DislikedHi Emmanuel, thanks so much for the explanation. It's all clear to me now. So you are what according to my understanding a discretionary position trader. It's Asian session now, I think the market consensus is USD is heading up. It's already up 60 pips vs CAD. On the daily chart of EUR.USD. USDJPY and NZDUSD, I see Green TDI bounce off the red heading south (USDJPY TDI heading north), seems to suggest a strong trend continuation. On smaller timeframe though it is moving in a small zone, perhaps that's typical of Asian session? In terms of S/R, for...Ignored
TMS 5-Method is a rule-based discretionary trading method which requires a lot of experience and skills on the part of the trader. Knowledge, experience and skills of the trader and how he/she consistently interprets and apply Post#647 in his/her trading is one of the key to success.
Regarding your 3 pairs, we are in the month end closing therefore if you are trading the Day chart and looking for new trades, it will be better to wait till Wednesday when a new month starts. Moreover, we have bank holidays in the UK and in the US today, most markets are closed not just the forex market. The forex market liquidity depends on the other markets - stock, futures, etc. for liquidity flow.
Trading the Day charts does no require us to look for setups and open trades during the London session. We can open new positions during the Asian session if those hours are in our business trading plan.
However, for intraday traders, the London session is the most liquid session and most traders prefers to trade the London session.
regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett