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As far as there is a strong competition between brokerage companies, they offer a wide array of possibilities and advantages.

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However, the most important thing for the trader is to determine criteria he/she interested in. Having decided about your needs and knowing your trading manner, you will be able to find out not only strengths of the broker but also his/her potential weaknesses. In most cases, traders choose top ten brokers, and as a rule, particular those companies possess all required licenses and are regulated by serious financial organizations.

RATING OF FOREX AND BINARY OPTIONS BROKERS

Brokers comparison

Selection of a broker

Search for brokerage company is a very important process for each trader. Before you conclude brokerage service agreement, it is expedient to familiarize with a company’s information in details. You can find such information on forex-up.Com, moreover, you can compare several brokers and choose the appropriate variant.

Selection criteria

You have to pay much attention to regulators and availability of license documents. Taking the reviews of experienced traders as a basis, which you can find on our website, it will be far easier to make a decision of company selection. Pay special attention to account replenishment and funds withdrawal, as it allows you to avoid many problems in the future.

Brokers comparison

A summary table on our website will contain more than 10 criteria, allowing the trader to choose the most favorable forex-broker.

As far as there is a strong competition between brokerage companies, they offer a wide array of possibilities and advantages. However, the most important thing for the trader is to determine criteria he/she interested in. Having decided about your needs and knowing your trading manner, you will be able to find out not only strengths of the broker but also his/her potential weaknesses.

Selection advices

At first beginners in trading have to pay attention to major and already famous brokers, ranking first places in the rating. It is obvious that the higher their reliability the more people trust them.

In most cases, traders choose top ten brokers, and as a rule, particular those companies possess all required licenses and are regulated by serious financial organizations.

Risk warning: trading forex (foreign exchange) or cfds (contracts for difference) on margin carries a high level of risk and may not be suitable for all investors. There is a possibility that you may sustain a loss equal to or greater than your entire investment.

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Upforex is offering the access to multiple financial markets since 2012. With our platform you get an access to a variety of global financial markets including forex, indices, commodities, global equities and cryptocurrencies, all from one account.

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High risk warning. Trading contracts for difference (cfds) on margin carries a high level of risk and may not be suitable for everybody. The high degree of leverage can work against you as well as for you. Before deciding to trade contracts for difference (cfds), you should carefully consider your trading objectives, level of experience and risk appetite. It is possible for you to sustain losses that exceed your initial trading capital and therefore you should not deposit money that you cannot afford to lose. You should be aware of all the risks associated with trading contracts for difference (cfds) and seek advice from an independent adviser if you have any doubts. Please refer to the summary risk disclosure. This site should not be regarded as an advertising or solicitation medium but an information distribution channel. Nothing on this site should be considered as an advertisement, offer or solicitation to use our services.

The site also contains links to websites controlled or offered by third parties. Upforex has not reviewed and hereby disclaims responsibility for any information or materials posted at any of the sites linked to this site. By creating a link to a third party website, upforex does not endorse or recommend any products or services offered on that website. The information contained on this site is intended for information purposes only. Therefore, it should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as recommendation to buy, sell or otherwise deal with any particular currency or precious metal trade. If you are not sure about your local currency and spot metals trading regulations then you should leave this site immediately.

You are strongly advised to obtain independent financial, legal and tax advice before proceeding with any currency or spot metals trade. Nothing in this site should be read or construed as constituting advice on the part of upforex or any of its affiliates, directors, officers or employees.

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Trend channels

If we take this trend line theory one step further and draw a parallel line at the same angle of the uptrend or downtrend, we will have created a channel.

No, we’re not talking about ESPN, national geographic channel, or cartoon network.

These channels aren’t television channels, they’re trend channels, sometimes also called price channels.

Trend channels are just another tool in technical analysis which can be used to determine good places to buy or sell.

The upper trend line marks resistance and the lower trend line marks support. So both the tops and bottoms of channels represent potential areas of support or resistance.

Trend channels with a negative slope (down) are considered bearish and those with a positive slope (up) are considered bullish.

To create an up (ascending) channel, simply draw a parallel line at the same angle as an uptrend line and then move that line to position where it touches the most recent peak. This should be done at the same time you create the trend line.

