could anyone please push USD/JPY up to my stop so that I finally get rid of this loser bring it on, NZD/JPY long
15 min charts or daily charts, it does not matter, they all respond to the same exact technical analysis principles. The market is fractal in nature.
With the 7 major futures contracts, (or currency etfs for little guy position sizing) EUR,JPY,CAD,CHF,GBP,AUD,NZD i could cobble together 21 pairs. For example pair1 being EUR/USD / JPY/USD in futures or FXE /FXY in etfs or the forex cross pair EUR /JPY. From these 21 pairs a second iteration would produce 210 pairs/pairs or spread/spread and chart them to apply price action, S /R levels, other technicals, correlation analysis,or any programable/mechanical system. In a nutshell technicals that are too much/many for a human to track or see. Example would be EUR/JPY ----------- GBP/AUD The idea , from what i have read in books such as Hedge Fund Market Wizzards, Is to seek alpha from uncorrelated income streams and reduce variability of returns. (Im probably being redundant there) Other traders have said that doing this with stocks is bad allocation of capital but that may not be the case with the leverage available in forex and futures. Im just saying...i dont do this.
Eur/6 Jpy/5 Cad/4 Chf/3 Gbp/2 Aud/nzd 6+5+4+3+2+1 = 21 Your extra 7 would be eur/eur , jpy/jpy etc . For a rotal of 28 but those dont count. The only reason i say this is because i would have to change a boat load of code If it were not so..... Say it aint so.
Limit order to buy GBP/AUD at 1.8035, 35 pip stop Scary trade, as the breakout could be to the downside, which is usually the expected direction with that type of configuration...