Day Trading The Asian Session Was Hard, Until I Discovered This Secret Hack...(For Beginners)
Published: 2023-04-15
Status:
Available
|
Analyzed
Published: 2023-04-15
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Traders should perform their regular analysis and trades during the Asian session using one-hour, 15-minute, or 5-minute timeframes.
"hack number one is going to be to do your regular analysis trade your regular strategy whatever that is but do it during the Asian session and on a time frame of the one hour 15 minute or five minute"
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Trading on timeframes higher than one hour during the Asian session is unlikely to result in hitting targets or stop losses within 24 hours. Lower timeframes (1hr, 15min, 5min) are recommended, as the subsequent London and New York sessions provide higher trading volume.
"during the Asian session if you try to trade anything higher than the one hour chances are you're not going to hit your targets or stop loss within a 24-hour period but if you keep to those lower time frames when you're doing your analysis during the Asian session... during the Asian session if you keep to those lower time frames what happens is directly after the Asian session comes the London session and the New York session"
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Place trades using your strategy on lower timeframes during the Asian session, and allow the London and New York sessions to influence the trade outcome (hitting stop loss or target).
"hack number one is to do your analysis Place trades using your strategy on Lower time frames during the Asian session and let the London and New York session come through to help your trade play out whether that be to hit your stop loss or to hit your target"
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A sell stop order is used to enter a trade below the current price when the price declines and triggers the order.
"a cell stop order gets you into a trade below current price if price goes down and hits your order"
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A sell stop order is suitable when a trader does not wish to enter a trade at the current price, but wants to enter if the price moves lower and gains downside momentum, especially after a pattern like a double top.
"what you would be telling your broker is I don't want to be in the trade yet and if price goes up I don't want to be in the trade we've pushed above our double top obviously that's new highs that's Trend continuation I don't like that what I do want to do is get involved in the trade if prices push lower and get a little more momentum to the downside after this double top"
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A sell limit order is used to enter a trade if the price rises to a specific predetermined level.
"a cell limit order is you telling your broker get me involved if price pushes up to this exact point"
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A buy limit order is placed when expecting a pullback to a specific price level before a potential upward move, for example, trading the neckline of a double bottom.
"for a buy limit order let's just set one up let's say prices were up here this green candle and let's say that prices started to pull back you would do something like set a limit order right here if you wanted to trade the neckline of this double bottom that would be a limit order"
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A buy stop order is used when a trader wants to enter a trade if the price breaks above a certain level (like the neckline of a double bottom) and moves higher, but not if it continues to decline.
"and if prices were before this green candle let's say I can actually go ahead and use the replay tool prices are right here and you're saying well if we break the neckline of this double Bottom I want to be involved this would be a buy stop order you're telling your broker you want to get involved if prices head higher but you don't want any part of it if we continue down"
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News events, such as US retail sales, can create significant market volatility, which can be leveraged for trading opportunities.
"using news events to your favor... this morning we had retail sales for the United States I assumed that that would push the market around a pretty dramatic way here on the New Zealand dollar"
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The speaker chose to remove their target for a trade because they anticipated a news event would cause significant price movement, potentially leading to larger profits.
"I deleted my Target because I knew there was a news event coming out that could possibly push prices much lower and possibly get me into much bigger profits"
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Combining news events that increase market volatility with other trading hacks can significantly improve the reward-to-risk ratio of a trade.
"when I can align a news event that's going to bring extra volatility into the market with the other hacks that I've just taught you that's always a huge plus when it comes to trying to find a great reward to risk ratio on a trade"
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A specific trade achieved a 3.3 to 1 reward-to-risk ratio.
"this one specifically we had a 3.3 to 1 reward to risk"
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The strategy used for a specific trade involved a combination of a double top pattern and RSI divergence.
"the exact strategy I used was very simple it was a combination of this double top we see an RSI Divergence"
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RSI divergence occurs when the RSI indicator forms lower highs while the price forms higher highs, signaling a potential market reversal.
"RSI Divergence is when the RSI indicator is creating lower highs while price continues to create higher highs that's known as Divergence and it can be a good sign of a possible reversal"
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For a double top pattern, the second top must enter a 'termination zone' (between the body and high of the first top's swing high). Candles closing above this zone signal trend continuation, and at least a wick must touch the zone.
"for my rules of a double top I need to see that the second top comes into what I call a termination Zone that's this red area and the termination Zone exists between the body and the high of the first swing high of the first top so with that being the case we have prices coming into this termination Zone I cannot see candles close above it because that signals Trend continuation for me and I do have to see candles at least touch it like a wick of a candle has to at least touch this zone"
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A sell stop order was placed when there was a lack of confirmation and selling pressure, but a desire to enter if prices moved down dramatically.
"I wanted to place an order right here what order would that be hopefully you said a sell stop order because that's exactly what I placed was a sell stop order"
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The speaker would not trade every double top with RSI divergence; this specific trade was chosen due to an upcoming retail sales news event that was expected to create significant volatility, offering an opportunity for profit.
"this trade also utilized the news event coming out me knowing that would add extra volatility I would not go out and just trade every double top with RSI Divergence because that is likely not going to give you a big Edge over the market but specifically for this trade I didn't want to trade that because a new retail sales was coming out and I wanted to get involved in the market so I could capture some profits from all that extra volatility"
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