Disliked{quote} Btw,Nice trade today ! But is it the right time? because the eurjpy chart i think the time is not correct, i think its not the new york open. Please correct me if im wrong.Ignored
Because of US daylight saving currently if effect, US events happen 1hr earlier in UK time, until we also move our clocks forward on 26 March.
There's an old maxim in the markets, that retail play the open and Pros own the close. If you look back at the US Cash Equity Open at 0830 US time, the first hour is usually mixed. I find the best time where trends gain traction is post the first hour; as someone said, there are well known strategies that trade the first hour. By waiting for another 30mins after the first hour we have a better chance of success - this is reflected in the price action. Have a look back at the M30 bars that close after the first hour. In effect, you are placing orders 1.5hrs after the cash equity open.
Hope that clears up the confusion; thanks Zen.
For those of you who wish to trade the US session (or any other for that matter) I have enclosed a useful indy for marking the 30min candles. You just need to play with the box colour(none) and choose your line colour then change the open/close times to adjust.
Good trading
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