Profitsniper007
Active member
- Messages
- 107
- Likes
- 2
It is a rather common fallacy that New York City (Wall Street) is the financial capital of the world - it's not.
London is.
On the map, the whole of the UK is a mere blip, but none the less it host the finance capital of the world.
There are also other interesting things about the City of London but they are totally irrelevant and won't be discussed here.
At 8am GMT the London bells rings and the session that accounts for the largest volume in forex commences.
About 35% of the time London's opening range can mark the high/low of the day - if you work out the probability of this assuming that any time could be the high low of the day, this is a pretty staggering percentage, and certainly something noteworthy.
Very often when London is the high/low of the day, we will see a pull back later in the day and from here we can draw fibs extensions and pick out our targets.
I am not going to pour though loads of charts and examples here, if this interests you, you can do your own back testing and see how valid this is.
In this example, which I never actually seen or traded, there are 3 days.
One worked perfectly and two never worked (33% - though this is of course a tiny sample)
From the daily chart, there was a possible sell signal on this pair and if you had seen that and been looking for bearish trades, this would have been a very nice day for you. (Example that worked)
On almost any one hour chart you look at you will see times when 8am GMT was the H/L of the day, there are a few ways you can work a pretty easy to follow and high expectation strategy around that.
Do you own back testing, do your own diligence and if this is a new concept to you and you are interested in it, crack out a demo account and use some monopoly money to test and try before you put up real bucks.
London is.
On the map, the whole of the UK is a mere blip, but none the less it host the finance capital of the world.
There are also other interesting things about the City of London but they are totally irrelevant and won't be discussed here.
At 8am GMT the London bells rings and the session that accounts for the largest volume in forex commences.
About 35% of the time London's opening range can mark the high/low of the day - if you work out the probability of this assuming that any time could be the high low of the day, this is a pretty staggering percentage, and certainly something noteworthy.
Very often when London is the high/low of the day, we will see a pull back later in the day and from here we can draw fibs extensions and pick out our targets.
I am not going to pour though loads of charts and examples here, if this interests you, you can do your own back testing and see how valid this is.
In this example, which I never actually seen or traded, there are 3 days.
One worked perfectly and two never worked (33% - though this is of course a tiny sample)
From the daily chart, there was a possible sell signal on this pair and if you had seen that and been looking for bearish trades, this would have been a very nice day for you. (Example that worked)
On almost any one hour chart you look at you will see times when 8am GMT was the H/L of the day, there are a few ways you can work a pretty easy to follow and high expectation strategy around that.
Do you own back testing, do your own diligence and if this is a new concept to you and you are interested in it, crack out a demo account and use some monopoly money to test and try before you put up real bucks.
