₦airaland Forum

Geovanni412:
Damn....you could have taken a trade on nzdusd instead

News came out by 11:54 pm.

Moved by Abt 30 pips

Here's what I observed:

Nzdusd and audusd can move well even without eurusd moving because of thinner liquidity

Both pairs are moved heavily by news

Also, I observed that recently euraud and audusd have negative correlation and eurnzd and nzdusd have negative correlation

I used this info to check my nzdusd trade I took this morning on a $100 cent acct.

Details on nature of audusd and nzdusd movement are explained in depth in that currency book by Brian Dolan I mentioned earlier.

Boss, that eurgbp is a cross and is hard to call.

Eurgbp can correlate +/- to gbpusd or gbpchf or eurusd depending on the nature of the news.

I think it's best to target it around major news event day like tomorrow for gbp.

For all news, use forexfactory website to check.

I have long removed nzdusd from my watchlist since I notice it's houseboy to AUDusd.
I will decide to stick to normal six pair I start with.
Thanks for your contribution.

Geovanni412:
Damn....you could have taken a trade on nzdusd instead

News came out by 11:54 pm.

Moved by Abt 30 pips

Here's what I observed:

Nzdusd and audusd can move well even without eurusd moving because of thinner liquidity

Both pairs are moved heavily by news

Also, I observed that recently euraud and audusd have negative correlation and eurnzd and nzdusd have negative correlation

I used this info to check my nzdusd trade I took this morning on a $100 cent acct.

Details on nature of audusd and nzdusd movement are explained in depth in that currency book by Brian Dolan I mentioned earlier.

Boss, that eurgbp is a cross and is hard to call.

Eurgbp can correlate +/- to gbpusd or gbpchf or eurusd depending on the nature of the news.

I think it's best to target it around major news event day like tomorrow for gbp.

For all news, use forexfactory website to check.

Special thanks for your always timely help.

Good morning

More volume please

Geovanni412:
here:
https://www.nairaland.com/7504926/forex-trade-alerts-season-23/501

Thanks bro

Geovanni412:
Okay. You should join the forex grp on nairaland...some big boys there give out free accts if you can scale your competition acct on prop firm to a decent level.

Link to the group or I should dm you?

Geovanni412:
Thanks.

What is the reward for participating in the competition?

You can read all those details on their website along with their rules

Geovanni412:
Is it free?

Yes
But this month registration already closed.you can register for September own

My normal account

And it's almost 1% profit

So I took 100k fundednext August competition account

.

Am anticipating for a breakout on USDcad since last week.maybe it finally happening

Geovanni412:
What time do you trade?

I prefer to ignore everything till 8 am....close to London open.

No specific time.anytime market show opportunity I trade but most of my trade usually happens within new York session.am currently waiting on usdjpy 4hr close for potential sell.

Week is starting iñ 5 min already promised myself not to make same mistake as last week.

Am starting off again with $11 balance

Geovanni412:
You're welcome

As for gbpjpy

I advice you read the book on currency trading for dummies by Brian Dolan

Forget the funny title name...

There is a passage there on trading crosses like eurjpy and gbpjpy...

I read it this morning, it says...

If you find an opportunity on crosses, trade the cross alone. If you see a trade on gbpjpy, do not expect to see the same trade on usdjpy or the reverse trade on gbpusd, trade that cross opportunity alone.

You'll also find more specific information on how particular pairs move (audusd, usdjpy, eurusd)

On audusd and nzdusd, they are like twins

USD pairs tend to move in one direction but sometimes they might differ in timing.

Jpy pairs , eurjpy might move down while usdjpy is still ranging. If you check July 25, you'll observe this.

Thanks I will check the book

Geovanni412:
Audusd and eurusd are strongly correlated

You are doubling your risk if you trade both of them 70% of the time

Usdjpy and gbpjpy has a significantly strong correlation.

Usdjpy and gbpusd are negatively correlated especially during news events

My observation is that when usdjpy ranges, gbpusd will trend for a short while within that day and vice versa.

The pairs tend to lag each other in movement from time to time.

https://www.myfxbook.com/forex-market/correlation/USDJPY

My two cents:

Try focus on eurusd and usdchf. Both are negatively correlated.

Or focus on usdjpy pair when you notice gbpusd ranging and vice versa.

