Times of the day to watch out for

Forexmentor.com Forex Trading Price Action

One of the things you should always be on the lookout for are those strategic points in time, wherein price will more often than not want to reverse its course. One such time is the window of opportunity anywhere from 10:30 am ET to noon ET, which is of course, the London close. Take that timeframe for the GBP/USD pair Wednesday, July 25. Price had been falling up to that time, and then bounced of the 200 EMA on the hourly chart, coincident with positive MACD divergence forming on the 15 minute chart. Not only that, but a hammer ended the run down on the hourly chart, together with a quasi-hammer on the 15 minute chart. Thus, the uptrend remained intact, and you were able to catch that turnaround. Ka-ching!

To further add to the story, other pairs, like the EUR/USD, USD/CAD and the AUD/USD also reversed course in unison – also at the London close. So, if you’re looking to grab your 20 pips on any given day, check this idea out. Also, watch for turning points at 3 am ET (London open), 8 am ET (New York open), 8:30 am ET (news), 5 pm ET (New York close), 6 pm ET (Asian open). For more of these juicy gems, that’s what www.forexmentor.com is all about.

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