Monday Forex range

[DESKPRO]

Have noticed that on Mondays the forex (EUR/$) more often than not does not have a huge range - breakouts tend to happen later in the week... is this a valid observation and if so what is the reason for this?

 

[FetteredChinos]

agreed.

have a look into fading breakouts on mondays,

or only taking breakouts on tuesday and wednesday.

friday breakouts generally have crap R/R ratios, if i recall my backtesting correctly..

 

[dageshi]

I did some backtesting based on around a years worth of backtesting data from fxcm and I think if memory serves that monday was the worst,, tuesday *might* have been the best, I say might because I've fiddled no end with my database and the script that it ran the report no longer works.

I'm going to have to make that work again it was quite useful.

 

[Newtron Bomb]

In the current environment blind breakouts dont work. I call a blind break out taking the breach of a high/low range without out any TA reason or price action confirmers. Once such strategy would be a time of day break out.

If you look at and study price action and apply that to a BO strat you can trade them with a very high success rate. This requires discretion which a lot of people seem unwilling to learn or even make the effort to learn.

To see how I trade BO's in the current market environment feel free to look at a Break out video I have produced. You will need to register on the site. Registration is free.

Happy Trading
NB