I’m not a big fan of Asian session trading BUT if you like lower volatility and that’s the only time you have for trading then … sure, have a go! The trick is to make sure you have adjusted your pip movement expectations so that they are in line with what Asian (Sydney, Tokyo, Hong Kong & Singapore) offer.
Take a look at the PowerStats graph and notice the movement per hour of day on the aussie:
The hours between 7pm and 11pm EST is pretty quiet. Remember that there are some economic events tonight that may liven up the pip movement but in general this is not a very volatile time so adjust what you are expecting for follow through and remember that excpet for the data release there should be on average between 20 to almost 30 pips of movement per hour.
By the way you can check out PowerStats for free over at Autochartist.com.
The Rising Wedge pattern on the 30 minute chart (above) is a great trending pattern and since the 30 minute chart is in an uptrending market cycle this is a good pattern to watch. Problem is that right now it’s a terrible time to trade since it’s the New York session *doldrums*. Look at the PowerStats graph: Very little follow-through.
The uptrend line (blue) of the pattern is a great corrective entry buy trigger and there is likely to be decent support for the aussie as long as prices stay above the major psychological level of 0.8600.
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