Forex Forecast Daily
The best time to Day Trade the Forex Market
Trade in three sessions of major currencies "are (all in standard time East)
1. New York open 7:00 AM to 4:00 PM 2. Japan-Australia open 19:00 to 3:00 am 3. London Open 3:00 a.m. to 11:00 a.m.
** A Often, the best times to trade is at the beginning 3-5 hours of the hours mentioned above, since the major currency pairs tend to move more in one direction particular. Especially when there are economic reports releases.
THE ABSOLUTE BEST TIME TO TRADE is 3:00 a.m. to 11:00 a.m. EST.
The New York and London sessions negotiating overlap between 7 and 11 am EST. Volatility is much higher and trading opportunities are much more common with large movements, especially in these four hours.
The currency pair that moves the most during these hours are the USD / CHF (# 1), then the GBP / USD, then the EUR / USD, USD / JPY.
This is when you can make 30-100 pips trading in just a few minutes or hours, using any of our strategies in any time frame, especially around press releases.
For help in converting the eastern time zone to use this world time zone converter:
O http://www.worldtimezone.com http://timeanddate.com/worldclock
WEBSITES DAILY FORECAST
Early in the morning, I http://www.fxstreet.com check out some forecasts and launch times of the day's news. I always look at before you start trading and scored the support / resistance trend, lateral movement, target maximum and minimum, release times, etc. in my daily trading sheet, which is provided on day trading Forex Advanced course.
This is an interesting forecast site that I like:
http://www.fxstreet.com/nou/content/107780/content.asp?menu=technicalanalysis
Another place to find out when the world economic news releases include: http://www.forexnews.com, and scroll down to bottom of web page list of current news releases that affect Forex Markets week.
Very often, the economic news release is scheduled for 8:30 AM EDT. If you are in a trade at this time, make sure you have your stop-loss in a place that is happy. The volatility is scary and fast, but if not is already in a trade, you can jump once you see the main trend, usually after the first 5-15 minutes. Look at a chart of 30 min for see the main trend.
PLEASE NOTE: Most foreign brokerage houses have already made to ensure their stops during the download time of fundamental news, such as the volatility is so extreme, the price can often move faster than their servers can keep up. Therefore, please be very aware that entering and exit a trade when you want, sometimes it can be nearly impossible. You can probably find several things in release times: whipsaw price, displacement, the freezing of the platform, disconnects, re-price quotations, loss of money, etc. Do not bother calling any dealing desk to complain, since they are now distance themselves from this problem, and they all have a disclaimer on their websites. It is a buyer-beware type of situation. If you choose to play the news must be aware of the risks is. The rewards can be very large in just a few minutes, or you can go against you. Make sure that you have immediately the stop.
About the Author
Erol Bortucene and Cynthia Macy are co-authors of ‘The Day Trade Forex System: The Ultimate Step-By-Step Guide To Online Currency Trading’.
Visit:
http://www.daytrade-forex.com
Sign up for the free ‘Trade of the Week’ for examples of actual trades using the Day Trade Forex System.
Visit their other websites at:
http://www.successtrading2000.com
http://www.shortterminvestingsite.com
http://www.professionalforextrading.info
Forex Daily Outlook November 9, 2009