I’m finding out this a slower time in the market, 7pm to maybe 12-1am eastern. From pip school, I had thought this timeframe would be good for trading in the japanese or asian market times, but from what I’m reading, maybe not so much. Sounds like it gets slow around that time.
I don’t know what kind of trader I’m going to be yet. I have much to learn. But I am starting lots of study towards learning and being expert at reading candlesticks. After reading Tymens thread on the subject and the research I started after the candlestick chapter in pip school, I want to get really good at reading candlesticks. I would like to apply candlestick charting to all different trading timeframes while I’m learning, and hope to develop a system from there. Maybe I would do a longer term trade or two, along with some scalping when I’m bored. I don’t know.
I’m not worried about making big money right now. Just want to learn, and then when I go live, make some pennies and even a couple of dollars for awhile. I have many different gigs outside of my day job, but I’m adding forex trading now, so maybe when the day comes that I can spend more time on it, I’ll at least have learned enough to make it worth while.
So any tips for trading astern evenings? Particular currency pairs maybe?
There are specific days of the week (and hours of the day) for which average ranges during the Asian session are greater and volatility higher. The best presentation of these statistics that is updated on an ongoing basis is through autochartist.com’s Powerstats (autochartist has a subscription fee, but you can demo it for 21 days free of charge).
The best trade that I know of during that time is a swing trade. You can set it up during the asian session when you are home in the evenings and manage it throughout the day.
A 21/55 EMA cross ( on the 15 min chart) is a good signal to start looking for an entry, then wait for the retracement. Be smart about where you get in, dont compromise your risk/reward just because this is a swing trade. Wait for the pullback after the cross. I would suggest moving your stop to breakeven after you are 15 pips in profit. Treat it just like a spot trade, just one that you intend on holding a while. Then move your stop above the next 15 min swing high or low, depending on which way your trading.
The ultimate scenario would be that you hold this trade through london and new york. Chalk up your support and resistance levels before you trade. This is not a mindless mechanical entry - you must use all of what you already know, dont just blindly take the cross.
I could put this in much more detail but I like to keep posts as short as possible, if you have questions, reply to this thread. I hope you get the general idea.
There is no secret to trading that is worth alot of money. The secret is inside of you. Trading is 95% mental.
Well, I am very interested. Any other indicators besides the 2 EMAs (and what settings for them)? James & Nel both have strategies posted but the threads got hijacked and now are unrecognizeable. I appreciate your input. Thanks, d.
I’m pretty new to all this forex lingo, but I’m guessing that I would setup two EMAs; one at 21 and one at 55? Then wait for them to cross? I guess I could use some clarification. I’ve spent some time in Tymens candlestick thread, and since then, I’ve been watching for bearish reversal patterns on the extreme ends of BB. Last night I started adding some bullish patterns to watch for (trying to memorize the more reliable ones).
Right now I don’t have the ability to manage anything through the day. It is possible, but work comes first. So if a trade needs attention, it’s 50/50 whether I can manage it at work or not.
I did some searching here on mobile platforms and came up with two threads, one of which is dead. Doesn’t seem like a popular topic.
I can say one thing for sure, trading isn’t what I thought it would be like. I thought I’d be in there jumping between charts, getting in and out and being pretty active. I’m watching about 9 currencies, on 30 minute and 1 hour charts and I’ve only seen two “good” morning star patterns, one dark cloud that performed and a couple of other “iffy” patterns that went on to make money, but I’d never have jumped in on. And all of these patterns I’ve missed by an hour or two. It’s pretty deadsville in comparison to what I thought.
Thanks again for your reply! I may have to look for something that I can go from evening to evening with, or try out some 5 minute trading.
Take a look at “Ash’s Daily” strategy. You place an order at 00:00 GMT, on FXDD or IBFX, which is 7pm CDT for me. It runs overnight and you could close it out each morning or adjust your TP & SL and let it run. I’m sure you could find a mobile program so you could occasionally check a trade during the day. The biggest drawback is that even looking a 15 pairs there was not an entry last night. He also authored the “Pip Nailer”, a 4H strategy. You will find them on that other forum. I’m interested in Gilley’s trading style as it appears to have the times and setups I like. d.
