I can’t help but notice over my (very brief) career as a forex trader that most weekday afternoons now in the New York session are all becoming like Fridays: trade volume drops off to that of a mausoleum.
I currently trade ten pairs but almost none of them move at all in the afternoons US TZ. Can anyone suggest currency pairs that might actually have some volume and volatility from the end of the London Close through the New York Close?
I notice the same thing, I don’t really trade during those times but instead I read up on some forex material whether it’s a book or it’s reviewing my trades.
Look at your previous 12:00 hour EST - 16:00 hour EST candles on your 4h chart.
That particular candle is telling you roughly the milage the respective pairs are travelling during NY afternoon session.
Also, you can use ATR range prints with current NY afternoon session open and current day HiLo as your marker.
OK, thanks. I will try that. I was just wondering if anyone had some good experience they could share on certain pairs like the Aussie/New Zealand dollars and whether in the past they had given some good movement during the afternoon hours.
Did you give up on allnighters?
I find the last 1/2 hr of NY session sometimes shows some movement(not much) often price makes a move closer to where it was at the end of London.
Yeah, the all-nighter idea might be something to do on occasion, but this last Wednesday into Thursday morning I was a zombie and I think it may have played into some of my poor decisions.
Instead, Tuesday through Thursday, I want to try getting up at 4:45 am. I am just eye-balling charts and going by what some others have said, but it looks like if I catch the London session two hours into it I should be able to make some good MMTT trades. For those three days, I’ll try to be trading from 5 am to about noon.
But I was curious about the afternoon hours because in addition to doing this I still maintain a part-time evening job and I’m out of Forex usually before 4 pm. (And I’m never around for the Asian open…)
I think your time would be better spent analysing some past trades, or taking a nap, or getting some exercise. Those hours are so dead, nobody’s trading and for good reason. Sometimes something happens, but like you said, mostly it doesn’t
I am based in London and trade EURJPY in the NY afternoon. It can be slow some days, but it generally gives enough room for some profit.
I guess it depends on how many pips you are looking to capture. There are times of the day with wider ranges for sure.
I don’t trade the AUD/NZD but my fundamental side of my brain tells me that would be a low volatility pair as the ecomonies are so VERY similar. But then again I could be completely wrong! :o