Pairs You Trade? What Sessions Are Open When You Are Trading?
What Pairs Should You Trade? What Sessions Are Trading When You Are Up? * Use Your Commonsense!!!
The best forex pairs for you to trade will depend on many factors:
What time of day you will trade
Whether you are interested in making a long-term investment to achieve larger profits or are happy to scalp smaller profits many times each day
Your knowledge of currency, the forex markets and global economies
Should you trade (example)
USD/JPY pair when Tokyo is in session? Yes, because half of the pair is in session and both volume and liquidity is moving markets during this time.
AUD/USD pair when Tokyo and/or London sessions are open only? No, because Sydney session has closed and New York has not opened yet.
EUR/JPY pair when London and/or New York Session are open only? Yes, for overlapping London/New York session, but no once London session closes.
USD/CAD pair when Sydney, Tokyo or London is open only? No, because both sides of these pair are open during New York only- so trade only during NY.
In my opinion and one of my rules is:
at least half of the pair needs to have current session open and trading, if both parts of the pair are in session (say: Tokyo and London overlap (EUR/JPY pair) or London and New York overlap (EUR/USD)- that will give you the most volume and liquidity in these pairs, thus movement in the pairs is much easier.
In Forex: Commonsense is a must, Patience is a must, Risk Management is a must and knowing what sessions are open and giving liquidity & volume is a must.
The best forex pairs for you to trade will depend on many factors:
What time of day you will trade
Whether you are interested in making a long-term investment to achieve larger profits or are happy to scalp smaller profits many times each day
Your knowledge of currency, the forex markets and global economies
Should you trade (example)
USD/JPY pair when Tokyo is in session? Yes, because half of the pair is in session and both volume and liquidity is moving markets during this time.
AUD/USD pair when Tokyo and/or London sessions are open only? No, because Sydney session has closed and New York has not opened yet.
EUR/JPY pair when London and/or New York Session are open only? Yes, for overlapping London/New York session, but no once London session closes.
USD/CAD pair when Sydney, Tokyo or London is open only? No, because both sides of these pair are open during New York only- so trade only during NY.
In my opinion and one of my rules is:
at least half of the pair needs to have current session open and trading, if both parts of the pair are in session (say: Tokyo and London overlap (EUR/JPY pair) or London and New York overlap (EUR/USD)- that will give you the most volume and liquidity in these pairs, thus movement in the pairs is much easier.
In Forex: Commonsense is a must, Patience is a must, Risk Management is a must and knowing what sessions are open and giving liquidity & volume is a must.