Best Times to Trade Forex? 👍
★ Best Times to Trade Forex?
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Best Times to Trade Forex? When is the Best Time of Day to Trade Forex? We have the forex market and those multiple pairs and they practically trade round-the-clock.
But how do we trade forex? Do we sit in front of a screen all day – do we select certain times of the day and what are the best times to trade?
This is a guide at when the market is at its most fruitful:
1) Data – you have traditional data that comes out weekly or monthly. Check on an economic calendar if there is any relevant data coming out – that could be interest rates, CPI, Non-Farm Payrolls, some comments by the Central Banks..etc. i.e. some announcement that would change people’s perceptions of that currency. If you’re trading the dollar you would be looking at the at the dollar pairs; GBP/USD, USD/JPY…etc Be cautious of the volatility swings that can happen over data. But data can also trigger trends and opportunities.
1) Stock Market Open or Stock Market Close. If you’re trading the USD dollar for instance look at when the USA stock market session opens which is 2.30pm UK time. You often get little movements based on how people are moving money around.
3) ‘Open’ of a country – when they start to wake up. The currencies are traded round the continent; America, Asia, Europe…etc so volume tends to be greater with that specific country.
4) After big moves – this is one you can’t plan for but you can still be prepared for. If we have had a really big move on the prior day, then there is more likelihood that something would happen on the next day.
5) After key level breaks – similar but this brings more participants and eyeballs on the key levels everyone is looking at. This could be key for trading breakouts on long term trends.
The Best (and Worst) Times of Day to Trade Forex 🕙