Am I right to say that it is best to do day trading when both the London and New York sessions are opened concurrently? How about during the Asia and Pacific hours when Sydney and Tokyo are opened? Does it matter at all which session it is as long as there is a good set up? Thanks.
Yes 2:30-4-30 GMT the markets are usually at their most active.Though you probably answered your question with your last sentence.What’s relevant is the spread wider on most trades during Asian hours .
Every trading feature has its own features, for example Asian session tends to follow the mood of previous NY session if there was a sharp move or change in sentiments (a kind of contagion). In other words they tend to correlate sometimes and it can be possible to spot ahead and trade it. London and NY session overlap tends to bring traders best trading conditions - fast execution, low spreads, lots of technical levels playing out as well as various events that make the time of overlap busy trading. Basically the difference between sessions lies in difference of activity of majority of traders
The ideal time for intraday trading is the first one & half hours after the market opens, and the last one & half hours before the market close. There is no Best Time to trade Intraday. You have to find the best time yourself.
Generally, its around the two major trading sessions. EU and US.
Look on the chart and see when the best times to trade usually are. If you expect your strategy / ideas to work in the future, should they have worked in the past?
The whole 9:30–10:30 a.m. ET period is often one of the best hours of the day for day trading, offering the biggest moves in the shortest amount of time, an efficient combination.
Shorter time frame charts reveal more detail, while longer-term charts show less detail. The one-minute and two-minute charts are especially helpful in assessing trends.
Yeah traders even pay attention if price could fix above/below some level during NY session and take it as a signal of confirmation. Looks like NY session is really important because of Dollar dominance as reserve currency.
As for me, during the day it is better to trade in the morning and in the late afternoon. In addition, it often depends on the trader himself, who himself understands when he is better off working.
Yes it is often efficient to use your spare time for trading practice because it is important that nothing distracts you as well as you don’t feel pressure from unfinished tasks.
Usually most market activities occur during US and London trading times. So, if you need volatility for execution of your trading strategy than I would vote for these times during a day. Just remember to stay aside when important fundamentals are posted.
Between 2.30 and 4.30 the markets are the most volatile. But I think the timing doesn’t really matter. What matters is to look for the low-risk options. Using market time converter could be of help to you.
A lot depends upon the currency pairs that you wish to trade, and the strategy you apply. If for a particular currency pair, your strategy has worked in the past, there’s no reason why it woudn’t in the future. As for me, trading in the morning time has always worked in my favor.