Did you know there are specific Forex market hours in the trading day that are better to trade than others? The Forex market is open 24 hours a day like all of the course, books, websites, etc say.
However, not all of the hours are good trading times.
The Forex market is made up of markets from around the world.
As each market opens and closes, volatility spikes following by a nice 8 hour trend.
This happens almost every single time.
Forex London Open The opening of the London market is the best time to trade the Forex.
It's very constant with the amount of pips it "gives up" each day.
1)First Hour.
You can almost always catch 20 Pips.
It's very simple to do.
Open up the 15 minute chart on a currency pair.
Look for the price trend and the MACD indicator line to be moving in opposite directions.
This combination frequently means the trend on the 15 minute chart is about to change directions at the London open.
Draw a trendline 30 minutes before the London open.
When the trend line is broken enter a trade and capture 20 Pips.
2)Remaining London Market Hours.
Price will tend to trend quite well after the market opens.
You can also place an order with a trailing stop loss that's back about 40 Pips.
You may get stopped out once or twice a week.
However, when you get it right, price tends to trend about 75 to 100 Pips.
Sell at 75 Pips.
Forex London Close This is very easy.
As mentioned, currency pairs trend very well during this market's hours.
Simply draw a trendline on the 15 minute chart.
If price breaks the trend at the London market close or 1 hour after it, you can grab 20 Pips.
Wait until a candle has a close on the trendline break to confirm it was a true break.
Take some time and get to know one or two currency pairs.
Get a feel for how they move during the London Forex market hours.
Your goal now? To start utilizing a software tool that will capture awesome trades like these.