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HELP- I cant trade during NY market hrs.

  • #1
  • First Post: Aug 19, 2006 5:11pm Aug 19, 2006 5:11pm
I can not trade the NY session due to a work conflict, my options are the london and asian markets. I only follow the usd pairs but now I cant. Cross pairs seem more volatile, higher spreads but I have no choice.

Any tips on cross pairs. Please everybody help if you can. I am seriously destressed over this and need advice, thanks in advance.

Mike
  • #2
  • Aug 19, 2006 6:38pm Aug 19, 2006 6:38pm
Yes I know the feeling. I have to be out the door before 7am eastern time. I would love to get in on some of those runs from that time on until 8:30am until around noon eastern time. There is a lot of action. What I do though is I go to bed early and get up at mid night or before 2am to trade the European sessions. You will see runs of 40 to 60 pips, and even more during these hours. For instance on 6/22 and 6/23 runs of 200 pips and 150 pips started strongly during these sessions. That is with the GBP/USD and the spread is normally 4 to 5 pips. These runs will start at around 2am when the GBP session opens and then the Euro session opens at 3am. I used to watch the Asian session but really in the few months I have only seen a couple of good runs it mostly channels between 0 and 20 pips. In the latter part of July the Asian session did have some good runs but for me and what I know it is not time effecient for me to look for those. Wont kid you though I do want to be able to trade the N.Y. session. What time do you go to work I am working on another method of setting orders with entry, stop loss, and limits (desired amount of pips) to capture a small portion of the market.

Tom
  • #3
  • Aug 19, 2006 8:18pm Aug 19, 2006 8:18pm
Trading during NY hours can be very profitable. Most action is 6am-11am EST. UK trading has its streaks but has been dead recently probably because of vacations and will resume after labor day. Trading during news can get crazy, and many brokers will not fill orders then or will add slippage of up to 50 pips to your order. Asian trading has been dead for a long time and will usually only work around BOJ interest rate news. Sometimes you can get 20-30 pips then. Trading early Mon and Fri UK often works good now altho UK news moves have been very small .
  • #4
  • Aug 19, 2006 9:24pm Aug 19, 2006 9:24pm
Quoting mappollo69
I can not trade the NY session due to a work conflict, my options are the london and asian markets. I only follow the usd pairs but now I cant. Cross pairs seem more volatile, higher spreads but I have no choice.

Any tips on cross pairs. Please everybody help if you can. I am seriously destressed over this and need advice, thanks in advance.

Mike
Hi Mappollo,

If u can trade london session, i think its more than enough for u to bcome a full time trader and then u can trade any session u like.
As a day trader, my persnal trade doesnt last more then an hour entry and exits. max 1.30 hour and m out.
U can always trade Gbp/$ and €/$ in london session and which can make u enough pips or money. forget other pairs focus on these two majors and rest would be fine.

Hav fun.
  • #5
  • Aug 19, 2006 10:54pm Aug 19, 2006 10:54pm
Thanks for reply, Im out the door by 6am and home at 7pm. As you can see limited options. I have traded the 2a-4a market, small gains but # of hrs sleep per night, cant have it effect job. Have to adjust trading plan, looks like days are out, focus on position trading,trending- longer time frame.

Just need to adjust my limit, stop loss orders-Instead of intraday trades I plan to be in for days at a time, only a few trades per week. Slight change.

Ill due what I got to due, I enjoy the forex market too much.
Ill focus on gbp/usd and see if I can get 150-250 pips a week, Ill work towards that and see how things go.

