After studying market behaviour for a while I have noticed the time where scalping appears to be more successful.
The best time of the day to apply Scalping strategy in Forex is the opening of London session. Starting at 8:00am GMT and till 9:00am GMT Forex market appears to be more predictable, there are less whipsaws, price movements are more defined.
The two major European currency pairs - EUR/USD and GBP/USD are the perfect target for morning Forex scalping.
The opening of the London trading session is always busy, it brings a lot of participants to the market. During the first trading hour a prevailing trend is established. Quite often it is a continuation of the initial trend before 8 am.
Anyway, whatever direction Forex market chooses to trend in, it tends to follow it quite neatly for the whole hour - a perfect setup for scalping, there are often no whipsaws and a clear decent size price shifts.
All these conditions allow ideal profit potentials with minimum risks to Forex scalpers.
Good luck scalping!
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3 comments:
Also add pivot points to get additional edge in recognizing market direction and main price pivoting levels.
Hi,
What would you say about scalping on Mondays and Fridays. Would use treat these days as regular trading days or would you stay away from trading or risk less etc...
forexter
Mondays are crazy. I pass on trading.
Fridays are good, just make sure you don't trade past 12pm.
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