Something Iv noticed that seems to be a great find in backtesting my strategy is that when a recent (less than a week) s/r level is showing it tends to hold if price approaches the level when we are in the session that it was hit last time. But if price hits resistance during new york session that was established during japan session, it tends to blow through it. Iv only had the chance to look over the last 2 months or so but I was wondering if this sounds like a valid thought and is there any way to explain it?
Maybe big company A which is american wants to fill there order at X price but stops trying to get the order filled after us close and re places the order at next US open? DO you think this could be a common thing?
I’ve been looking over the EURUSD for the last several months and I am not sure I see what you are seeing. Not that you are wrong, it’s just I do not see any correlation between s/r levels holding based on session from a quick visual scan. Any specific pairs/dates/times/levels I could look at?
I don’t believe it.A certain level is broken only when a fundamental news comes in the market,doesn’t matter which session it is.Fundamentals drive the market and a news can be released during any session,any time,any second.
Respectfully disagree with the “fundamentals drive the market” statement. BANKS drive the market. A dozen of them account for the majority of the forex market. Fundamentals <yawn> cause huge price spikes which usually just revert back to where they were in the first place (trading a news fade is actually quite profitable). The only exception would be interest rate changes which do, in fact, matter.