Here is how I set up my forex charts so I can quickly scan through all the forex pairs I follow. With my charts set up in this way, it takes less than 20 minutes a night to scan through all my charts, look for trades and put out orders in the forex pairs which have valid trade setups (I am only looking for pairs that meet the conditions of the strategies I use). I currently follow 28 “normal pairs” and 19 “oddball pairs” plus oil, natural gas, silver, gold and the S&P 500.
My forex swing trading (and day trading) strategies are covered in the Forex Strategies Guide for Day and Swing Traders eBook.
Normal pairs are recommended for traders who are starting out. You don’t need to scan through all 28, as that may be a bit overwhelming at first. Instead, only watch about 10 of these pairs. I have put a star beside the ones I recommend you start swing trading first, and then you can gradually work out to watch all 28.
If you are more experienced and looking for opportunities in more currencies, then you can monitor the “oddball” pairs as well. You should have a firm grasp on how pip values work if you opt to trade these pairs, because if you don’t the spreads and big numbers you are dealing with can really mess with your risk management.
Normal Forex Pairs to Swing Trade:
Oddball Forex Pairs to Swing Trade:
With the oddball pairs, start by adding a couple you are comfortable with, and then slowly add more pairs as you get better at spotting trade setups and understanding the pip values and movements of this pairs.
With this many pairs, if you are taking multiple trades, be sure to check the trades aren’t highly correlated. For more on understanding correlations, see this article: How to Use Forex Correlation Stats. And to see current correlations, see https://www.oanda.com/forex-trading/analysis/currency-correlation
Hope that helps you out!
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To learn more about how to day trade and/or swing trade forex, including basics to get you started, strategies and a plan to get you practicing and successful, check out my Forex Strategies Guide for Day and Swing Traders 2.0 eBook.
Cory Mitchell, CMT