Best forex trading hours australia
When is the best time to trade currencies? An edge can come in any form and is usually a small change that can make a difference. Many people, particularly new traders, do not realize that you can gain an edge in currencies by best forex trading hours australia trading only during specific times of the day.
A common mistake that traders make is to try to apply the same strategy across different currency pairs and time frames. However, an even bigger mistake is to try to look for trades based upon a specific strategy during all times of the day. Unlike other markets, in forex, a trader can look for his or her setup and place a trade at 7 in the morning or 7 in the evening.
The problem is that a strategy that works at 7am may not work as well at 7pm and vice versa. This is particularly true for short-term traders who have no interest in holding a position overnight. For example, let us assume that we are using a breakout strategy. In order for a breakout to occur, there needs to be a catalyst. In order for there to be a continuation, there needs to be momentum.
Therefore, the best time of the day to look for breakout opportunities and to avoid a fake out is around major economic releases when there are a lot of participants in the market. More specifically, breakout strategies work best around European and U. Range traders on the other hand need to avoid trading around economic releases and any time of day where there can be significant volatility.
When there is breaking news, the ranges tend to be broken. Therefore, the best time of day to trade for range traders is when there is no economic data being released anytime soon and when there are fewer participants in the market. We can even drill this down to specific hours. Yellow represents below average, orange represents above average volatility during that hour and red represents the hour where volatility is the highest times are in GMT.
Based upon our study, the best times for breakout or momentum traders to trade is between This makes perfect sense since close to 60 percent of global forex turnover happens during the London and U. The best time for range traders to trade is between Believe it or not, you can gain a valuable edge by best forex trading hours australia trading only during the times of day that is conducive best forex trading hours australia the strategy.
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