Movements and volumes traded in the Forex Market are mainly determined by human beings who actually trade this market. We are often told that this is a 24 hour multi Trillion market that never sleeps. This is actually not 100% true.
Anybody who has looked at the shape of candle sticks during the period after the US stock market has closed, and just before the European financial markets start opening will see the most poorly defined candles. Some have no bodies, show huge gaps and are generally poorly formed. This is because there is no or very little trading occurring at those times. Those are the times when people involved in the financial markets are spending time with their friends and families or sleeping. No major financial markets are open.
If you further look at the volumes traded minute by minute throughout the day you will notice huge differences between the volumes. Trading volumes are driven by human participants in the major financial markets. The Forex market and its volumes and movements are very closely related to the business hours of large institutions and foreign money exchanges and the working hours of the people who work for these institutions and exchanges.
With the above knowledge experienced forex traders have studied the Forex market price behaviour when major stock exchanges, trading exchanges, markets (such as the bond market) open and close. These are all times which can influence the Forex market volumes and the sentiments which push Forex prices up or down.
Remember there is no official Forex Market. Prices are determined by the participants in the market on a continuous basis. The demand and supply for currencies are mainly driven by the requirements of the major financial institutions throughout the world. So the times people work in these worldwide financial markets are the times of the main price and volume drivers. There is therefore another driver of price in the market and that is the time of day that you are already trading. This is a fact that many day traders ignore early on in their career.
So armed with this knowledge forex traders have been identifying the times major financial institutions, exchanges and markets open and close times. They found that those times are often the start of small price trends of 20 to 30 pips and even more. By back testing these forex price jump times for a number of months and even years a reliability level was determined for many specific times of day. With the confidence obtained by these studies many traders only trade these “time of day” trades.
The Viennese Waltz trading technique focuses on the pre-London European market where price jumps occurring at these times have been identified (hence the name). This can of course be extended to cover other important times which occur in the London, US and Asian market.
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