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Best Time For Trading Currency

One of the questions I am always asked is which are the best times, and possibly more importantly, the most dangerous times to trade the currency market and Friday afternoon was a classic example for the euro vs dollar.  Earlier in the week the euro had broken through support at 1.2750 with the chart forming a wide spread downbar supported by good volume.   This signal was taken by many that the Euro had finally broken out (including me) and that in the next few days we could see a move down to 1.22 and beyond in the next few weeks.  Thursday’s candle was a doji with stopping volume and this alone should have alerted us that everything was not going to plan. By Friday afternoon when London had closed the price promptly reversed.

Friday afternoon can be a very difficult time to trade and is often when seemingly contrary moves can and do happen.    It will be interesting to see what happens when the market reopens on Sunday evening.

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