period. In fact, you most likely wouldnt get any success trading a New York session trend continuation play in the Asian session. Upon seeing a breakdown like this, Ill wait for a candlestick that doesnt make a new low, which would mean that the buyers and sellers are taking a small break. Centers such as China, New Zealand, Russia and Malaysia are also active during the Asian session. How Do I Manage the Risk for the Asian Mirror? Just in case: The next step is to wait for a break of the range. So once you get the hang of it, try different sizing techniques, different stop trailing methods, etc.
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Watch: Tokyo Session Forex Trade Example How To Apply The Market currency rates in pakistan today euro Phase Concept. Lastly, place pending orders (buy or sell limit orders) just ahead of the.2, 50, and.8 Fibonacci levels to trade in the direction of the prior days price action. If you are looking for a tried and true scalping strategy then check out my PDF guide on The Lazy River Scalping Strategy. Some Key Success Factors For This Forex Day Trading Strategy One thing I really want to point out is that this strategy will work only when a range (consolidation) forms prior to the open of the Tokyo session. In this article, Ill go over the details of how I trade with that specific strategy.
We are now set up to take advantage of the Asian session retracement. We do this because if one of them hits the stop, they all do, so size your positions accordingly.
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