Hi there,
I am thinking of a simple strategy around market openings. I want to use the Japanese market opening, and the Euro market opening, Frankfurt market opening times for it. Simply I wait till Japanese did their opening marsh, when stochastic is oversold for EUR/JPY at midnight (uk time) I enter a long, define profit taking level as back to the before opening hours plus 50,60 pips.
I did it two nights on a track and both were successful.
My question is that any market openings means a strong uptrend in the market currency? Uk opening brings GBP/any currency up, Farnkfurt opening Eur/any currency up and so on USD/any currency up at 13.00 GMT.
Did ever happen that the market opening was a downtrend?
If it is happening WHY it is happening? How often it is happening?
Thanks for answering,
Bambura
Sorry…
One more question
Can that be happening if let say Japanese market opens in downtrend, and then Euro market opens in downtrend as well?
What is the likelyhood of happening that? What can cause downtrend market opening?
It is usually uptrend as I experience it. However I spent only one month with it, so who spent years with it can give me an answer.
Thanks.
Bambura
The opening of a new region can have positive, negative, or no impact on price direction at all. It can depend on whatever overnight news they have to react to, though any number of drivers move prices at opens just like at other times of day.
That’s not right at all, the market opens on Sunday and does not close until Friday.
Like rhodytrader says beforehand, many traders coming to the market may not cause the price to move.
And as for 60 - 240 minutes - doesn’t mean a thing.
what the OP seems to indicate is the opening times of the individual EU US JAP markets as boost moments, ofcourse the forex market is ‘always’ open but he has an interesting theory!
Edit: oops old topic :27: