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Nirgelep

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Everything posted by Nirgelep

  1. Hi everyone. I am new to TTT. I’ve been studying Taylor’s book for several weeks and I have a few doubts. The thing is that I am trying to apply Taylor’s technique to the Forex market, and there is where my doubts arise. Forex is a 24-hours continuous market, and so are nowadays other futures markets like the S&P 500 Emini, even though there are hours of maximum trading and other with almost no volume. Quoting Taylor (page 15): “the market is considered as a series of continuous sessions without a break”. In his days the market had fixed opening and closing times and therefore there were frequently gaps, while today those gaps are almost non existent, besides Mondays (or Sundays) after the weekend. I would like to know how you should deal with this issue. Should I consider the day trading sessions as a 24 hours one, or should I build up my book just considering the opening and closing times of the market I am trading in (in this case de London Forex market, openenig at 8 a.m. and closing at 17 p.m. GMT)? I guess most people on this forum are trading the S&P 500, but the same problem arises in that market, since that is also now a 24 hours market. I would appreciate that somebody explains if he uses the opening and closing times of USA east coast, or if on the contrary, he trades it as a full 24 hours continuous market. If I should consider the market as a 24 hours one, then there is still another problem. The timing my broker provides is the GMT, but the opening of the Forex market happens on Sunday at 10 p.m. GMT (5 or 6 p.m. EST), since that is the time when the market starts in Asia. This means that the market in fact has 6 trading days, and that for London there are 2 trading hours on Sunday, and 8 trading hours on Sunday for USA. I such a case, should Sunday be considered as a trading day or could we just include the movements on Sunday as part of the OHLC on Monday? I want to apologize for my English as well, it’s not my mother language. Thanks, Nirgelep.
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