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Trading times – another excuse

March 24th, 2009

Over the past few years, there’s been many folks who are concerned they are missing a lot of trades by not trading the London session.  It’s probably true.  There are a lot of good trades at that time. Forex tends to be a bit more volatile at that time.  I currently have a full time job and getting up in the middle of the night to trade would most likely interfere more with my profitability because of the lack of sleep. 

Just an excuse?  I don’t believe so.  Don’t get me wrong. There are a lot of excuses I have.  Supper, time with the family, being tired after a long day at work and oh, dont forget that great episode of 24 that’s on, among other things.  I’m a master at excuses.  I’m working on it.

But back to the time frame.  When I do get the opportunity to trade during the day, I realize  that as long as I have a plan, a technique and I stick with it, the opportunities present themselves at all times.  

Lately I’ve been looking at the setups for the EUR/GBP.  I typically look at the support and resistance levels on the daily as well as the trend .  After defining these, I take it down to the 4 hour and look there for the Support and Resistance and the trend there.   I do the same for the one hour and then for the 5 minute.   Since I have only bits of time here and there, I stick to the concept of price bouncing off of the support resistance levels.  Depending on which time period the levels are from appears to make a difference.  If price goes through a specific level, it appears to extend a bit more if the level was a higher time frame.

Then I’ll do the same for other pairs if time permits.  If I see a bounce coming, I’ll wait for a while. If not, I let it go and try again in the morning when I awake when I’m refreshed from the sleep I did get.  

Now if I can only get rid of those excuses….wait… I missed 24 last night. Guess I’m on the right track after all.

Trading can be done any time, but every time is not a good time to trade.