Currency pair recommendation wanted | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Price info indicator needed - one pair's price x another pair 5 replies

Multi-pair trading or Few-Pair Trading. [poll] 15 replies

currency over a currency pair 1 reply

Seek Recommendation to FX Beginner 11 replies

recommendation needed 4 replies

Attachments: Currency pair recommendation wanted
Exit Attachments

Currency pair recommendation wanted

  • #1
  • First Post: May 31, 2007 5:37am May 31, 2007 5:37am
Hi

i trade GBP/USD on hourly charts.

Because my trend following strategy only trades 2.25 times per day on average, i am going to trade one more currency pair.

I want to find the currency pair that is most similar to GBP/USD in terms of the size of moves, & main trading hours 0200-1100 EST.

I have looked at EURUSD, but it is a bit slow moving for my liking, and would prefer to trade a currency pair with more life in it resulting in GBP/USD like moves.

I don't want to get into trading the minors at this stage such as NOK/USD or SEK/USD, which have big moves, high volatility & big spreads.

Please can you suggest the pair/s that most closely resemble my requirements.

MANY THANKS.
  • #2
  • May 31, 2007 5:45am May 31, 2007 5:45am
Quoting jimbil
Hi

i trade GBP/USD on hourly charts.

Because my trend following strategy only trades 2.25 times per day on average, i am going to trade one more currency pair.

I want to find the currency pair that is most similar to GBP/USD in terms of the size of moves, & main trading hours 0200-1100 EST.

I have looked at EURUSD, but it is a bit slow moving for my liking, and would prefer to trade a currency pair with more life in it resulting in GBP/USD like moves.

I don't want to get into trading the minors at this stage such as NOK/USD or SEK/USD, which have big moves, high volatility & big spreads.

Please can you suggest the pair/s that most closely resemble my requirements.

MANY THANKS.
Might want to study pair correlations, consider if you want the moves to go in same or seperate directions....though the gpd/jpy moves well.....just don't pay more than a 6 pip spread if you use a MM broker ( I trade on currenex ) so I am not very aware of retail fx broker spreads.
Proper Prior Planning Prevents Piss Poor Performance
  • #3
  • May 31, 2007 6:08am May 31, 2007 6:08am
Check out EUR/JPY. It has a 4 pip spread (on IBFX). I've found it to be a little less volatile than GBP/JPY, if thats what you're after

Quoting jimbil
Hi

i trade GBP/USD on hourly charts.

Because my trend following strategy only trades 2.25 times per day on average, i am going to trade one more currency pair.

I want to find the currency pair that is most similar to GBP/USD in terms of the size of moves, & main trading hours 0200-1100 EST.

I have looked at EURUSD, but it is a bit slow moving for my liking, and would prefer to trade a currency pair with more life in it resulting in GBP/USD like moves.

I don't want to get into trading the minors at this stage such as NOK/USD or SEK/USD, which have big moves, high volatility & big spreads.

Please can you suggest the pair/s that most closely resemble my requirements.

MANY THANKS.
  • #4
  • May 31, 2007 6:35am May 31, 2007 6:35am
A trend-following system that "only" trades 2.25 times per day in one currency pair? is that hardcore scalping off the 1m chart I guess?
  • #5
  • May 31, 2007 7:29am May 31, 2007 7:29am
Hi

i don't really want a pair that mirrors cable in terms of chart candle patterns, as some do.

All i want is a pair with a 3-4 pip spread that is as fluid/volatile as cable, and will trend just as easily with similar pip movements.

EURUSD is out of the question as for every 50 pips EURUSD moves, GBPUSD moves maybe 75 - therefore EURUSD is too stagnant for me.

USD/NOK & USD/SEK for example trend big, however, this comes at a cost with 10+ spreads, and 10-15+ tick to tick bid price fluctuations.
  • #6
  • May 31, 2007 7:53am May 31, 2007 7:53am
I think one good way to compare, contrast & narrow the field of suitability of various pairs would be to look at the average daily range.

Does anyone know where i can find average daily range statistics for forex currency pairs?

Thanks.
  • #7
  • May 31, 2007 7:54am May 31, 2007 7:54am
have you looked at USD/TRY?
Thanks, Damian Burrowes
  • #8
  • May 31, 2007 8:07am May 31, 2007 8:07am
Quoting 5leepless
have you looked at USD/TRY?
Yes it is far too thin for my liking.
  • #9
  • May 31, 2007 8:12am May 31, 2007 8:12am
Quoting jimbil
I think one good way to compare, contrast & narrow the field of suitability of various pairs would be to look at the average daily range.

Does anyone know where i can find average daily range statistics for forex currency pairs?

