I saw MightyOne's post on BabyPips:
Allow me to sum it all up for you
You can trade any pair that moves, we don't want to trade a pair that just sits there and does nothing.
What is a pair that moves? Check the daily average true range!
(up at the top: insert --> indicators ---> Oscillators ---> Average True Range: set average to 21.
(Do this when the market is closed unless you write an indi or are bored)
This is my rule: If the ATR 21 is not at least 150 right now then I am wasting my time with this pair! (Based on DAILY RANGE)
For day trading I would set up a list of pairs I would trade first:
Get a pen and paper and put each pair (with a major) in one of the 3 groups.
Multiply their tick value by their 21 ATR and create an ABC list:
A: Highest Value
B: High Value
C: No set ups in the other pairs.
A = Top 3 pairs
B = Next 2 best pairs
C = All the rest.
D = Less than 150 pip range (DON'T TRADE IT!)
That should give you an idea what to trade.
Thank you very much!
Now I can put the pen down