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Guide to Entering Forex Trades Across 28 Pairs

Michael FT+
September 22, 2022

Reading Time: 12 minutes

To successfully trade the forex market across 28 major currency pairs, you need a reliable trading platform, effective analysis techniques, and a solid risk management strategy.

Our Guide To Trading Across 28 Forex Pairs

Market Analysis: Start with a comprehensive market analysis to identify the strongest and weakest currencies. Use fundamental analysis (economic news, geopolitical events) and technical analysis (price action, trend lines, support/resistance levels).
Currency Pair Selection: Focus on pairs that show clear trends or potential for profitable moves. Prioritise major pairs (e.g., EUR/USD, USD/JPY) and cross pairs (e.g., EUR/GBP, AUD/NZD).
Price Action Strategy: Use price action strategies to time your entries. Look for patterns like pin bars, inside bars, and engulfing patterns at key support and resistance levels.
Risk Management: Set appropriate stop-loss and take-profit levels based on your risk tolerance. Aim for a risk-reward ratio of at least 1:2.
Trade Execution: Enter trades when price action confirms your analysis. Avoid overtrading; focus on high-probability setups.
Monitoring and Adjustment: Regularly monitor your trades and adjust as necessary. Be prepared to close trades early if market conditions change.
Diversification: Spread your trades across multiple pairs to minimise risk. Avoid excessive exposure to a single currency.

In this article, we will focus on eight major currencies and 28 currency pairs, how forex traders can identify new or existing trends in the higher time frames, how to assess the pip potential of each trade, get alerts and notification systems, and explain how to verify the trade entry. By the end of this guide, forex traders should have a clear understanding of how to enter and manage their trades to maximise their chances of success across 28 popular currency pairs.

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By following these steps, you can effectively manage and enter forex trades across 28 currency pairs, increasing your chances of success.

This comprehensive guide will walk you through the process of entering and managing forex trades on the 28 most liquid currency pairs.

What are the 28 Major Currency Pairs in Forex?

The forex market consists of numerous currency pairs, but some pairs are more heavily traded than others due to their liquidity, volatility, and market interest. The 28 major currency pairs are divided into three categories: Major Pairs, Cross Pairs, and Exotic Pairs.

The 28 major currency pairs include:

Major Pairs: EUR/USD, GBP/USD, USD/JPY, USD/CHF, AUD/USD, NZD/USD, USD/CAD
Cross Pairs: EUR/GBP, EUR/JPY, GBP/JPY, EUR/CHF, EUR/AUD, AUD/JPY, NZD/JPY
Exotic Pairs: USD/SEK, USD/NOK, USD/DKK, USD/TRY, USD/ZAR, USD/RUB, USD/HKD, USD/SGD

While trading all 28 pairs may seem daunting, focusing on the major pairs and a few select cross pairs can help you manage risk effectively.

Major Pairs

Major pairs consist of the most traded currencies in the world and always include the US Dollar (USD) as one half of the pair. These pairs are known for their high liquidity and tight spreads. The major pairs are:

EUR/USD (Euro/US Dollar)
GBP/USD (British Pound/US Dollar)
USD/JPY (US Dollar/Japanese Yen)
USD/CHF (US Dollar/Swiss Franc)
AUD/USD (Australian Dollar/US Dollar)
NZD/USD (New Zealand Dollar/US Dollar)
USD/CAD (US Dollar/Canadian Dollar)

Cross Pairs

Cross pairs do not include the US Dollar but are composed of the other major currencies. These pairs are also highly liquid and provide traders with additional opportunities. Key cross pairs include:

EUR/GBP (Euro/British Pound)
EUR/JPY (Euro/Japanese Yen)
GBP/JPY (British Pound/Japanese Yen)
EUR/CHF (Euro/Swiss Franc)
EUR/AUD (Euro/Australian Dollar)
AUD/JPY (Australian Dollar/Japanese Yen)
NZD/JPY (New Zealand Dollar/Japanese Yen)
GBP/CHF (British Pound/Swiss Franc)
GBP/AUD (British Pound/Australian Dollar)
CHF/JPY (Swiss Franc/Japanese Yen)
AUD/NZD (Australian Dollar/New Zealand Dollar)
CAD/JPY (Canadian Dollar/Japanese Yen)
EUR/CAD (Euro/Canadian Dollar)
AUD/CAD (Australian Dollar/Canadian Dollar)

Exotic Pairs

Exotic pairs feature one major currency paired with a currency from a smaller or emerging economy. These pairs are less liquid and more volatile, which can lead to wider spreads. Notable exotic pairs include:

USD/SEK (US Dollar/Swedish Krona)
USD/NOK (US Dollar/Norwegian Krone)
USD/DKK (US Dollar/Danish Krone)
USD/TRY (US Dollar/Turkish Lira)
USD/ZAR (US Dollar/South African Rand)
USD/RUB (US Dollar/Russian Ruble)
USD/HKD (US Dollar/Hong Kong Dollar)
USD/SGD (US Dollar/Singapore Dollar)
USD/MXN (US Dollar/Mexican Peso)
USD/THB (US Dollar/Thai Baht)
USD/CNH (US Dollar/Chinese Yuan Offshore)

Manage Risk When Trading 28 Major Currency Pairs

While trading all 28 pairs might seem overwhelming, focusing on the major pairs and a few select cross pairs can help you manage risk effectively. Major pairs offer better liquidity and tighter spreads, making them ideal for most traders. Cross pairs can provide additional trading opportunities without the complexity of exotic pairs, which often come with higher risks and costs. By understanding the characteristics of these currency pairs and strategically choosing which ones to trade, you can optimise your trading approach and improve your chances of success in the forex market.

