Best time to make daily trading decision

[Philip]

In my part of the world (Oz), my daily candle closes at 0900 local time, which is GMT +2. So I'm trying to understand the best time to make a decision if I'm trading the daily charts.

I was thinking that for the AUD, NZD and JPY pairs, I could make a decision say an hour after the respective markets open, but for the European pairs, wait for the London market to open later in the day. I don't trade the US session in our summer as it doesn't open until midnight.

Any advice you can offer would be appreciated.

Regards

Philip

Current temperature is 27.8C

[zion]

Hi Philip
I'm from land of OZ (Melbourne). I usually check the markets at 7am (non daylight saving time). 8am is the beginning of the daily charts.

[traderethan]

I am from Hong Kong and I usually check the daily chart at GMT 00:00.

[germantud]

Is there a really big difference between day trading and night one?

[capsmart]

Germantud
It depends when is day for you
It also depends on the pairs you trade.
So during the Asian session it is better to trade JPY AUD NZD then when London opens above pairs tend to calm and start the EUR GBP USD pairs to get active. This goes till London close.
After Us close and before Asia open the market is very quiet and during this time there are scalping robots that try to make 5-10 pips from the small movements.

[yuab]

Is there a really big difference between day trading and night one?

i think it does! to people in every country has their living habits,were you tired or sleepy at that time ,perhaps you can judge something in a correct way! no one want to do this ,if you can find the way let the trade partners feel respective,i think it's very useful for the deal!

[pipchaser]

Hello Philip

Have you ever thought about trying some maths to find the ideal trading times for the pairs in question.

Get a notepad and pen then open the History Center on your platform (if this is what you use) go to AUDUSD click on the hour chart and take a note of the numbers in the "volume" column. Split the day into 4 parts and work of a 5 trading day week this should start to built up a pattern of best times to trade, the higher the volume the more movement in trades.

Hope this gives you a start.

Eg: 2011.09.15

01.00 = 522 02.00 = 325 03.00 = 526 04.00 = 642
05.00 = 499 06.00 = 463 07.00 = 714 08.00 = 577
09.00 = 717 10.00 = 1202 11.00 = 773 12.00 = 538
13.00 = 546 14.00 = 514 15.00 = 727 16.00 = 2172
17.00 = 1116 18.00 = 596 19.00 = 411 20.00 = 314
21.00 = 412 22.00 = 461 23.00 = 221 00.00 = 195

I doubled clicked on the 1m chart to get the last time check on my platform (02.58) as it's just approching 1 a.m UK time my platform is an hour ahead so that would make from 1pm to 4 pm as a good start remembering each bar is the closing time.

Late here and signing off, but hope this might give you some food for thought.

[tradingjunky]

In my part of the world (Oz), my daily candle closes at 0900 local time, which is GMT +2. So I'm trying to understand the best time to make a decision if I'm trading the daily charts.

I was thinking that for the AUD, NZD and JPY pairs, I could make a decision say an hour after the respective markets open, but for the European pairs, wait for the London market to open later in the day. I don't trade the US session in our summer as it doesn't open until midnight.

Any advice you can offer would be appreciated.

Regards

Philip




Current temperature is 27.8C

nice and warm there mate

i make all my plans first thing about 8 am est


so if you trading end of day type system then our open as as good as any to trade

because that is end of new york day if you trading marks m1

well after 4 pm might be a good time to try

and for pierres
E&S , then time of day is not relevant but it seems to work better later in the day not early

however i always get in too early and if you do then take profit when it there
and maybe look to trade it again later in day
hope that helps

I am sure there will be lots of other opinions

[pipchaser]

Hello Philip

Sorry I didn't have more time earlier to explain more.

For all us newbie, "volume" = ticks (I prefer to call it pips) best way to explain how volume works is by looking at a clock on the wall, over a minute cycle it will tick 60 times, but sadly it's not that simple when it comes to forex, because it might be looking at a clock needing its battery changed, because it might tick back and forward on the spot 60 times but only move one second (or 1 pip in our case). So a high volume bar might be a slow moving clock, but its a start. You can double check the high/low start/close on the bar for more detailed info if you choose this root.

At a quick glance over the last couple of days I like the look of the 17:00 volume ending bar, so 3pm my time would be worth a watching for me.

10:00 (8am UK) for yourself maybe ?

Glancing at AUDUSD on my platform looks like I couldn't have picked a better time to post. Pity I didn't post a bit sooner.