Which Currency Pair Should I Trade?

You can trade any of the many currency pairs but I choose the GBP/USD because it moves.  Why?  "This is due to the lower liquidity available and the larger
point value.  Due to the low liquidity, the pound tends to act as
a leader in major U.S. dollar moves."  I like this fact because my trades are typically very short and I'm only in for an average of 1-2 hours.  I think that the currency pair(s) you choose to trade should be based on your trading style.  Here are some ideas on why you should trade certain pairs:

• Trade the EUR/USD if you want smoother price action.
• Trade the USD/CAD if you're interested in the correlation between crude oil and the Canadian dollar.
• Trade the USD/JPY if you use candlesticks or ichimoku as technical indicators.
• Need a leading indicator for the EUR/USD? Look at the USD/CHF.
• Like Gold? Look to the NZD/USD and AUD/USD where there can be a 85-90% correlation to gold prices.
• Afraid to lose a lot of money quickly? Trade the EUR/GBP which only has a daily range of about 30 pips.
• Not afraid to lose 100 pips very quickly? Wanna make 100 pips quickly? Trade the GBP/JPY.

These are just a couple of ideas.  Like I've said before, I would recommend that you become an expert in the currency pair(s) you are going to trade.  I've been doing my research, looking for a currency pair to trade other than the GBP/USD.  I've mainly been looking for currency pairs that move for intraday breakout strategies.  I compiled the following chart with the average daily range over the last 20 days with an average Oanda spread.   

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