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OPENING PRICE and FOREX
- Thread starter larrybf
- Start date
Hi Larry,Quote from larrybf:
FOREX trades actively throughout the 24 hour clock. IS there really an "opening price" and if you believe so, what time does the opening price occur??? thanks
It is generally accepted that when the NY session opens around 8AM to 9AM that that is the time period reference that is commonly referred to.
But due to the 24 hour "sun rising around the world" structure forex truly is seamless trading from Sunday Australian/New Zealand (AUD/NZD) opening session (5PM EST) to Friday NY (USD) session end 5PM EST.
If you use candle charts you can also see the "open" and "close" in each move as well based on an hour chart, or a 30 minute chart, a one minute chart and so on.
Hope this helps!
If there is anything else you would like to know about forex pls feel free to ask,
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Quote from larrybf:
FOREX trades actively throughout the 24 hour clock. IS there really an "opening price" and if you believe so, what time does the opening price occur??? thanks
Great question and I have wondered that myself as I do not trade any of the spot forex markets. However, I would think you could find out when the opening tick occurs on Sunday and set up your charts accordingly.
Sarasota: A good way to get your times down is to simply go to OANDA and download their demo.Quote from Sarasota:
Great question and I have wondered that myself as I do not trade any of the spot forex markets. However, I would think you could find out when the opening tick occurs on Sunday and set up your charts accordingly.
It is exactly the same as live and you can watch the market actually start ticking when it opens.
OANDA offers another benefit though, its brokerage trades 24 hours/365 days a year so, many times you can see moves being made on OANDA that would not even necessarily be referred to by the media until official "opening" time.
Example trade: Before the market opened one Sunday (I live in California) it occurred to me that G-7 would make a statement after their meeting a day earlier that would effect the USD in a bullish way.
I entered a heavy short EUR/USD position and sure enough, an hour later when the market officially opened there was a red streak form that moved the price down around 200 points.
Unfortunately I didn't have my account funded at that time so my order could not be placed - ha!
Forex is truly exciting if you have the guts to handle it.
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THANKS FOR ALL THE GREAT INPUT GUYS... IN looking at past forex charts it seems that quite often very nice trends inthe eiro begin around 2-3 am (est) so the london open or the DAX open must be a key factor....thanks again.... gonna watch this for awhile and when my opinion gets more defined i will update you...