In this episode of Truth About FX, Walter talks about how to keep track of different international markets. He suggests a website that can help you know which market is open at a specific time wherever you are. It is also important to remember that while it is good to know this, it is also essential to know where the main market is open.
Hugh also shares a good website that you can use to keep your self updated on this.
Download (Duration: 02:56 / 3.36 MB)
In This Episode:
00:43 – main market is open
01:16 – least liquid time
01:55 – do the math
02:12 – bit old school
Tweetables:
Know where the main market is open. [Click To Tweet].
There are indicators that you can use. [Click To Tweet].
What’s the best way to track the markets? [Click To Tweet].
Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.
Hugh: Hi, Walter! I always get confused which market is currently open — is it New York?; is it London? — especially when I’m travelling. What’s the best way that you know of to keep track of this?
Walter: The important thing is — I’ll link this up in the shownotes underneath this episode — you want to know where the main market is open. The main markets are, of course, London in Europe, and of course, Frankfurt, but London is the main one.
Then there’s New York in the Americas and then when you’re talking about Asia, really, it’s Tokyo. I know people talk about Sydney or Auckland or whatever but those are not forex centers.
In Asia, it really is, the first one is Tokyo. We’ve also got Hong Kong and Singapore but Singapore comes online later. There’s this gap between the end of New York and the beginning of Asia. That’s the interbank market. That’s the least liquid time of the day and Tokyo, doesn’t start trading ‘till nine a.m.
Here’s what I suggest that you do. If you that nine thirty a.m. is New York open, nine a.m is Tokyo open and eight o’clock is London open. What you want to do, really, is you can — anywhere in the world — you can go to website called timeanddate.com I’ll put that link below the shownote.
You just click in. Let’s say you’re in Sri Lanka and you want to know what time London opens, just go to timeanddate.com and find out what time it is right now in London. You know London opens at eight a.m. so you can do the math from there.
I rely on timeanddate.com and I know there are indicators that you can put on your charts and those sort of things. I suppose they do adjust with when the clocks get moved back in the States, in the UK, and things like that. I’m not sure about that but I just rely on timeanddate.com.
It’s probably a little bit old school. What about you, Hugh? Do you have any tools that you suggest people use?
Hugh: I like the widget that Oanda has. It’s graphical, it shows you exactly when the market is opening. You can set the time to your local time and it makes it pretty easy to see what’s going on. I’ve messed out at some of those metatrader indicators and you’re right. Sometimes it doesn’t shift automatically and you’re like a bit off with the volume and everything so, either one of those tools I think would be best.
Walter: That’s a great tip, actually. I don’t know about that widget. There you go that’s a great tip. Thanks, Hugh.
Hugh: Thanks, Walter. See you.
Shownotes:
https://www.oanda.com/forex-trading/analysis/market-hours ( OANDA Opening Hours Widget )
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Android | RSS