Best Thread Live Cable Trading

Offshore Trader said:
If we are talking about when traders are normally at their desks as being the "open" then I think GMT/BST is irrelevant. Also remember the vast majority of European FX is transacted in London, including most German banks. In my exerience from when I traded fx for banks the "open" can be considered to be 7 a.m., as the clock in the UK shows i.e. GMT in the winter, BST in the summer
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It would be much easier if we used the GMT here, and not local times with summer and winter and I dont know what times. .

So trading in London starts right now at 6.00 GMT?

Look at the Forex World Clock:

http://aboutforex.com/timezones.html
 
Ripcord said:
Just to clear up the confusion with the opening market times.

I'll just deal with UK local time which is currently GMT+1

Frankfurt opens at 7AM UK time and London at 8AM UK time.

In the winter it's exactly the same 7AM and 8AM UK time but we move back to GMT.

It never changes!
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OK, so Frankfurt started this morning at 6.00GMT and London at 7.00GMT. Right??
 
Baruch said:
It would be much easier if we used the GMT here, and not local times with summer and winter and I dont know what times. .

So trading in London starts right now at 6.00 GMT?

Look at the Forex World Clock:

http://aboutforex.com/timezones.html
Click to expand...

I would agree however I am amazed at the amount of confusion this seems to bring.

That link is correct. Current times for the open on GMT are 6AM for Europe and 7AM for London.

In winter this moves to 7AM for Europe and 8AM for London again these are GMT times.

PS. Not that I trade it but that is why Hans 123 uses 8AM GMT however this is on winter time, in summer you have to use 7GMT it is to allow for the breakout that can sometimes occur by the increased order flow when the opening orders go through the London institutions.
 
Just to add another point to the discussion about market times.

I make the majority of my trades around the opening or closing times of the various markets because this is the time when most orders and the start of trend tend to form, its these times can be particularly good for reversals so if you are in a position then its a good time to tighten a stop.

These are all UK times:-

08.00 - London open - Good time for a reversal of the trend from overnight if at a peak.
09.30 - UK news time - Tighten that stop
10.00 - Closing of the Asian markets - if there has been a trend then dealers will be looking to book a profit.

HAVE A BREAK!

13.00 - US Open can be the early start of a trend, thats if it doesn't get reversed by any economic news at 13.30

13.30 - Economic news
14.30 - US Stock market open
15.00 - US economic data - Tighten stop - possible reversal.
16.00 - European close - If there has been a trend then traders will look to book a profit.
17.00 - UK Close - My personal choice to exit any remaining positions.

GO HOME AND HAVE THE EVENING OFF!
 
Well I guess it's all going to kick off at 1.30 with the figures and then possibly again at the start of Bernanke's speech at 3. EUR/USD has tried both ends of it's tiny range..
 
Ripcord,

But many times - like today - the move starts before 8.00 London time. The hour between 7.00 and 8.00 is very important in my opinion.
 
Offshore Trader said:
Well I guess it's all going to kick off at 1.30 with the figures and then possibly again at the start of Bernanke's speech at 3. EUR/USD has tried both ends of it's tiny range..
Click to expand...

Yes, if Bernanke mentions the word PAUSE Cable will fly to the moon! ;)
 
zuke said:
First Target hit, so scaled out 2 lots for +34. Stop moved to break even, so now a free trade. I am now:

8 lots
Long 261
Stop 261
Targets 316 (2 lots), 350 (3 lots), 405 (3 lots)
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Trade stopped out at b/e. So profit was +34 on 2 lots. Stil very happy with it and glad to close the trade prior to the 1.30 news.
 
IMO 3:07pm and we go to light speed


first port of call will be 314 for the signal any clearer it would be in bright neons
 
Baruch said:
Ripcord,

But many times - like today - the move starts before 8.00 London time. The hour between 7.00 and 8.00 is very important in my opinion.
Click to expand...

You have to find your own style of trading.

This morning I sold at 8273 at 8.15 as was stoped out at 8286 for -13
Then I sold at 8290 at 9.29 and my limit kicked in less than 3 mins later at 8254 for +36

I havent had to watch the screen all morning and I didn't have the stress of seeing a long position collapse after the news. There would have been lots of stops hit by that one.
 
Dang, got in at 54.7, didn't slap the close fast enough, hope there is followthrough (currently at b/e, 8 pips spread on Oanda for the moment)
 
And out at 7.2 pips, sorry to have to go to work again, followthrough (target would 15ish) or reversal (back to 80) would have been nice to catch.

Currently reading up on quantifying real-time news impact over at the ECB. Sorry I don't have a direct link, but go to ecb.int, click on the left under "Direct Access" --> Economic research, then in that window goto Working Paper Series --> year and date, select top right 2005, scroll down to #365. Enjoy!
 
Ripcord said:
You have to find your own style of trading.

This morning I sold at 8273 at 8.15 as was stoped out at 8286 for -13
Then I sold at 8290 at 9.29 and my limit kicked in less than 3 mins later at 8254 for +36

I havent had to watch the screen all morning and I didn't have the stress of seeing a long position collapse after the news. There would have been lots of stops hit by that one.
Click to expand...

Yes, it's nice to trade the UK news... :cheesy:
 
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