Im upset too I cant trade the news, I enjoyed those 75-150 pip jumps-In out in 10 minutes. Awesome, risky and exhilarating.

thanks again.

mike

Quoting tomhen
Yes I know the feeling. I have to be out the door before 7am eastern time. I would love to get in on some of those runs from that time on until 8:30am until around noon eastern time. There is a lot of action. What I do though is I go to bed early and get up at mid night or before 2am to trade the European sessions. You will see runs of 40 to 60 pips, and even more during these hours. For instance on 6/22 and 6/23 runs of 200 pips and 150 pips started strongly during these sessions. That is with the GBP/USD and the spread is normally 4 to 5 pips. These runs will start at around 2am when the GBP session opens and then the Euro session opens at 3am. I used to watch the Asian session but really in the few months I have only seen a couple of good runs it mostly channels between 0 and 20 pips. In the latter part of July the Asian session did have some good runs but for me and what I know it is not time effecient for me to look for those. Wont kid you though I do want to be able to trade the N.Y. session. What time do you go to work I am working on another method of setting orders with entry, stop loss, and limits (desired amount of pips) to capture a small portion of the market.

Tom
  • #6
  • Aug 20, 2006 5:57pm Aug 20, 2006 5:57pm
I will trade, learn, adjust, my plan to starting with opening market, Sun 5pm EST. I get some economic news, good closing numbers, and time to try out some more systems. I love THE TREND IS YOUR FRIEND, Im a newbie but thats the best logic I have heard since begining.

Im looking the trade the UK release at 701pm EST and see how I do.

I now need the think, ok I will be in trades for days vs before, in/out with in hours. Still have the intraday trader thinking. Dam Psycholgy, has to be involved. Mental preparation in Fx I believe to be critical, I believe it will take me months to get to that point but its within time period in my trading plan.

I believe Im on track. Testing these last few months I have learned ALOT, IM ABSORBED AS MUCH AS POSSIBLE. Here are quick numbers,

1st month - Getting a feel for things, net percentage w/l = 30%
2nd month - enormous jump in research, net percentage w/l = 60%
3rd month - Indicater crazy, news, detailed anaylsis, net w/l = 70-75%

Still dont have a set system, a little here, a little there. So much info on web, my head going to pop soon.

Comments are appreciated, UK release 5min, gotta go, will check back.

Mike
  • #7
  • Aug 21, 2006 1:21am Aug 21, 2006 1:21am
Well if you can't trade NY time, trade london opening. By the book it's the most volatile session. I focus most of my trading on london's opening till about 4 hours later.
  • #8
  • Aug 21, 2006 2:02am Aug 21, 2006 2:02am
Looks like Sunday open 5pm till about 4am est. Ill hit the sydney open, london open till about 4pm est. Here is what I did, trade for trade so far.

Opened long gbp/usd at 1.8830(2 lots), 701pm
Closed at 1.8848, 945pm, 18 pip move at (2 lots)
PROFIT $370.00, could have been more, exited early.

long aud/usd at .7594 at 551pm
closed aud/usd at .7603, 1032pm,9 pip move.
PROFIT $90.00

Long gold at 116.00 at 909pm
closed gold at 117.20, $1.20 move to 1130pm
PROFIT $600.00

$1060 profit, not bad.

Keep coming with the ideas, thanks.

M
  • #9
  • Aug 21, 2006 4:50am Aug 21, 2006 4:50am
Also, don't forget than you can trade on longer timeframes. Take a look at the Vegas 4H (or the Knife in the PF), which trades on a 4 hour chart. In fact, many experienced traders recomend that those just starting out trade only on the 4H and up.

Regards,
Michael fxgorilla
  • #10
  • Last Post: Aug 22, 2006 5:47pm Aug 22, 2006 5:47pm
Tks, I read the entire Vegas thread, all 27 pages, interesting. I am looking into the 4hr method, just have to get my mind in to swing trading instead of intraday trading. Looking at the setup, dont see the defined entry pts, stuck on intraday thinking.

It looked like yesterday there was a tunnel setup for the usd/jpy, breaking upward thru tunnel. Any decent setup you can reccommend.

Advice is appreciated.

Mike


Quoting fxgorilla
Also, don't forget than you can trade on longer timeframes. Take a look at the Vegas 4H (or the Knife in the PF), which trades on a 4 hour chart. In fact, many experienced traders recomend that those just starting out trade only on the 4H and up.

Regards,
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