analysis for major currency pairs

[rockstar]

i would like to share my analysis of Elliott waves, i have searched the forum but there is lack of this type of analysis:

so i will try to put a daily figure here in this topic, all members are welcome to share their experience & to cooperate together

 

i will begin with eur/usd for the short time period:

[budado]

So where is the update? its seems you already forgotten your thread. Anyway. I'm not really that familiar with elliott waves. but as far as my trading strategy is concern. I always try to find new and better way to earn in forex trading. Right now what I learn about ellitott as I do some research about this strategy when I don't find good information in this thread and I hope that what I learn in my research I will apply it in my trading practice and see if its look promising.

[ganthiraj]

Im not sure what you are looking for in a currency pair, but here are some facts that will help you get a good idea about the majors:

 

Fast moving currency pairs:

 

GBP/USD and USD/CAD

 

Slow currency pairs:

 

AUD/USD, NZD/USD and USD/JPY

 

Moderate pairs:

 

EUR/USD and USD/CHF

 

Hope this helps.

[euro]

Well, pairs have different movement all the time. They will move all the time according to the market so you could possibly make money all the time and its not just a one time deal. Now, the pairs will move according to news and politics. Lately, the Syria war crisis caused the Eastern Yen to fall and the western dollars or euro to rise against the yen and created a lot of movement that is profitable so you could have made money there. The euro against the usd or yen is quite good with trends. 

[myregister]

I don't use technical analysis anymore such as Price Action Pattern, i prefer fundamental analysis with news as my basis to analyze the market and for sure to liquid major pairs. Using this way does not require much time with lesser chance to loss.

[pepy]

It is still important price action could be useful when the times is right, sometimes i use it too even well same like you i use fundamental analysis with news as my own main base to reap more profit. I see that major currency pair is easily to predict in most cases, i seldom find it is hard to analyze the major pairs.

[Vaabum]

It is important to understand that analysis is a big part of success for a trader. And accordingly, an incorrectly made analysis is a big mistake.

[boltushkin]

Elliot waves work great on high timeframes like 1W but sometimes you have to wait a lot to enter a trade. Could be not so great for traders who used to make frequent trades. Though I find this tool extremely useful trading with Hotforex. 

[bigxy]

New traders should also look higher time frames for making their trade decisions instead of trying to scalp markets because they will only loose money during getting in and out on shorter time frames.

[boltushkin]

On 4/5/2024 at 2:12 AM, bigxy said:

New traders should also look higher time frames for making their trade decisions instead of trying to scalp markets because they will only loose money during getting in and out on shorter time frames.

Absolutely, focusing on higher time frames can provide new traders with more reliable and clearer signals, as they are less susceptible to market noise and fluctuations compared to shorter time frames. Additionally, trading on higher time frames with HFM allows traders to avoid the pitfalls of frequent trading and excessive transaction costs associated with scalping. By adopting a more patient and strategic approach, new traders can better analyze trends and make informed trading decisions, which can lead to more consistent and profitable outcomes in the long run.

[radex78]

Apart from paying attention to the time frame, it is important to also follow news updates which are expected to have a high impact on the market. News is often a trigger for currency price movements so this cannot be ruled out. News such as inflation data, interest rates, job data can have an influence on the currency.

[boltushkin]

It is still important price action could be useful when the times is right, sometimes i use it too even well same like you I use fundamental analysis with news from HFM economic calendar as my own main base to reap more profit. I see that major currency pair is easily to predict in most cases, like EURUSD or USDJPY, I seldom find it is hard to analyze the major pairs.

[bigxy]

New traders should stick with the major currency pairs trading instead of going to the exotic ones since majors have more liquidity and average competitive spreads as compared to the other in my opinion.

[boltushkin]

On 9/18/2024 at 6:08 PM, bigxy said:

New traders should stick with the major currency pairs trading instead of going to the exotic ones since majors have more liquidity and average competitive spreads as compared to the other in my opinion.

Depends on your strategy. With HFM I trade swap arbitrage and this strategy needs exotic pairs. 

[bigxy]

Yes i agree with you since forex trading is a solo sport in my opinion and some strategies work best for me while others may incur loss while implementing them on their account. Its better to learn and come up with your own strategy in order to make money in forex trading.

[boltushkin]

Focusing on higher time frames can provide new traders with more reliable and clearer signals, as they are less susceptible to market noise and fluctuations compared to shorter time frames. Additionally, trading on higher time frames with HFM allows traders to avoid the pitfalls of frequent trading and excessive transaction costs associated with scalping.