entered long @1.2332 14:30 gmt candle

edit: this move feels pretty weak - may close very soon.

closed @ 1.2344 >> + 12 pips

-- the position felt weak almost as soon as I opened it - it may continue up to R1 (1.2372) but it felt safer to close.

for those of us on the West Coast of the US - what do you find are your best trading times.

I've found that the most volitility is 05:00 pst(12:00gmt) - 09:00 pst(16:00gmt)

2 things happen after 09:00:
#1- London closes and most of Europe goes to dinner
#2- (just a theory) but I think everyone in New York goes to lunch.

it seems that after 9:00, trading flattens out alot. By the time NY closes and Australia - then Tokyo open in the afternoon(pst) its flat as a pancake until 23:00 pst when Central Europe begins to wake up for the day.

Hi reemul99,

a short statistic of the big players at the fx market (not mine) and their market participation:

12.4% UBS
12.2% Deutsche Bank
09.4% Citigroup Corp.
05.8% J.P. Morgan
04.9% HSBC
04.5% Goldman Sachs
04.1% Barclays
03.8% Credit Suisse
03.5% RBS Royal Bank of Scotland
03.5% Merrill Lynch
------
about 64% of the market

about 60% / 9 of this 10 banks are located mainly in finance centers in Europe and USA => as an additional comment on why the intersection of European and NY time is more interesting to us!

mibl

__________________
Never trade with money which you need to make a living *** I trade with my money based on my decisions *** Please decide for yourself.

Hi Mibl !
Dude, thats awesome information. I see now why that set of hours (5am-9am PST) is the sweet spot for us.

It looks like things are going into range mode now (16:00 gmt). Another day of trading is (probably) done -all my positions are closed.

EUR, GBP, and CHF are all moving away from the 50 ema - too risky to take another position and time is running out on the day.

Todays recap for trades I made (all times GMT):
EUR/USD
short 12:30 @1.2326 closed @1.2320 >> +6 pips **News Straddle system
short 13:00 @1.2310 closed @1.2302 >> +8 pips **CatFx50 system
long 14:30 @1.2332 closed @1.2344 >> +12 pips **CatFx50 system
( should have kept that last one open - its still climbing [@1.2361 now] - and nothing is in its way to stop it until it hits R1 @1.2372) a little gun shy from some recent losses I guess- need to work on that

Total for the day: +26 pips

HI,

Harold, i like a lot your 3 ema entry and i liked so much your exit using them today in this short euro, how would you make your exits in this euro long?

Reemul99 - I have R1 up at 12399 area

dont know how you're getting that - I show that close to R2

see linked pic

Attached Images

apr192006_eur.gif (42.6 KB, 153 views)

I have R1 at 1.2414

Yes I also have it there (1.2414) on Neiumex but 12399 on North Finance