Further reading: How Does GDP Affect Forex?

Steps to Effectively Enter Forex Trades Across 28 Currency Pairs

Step 1: Identify the Trend on Higher Timeframes

Before entering a trade on any of the 28 forex pairs, it’s crucial to identify the overall trend on higher timeframes, such as the daily or weekly charts. Use trend indicators and price action analysis to determine whether a currency pair is in an uptrend, downtrend, or ranging market. Group related currency pairs (e.g., all USD pairs, all JPY pairs) to quickly assess the strength or weakness of a particular currency and make informed trading decisions.

Step 2: Set Up Forex Alert Systems

Given the 24-hour nature of the forex market, having an alert system in place is essential for capturing potential trade opportunities. Popular forex alert systems include:

Economic calendar notifications: Stay informed about upcoming economic events that could impact currency movements.
Audible and email price alerts: Receive alerts when price reaches key levels.
Currency strength mobile apps: Monitor the relative strength of different currencies on the go.
Desktop market scanners: Use software to scan the market for specific setups and opportunities.

These alerts notify you of potential trade setups, economic events, or price movements, allowing you to act promptly.

Step 3: Verify Trade Entry and Assess Pip Potential

Once you’ve identified a potential trade setup on one of the 28 forex pairs, verify the entry point using tools like the Forex Heatmap and analyse support and resistance levels. Assess the pip potential (the difference between the entry price and the target price) to ensure the trade offers a favourable risk-reward ratio.

Step 4: Manage Risk and Scale Out of Positions

Proper risk management is crucial when trading multiple currency pairs. Set initial stop-loss orders based on technical analysis and adjust them to breakeven once the trade reaches a certain level of profit. Consider scaling out of positions by selling partial lots as the market moves in your favour, locking in profits while still capturing potential upside.

By following these steps, you can effectively enter and manage trades across the 28 major currency pairs in the forex market, maximising your chances of success while minimising risk.

Additional Tips for Successful Forex Trading:

Stay Informed: Keep up-to-date with market trends, economic indicators, and news that can impact the various forex pairs you’re trading.
Practice Patience and Discipline: Wait for high-probability setups and stick to your trading plan.
Continuous Learning: Forex trading is dynamic. Continuously improve your skills and strategies through education and practice.

With these additional tips and the simple 4-step approach above, you’ll be well-equipped to navigate the complexities of forex trading across multiple currency pairs.

Advanced Techniques for Trading Forex Across 28 Pairs

Using Multiple Timeframe Analysis:

Multiple timeframe analysis involves examining the same currency pair across different timeframes to get a comprehensive view of the market.

Here’s how it works:

Higher Timeframes for Trend Direction: Start by looking at higher timeframes like daily or weekly charts. These charts help you understand the overall trend of the market – whether it’s moving upwards (uptrend), downwards (downtrend), or sideways (ranging).
Lower Timeframes for Entry and Exit Points: Once you have identified the trend on the higher timeframes, switch to lower timeframes like the 1-hour or 4-hour charts. These charts provide more detailed information and help you pinpoint the best times to enter and exit trades.

Using multiple timeframes allows you to align your trades with the overall market direction, increasing your chances of success. For example, if the daily chart shows an uptrend, you might look for buying opportunities on the 1-hour chart.

Incorporating Fundamental Analysis:

Fundamental analysis involves studying economic news and events that can impact currency prices.

Here are some key factors to consider:

Economic Indicators: Pay attention to reports like Gross Domestic Product (GDP), employment numbers, and inflation rates. These indicators provide insights into the economic health of a country and can influence its currency’s value.
Interest Rate Decisions: Central banks, such as the Federal Reserve or the European Central Bank, regularly adjust interest rates. Changes in interest rates can have a significant impact on currency values. Higher interest rates typically attract foreign investment, boosting the currency’s value.
Geopolitical Events: Political stability, elections, and international conflicts can also affect currency prices. Keeping an eye on the news helps you anticipate market movements.

Using an economic calendar can help you track these events and prepare for potential market volatility. By understanding the underlying economic factors, you can make more informed trading decisions.

Understanding Correlations Between Pairs:

Currency pairs can be correlated, meaning their prices move in relation to each other. Understanding these correlations helps you manage risk better.