Special thanks bro.
I have noticed almost All USD pair move same and jpy follow each order.nzdusd was on down trend sometimes last month and I was trading it.immediately AUDusd move up nzdusd just reverse and follow without forming any reversing pattern even on lower tf which is why I was buying gbpjpy and also selling AUDusd.
I always trade it against each other since I notice that.

Thank you bro.one love

,

So this week I u started with$12 and I trade three times.lost two and win one then which brought my account down to $11.

Mistake this week is allowing market to play with my mind.

So next week either stop or take profit.

No more emotion

sweetveek:
whats the best broker to use?

Bro if you get better fund like $500 just deposit on any regulated broker you research and prefer to trade with.fxtm, exness, kwakol, FBS e.t.c.they are all good just read about them and pick one you love like.
Or
If you get better fund and you know how to trade profitably just buy pro firm account cuz people don't deposit nowadays.every profitable trader now use pro firm.

But if you have less capital like me just open a cent account.

Determinedbobo:
Please did you learn everything from scratch from those channel? Or you had a mentor?
I'm a student, I want to learn but don't know where to start from

Bro to be truth with you I never have money to $100 to anybody for mentorship so I learnt everything on my on but the basic like how to identify support and resistance, pattern e.t.c was on YouTube but my trading skill was learnt on my own staring at chart for hours everyday since 2021.

But I get distracted when I was trying to learn everything like ICT, SMC, Fibonacci, e.tc since I stick to price action on 4hr bro I see changes.

But I still struggle with my mind.as you can see up there I would have double my account this week but my mind is dealing with me

peteradoga3:

I have finished learning how to trade forex, I am now able to make consistent profit. But I lack the capital to start trading live.

That's why I have decided to raise trading capital by asking donations from 🙏Nairalanders to donate any amount for me, I swear, I promise to return the amount donated (more than the amount given to me) when I eventually grow the trading acount.

Union Bank
0094982142

Thanks so much for helping a brother

This is not acceptable bro.capital is not a problem for profitable Forex trader.someone just grow $1 to $10 on volatility 75 yesterday but here you are begging for fund.bro enter site or wherever you can hustle to deposit $10 then grow that.you can post your growing process on nairaland or Twitter believe me investor will disturb your life with fund as long as you have proven your trading skill.so quit this nonsense

I closed a profitable trade early.time to deal on mind

Mind win over me today

Blue

Another stop loss for the week

I suffer from impatient this morning which brought my account to $11.well every loss is a lesson.

Ojimmu95:
Alright thanks,if I may ask, don't be offended, are you now moving all your focus from crypto to Forex?

I still trade crypto but I need to focus on Forex more

Week finally start and here is my balance.
My main focus is usdcad.am expecting a break and retest of this resistance

Ojimmu95:
Wow, three months, thanks a tonne for your input, actually the reason why I have been procrastinating is because someone told me that it will take me one year and 6 months before I can start trading, so whenever I want to start learning and I remember that thing he told me, I just get discouraged
I will visit those channels you just listed out.

Don't allow negative people to impact your decision making learn to do your findings on your own but I have been in trading world since 2021.maybe you misunderstood the person you can learn everything within two months but it takes time before you can start making a dime on trading which is why I said remove get rich quick mindset.after you learn how to trade and adopt your own strategy you deal with your mind,greed,fear.those are things that will delay you for years

Ojimmu95:
Good evening bro, please I have been procrastinating about starting my Forex journey, but with this your thread, I'm sure going to kick-start next month, so I want to ask how long did you practice before you opened this account?
Secondly could you recommend the YouTube channel you have been following
Thanks.

I have been in crypto since 2021 and I started Forex three months ago but all is a chart.as long as you know how to analyse you can trade anything that have chart.

Check Rayner Teo,the trading channel (TTC) and ndemezie godlove.those three channel get everything you need from beginner to pro if you are fast learner.

Avoid indicator base strategy or scalping as a beginner.learn market structure and pure price action and avoid any get rich quick mindset.

gnykelly:
Should I register with exness or fxtm.

I'm confused.

I prefer fxtm for now but you can register for the two as I have done.then log login to both of them on mt4 or mt5 to compare the one you like.i have account with exness,kwakol and I have account with fxtm