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How to Choose the Currency Pair to Trade?


Mar.14.2014

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We are covering two questions today.

1- How much exactly do you loosen up your stop and limit on weekends to avoid market jumps?

2- How do you know what currency pair to look into and start the Invest Diva Diamond Analysis? What's the first clue? Do you start with the fundamental banking reports? Or technical first?

Kiana Danial Invest Diva how to choose a currency pair

 

Answer 1:

I usually loosen up to the next support or resistance level. Depending on the indicators I have initially used for my technical analysis, it could be the next Fibonacci levels, Ichimoku levels or simply levels that have shown strength in the past.

Answer 2:

There are two different ways I select the currency pair I want to trade. First method is watching out on the economic calendar for the coming days. I usually keep an eye on a currency whose country is about to have an important announcement and if I find enough technical and sentiment evidence that there is going to be a upward or downward trend, I'll completely diamond analysis and enter a trade.

Another method is to first taking a look at the forex dance floor, the chart. Sometimes you can find a trend or momentum that you just can't miss, or adding an Ichimoku, you get a guy feeling that there is something worth analyzing. Then I back it up with the fundamentals and more thorough technical and sentiment analysis.

If you have a burning question you need to be answered by me, submit away on Invest Diva communityFacebook, or Twitter @InvestDiva or @KianaDanial.

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