Asian currencies, it is important to select the right platform to trade on, with there being little point in using a London.S based platform, when considering the need for liquidity, support and the availability. It goes without saying that the greater the deviation of the data released from forecasts, the greater the volatility upon release and the minutes forex vs bourse after release. While calm slow markets would literally waste your time efforts turn off your computer and don't even bother! The best time to trade is when the market is the most active and therefore has the biggest volume of trades. How to Trade the Asian Session *Please note that I will be using a past example to illustrate the setup. This featured article comes from one of my trading buddies, and is a proven strategy we have been using and testing for years! We use this strategy on any pair that includes one of the Asian session currencies (Japanese Yen, Australian Dollar, New Zealand Dollar) which will give you quite a few pairs to look at every day. The next step is to pull a Fibonacci Retracement tool from the high of the day to the low of the day or the low to the high of the day in the direction in which trading proceeded for the day. Turning the Asian Mirror into the Asian Scalping Strategy. Lastly, place pending orders (buy or sell limit orders) just ahead of the.2, 50, and.8 Fibonacci levels to trade in the direction of the prior days price action.
So once you get the hang of it, try different sizing techniques, different stop trailing methods, etc. While the Forex market is considered to be a 24-hour market during the working week, the trading sessions continue to be broken down into the Asian, European and North American sessions. And determine what direction the market went for the day. You can turn the Asian Mirror strategy into the Asian session scalping strategy with relative ease. I will explain a bit more below. Its worth noting that there is an overlap between the respective sessions, with the last hour of the Tokyo session overlapping with the first hour of the London session. When looking at trading through the Asian session, the currency pairings are categorized into the majors, cross-currency pairings (also referred to as the crosses) and the exotics. Consumer Spending / Retail Sales. The name springs from the fact that we anticipate the Asian session to mirror the prior days activity and give us an opportunity to enter positions in the direction of the prior days activity. If not, we cant say the prior day had a definitive direction, so we stand aside on this particular pair for the day.
For example, if the day started higher and dropped, pull the Fibonacci to from the high of the day to the low of the day. Ok, first things first: dont get confused.you are trading in london forex trading session but what you need to look at is the asian forex trading session to do that.
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