Here’s how:

Positive Correlation: When two currency pairs move in the same direction, they are positively correlated. For example, EUR/USD and GBP/USD often move together because both pairs include the US Dollar. If the USD strengthens, both pairs might fall.
Negative Correlation: When two currency pairs move in opposite directions, they are negatively correlated. For example, EUR/USD and USD/JPY often move inversely. If the USD strengthens, EUR/USD might fall while USD/JPY rises.

By recognizing these correlations, you can avoid placing multiple trades that essentially bet on the same outcome, which can increase your risk. For example, if you already have a trade on EUR/USD, you might want to avoid taking a similar position on GBP/USD to prevent overexposure.

Using these advanced techniques – multiple timeframe analysis, fundamental analysis, and understanding correlations – can help you navigate the complexities of trading across 28 forex pairs. These strategies enable you to make more accurate and informed trading decisions, ultimately enhancing your success in the forex market.

Manage the Trade with Initial Stops, Breakeven Stops, and Scaling Out Lots

Effective trade management is crucial for success in forex trading, especially when trading across 28 currency pairs. Here’s how to manage your trades using initial stops, breakeven stops, and scaling out lots:

Initial Stop-Loss Order:

When entering a trade, place an initial stop-loss order to protect your capital. The initial stop-loss should be based on technical analysis and set at a level that allows the market some room to move. For instance, if you enter a long trade on the EUR/USD pair at 1.1200, you might set the initial stop-loss at 1.1180. This approach helps safeguard your capital if the trade doesn’t go as planned while providing enough space for market fluctuations.

Moving Stop-Loss to Breakeven:

As the trade becomes profitable, move the stop-loss to the breakeven point to protect your gains. For example, if the EUR/USD pair moves to 1.1250, you can adjust the stop-loss to 1.1230. This strategy locks in some profit and ensures that you won’t incur a loss if the market reverses. It also allows you to remain in the trade longer to capture additional pips.

Scaling Out of Positions:

Scaling out involves selling partial lots as the trade moves in your favour, allowing you to lock in profits while still participating in potential further gains. For example, after moving the stop-loss to breakeven, you might sell half of your position at a certain profit level and let the remaining position run. This technique helps manage risk and optimise profits by gradually reducing exposure as the trade progresses.

Applying the Same Principles to Short Trades:

These principles apply equally to short trades. If you’re shorting a pair and the market moves lower, you can adjust your stop-loss and scale out of the position as it becomes profitable. This strategy ensures you maximise gains while effectively managing risk.

By utilising initial stops, breakeven stops, and scaling out lots, you can manage your trades more effectively across the 28 major currency pairs. This approach allows you to take full advantage of market momentum while minimising risk and protecting your capital.

Summary On Trading 28 Forex Pairs

Trading forex across 28 currency pairs can be highly rewarding if approached with the right strategies, tools, and mindset. By following the steps outlined in this guide and continuously honing your skills, you can navigate the forex market with confidence and success. Remember, successful forex trading requires a blend of technical and fundamental analysis, emotional discipline, effective risk management, and continuous learning. Stay patient, disciplined, and committed to your trading plan, and you will be well on your way to achieving your trading goals.

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FAQs On 28 pairs forex

What Is Algorithmic Trading in Forex?

Algorithmic trading in Forex involves using computer programs to automatically execute trades across various currency pairs, including the 28 major pairs. These programs are designed to buy or sell based on predefined conditions, such as price movements, order book imbalances, or news events, making it easier to trade multiple pairs simultaneously.

What Are the 28 Major Currency Pairs in Forex?

The 28 major currency pairs in Forex include combinations of the following currencies: USD, EUR, GBP, JPY, CHF, AUD, NZD, and CAD. These pairs are the most actively traded and offer high liquidity. Examples of major pairs include EUR/USD, GBP/USD, USD/JPY, and USD/CHF.

What Is the Best Currency Pair Among the 28 Pairs in Forex?

The best currency pair among the 28 major pairs in Forex depends on your trading style, risk tolerance, and market conditions. EUR/USD is often considered the best pair for beginners due to its liquidity and low spreads. However, other pairs like GBP/USD, USD/JPY, or AUD/USD may offer better opportunities depending on market trends and your analysis.

How Do Currency Prices Work in Forex Trading Across 28 Pairs?

In Forex trading across 28 pairs, currency prices are quoted in pairs, with the first currency being the base currency and the second being the quote currency. The price represents how much of the quote currency is needed to buy one unit of the base currency. For example, if EUR/USD is quoted as 1.2000, it means 1 Euro is equal to 1.20 US dollars.

What Factors Influence Exchange Rates in Forex Trading Across 28 Pairs?

Exchange rates in Forex trading across 28 pairs are influenced by various factors, including:

Economic indicators and geopolitical events
Interest rates and monetary policies
Inflation and consumer price index (CPI) data
Supply and demand for currencies
Market sentiment and trader psychology By understanding these factors and their impact on the 28 major currency pairs, you can make informed decisions when entering Forex trades.