Best trade times if day working elsewhere ?

[Nigel]

Hi Immy,

I have just taken up a short (2 to 3 month) contract for the UKMOD that will prevent me from trading most days from 8:30 to about 6:00 pm GMT. Can you advise me on any windows that might be fruitful outside these time please, I guess the obvious one is 6:30 to 7:30 am, but outside this would you advise evenings ? (I shall of course be back to full-time trading once the contract is delivered)
Nigel

[immy]

Hi Immy,

I have just taken up a short (2 to 3 month) contract for the UKMOD that will prevent me from trading most days from 8:30 to about 6:00 pm GMT. Can you advise me on any windows that might be fruitful outside these time please, I guess the obvious one is 6:30 to 7:30 am, but outside this would you advise evenings ? (I shall of course be back to full-time trading once the contract is delivered)
Nigel

Hi Nigel

My preferred times are 8am sometimes 7am to 5pm UK. I do not trade all these hours, I remain focused the first 1-2 or may be even 3 hours of European Open times that is between 7am onward and then starting 1pm UK to around 5pm UK. I believe we get plenty of volatility during these hours. Lately we have seen activity between 7pm to 9pm UK but not always. Then comes the question of Asian session well my observation is that something happens around 00.00 GMT and then at 1am (tokyo open) but if you trade this then you may not be able to enjoy your working hours.

This leaves us with only one option, trade the higher time frames. I believe H1 and above can be traded while working full time. 8-14 pairs for H1 or may be even all of them for H4. For H4 just check charts either early am or late night and set 1:2 SL to Take Profit Points. Best trade management would be to replicated Grants Trade Management plan on to the relevant pip values of chose time frames. e.g. if SL required is 100pips for H4 then bring SL to -50 at +50 to BE at +100 and +50 at +150 and exit at +200. Or you may have seen a strong Support/Resistance area and you may want to change SL locations based pip values distance from those areas. You can either use an ea that does it for you running a pc at home or run mt4 of VPS/VPN option. If your job allows an hour break you can spend 15min checking the charts meanwhile.

Having said that, if you're going to come back to m1 after your contract you may want to just chillout and do your contract,save some dollars and come back to trading when free. Meanwhile keep in touch via the forum and keeping watching charts when ever you get time without committing yourself financially, in the long run, this would do you alot of good.

I hope this helps. Happy Trading

cheers

[Nigel]

That's very helpful Immy thanks for your reply
Nigel