How To Use A European Open Forex Strategy

Forex traders need to be aware of both price movements and the time of day. Learn FX strategies that incorporate these factors to maximize profits.

Not school or university leavers, sorry, require the maturity of life expereince, to ensure liklihood of success. Du behöver flash för att kunna se filmen. If you need the precise time, see http: Home Branches Denna sida. Sometimes the market will run and we will make more on the second half of the position, other times it will stall and reverse resulting in a smaller gain than on the first half the position.

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Ryan Littlestone has been working in financial markets for more than 20 years. Wide-eyed, he stepped out of Bank station in London to join LME founding member Rudolf Wolff where he worked his way to the main order desk and brokered customer orders to the LME floor and across virtually every global market. Trading begins in Frankfurt around 7am GMT. This is the bar we will use for our opening price. Because we are going to wait for at least a pip movement above and below the open price, it is common to wait an hour or more for a tradable breakout.

Until the breakout occurs, we do not enter into a trade using this strategy. This is because the only market open right before Frankfurt and London is the Tokyo market. The cable is lightly traded on the Tokyo exchange and because of this, there is more volatility when traders enter the market around the Frankfurt opening time, which is followed shortly by the London open. Some other currency pairs are more evenly traded throughout the day and thus this strategy is not as effective.

It has large swinging moves that create excellent profit opportunities. Where there are large swings and profit potential, there is also the probability of being stopped out.

We wait for the market to move both directions before entering a trade so we can reduce the likelihood of being stopped out of our trade. After these initial price movements have taken place, the next move — our breakout - is more likely to have conviction behind it because all the weak positions were shaken out of the market in initial rate swings.

Logic Behind the Strategy Traders often put stops just outside ranges. When the market opens, and a direction has not been definitively established, these tight stops are triggered by the increased volatility of the open.

Stops on one side of the opening price are triggered, pushing rates out of the range and giving the illusion of a breakout. Once all the stops and weak positions traders not completely dedicated to this first move after the open have been cleared out, the initial move slows and often reverses. The same thing happens on the other side of the opening price. All tight stops around the open price have been triggered and now the market is ready to make its first real move.

This move is more likely to have strong traders and positions behind it and be based on more solid fundamental and technical criteria than the initial weak moves triggered simply by increased volatility. We enter a trade after this noise and stop triggering has subsided and the market is making its first strong move and triggering a breakout of the either the high or low of the range established after 7am GMT.

The morning session does not always play out in this fashion; patience is required in finding the pattern. Example The example in Figure 1 shows how the strategy works. The blue vertical line is when trading begins at 7am GMT. The two blue horizontal lines mark the high 32 pips above open and low 33 pips below open made after our open of 1.

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