When I first start trading forex, I trade USD/JPY since it has a low spread like EUR/USD and features smoother trends than other pairs. I trade during the Early Asian session and New York session. However, trading USDJPY was time consuming so I shift into trading EUR/JPY since I prefer to trade at afternoon Asian sesssion i.e. after 6:00 GMT. EUR/JPY is quite active during Asian and European session.
Starting next month I am going to trade GBP/USD since I am quite comfortable with my trading system.I like to trade GBP/USD because the spread is just moderate and the volatility is quite good.
GBP/USD pair likes large moves, it is able to bring more pips in one simple move than EUR/USD or USD/JPY. It is a pair often used for breakout trading. However, the risks here rise proportional to profit opportunities. GBP/USD requires further away placed stops. It belongs to
volatile pairs group. There is also plenty of market research and an alysis available for GBP/USD.
Finally, one other factor is my location and the time of the day when I am readily are available to trade i.e after 6:00 GMT to 14:00 GMT.
I intend to trade GBP/USD during early European session i.e. from 6:00 GMT-9 GMT. My profit target is still the same-50 pips per day. I will uitilised the same system mainly using the lag and trade breakout. Othe indicators I use is MACD, moving averages and pivot points.
