Tuesday, May 17, 2011

The best times to trade currencies

The best times to trade currencies
Forex is a 24 hour market and have good setups for profitable trades in Asia, European and U.S. sessions. It pays to look at historical data on prices of forex charts to see what time of day you can see the market and what you can do something else. The goal is to trade when the average trading range is worthwhile to stay out of the market when the price is a narrow sideways range.
London Trading Session
London opens at 8 am GMT or 03:00 EST. It closes at 4 pm GMT GMT or 11:00 EST. The most active pairs during this session EURUSD with 39% of the volume, GBPUSD with 23%, USDJPY with 17%, USDCHF with 6% and USDCAD 5%.
European session
Europe opens at 07:00 GMT or 02:00 EST, closes at 3 pm GMT or 10 EST. The European session is the most volatile session most of the time.
New York Session
New York opens at 13:00 GST or 8 EST. Close at 08:00 GMT or 15:00 EST.
New York is the second largest forex market place. Busiest time 08:00 to noon EST. News releases can result in a volatile market. Economic activity usually winds down after the U.S. afternoon trading period.
Asian Session
The Tokyo session opens at 01:00 GMT or 20:00 EST and closes at 08:00 GMT or 03:00 EST. Sometimes volatility is low, and sometimes good moves occur. The USDJPY is the most active pair with 78% of the volume followed by 15% in EURUSD and EURJPY with 5%.

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