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Forex: When to trade
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Forex: When to trade

  #1 (permalink)
Elite Member
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Forex: When to trade

Or not to trade.

As a newbie, I get lots of advice from my online trading pals. One of the biggest topics seems to be when NOT to trade. That Forex is a 24-hour market seems not to matter. Somebody always wants me to get up earlier, stay up later, or avoid 400 different reversal times throughout the trading day.

A new suggestion is that no trading should take place between 22:00 GMT to 0:700 GMT (basically that's no trading from the open of Australia to the opening of London). I confess to not entirely understanding his thought process. I think this guy is probably a genius, and that combined with a language barrier and the limitations of the chat process, leaves me a bit confused sometimes.

Now I'm asking this group two questions:

Do you forex traders have times of day that you just don't trade?
And what do you think of not trading the Australia and Asia sessions?

Thanks for your time
KL

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  #2 (permalink)
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kmidas's Avatar
 
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I am a newbie like you but I have been advised that the best place to trade is the daily charts and the best thing to do is to wait for daily session to close. Apparently the intraday game is too fast and too volatile for newbies to handle so at first it is best to play the easy game.


Quoting 
A new suggestion is that no trading should take place between 22:00 GMT to 0:700 GMT (basically that's no trading from the open of Australia to the opening of London). I confess to not entirely understanding his thought process. I think this guy is probably a genius, and that combined with a language barrier and the limitations of the chat process, leaves me a bit confused sometimes.

That is the time when I make all my decisions and enter my pending orders. According to experts that time is when the market has the least volume so it is not moving and if it is moving it is easy to be manipulated. Also many market makers increase their spreads at that time. I think it is because they want to fight scalping from EAs.

This is what I know so far. Maybe someone else can give us more information.

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  #3 (permalink)
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Usually you want to trade when volatility picks up. I have started a whole thread on this subject and developed an indicator, which allows to monitor intraday seasonality:

The thread is here:

https://futures.io/elite-circle/5242-intraday-seasonality-when-trade-when-not-trade.html

The indicator to monitor volume and volatility can be downloaded here:

https://futures.io/free_downloads/ninjatrader-7/indicators/619-download.html?view

Unfortunately, this will not work on MetaTrader 4.

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  #4 (permalink)
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Trade is normal session hour when stocks are skyrocketing. there's no any rule of thumb but trading after day close is good .

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  #5 (permalink)
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Fat Tails View Post
Unfortunately, this will not work on MetaTrader 4.

Ah there's a subject that could last until the end of time. MT4: friend or foe?

We'll save it for another day, shall we?

Thanks for your input.

K

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  #6 (permalink)
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My best trading is while US is not open. Strange, for others it might be the other way around.

I would say that only you with your own trading style can answer that question right ?

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  #7 (permalink)
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MetalTrade View Post
My best trading is while US is not open. Strange, for others it might be the other way around.

I would say that only you with your own trading style can answer that question right ?


I don't think have enough experience to even say I have a style. Perhaps some circular logic applies here: will my style determine the time of day, or will the time of day I can trade determine my trading style?

Thanks for your thoughts,
K

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  #8 (permalink)
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KL01 View Post
I don't think have enough experience to even say I have a style. Perhaps some circular logic applies here: will my style determine the time of day, or will the time of day I can trade determine my trading style?

Thanks for your thoughts,
K


I cannot see how you can have a style of trading for a time of day you cannot trade. Unless of course your style of trading is not trading.

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  #9 (permalink)
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KL01 View Post
Or not to trade.

As a newbie, I get lots of advice from my online trading pals. One of the biggest topics seems to be when NOT to trade. That Forex is a 24-hour market seems not to matter. Somebody always wants me to get up earlier, stay up later, or avoid 400 different reversal times throughout the trading day.

A new suggestion is that no trading should take place between 22:00 GMT to 0:700 GMT (basically that's no trading from the open of Australia to the opening of London). I confess to not entirely understanding his thought process. I think this guy is probably a genius, and that combined with a language barrier and the limitations of the chat process, leaves me a bit confused sometimes.

Now I'm asking this group two questions:

Do you forex traders have times of day that you just don't trade?
And what do you think of not trading the Australia and Asia sessions?

Thanks for your time
KL


Ok well I am going to put in my two cents and it probably wont be a short response (lol). So first off, advice is great but everyone has their own opinion. You need to watch and develop your own thoughts, opinions, and gut feelings on the market in order to really begin to trade. What works for JoeSchmo A wont work for JoeSchmo B.

Now onto the actual trading. I personally live in California and really have no intention of ever trading during the London hours. Now I trade two different ways, 1h charts, and 5 min charts. For the 1 hour charts I check in whenever I can to see if anything has moved and started to show signs of a trend either long or short. For 5 minute charts I trade when I can, and my pet pairing is AUD/USD and NZD/USD during the asian hours. I personally trade 90% of my 5 minute chart trades during the Asian session. Now a wise trader once told me, would you rather go for 100 pips a day trading $1 a pip or for for 1 pip a day trading $100 a pip.

I bet you can guess which one is easier, and yes thats a drastic statement but it makes sense. For asian sessions I double my amt per pip and look for only 5 pips. So far this has worked out great.. (BTW my daily target on 5 minutes is only 5 pips).

Now for your two actual questions:

Do you forex traders have times of day that you just don't trade?
Yes I don't trade the London session purely because I am sleeping. I do not change my sleeping habits for FOREX.

And what do you think of not trading the Australia and Asia sessions?
Answered above

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  #10 (permalink)
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KL01 View Post
Or not to trade.

Hello

I did create a patch in my trading system to allow me to backtest for the best hours for entry and follow up. I realised that the best result was from 08:30 pm to 02:30 pm New-York time for my system. I also included the Hollydays, where, i dont trade until 08:30 pm

So basiquely after the asian opening until the end of the trading day in New-York.

Martin

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