Demo Account Guide
Demo Account Guide
R

What Time Is The Forex Market Close?


Isaac

May 25 2020 11:29

What time is the forex market close? I'm from Indonesia, please explain. Thank you.


Daniel Robson

May 26 2020 11:28

Halo Isacc,
The forex market is open 24 hours from Monday to Friday. Opening and closing hours depend on the broker's server time. Each broker sets the load time and server differently. So, if you are from Indonesia, the forex broker will closes at 4 am, Saturday morning.


Caleb Jacob

May 27 2020 04:54

How to know the market reversal?


Anya Watson

May 28 2020 07:03

@Caleb Jacob, to find out the price reversal, you can use the Stochastic oscillator indicator setting of 14,3,3. With a period of 20: 80. Sometimes it can't be too reliable. If the UP Trend is very strong, even though the price is seen at the 80 level which is a SELL signal, the price can continue to rise. Especially if data releases with High/Large effect are very supportive. It could be in this case a temporary correction, with 5- 20 pips then continue the direction.

Most importantly, you can help by measuring and making a formula for how much the currency moves on average. If you make the formula for the average EUR/USD is 130 pips per day, and when you see that EUR/USD has moved 110 Pips (with the High - Low formula) then the remaining 20 Pips remains, and you can detect whether to continue Down by penetrating the Low or continuing Up by penetrating the High.


Isaac

May 30 2020 06:09

@Anya Watson, I think the oscillator indicator is not effective in trending markets. Its effect is when used in the ranging market.

Now what I am still confused about is how do we know the market is trending or ranging? Do we have to look at the chart first or can we wait for a certain session? If you look at the chart, how do you see it and how do you enter it so you can get maximum profit? Thanks


Anya Watson

Jun 1 2020 07:17

@Isaac, In the forex market there will be support and demand (bargaining between sellers and buyers), so make sure you enter the market (place a BUY / SELL order) at the right time. Then determine your trading type, are you a Swing Trader, Day Trader, or Scalp trader?

If you choose the type of Swing Trader who trades/opens positions once a month, twice a month, then you can use the Major Time Frame MN-W1 and entry confirmation D1 / H4

If you choose the type of Day Trader who trades/opens positions once a week, then you can use the Time Frame Medium W1-D1 and entry confirmation H4 / H1.

If you choose the Scalp Trader type who trades/opens daily positions, then you can use the Minor H1 Time Frame and entry confirmation M15 / M5.

Just a share, for case practice, take trades on Time Frame H1 and M15 for day trading.

1. Pay attention to H1
In every day there are only 3 kinds of price movements: Uptrend, Downtrend, and Sideways (wavy)

2. Pay attention to M15
Has there been a pattern of consolidation or reversal? A consolidation pattern indicates that the price movement will continue the previous trend. The reversal pattern suggests a reversal in price movement will occur

3. Look now at yesterday's H1 (chart) price movements and today. Remember that price movement from day to day is always closely related. For example, Yesterday's market-opening price = next day's lowest price = today's opening price.
For example, The highest price to date = yesterday's closing price = the opening price 3 days ago and so on ...

So that we will be able to analyze today there will be a trend or sideways only. This will make it easier for us to analyze price movements.

4. Look for the highest price and the lowest price within 1-2-3-4-5-6 or within a certain time from yesterday to today. (Highest chart peaks and lowest graphs)

5. Draw a Fibonacci Line
Click Fibonacci in the toolbar, point the cursor to the chart, which is the highest price (whichever is the highest), press the left mouse (don't let go). You can also use a Fibonacci retracement level calculation technique.
Then drag down towards the lowest price (whichever is lower), release the mouse, you will see Fibonacci lines written on the right (100-61,8-50-38,2-0) Line 50 is called PIVOT (PV)

6. Now look at the MA indicator
If the current price is above the MA, the price tends to go up, and if the current price is below the MA, the price will tend to fall.

7. But look at the Stochastic Indicator too. If this indicator has entered the range 80 and 20 (above the 80 lines) or (below the 20 lines), it means that an oversold or overbought has occurred. Wait until the Stochastic indicator is above the 20 lines, then you can buy a BUY order, or wait until it is below the 80 lines, then you can a SELL order.

9. Lastly, remember Trading Psychology Management. Do not be upset or afraid of fluctuating price movements... As long as you are in accordance with the trading system, placing Stop Loss and Take Profit, then close your computer screen. Usually, we often can't stand to see the rise and fall of prices, finally itching hands to want to change the order position.

10. Most importantly, don't forget to set up risk management.

Thanks.


Caleb Jacob

Jun 2 2020 05:25

@Anya Watson, Damn, that's too long. Is there a more practical way of reading the reversal? But thank you for your answer.


Anya Watson

Jun 3 2020 04:34

@Caleb Jacob, In fact, every indicator already has ways of detecting trend reversals. For example, if you use Crossing MA. The trend will change when the opposite cross has occurred.

ma cross

Or if the Parabolic Sar indicator, the trend reversal occurs when the Sar Point has been broken by the price.

parabolic sar

The long method above is only a combination of various indicators so that the results obtained are more valid.