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Hi
I can mainly trade in London session.
I have access to all forex pairs, and also 24 hour chart of S&P500 index, but not to ES1.
My question is that, as per the price action lessons of Dr. Brooks, which market is the best option for a beginner to trade in London session?
EUR/USD or 24 hour chart of S&P 500 index?
Or maybe trade EUR/USD in the beginning of London session, and SPX in the beginning of US session?
Any other suggestions and experiences are most welcome.
Thank you
EURUSD is good, and GBPUSD which often has bigger swings than EURUSD. If you choose Forex then stick to the Major (USD) pairs.
ES can move sometimes during the London session but its mostly sideways. If sideways I will take 1-2 point scalps with big size while also trading other things, because I find it very easy money. But if you're a beginner then it won't be so easy and you should look for swings.
Dax and FTSE100 (GERMANY30/40 / UK100) are better Indices for the London Session.
Crude Oil is my favourite things to trade.... I trade it in the Morning in the London Session and in the afternoon during the US Session until the Nymex close at 1930 (1430 EST).
If you're trading CFDs or Forex be aware of your spread.
But do not look at more than one asset. You'll paralyse yourself, so choose one asset to trade at a time.. I think I would have become successful a lot quicker if I'd been focused on one chart.
If I were you I'd probably stick to EURUSD/GBPUSD.... Look for a swing starting at 8am UK time or within 90 mins.
Beware things might be a bit slow Forex this morning as CPI data is coming out at 1.30pm. Sometimes I won't bother coming to the office in the morning if there's a big news announcement. I think most people do the same which is why the markets are quiet.
Dear Kevin,
Thank you loads for sharing your fruitful experiences, highly appreciated.
I totally agree with you, and want to stick with a daily plan of trading the open with some limited patterns of Wedge tops/bottoms and double tops and bottoms.
I do not care that if it is oil, forex, or crypto. I just have not still found out a more reliable chart with more clear patterns which is more readable for me as I am taking my first steps and assume takes a lot of time to read any chart bar by bar.
Recently I am practicing EUR/USD chart, but sometimes it surprises me as I think it is because there is so much indecision in EUR/USD chart especially during last 2 weeks.
But, as per your suggestion, I will try to make friends with GBP/USD to see if we can make a peaceful life and print money together. 🙂
