All market hours. Monday to Friday. The only thing that matters is valid bias and entry.
Preferably UK open ( 3pm GMT + 8 ) to US close ( 5 am GMT + 8 ).
I have this question from the beginning about the market opening time.
Market open in London 8 am GMT,
Forex Market day open at 10:00 pm GMT.
But the actual day start from 12:00 am GMT in early morning.
Which one I will consider according to the method.
At the moment I am following the 12:00 am GMT as opening of the new trading day and also the UK open, and it is working for me but I just want make sure.
Please can anyone clarify this matter, thanks in advance.
Not Nikita here, But I can help. (do you remeber this sentence?
I don’t know the details about the GMT time zones. What I know is my local time of New York Closing.
Since the question is based on this system, let me explain something. Nikita or other members may oppose about the post and the idea. Any way let me share something.
I strongly believe you are aware of the below informations. If it already known then pardon me for the rant.
The chart will be a New York closed one. what I see in net New York market closing at 9:00 pm GMT. So Forex Market opening at 9:00 pm GMT at sydney.
Trading decisions starts right after New York close. Analyse what happened the previous day session.
Why the preference of London to New york session? Because the two sessions are most volatile and high liquidity time. The two sessions overlap is extremely volatile somedays.
After closing New York session, the volatility and liquidity will die until Tokyo session open. You should make your trading decision this time.
Let’s go with the system rule:
If yesterday a buy, then we are looking for buying today. According to the communist system, break of the yesterday candle high mostly happening London time. Until London open time the pair (any) might retraced into the yesterdays bull candle. (you can see it on a daily chart) Because of the low volatility, liquidity, momentum and closing of some positions.
The retracement halt where the near term support is standing. (you can see it on Hourly chart) Then the big players come to play then the pair move according to the bias.
In my opinion, the best entry point will be available after new york closing to prior london opening. At least just wake up 2-3 hours before london open. I hope you are doing this. But my doubt is about your charts. Make sure you have a New York Closing chart.
Sorry for the rant again. You might know this well. If it not make any sense ask here. Like first mentioned I don’t know the GMT maths. So the post might be a blunder.
Daily candle closes with NY close 5PM EST (9GMT I think). Thats the charts I use myself. 0 GMT is not bad to use as a lot of traders use that time. I tend to have better results with ny close but then I dont exactly trade this method but very similar.
The reason I use NY close for my daily chart is simply due to the fact the trading week closes with NY close. That is the only way not get a accurate 5 day chart for the week.
Simple logic. If anyone using price action as their system then a New York closing chart with 5 candle a week is must.
Forex market is working 24 hours where it open at sydney and close at NY. Daily candle closing any other session is not accurate. It will show very different candle patterns and it might affect the bias.
Just check the different charts for how price action works.
Traders with indicators and lower time frames never consider the closing time.
I had a chance to listen to a former chief trader for Citibank speak about his days years ago running the forex table at that bank. He said that no one knows if the caller on the phone at this moment, about a quote for xxx million dollars/euro/yen/peanuts/corn or pork chops is actually asking or bidding. ( wanting to buy or sell ). The chief trader and his dealers have to take a guess and give the caller a quote, usually in x number of seconds or minutes.
Get that guess wrong and the dealing desk will immediately be in the hole by a few hundred grands because of the spread, and they have not even started trying to push the liquidity on to the markets yet!
So naturally, the question was, what did he base his guesses on? His answer was " monkey see, monkey do", be it the Germans, Japanese or anyone else. So if he had a major Japanese client bidding yesterday, than more often than not, the other Japanese guy on the phone now is looking to sell also. Than comes the London opening, and the german guy is also bidding, cause that’s what the Japanese did. Monkey see, monkey do. Yesterday a sell, today a sell. He said it was true than and it is true now, after so many years.
This has been one of the markets fundamental behavior since its inception. It’s not going to change after a few years.
Don’t worry. Price action will not go out of fashion.
Matter of fact price action is what moves the market.
It’s long because it was sort of an interactive learning process for all involved at that time, including me.
The method and concepts stretch to no more than four pages of posts. It’s really very basic ideas trying to exploit the fundamental nature of the market.
Not only has my risk gone down tremendously but my trading frequency has dipped also. These days I wait. It is much more rewarding to your bottom line.
The problem with upping risks higher, at least in my case, is not about loosing equity, but the psychological issues that it brought out in me. I was paralyzed for weeks, and it took me many months to get my act back together. And all of that was after one massive hit on one trade.
The Williams sisters never served that hard I tell ya!
So be aware. It’s not only about loosing money on that particular trade. It may cost you your trading career altogether.
The best part of this thread? It helped me cross on to the next level of learning how to trade better. The learning never ends, no matter how long you been at it, and I don’t think I would have gained the " ah ha!" moments if it had not been for this thread.
To that end, I will always be thankful to traders like bobmaninc, ST, and countless others, who kept sharing here. They made me look at many things from a different view point. That is something that no amount of screen time would have helped.
Finally, I would like to sincerely thank members like salim and share bazaar for keeping this thread going during my absence.
Looking for Buy EUR/USD, EUR/AUD, GBP/CHF, GBP/NZD and EUR/GBP from a retracement or at the near Support. I will wait for a better entry in one or two pairs from the above.
Welcome back Nikita, nice to see u again… Million of thanks for sharing and teaching ur knowledge abt price action… Did followed the thread and had good result… Planning to trade live in coming days but still needa learn alot frm u. Shall b around… Terima kasih
