What are the best hours to trade? | Forex Factory

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What are the best hours to trade?

  • #1
  • First Post: Nov 3, 2009 8:19pm Nov 3, 2009 8:19pm
  •  gruzza
  • | Joined Oct 2008 | Status: I'm in the compounding business | 16 Posts
Hi Guys and Gals,
one of my biggest problems seems to be sorting out what are the best times to be in front of the charts working. I've tried a few different scenario's, but still not fully satisfied. I live in Australia, and at the moment i work Tues, Wed, and Thurs from 8pm to 3am. And i also do 3 hrs study during the day mon to fri.
Sometimes i start work only to find the move i'm after has happened and i have to wait for another set up, i'm a patient person, but just not sure if i should be working different hours.
I'd really like to know what hours the consistently successful traders are doing.
Any help would be appreciated . . . http://cdn.forexfactory.com/images/s...m/confused.gif
  • #2
  • Nov 3, 2009 8:49pm Nov 3, 2009 8:49pm
Hi Gruzza, if you are trading short term (15 min or less), my advice is to make sure at least one of the two currencies in the pair are from a part of the world that is awake and open for business. If you are trading during the Aussie workday that would be the aussie, kiwi, and the yen pairs.
  • #3
  • Nov 3, 2009 9:16pm Nov 3, 2009 9:16pm
  •  gruzza
  • | Joined Oct 2008 | Status: I'm in the compounding business | 16 Posts
Thanks Philmcgrew,
i'm trading the AUD/USD, EUR/USD, USD/CHF, AND GBP/USD on the hourly charts. I'm catching the last 7 hrs of EUR, and the first 4 hrs of US.
Do you think it would be a good idea to have the charts open when i'm home during the day? or will it be too much screen time?
  • #4
  • Nov 3, 2009 10:48pm Nov 3, 2009 10:48pm
Having charts open isn't inherently dangerous. Staring at them is the problem. Hourly candles only form once an hour so I don't see the point in sitting around for 59 minutes waiting for something to happen. I leave my charts open 24/7 but I don't look at them all day long. Also, it's the computer age so let your computer do some work. It will be more than obedient in alerting you to your specified market conditions.

I know you didn't ask specifically but your choice of pairs all involve the US Dollar and as such, are generally going to be highly correlated. You can really overexpose yourself to an adverse move by trading this way.
  • #5
  • Nov 4, 2009 2:31am Nov 4, 2009 2:31am
Quoting gruzza
Thanks Philmcgrew,
i'm trading the AUD/USD, EUR/USD, USD/CHF, AND GBP/USD on the hourly charts. I'm catching the last 7 hrs of EUR, and the first 4 hrs of US.
Do you think it would be a good idea to have the charts open when i'm home during the day? or will it be too much screen time?
I have two extra points: Don't try to trade between New York close and Tokyo open.

Secondly, not your point exactly but my advice is: Don't trade when you are tired.
Gone to a better place
  • #6
  • Nov 4, 2009 3:11am Nov 4, 2009 3:11am
  •  gruzza
  • | Joined Oct 2008 | Status: I'm in the compounding business | 16 Posts
Thanks for the help guys, appreciate it
  • #7
  • Nov 4, 2009 4:45am Nov 4, 2009 4:45am
Hey mate,

I am also from Aus. I trade anytime between about 2 or 3pm - london close. Outside these hours is generally very sluggish in my experience.
  • #8
  • Nov 4, 2009 5:00am Nov 4, 2009 5:00am
Unless you are day trading, the hours do not matter that much. You must first define your strategy to work around the constrains you face. Use technology to help you, price alerts via emails for eg can keep you inform of the level you deem important based on your analysis. Although I have never tried it neither do I recommend it, automated trading may work for you. I used to zoom out a 15 mins chart and put my preset orders in, and check on them whenever I have the time.

There is always a way to work around it....I live in singapore
  • #9
  • Nov 4, 2009 7:07am Nov 4, 2009 7:07am
Quoting gruzza
Thanks Philmcgrew,
i'm trading the AUD/USD, EUR/USD, USD/CHF, AND GBP/USD on the hourly charts. I'm catching the last 7 hrs of EUR, and the first 4 hrs of US.
Do you think it would be a good idea to have the charts open when i'm home during the day? or will it be too much screen time?
Cut back your pairs to 1 or 2 maximum. Study them and there behavior. Trying to concentrate on to many pairs can be just as dangerous as trading them at the wrong times.

As Phil mentioned, trading the crosses that suit YOUR trading times will give you more insight into how they work, what fundamentals moves them. Also perhaps look at a higher Timeframe, such as Daily and trade around this. This way your getting a bigger picture and your not required or feel the requirement to "have" to trade at every whim. Trading some daily setups can be just as profitable, if not more so, especially given that from an emotional stand point you can have a longer maturity point and you will have less involvment due to outside distactions.

Of the above, the best would be trying to learn 1 pair intimatly then move to your second.

Razor
  • #10
  • Nov 4, 2009 7:25am Nov 4, 2009 7:25am
  •  gruzza
  • | Joined Oct 2008 | Status: I'm in the compounding business | 16 Posts
Thanks again guys, the input is really helpful.
  • #11
  • Nov 4, 2009 7:25am Nov 4, 2009 7:25am
For me, time is not very important. I just wait for good level price to entry,

just wait a good level

-------------

sup res levels
  • #12
  • Nov 4, 2009 1:04pm Nov 4, 2009 1:04pm
If you're trading EJ, the Tokyo/London overlap kicks serious bootay. Especially good for breakouts.
  • #13
  • Nov 4, 2009 5:55pm Nov 4, 2009 5:55pm
  •  gruzza
  • | Joined Oct 2008 | Status: I'm in the compounding business | 16 Posts
Quoting Agro
Hey mate,

I am also from Aus. I trade anytime between about 2 or 3pm - london close. Outside these hours is generally very sluggish in my experience.

Hey mate, that's a lot of hrs. Do you just watch the screen full time or do you do other things at the same time?
  • #14
  • Nov 5, 2009 6:40pm Nov 5, 2009 6:40pm
The best times are where you can make the most money.
As a scalper i trade on times when volume steps in and becomes volatile - the first hours of the Japan,Europe and US opening.

Some people prefer the calm times when it's ranging between US evening and Tokyo opening.
  • #15
  • Nov 5, 2009 6:53pm Nov 5, 2009 6:53pm
Quoting philmcgrew
[b]Having charts open isn't inherently dangerous....
Top of the line post, philmcgrew. Are you Irish?
  • #16
  • Last Post: Nov 10, 2009 9:58pm Nov 10, 2009 9:58pm
Quoting opie999
If you're trading EJ, the Tokyo/London overlap kicks serious bootay. Especially good for breakouts.
Thanks....will keep a lookout with your method. Cheers!
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