The 100-Pip Traderto nurture it and let it grow. That’s like a winning trade. You want
to watch it grow, not cut it off. People who take half their profit off
from a winning position are doing, in my opinion, the same thing
as walking out on a perfectly good relationship.
Q: Are there any currency pairs that you avoid trading and any
currency pairs that you love to trade?
A: One of my favorite currency pairs to trade in the short term,
meaning the New York session in particular, during hours that
I’m actually awake when the market is moving is the euro to
the Canadian dollar (EUR/CAD). That’s one of my all time favorite
currency pairs in the short term. I also have a huge preference in
the short term for the British pound/U.S. dollar just because it’s
what I’ve traded the longest and traded the most. I strongly dislike,
and that’s putting it mildly, the euro/U.S. dollar in the short term.
I find that it’s heavily traded, and there’s a zillion levels of support
and resistance. That means it has far less likelihood to break out of
a range and travel very far or even stay within a range and travel
far, and so in the short term, it does not provide the kind of oppor-
tunities that I’m interested in at all. In the longer term, the British
pound/U.S. dollar is still my all-star favorite, all-time greatest cur-
rency pair ever. I love it the most. I don’t trade the euro/Canadian
dollar ever in the longer term, it’s really a shorter-term type of
currency pair.
Q: What is it about the euro/Canadian dollar that makes it such
an interesting pair for you, because we are sure many traders have
never even looked at that currency pair?
A: Well, in the shorter term, it’s one of my favorites because if
it tends to breakout, there’s very often nobody on the other side
to catch it, meaning there’s not another set of orders on the other
side waiting for it to get to some level based on an option or large
stop-loss orders. I mean when the euro/Canadian dollar starts to
move, it is because there is actual real momentum behind it and