Thanks.
Maybe by using the ATR indicator?
  • #10
  • May 31, 2007 8:41am May 31, 2007 8:41am
I'd agree with EURJPY probably being your best bet: tight spreads, 100+ pips ATR for the day, non-correlated with GBPUSD, high-volume currency.
  • #11
  • May 31, 2007 8:48am May 31, 2007 8:48am
Take a peek at EUR/CHF or EUR/JPY.
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #12
  • May 31, 2007 9:43am May 31, 2007 9:43am
Quoting jimbil
Hi

i don't really want a pair that mirrors cable in terms of chart candle patterns, as some do.

All i want is a pair with a 3-4 pip spread that is as fluid/volatile as cable, and will trend just as easily with similar pip movements.

EURUSD is out of the question as for every 50 pips EURUSD moves, GBPUSD moves maybe 75 - therefore EURUSD is too stagnant for me.

USD/NOK & USD/SEK for example trend big, however, this comes at a cost with 10+ spreads, and 10-15+ tick to tick bid price fluctuations.
It is not the PIPS matter, the percentage do.

Alter your lot(s), all pairs become your speculation tools.
凹凸 only
  • #13
  • May 31, 2007 2:44pm May 31, 2007 2:44pm
Quoting Samuri
It is not the PIPS matter, the percentage do.

Alter your lot(s), all pairs become your speculation tools.
Actually the pips DO matter!

if you have a strategy that works equally well amongst several different pairs. You want to choose the pairs to trade that return the BIGGEST number of pips profit.
  • #14
  • May 31, 2007 2:50pm May 31, 2007 2:50pm
USDCAD shorts have been my best trades lately, while Cable and Euro don't make up their minds.

USDCAD: Always short. Profits at vicinities of round figures, sell limits at XX40 and XX70 + sell stop below last day's low. Leave the trades to ride until next 00 station (short 0740, TP ± 0600). Working since 0940
  • #15
  • Edited 3:47pm May 31, 2007 3:29pm | Edited 3:47pm
Thanks everyone

my main original question was, which currency pair/s make as big and easy a pip movement in price as GBPUSD, who's main trading hours are the UK/USA session?

EURUSD is definately too much of a slow mover.

The most likely pairs so far mentioned, with a spread comparably as narrow as GBPUSD seem to be EUR/JPY & USD/CHF. Are there any more?
  • #16
  • May 31, 2007 3:36pm May 31, 2007 3:36pm
Aye eur/chf, eur/jpy, usd/cad or cad/jpy would be where I looked. Cad/jpy is a 7pip spread for me but sees some nice moves. Right now the cads are in some very nice trends

Kind of ruff finding an exact match, the jpy's sometimes move later in the day, usd/cad doesn't range much but is in a good trend. eur/chf is probably the closest to the time frame you want, but doesn't see quite the action as the jpy's.
  • #17
  • May 31, 2007 6:17pm May 31, 2007 6:17pm
Not sure if this will help but I pull this info at the end of everyday. This is the avg daily range for the top pairs. Most of my data starts in 1999. The NZD and some of the CAD pairs have the least amount of data.

GBPJPY-201
GBPCHF-196
EURAUD-162
USDCHF-145
GBPUSD-128
EURJPY-127
USDJPY-117
EURUSD-102
EURCAD-101
USDCAD-98
CADJPY-93
AUDJPY-90
CHFJPY-89
NZDJPY-85
EURCHF-70
AUDUSD-68
NZDUSD-66
EURGBP-49
  • #18
  • May 31, 2007 6:38pm May 31, 2007 6:38pm
Quoting jimbil
Actually the pips DO matter!

if you have a strategy that works equally well amongst several different pairs. You want to choose the pairs to trade that return the BIGGEST number of pips profit.
Before we talk about profit, think about the loss first.
凹凸 only
  • #19
  • May 31, 2007 7:16pm May 31, 2007 7:16pm
Quoting jimbil
Thanks everyone

my main original question was, which currency pair/s make as big and easy a pip movement in price as GBPUSD, who's main trading hours are the UK/USA session?

EURUSD is definately too much of a slow mover.

The most likely pairs so far mentioned, with a spread comparably as narrow as GBPUSD seem to be EUR/JPY & USD/CHF. Are there any more?

Jimbil,
Nothing moves like GU most of the time. It's a mover. You are smart to try to pick another pair that fits your trading style, but I don't think you will find another pair like GU. It's the main one I trade. You might like the CAD too. I trade the CAD about 5 to 10 % of the time.
  • #20
  • May 31, 2007 7:42pm May 31, 2007 7:42pm
EUR/JPY
0 traders viewing now