Best Time to Trade Global Forex
There are three major trading ‘sessions’ are as follow ( all in Eastern standard time)
(1) London open 3:00am to 11:00am
(2) Japanese/Australian open 7:00pm to 3:00am
(3) New York open 7:00am to 4:00pm
often, the best time to trade is at the beginning 3 – 5 hours of the above mentioned opening times, because the major currency pairs tend to move most in a particular direction especially when there are economic news releases.
THE ABSOLUTE BEST TIME TO TRADE IS FROM 3 AM TO 11 AM EST.
The New York and London trading sessions overlap between 7 and 11am EST. the volatility is much higher and trading opportunities are much more frequent with bigger moves, especially in these four hours. The currency pair that moves the most during these hours are the USD/CHF (#1), the GBP/USD, then EUR/USD, then the USD/JPY. This is when you make 30 – 100 pips trading in just a few minutes or hours, using any of our strategies in any time frame, especially around news releases. If you need help in converting EST time zone to your time zone, please use this world time zone converter:
http://timeanddate.com/worldclock
Daily forecast websites: first thing in the morning, I go to http://www.fxstreet.com to check out some forecasts and news release time for a day. I always check before I start trading and I write down the support/resistance, trend, trading range, target highs and lows, new release time, etc. on my daily trading sheet, which is provided below. This is an interesting forecast site that I also like:
http://www.fxstreet.com/nou/content/1112/contentasp?idioma=angles
Most of the brokerages have now stopped guaranteeing their stops during fundamental news release times, as the volatility is so extreme, that the price can often move faster than their servers can keep up with. Thus, please be very aware that getting into and out of a trade when you want, can sometimes be next to impossible. You can possibly encounter several things during news release times: whipsaw of the price, slippage, freezing of the platform, disconnects, re-quotes of price, loss of money, etc. don’t bother calling up any dealing desk to complain, as they are all now distancing themselves from this problem, and they all have a disclaimer on their websites. It is buyers beware type of situation. If you choose to play the news, you have to be aware of it’s risks. The rewards can be very great in just a few minutes, or it can go against you.
and scroll down to the bottom of the website for the list of the current week news releases that impact the forex markets. Most often, the economic news release is scheduled for 8:30 am EST. you really want to not already be in a trade at this time, but be ready to jump in the volatility is scary and fast, but you can jump in once you see the major trend.. Another place to find out when the world economic news releases are: About the Author:You can be the best in forex trading for more details visithttp://forextradinglead.blogspot.com
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