Lookout for daily turnaround situations

Forexmentor.com Forex Trading Price Action

One of the things I have mentioned before is the fact that you should always be on the lookout for daily turnaround situations. These can easily be spotted on the 15 minute chart. For instance, on Monday, April 30/07 the pound, euro and Swiss franc, to name just a few, all reversed their course in and around the London close (~11:30 am ET). Here, you could have grabbed a few pips, just by knowing this fact, and using good old fashioned Tom DeMark trendline analysis.

There are other times of the day that are equally fruitful – like 3 am ET (London open), 8-9 am ET (New York open at 8 am ET, and lift of news embargo at 8:30 am ET), and 7 pm ET (start of Asian session). Easy money is to be had at these times. So, why not just pay attention to these times, and grab your daily 20 pips? Ka-Ching! See you at the bank. Of course, much more is waiting for you at: www.forexmentor.com

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