The New York Breakout strategy is traded within the opening hours of the New York forex time zone.

It is meant to catch the big moves that occur in the first hours of the New York open, between 1pm and 3pm GMT. The original strategy as described uses two custom indicators which are freely available for download online. This indicator colours the area within the time frame that this strategy considers, which is between 1pm and 3pm GMT.

Forex Market Hours map shows the current open closed holiday status and current time for Forex trading centres in the world- 12 hour format

The original version is v 0. As at , version 0. A Google search will reveal the source where you can download this indicator. This indicator uses horizontal trend lines to trap the highs and lows of price action as contained within the area marked out by the iParamonWorkTime indicator.

The colour change is used in tandem with the Only the currencies actively traded during this time zone should be used in trading this strategy. This action factors in the overlap period. Avoid the Asian currency pairs because they are not very active during this period.

The principle behind this strategy is to trade in the direction of where the market players push the currency pair once the overlap period between the London and New York time zones occur.

Just before the New York session opens, the London session would have thinned out to some extent and traders who would have woken up to trade during the New York session would be looking to capitalize on any market events worth profiting from.

This strategy is traded on the 15 minute chart. As a prerequisite, you must determine the GMT offset of your platform. You can do this by looking at the Market Watch window where the time of the broker is written. Then simply check your local time to see the difference.

Add this difference to the difference between the local time and GMT and you get the GMT offset. Open the iParamonWorkTime indicator, and click the Inputs tab. For instance, my local time as at the moment of writing this is My local time is 1 hour ahead of GMT. My platform time according to the Market Watch is So my GMT offset is 0. Once the two indicators have been attached to the chart, two vertical grid lines with a shaded area will delineate the 1pm GMT to 3pm GMT time zone, two horizontal lines will also delineate the highest and lowest candlestick points that are located between the vertical grid lines.

You can adjust the text colour as well as the colour of the shaded area for better visualization. Allow the price action to breakout of the trendline and then trade with a profit target of 40 to 50 pips, while setting a tight stop loss of 10 pips, set just below the broken trend line.

30 Min New York Open Forex Strategy

The principle is to allow the price to pull back to the the upper trend line after a candle has closed above it, and then take the trade using either a Buy Limit or a Market Buy order. Usually the indicator will also show you the exact price at which the trend line rests, giving you a very precise entry. The yellow shaded area is our area of interest. We can also see the trend lines and grid lines drawn by both indicators.

The breakout candle is seen and the pullback is also seen to occur at the same time that the MACD histogram is blue in colour. This opened the door for a long trade on the EURUSD, which actually moved a distance of pips on the same day. The stop loss is set at a few pips below the upper trend line marked by the antGUBreakout indicator. The short trade is taken in reverse.

We see this clearly shown on the snapshot below:. The breakout is seen, and the long black candle which followed opened with a pull back to the lower trend line before taking off on a long journey down south, producing a move of close to pips. At the same time, the MACD histogram showed a red colour, which supported the bearish bias for the move. The stop loss is set at a few pips above the lower trend line marked by the antGUBreakout indicator. This strategy is very simple to implement and can be used to pick a lot of pips from the market month after month.

Test it out on demo before applying it to a real money account. Mail will not be published required.

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