Hello all,
I'm a newbie and would welcome a little bit of advice. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>
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Several years ago I had a dabble in the stock market and, after a little research, it became obvious to me that there was a certain time profile associated with trading the markets. What I mean by this is that within the trading day certain periods were more volatile than others or more likely to strong produce trends. This, I later found out, is well known in the industry. <o></o>
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So, for example, you were always advised NOT to trade the market for the first 30 minutes after the <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1:country-region><st1lace>USA</st1lace></st1:country-region> opened. This was traditionally a period of very high volatility driven primarily by the raw emotions of fear and greed.
There were several other periods to consider, but another interesting one took shape when the <st1:country-region><st1lace>USA</st1lace></st1:country-region> bond market closed, about one hour before the <st1:country-region><st1lace>USA</st1lace></st1:country-region> stock market closed. It was assumed that during that period the bond traders got stuck into the stock markets. The upshot of this was that the during the last 30 mins of play, once again, very strong trends could kick in. In fact, I read of one person who only ever traded the last 30 mins of play. <o></o>
<o></o>
So, I was wondering if such patterns/profiles exist within the FOREX market. Is there a period of day when it is better to trade, or there is more chance of trends taking shape. I think I read somewhere on this forum that 5 EST is a time when 'they' give money away. Something like that. I'm not too sure who the 'they' are by the way.
I note that Rob Booker in 5 Tricks of Trend Trading, suggests days and times to avoid when trading the 5/13/62 system e.g.: US Holidays and also never trade after 14:00 GMT on a Friday. Also after 13:00 EST. Of course, once again, this is only when trading his system.
Now I'm not looking for an indepth system-by-system breakdown, I'm more interested in the existence of generic overall periods when it is best to trade or not trade, if such exist.
<o></o>
Also, could anyone advise me of a descent technical analysis service, preferably free.
Thanks,
I'm a newbie and would welcome a little bit of advice. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>
<o></o>
Several years ago I had a dabble in the stock market and, after a little research, it became obvious to me that there was a certain time profile associated with trading the markets. What I mean by this is that within the trading day certain periods were more volatile than others or more likely to strong produce trends. This, I later found out, is well known in the industry. <o></o>
<o></o>
So, for example, you were always advised NOT to trade the market for the first 30 minutes after the <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1:country-region><st1lace>USA</st1lace></st1:country-region> opened. This was traditionally a period of very high volatility driven primarily by the raw emotions of fear and greed.
There were several other periods to consider, but another interesting one took shape when the <st1:country-region><st1lace>USA</st1lace></st1:country-region> bond market closed, about one hour before the <st1:country-region><st1lace>USA</st1lace></st1:country-region> stock market closed. It was assumed that during that period the bond traders got stuck into the stock markets. The upshot of this was that the during the last 30 mins of play, once again, very strong trends could kick in. In fact, I read of one person who only ever traded the last 30 mins of play. <o></o>
<o></o>
So, I was wondering if such patterns/profiles exist within the FOREX market. Is there a period of day when it is better to trade, or there is more chance of trends taking shape. I think I read somewhere on this forum that 5 EST is a time when 'they' give money away. Something like that. I'm not too sure who the 'they' are by the way.
I note that Rob Booker in 5 Tricks of Trend Trading, suggests days and times to avoid when trading the 5/13/62 system e.g.: US Holidays and also never trade after 14:00 GMT on a Friday. Also after 13:00 EST. Of course, once again, this is only when trading his system.
Now I'm not looking for an indepth system-by-system breakdown, I'm more interested in the existence of generic overall periods when it is best to trade or not trade, if such exist.
<o></o>
Also, could anyone advise me of a descent technical analysis service, preferably free.
Thanks,