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One of the facts of the forex market is that the market never closes. Although the market is open 24 hours a day, 5 days a week, and 4 weeks for a month, the conditions in the market are always different. Today's price will be offered lower, maybe the next day the price will be offered higher.
Support and resistance strategies for the Asian session
In general, the price offered in this market is less than other sessions. By looking at a generally small price offer, a trader can use his strategy to reach profit when the price is offered. If the price is small, then often the price doesn't move too much. Especially if there are price support or resistance areas sometimes return to the original price movements.
For this reason, understanding the session is needed in order to understand when the strategies you use in trading can be utilized. The Asian session is one of the slowest movements among other sessions. Therefore, support and resistance strategies need to be used to limit the market space and capture profit opportunities in the Asian session.
Breakout strategy for the European session
At 14.00 WIB movement in the European session was quite large. The liquidity of the prices traded is very large. Price volatility sometimes increases. In this market many people consider the European session to be the heart of the forex market. Because very large movements and forming trends will occur quickly.
The most visible is that liquidity began to enter right at 14.00 WIB. This opening of the market from London is beginning to have large-scale transactions carried out by people around the world. London is the center of the largest forex market, with the largest liquidity. This can be seen in several major currency pairs such as EURUSD, GBPUSD, and others.
In this session, we need carefulness in anticipation of the sometimes uncertain market upheaval. Support and resistance in this session may be penetrated more easily to become a new trend. This is where the strategy can be used using a breakout strategy. Breakout strategy is able to create more profits because it utilizes trend breakthroughs caused by large-scale transactions around the world. By implementing a breakout trade, traders will usually benefit easily and quickly after the London market opens.
Resistance Breakout and Support Strategies for the American session
At 7:00 p.m. WIB the opening of the American market began to open. The liquidity offered in this session is also very large, it can even move the market hundreds of points. At the opening of the American market, it turned out that the European session was not closed, and there was a buildup of transactions which resulted in greater volatility in prices making the movement even more powerful.
In the previous session you can only use the breakout strategy. Now you can use two strategies at once, namely breakout and Resistant Support (SR). To note, that at the opening of the American session, price movements will be similar to the London session until 10:00 p.m. From this opening, you can take advantage of the breakout strategy. After 22.00 WIB the price will be similar to the Asian session. At this time, you can apply the SR strategy in your trade.
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