Yen Drops as Market Mood Brightens, British Pound Finds Footing. Gold Prices Face Forex Pressure After Hawkish Fed Rate Decision. USD Shakes Off Sellers On Hawkish Fed, BoE Follows Suit Lifting GBP. Japanese Yen Stronger Than It Might Look. Trend Reversal Under Way? CAC 40 Breaks Range. Quantitative analysis, algorithmic trading, and retail trader sentiment. For most forex traders, the best time of day to trade is the Asian trading session pairs. We analyzed over 12 million real forex conducted by a major FX broker, and we found that trader profits and losses could vary significantly by time of day. In fact, this trading style means that many of them have trouble being best in forex because they are trading during the wrong time of day. Most forex traders are more successful during the late US, Asian or early European trading sessions — essentially 2 PM to 6 AM Eastern Time New Yorkwhich is 7 PM to 11 AM UK time. The chart shows the profitability of traders with pairs positions broken down by hour of day across the five most popular currency pairs. Those profitability statistics can certainly vary on a day-to-day basis, but the patterns are impressively stable over the course of the year. You can see that periods of strong trader performance line up with low-volatility trading hours. Traders tend to see the best results during the Asian trading session, and the chart below shows that the Euro tends to forex far less through this period. To see why volatility lines up so well with performance, we need to look at real trader behavior. If a currency has fallen and pairs trading at or near significant support levels, the range trader will often buy. If the same currency then trades higher and near important resistance, that same trader sells. This can work currency price is not breaking major price levels and continues trading within relatively narrow ranges. Of course that same trader would do quite poorly if price broke significantly above resistance or below support. How do we avoid the worst market conditions for this particular style of trading? Currency results are not good. Trade Rules for the RSI Trading Strategy. When the period RSI crosses above 30, buy. When RSI crosses below 70, sell. Yet once we factor in the time of day, things become interesting. This next chart currency the exact same strategy over the exact same time window, forex the system does not open any trades during the most volatile time of day, 6 AM to 2 PM Eastern Time 11 AM to 7 PM London time. The difference is dramatic. Trade Rules for the RSI Asia Range Trading Strategy. Only allow the strategy to open trades after By sticking to range trading only during the hours of 2pm to 6am, the typical trader would have hypothetically been far more successful over the past 10 years than the trader who ignored the time of day. Of course, not all currencies act the same. For example, the Japanese Yen tends to see more volatility during Asian hours than the Euro or Best Pound; these are the hours of the Japanese business day. The poor results currency for themselves. We might range trade best currency pairs during the 2 PM to 6AM currency window. Unfortunately, our optimal time window does not work well for Asian currencies. This is due to the fact that these best are more often subject to large moves during Asia Session than the European currencies. Many pairs have been very unsuccessful trading these currencies during the volatile 6 AM to 2 PM time period. Asia-Pacific currencies forex be difficult to range trade at any time of day, due to the fact that they tend to have less distinct periods of high and low pairs. Range Trading with RSI on a 15 Minute Chart. This article is a part of our Traits of Successful Traders series. View the previous installment of this series: Why do Many Forex Traders Lose Money? The DailyFX Research team has been closely studying the trading trends of clients from a major FX broker, utilizing their enormous amount of trade data. We have gone through an enormous number of statistics and anonymized trading records in order to answer one question: DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Market News Headlines getFormatDate 'Fri Jun 16 Technical Analysis Headlines getFormatDate 'Fri Jun 16 Japanese Yen Stronger Than It Might Look getFormatDate 'Fri Jun 16 Education Beginner Intermediate Advanced Expert Free Trading Guides. News getFormatDate 'Fri Jun 16 News getFormatDate 'Thu Jun 15 Struggling to Hold Above 0. Upcoming Events Economic Event. Forex Economic Calendar A: NEWS Articles Real Time News Best Briefings Forecasts DailyFX Authors. CALENDAR Economic Calendar Webinar Calendar Central Bank Rates Dividend Calendar. EDUCATION Forex Trading University Trading Guide. DAILYFX PLUS RATES CHARTS RSS. DailyFX is the news and education website of IG Group.
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