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Why manage two identical trades? One of those setups is likely to fail, right? We know this because the two currency pairs are negatively correlated. A Forex correlation table makes life easy for a Forex trader by comparing correlations between various currency pairs.
This allows us to quickly identify whether two pairs move in tandem or opposite of one another. This is because their economies share much in common, among other things. Not all time frames are correlated the same. The first thing you'll notice with the Forex correlation table, is that you have a guide that explains correlation strength. Become familiar with this guide and reference it often if you must.
It offers a quick way to measure if two pairs are correlated or not. The second most important step when using the Forex correlation table is selecting your currency pairs. This is where you'll choose the pairs you want to show up in the correlation table. This is where you can enter a custom correlation period. The default is 50 periods, which is what I use. If you do decide to increase or decrease this number, just know that it could adversely effect the reliability of the correlation.
I've found 50 periods to be most accurate for the way I trade. The Results After you click Submit, scroll down to see the results.
Here's an image of the daily correlation at the time of this writing. A positive number means the currency pairs are positively correlated, while a negative number means they're negatively correlated. I hope it's as useful for you as it has been and continues to be for me.
To clear the air, I have no affiliation with the developer of this tool, ForexTicket.