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what start hour do the pros use?

  • #1
  • First Post: Sep 7, 2008 9:30pm Sep 7, 2008 9:30pm
I wonder what start hour of the day do proffesional players such as banks use. depending on the start hour of the day, daily candles and 4 hour candles may differ and influence set ups. anybody knows what start hour (+-gmt) do the professionals use?
  • #2
  • Sep 7, 2008 10:47pm Sep 7, 2008 10:47pm
here's a start.... a good thread to get inside a self proclaimed bank insider's mind...

http://www.forexfactory.com/showthread.php?t=5809
  • #3
  • Sep 8, 2008 12:20pm Sep 8, 2008 12:20pm
Professional traders actually trade when the opportunity exists whereas some trade 24 hours a day. In the forex, we label the big traders, big dogs and they have many systems and methods that you won't find mentioned on the www. One system that they do trade is mentioned in the Trading System section and is very popular. 7am-9am Big Dog USD Breakout Strategy

Good Luck
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #4
  • Sep 8, 2008 4:05pm Sep 8, 2008 4:05pm
thank you guys for the information.
  • #5
  • Edited Sep 9, 2008 8:14am Sep 8, 2008 6:59pm | Edited Sep 9, 2008 8:14am
part of my sistem is based on candlestick patterns. and when i open odl's mt4 and fxpro mt4 i see that at the same time candles are different on 4 hour chart and on daily charts. it gives different candlestick patterns on the same daily candle, and it is confusing. i think professional traders use one and the same time in their charting software. maybe somobody knows. its better to use candles that they use.

p.s.
sorry for my english but it is not the question: "when the pros trade?". it is the question: "which time they use in their charting software?"


below is a daily chart EUR/USD
Attached Image (click to enlarge)
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  • #6
  • Sep 8, 2008 8:01pm Sep 8, 2008 8:01pm
Just pick a time that you are comfortable with and use that chart. Don't over complicate things.

Quoting vorschlag
part of my sistem is based on candlestick patterns. and when i open odl's mt4 and fxpro mt4 i see that at the same time candles are different on 4 hour chart and on daily charts (different ohls because of different start hours of the day.) it gives different candlestick patterns at the same time, and it is confusing. i think professional traders stick to one and the same time. maybe somobody knows. its better to use candles that they use.
In trading, there is no bullshit. You either make money or you don't.
  • #7
  • Sep 8, 2008 9:31pm Sep 8, 2008 9:31pm
common sense would tell you it is based on session openings...

but there are lots of quants trading software 24/7.....

and maybe some of those bank insiders are asking "when do professionals trade?" in other words, the insiders might be in the dark as much as you.



you need to understand that forex speculators only make a tiny percentage of the daily trading volume.... Darkstar's sticky on "the structure of forex brokers" shows that most trading is done by banks (pushing economic agendas) and corporations (exchanging salary payments to a global workforce.) this is important because it introduces chaos not found in normal free markets.
  • #8
  • Sep 8, 2008 11:51pm Sep 8, 2008 11:51pm
i was about to ask this question.

many traders consider only the London session the one valid to trade. But London is the worst to trade here in Brazil: starts 03:00 AM. Not a option for me now.

i am thinking to stick with asian to study JPY pairs.

but i like to hear more opinions too.
  • #9
  • Sep 9, 2008 7:35am Sep 9, 2008 7:35am
Quoting tdion


....most trading is done by banks (pushing economic agendas) and corporations (exchanging salary payments to a global workforce.) this is important because it introduces chaos not found in normal free markets.
thank you for the information. I was looking for the answer to this question. Can anybody say if this chaos makes technical analisys on forex more complicated or not, in comparison with other free markets.
  • #10
  • Edited 8:54pm Sep 9, 2008 8:40pm | Edited 8:54pm
start at 7pm est, where i've heard the big money starts their day. but that is not to say that they start trading then.

then adjust to fit your indicator.

i like to use 4pm est for my "sunrise"; gives a flat lead in to the london open when the currencies wake up.

to minimize chaos, do your tech analysis on 4-hr and above. maybe 1-hour if you must. then go down 4:1 (i.e. 1-hour to 15 min chart; 4-hr to 1-hr) for your entry/trigger chart.

and while i'm giving advice - lower your trade size and lower your leverage because multiple random entries by big dollars for non-speculative reasons will trash technical analysis as much as a fundamental shock or central bank intervention.


realize the universe is one thing, and attach it to your body
  • #11
  • Sep 10, 2008 5:04am Sep 10, 2008 5:04am
thank you all, guys. Your information is very useful to me.
  • #12
  • Sep 14, 2008 9:24pm Sep 14, 2008 9:24pm
When i started this thread i wanted to know what start hour the pro's use in their charting software. Because i saw different ohlc of the candles and different candle patterns on different broker's platforms. But now I came to the conclusion that it has nothing to do with the start hour, it is rather a price deviation (or manipulation) than the start hour. So I change the question of this thread to: "what charting software do they use?"
  • #13
  • Oct 25, 2008 10:34pm Oct 25, 2008 10:34pm
since i started the thread i followed the charts everyday and noticed that the price respects accurately pivotpoints which i set at gmt 00:00. this hints that probably gmt 00:00 is the beginning of the day in the pro's charts.
  • #14
  • Oct 25, 2008 10:54pm Oct 25, 2008 10:54pm
No market stands alone. The currency futures in Chicago open at 7:20 am CT, and then 10 minutes later there is usually news. Bonds also open at 7:20 CT. There are "pros" on every continent in every time zone. At 9:30 am CT on Wednesday there is an oil inventory report. During the night there are bombings of pipelines that are not pre-advertised on the news. (perhaps in some countries..??)
  • #15
  • Last Post: Oct 25, 2008 11:26pm Oct 25, 2008 11:26pm
Quoting vorschlag
since i started the thread i followed the charts everyday and noticed that the price respects accurately pivotpoints which i set at gmt 00:00. this hints that probably gmt 00:00 is the beginning of the day in the pro's charts.
A good rule is to use pivots for the session you trade.

i.e. If you're trading New York session, base your pivots on New York close. (the best , for what I've found.)

GMT 00:00 is good though. Pretty close to the NY close to work most of the time anyway. So it tends to not matter.

I've got my own indicator that, depending on daylight savings seasons, is set between 21:00 to 00:00.
...Closes in that time range tend to give similar pivots most days anyway, due to the tight range you get during that quiet time. (We're talking pivot level differences of just a few pips most times.)

,Bundy
Bundy's status today: "Waiting..."
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