Forex correlation | Forex fórum od Myfxbook

tostyleun

Členom od Jan 15, 2023 3 príspevkov

Jan 15, 2023 at 06:30

Členom od Jan 15, 2023 3 príspevkov

Hello guys, I am analia, I started trading in forex about a week ago n before that i was into commodities for a few years so I have experience.

I just have a doubt , if I am in trade in GBP/USD n trading a setup there , should I be worried abt the price action movement of other USD pairs? (I fear the setup might fail bcz of other USD pairs)Or i should be focused only on the pair i am trading in as every pairs price action is independent although pairs r correlated?

I am very confused . Please explain.

tostyleun

Členom od Jan 15, 2023 3 príspevkov

Jan 15, 2023 at 12:28

Členom od Jan 15, 2023 3 príspevkov

Somebody plz get to this.

ReapDeReaper

Členom od Oct 09, 2022 1 príspevkov

Jan 16, 2023 at 07:55

Členom od Oct 09, 2022 1 príspevkov

Focus only on the pair you're trading.. price action in correlation to other USD pair is somewhat similar but not 100% exact. You need to backtest or look at the charts live long enough to see how the pairs move.

tostyleun

Členom od Jan 15, 2023 3 príspevkov

Jan 17, 2023 at 19:54

Členom od Jan 15, 2023 3 príspevkov

ReapDeReaper posted:
Focus only on the pair you're trading.. price action in correlation to other USD pair is somewhat similar but not 100% exact. You need to backtest or look at the charts live long enough to see how the pairs move.

Thank you so much . Yes i am sticking to the pair i am trading in . It can get a bit uncomfortable when u look at corelated stocks but in time i think i will get used to it.

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EURUSD	1.04141	GBPUSD	1.25303	AUDUSD	0.64992
USDJPY	154.798	USDCAD	1.39796	USDCHF	0.89434