, by not really ......calculating the value of and not really trading the relative value of?
seems to me you want to speculate on the Eur/jpy then do it
then the Eur/usd
and usd/jpy, you got some commodity currencies there....you might want to try the usd/cad and call it a day.
hedging is limiting profits and increasing trading expenses.........never hedge when speculating or you cancel yourself out.
hedge when you are being hit by variable risk that you have no...Ignored
Each SELL Pair cancels out the movement of the Buy to some extent..only a small variable different that floats from -ve to +ve...you will see if you run the pairs on DEMO for 1 week or more without taking trade.
Why you need the basket...Its the indicator..how many times am saying this...Its the you indicator for showing you where the money is flowing..
Did you know NZD was the strongest pair today so far...it's in the pitbul