I am new here and at trading so my question is, if I live in pacific time zone and want to trade the London and New York sessions using the 1 hour charts, when do I place pending orders? The London session opens at 12 a.m. and the New York session opens at 5 a.m. and I am usually sleep during the openings. How does that all work? For example, I might see an entry forming before the sessions but then the market does something different and if I had set a pending order, it would have lost because the entry criteria changed before and while I was sleeping. So when are the best times to place pending orders for someone living in pacific time zone? Does anyone have a routine for trading in pacific time zone and keeping a healthy sleeping regime while trading the 1 hour charts? Any help would be greatly appreciated. Thank you for your help.
I would recommend sticking to the daily time-frame. It is unsafe in this situation to run a strategy which can be rendered inapplicable within 5 hours. Pay attention to the NY Close as the key price of the day.
Trading London and New York sessions from the Pacific time zone can make placing pending orders difficult. Adjust your routine, use different order types, analyze before sessions, consider automation, and adjust time frames to overcome the challenges.
I hope you find it helpful.
Thank you for your comment to my question in the forum. Do you have any suggestions or strategy for the NY Close as the key price of the day? Any help would be greatly appreciated. Thank you.
Sure. Start by following the most consistent trends. They don’t have to be those with the biggest moves, just the most reliable progress. In a good uptrend wait for the third consecutive day with a lower high. Set a buy order just above and stop-loss just below.
If it’s a really good uptrend, just wait for the first day with a lower high.
Hi tommor,
So you are saying for example the eurusd is trending so I wait for the 3rd day an put a pending order on and go to bed and that it. Anymore to it? thank you
Try looking at the chart and back testing your strategy. What do you see? Do you profit at all? Do you only lose? Do you get any profits that are more than your losses?
Ideally 3 days with consecutive lower highs. Ignore inside days. If the buy order is not triggered and the 4th day has another lower high, just drag the order close to the high of that day, etc.
i hope @tommor will excuse my jumping in with my own answer to that, before he replies
it’s a decades-old, tried and tested price action idea of the kind that actually typifies PA trading
where tommor says “If you have more confidence in the uptrend just wait for 2 successive lower highs. If it’s a super-trend, just wait for the first one,” that’s as close-to-perfect a one-sentence description of what Al Brooks (google him) calls “H1/H2 and L1/L2 entries” as you’re ever going to see, so the answer to where you can see more about it is “anywhere where Al Brooks and his trading methods are discussed”
it’s also a great description of the underlying methods of Joe Ross (almost a generation earlier than Brooks) and is well described in his much earlier books and online in places, too
it’s also a great description of the underlying basis of many other price-action based methods
they’re all very similar, known at different times and in different places under a big variety of names
their common point is that in an uptrend, you’re entering by buy-stop just above the high of a bar with a lower high, and in a downtrend by sell-stop just below the low of a bar with a higher low
don’t be put off by the fact that tommor was talking about trading spot forex from daily bars, and Al Brooks is talking about trading index futures from 5-minute bars - the underlying concept is identical and the reason it works is the same, too (though you have to handle them differently, for all the obvious reasons!)
these are methods that have (to put it mildly) stood the test of time and are still as reliable now as they were decades ago, in great contrast to all the multi-indicator systems which perpetually come and go but seem somehownot to have the same reliability
@flamingoproxy is dead right. I didn’t get the strategy from Al Brooks but I’d be pretty sure the author I got it from got it from Brooks. There are no new strategies.
I actually find Brooks very hard to follow - but why would it be easy to replicate what a genuine master does?
Find your own variations to this basic swing trading strategy and feel free to use them.
won’t argue with that, at all - i find his first book just about unreadable (his writing did improve a bit, after that one - it could hardly have got worse)!
Thank you all very much for your help. Seems like this is a better strategy for me who’s health is declining rapidly from broken and lack of sleep. I appreciate the help and suggestions.
For trading the London and New York sessions on 1-hour charts while in the Pacific time zone, consider placing pending orders around 9 p.m. and 2 a.m. This allows you to catch potential setups before the sessions start while also aligning with your sleep schedule.
Sometimes during the New York session the market doesn’t settle until hours later so you could trade that session if you’re awake at 6am/7am PST. This happens if there is a news event early in the session. Sometimes the market will be pretty flat until after the news when traders decide which way they wanna go, Trading both London and New York would be tough. I would recommend skipping London if sleep is important to you. Tokyo tends to be low volume but sometimes a steady trend develops from there onwards.
