No need to discriminate - it's just a currency!

It's time we kick the discrimination out of currency trading once and for all!

Just because a currency pair is "different" and  not a major or a minor, it does not mean its completely defunct of yielding highly lucrative opportunities!

Throughout my time mentoring private investors for the past three years, I have noticed a common leaning towards the majors and minors where these pairs are traded almost exclusively of the higher timeframes, often at the expense of the lost opportunities on the more exotic pairs.

I cannot remember the last time I traded a minor or a major currency pair for that matter. The crosses and more exotic pairs are a lot more seductive for me in my end of day campaigns to pillage pips from the markets.

Mention GBPNOK to me my back in 2008 and I would ask whether that pair was even legal, yet alone tradable. However, this month it’s gains represent the lion’s share of this month’s profits.

How the hell did that happen?

I simply traded it the same way as I would any other darn currency pair! I do not discriminate against currencies (these days). I operate an ‘equal opportunities for all’ policy. Yes, no matter what the pair is, I give it the same opportunity to prove to me that they are giving me a bonafide technical opportunity to milk. 

In the case of GBPNOK, I had a long order placed to catch the break of Friday’s high test bar (19^th October) which intersected with the soft 90401 level.

Armed with the logic that if the high of this high test bar was breached, it would demonstrate to the world at large that the bears/sellers which were once there defending this high test bar’s high would no longer be there. I decided to place the order, it triggered on the 19^th and am at a gain just shy of 4%. Monday was a smash day and it was traded the same way as if this price action set-up was on the AUDNZD, GBPCHF or the Mexican Peso!

 Also, take a look at USDNOK. On the 18^th October - there was a classic low test bar on the 56104 level which is a very strong level to buy – correlated with a reversal on the hourly. What’s not to like about that? The currency may be obscure but it still behaves the same way as any other currency.

In short, I highly recommend to trade all currencies available to you while not over exposing yourself because it is just a chart, nothing more, nothing less. If you trade exclusively end of day and you are that little bit more adventurous and increase the number of currencies which you trade while keeping your strategy constant then you could very well find that it is the more obscure currency pairs which bring home the bacon (or the Halal lamb if you’re not a lover of pork).