Forgive me if this was addressed in here already. I did search but found nothing relative.
I have also read Baby Pips school 2 times.
I was reading about someone’s trading strategy and this person is in the GMT time zone and trades the EUR/USD, USD/JPY, CAD/JPY and GBP/USD.
This made me wonder theoretically if I was going to follow the system and trade those currencies, would I be jeopardizing myself if I did not trade those market hours from the GMT time frame hours because I am Eastern Standard (GMT -5) time? That would be brutal for me to do.
Also, if I reverse the currency pairs (He trades Eur/Usd so if I did Usd/Eur)
would that give me better action or market strength? In other words, would that be advantageous for me?
I know these questions might seem stupid, but hey, there is a lot I do not know. lol
If you do comment, please be clear and try not to use too many abbreviations or slang terms because I am not familiar with all of them. This is why I am only DEMO trading right now.
OK, so basically it does not matter is what I thought unless something specific is happening (such as news).
Now, what about the trading hours of my local time EST(with/without daylight savings)
I have noticed that with the Eur/Usd, the market seems to get sluggish around 1:30 to 2pm. Is that because of how late it is in Europe? Is it because our market is exhausting itself? Both? Maybe this is coincidence/my imagination?
I do not have enough experience to be sure I am right but for the past 2 weeks that I have been paying attention, it seems to go into a slower sideways/ranging mode.
Is there a website or other resource that covers time issues. I have read about news, holidays, etc but nothing detailed about the day to day times and strategies for them.
Generally speaking in terms of EST, you should expect most of the london moves between 1 AM and 5 AM. As far as the new york session, look for the US stock market open untill about noon. Be carefull around the US open though, its famous for whipsaws when the stock market pumps and dumps on you. I always wait at least 30 minutes after open to let the market pick a direction.
Brian ; There are a lot of people trading in the EST zone and yes we get up at 1:00 am… If you trade any type of trend line breakout the moves at 2:00 am and 3:00 am are the best, Europe and London openings. The great thing is when you have your plan in hand , you can move to a better time zone. If you can’t handle the early hours then concentrate on the U.S. open but really from about 6:00 am on… Lots of news at 7:00 am. I don’t trade after 11:00 am. to slow unless late news . Then I look for a little something.
Ya, agreed. Knowing your timetable is very important. And when what and which markets are open, etc.
Please download this Yahoo! widget. It helps tremendously.
It is a very useful tool in keeping track of the trade times.
It looks at where you are and then displays the market hours.
And trade when it is convenient for you. If that is 3am EST, do it.
If that is brutal, wait until you wake up.
I thought it was just me going crazy but the markets have been exhausted when I was seeing those sideways trends. I figured time was going to be very important. I am just trading short, quick moves. I like when the market is busy and moving because I can get in and out with 10 pips. At least on my demo. We shall see come REAL TIME. But I am only going to trade 1 lot of 10,000 until I get seasoned.
Those widgets look pretty neat. I wonder if there is one for Vista Sidebar? lol
I’m on the east coast, it seems like most of the action is very early morning, i can’t stay up that late because like most people i have to get up early for work.
I think i live in the wrong part of the country…
What do you guys think of the OVERLAP times? When 2 markets are going and trading - such as London/New York. I have read in some books and websites that thoise are some of the very best times to trade and that some of the best short term traders only trade those times. The logic makes sense but I have no direct experience to judge.
