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In this video I discuss the way I determine relative strength amongst my favorite currency stories and how I position my entries within the “zone” and how that can effect my position size. The quality of the daily trend (Directional Bias) is a major consideration and helps me eliminate certain pairs from my Radar. This is a vital step to keeping my attention on those pairs that I am interested in entering or that I am managing. Far too many traders spread themselves too thin across multiple pairs when they do not have an EDGE. That edge for me is a clear trend on the daily time frame, even if I am trading intraday because I want to be on the side of the overall, dominant psychology.

The GBP and NZD are two currencies I want to get long in – but against which other currencies. Understanding the two “individual” currency stories in a pair therefore is important. Positioning sizing will also be effected by which relationships are my “favorite” and I explain how I determine that in this week’s video.

You can learn all about my indicators – the 34EMA Wave and GRaB Candles where I discuss these two tools in details as part of my overall trading plan.

Questions? Comments. Post ’em for the Queen here at the BabyPips.com blog!

You can also follow the Queen at Twitter: http://www.twitter.com/RagheeHorner

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.