This report will explain how even a relatively new and inexperienced trader can legitimately gain 10 or more pips a day on midpoint -- by observing and taking advantage of a common shop behavioral pattern while the daily New York Close, or from 2 p.m to 4 p.m. Eastern time (New York time).
Once a trader has observed the forex shop for a length of time, he or she will identify that the shop does have distinct habits and does often repeat daily patterns of activity. Learning these patterns and recognizing these habits does not wish any extra knowledge, training or education. All it takes is specific consideration and seeing for patterns as to how the shop tends to behave while distinct times of the trading day. As a new trader, if you spend sufficient time observing the shop movements with respect to time of day, you will begin to see some regular predictable patterns.
One of the market's predictable habits occurs in the New York afternoon, after 2 pm Est and into the final New York daily closing. Most notably, this pattern is most often observed in the Eur/Usd. while this time of the trading day, trading flows are usually light and volatility is low. One pattern that has been very consistent over time, for anyone reason, is that there tends to be a pivot that becomes apparent sometime just after 2 pm Est. By "pivot," I am referring to a "pullback" or "retracement" from the comprehensive day's celebrated trend.
In other words, if the trend of the day for the Eur/Usd has been rising, then in the middle of 2 pm and 3:30 pm Est, the shop will typically see a pullback lower, usually colse to 20 to 30 pips. On the other hand, if the daily trend for the Eur/Usd has been downward, then after 2 pm a retracement of 20-30 pips higher is often observed.
By checking the shop or checking the charts in the New York afternoon colse to 2 pm Eastern time, a new and even an inexperienced trader may identify this pattern and then safely execute a high probability trade. If a person is available to trade at this time of day on a consistent basis, they could expect to gain an midpoint of 10 pips a day with a fair estimate of ease.
In closing, I must state the distinct disclaimer - that trading forex is a risky endeavor with no guarantees. Trade with caution and never trade more than you can afford to lose. Spend time observing the shop to identify its patterns so you may make smart, high probability trades and minimize risks.
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