When prices hit the LOWER trend line, this may be used as a buying area.

When prices hit the UPPER trend line, this may be used as a selling area.

Types of trend channels

There are three types of channels:

Ascending channel (higher highs and higher lows)

Descending channel (lower highs and lower lows)

Horizontal channel (ranging)

Some traders prefer to use the terms “rising channel” for an ascending channel and “falling channel” for a descending channel. Most likely, millenials.

Important things to remember about drawing trend channels:

When constructing a trend channel, both trend lines must be parallel to each other.

Like in drawing trend lines, DO NOT EVER force the price to the channels that you draw!

A channel boundary that is sloping at one angle while the corresponding channel boundary is sloping at a different angle is not correct and could lead to bad trades.

When this happens, this chart pattern is no longer a trend channel but a triangle. (which you will learn about more later).

That said, trend channels don’t have to be completely parallel. Nor does 100% of price action have to fit within the channel.

A common mistake many traders make is that they only look for textbook price patterns.

They miss important information about price action and close their eyes to other important clues.

Notice the channel drawings below…

Waiting for picture-perfect textbook examples won’t help you in the real world because it’s going to be pretty rare to see price action that fits perfectly within two perfectly parallel trend lines.

3-inside up/down price action forex trading strategy

The 3 inside up/down forex trading strategy is a trend reversal price action trading pattern that can be spotted at the top or bottom of bullish or bearish trend respective.

Trading this price action alongside some custom indicator, does increase the chances of winning. The pattern is essentially a triple candlestick pattern as depicted in our examples below.

Chart setup

Metatrader4 indicators: chandelierexit.Ex4 (default setting), chanel scalper.Ex4 (default setting)

Preferred time frame(s): 1-minute, 5-minute, 15-minute, 30-minute, 1-hour, 4-hour, day

Recommended trading sessions: any

Buy trade example

Long entry rules

Initiate a buy entry in the market if the following indicator or chart pattern gets displayed:

If the 3-inside up price action pattern forms at the tail of a downtrend as depicted by candlesticks 1, 2 &3 on fig. 1.0, price is said to be making a U-turn in the opposite direction i.E. A trigger to go long on the pair of interest.

If the orange line of the chanel.Ex4 scalper custom indicator forms below the candlesticks as shown on fig. 1.0, price is said to be pressured to the upside i.E. A buy signal.

If the bands of the chandelierexit.Ex4 custom indicator widens, with price trading around the upper band, it is an indication that sentiment in the market is bullish, hence a buy signal is imminent.

Stop loss for buy entry: place stop loss 2-5 pips below the low of the pattern.

Exit strategy/take profit for buy entry

Exit or take profit if the following holds sway in the market:

If the 3-inside down price action pattern forms at the peak of the upside, an exit or take profit is advised.

If price closes below the orange line of the chanel.Ex4 scalper custom indicator as seen on fig. 1.0, an exit or take profit is advised.

If the bands of the chandelierexit.Ex4 custom indicator contracts, price is said to be entering range-bound territories i.E. An exit or take profit is appropriate.

Sell entry rules

Enter a sell if the following rules or conditions are upheld in the market:

If the 3-inside down price action pattern forms at the peak of an uptrend as shown by candlesticks 1, 2 &3 on fig. 1.1, it is a signal to sell without delay.

If the yellow line of the chanel.Ex4 scalper custom indicator forms above the candlesticks as shown on fig. 1.1, price is said to be pushed lower i.E. A sell signal.

If the bands of the chandelierexit.Ex4 custom indicator widens, with price trading around the lower band, price is said to be bearish, hence a sell signal.

Stop loss for sell entry: place stop loss 2-5 pips above the patterns’ high.

Exit strategy/take profit for sell entry

Exit or take profit if the following olds sway on the activity chart:

If the 3-inside up price action pattern forms at the bottom of the downtrend, an exit or take profit is advised.

If price closes above the yellow line of the chanel.Ex4 scalper custom indicator as seen on fig. 1.1, an exit or take profit is advised.

If the bands of the chandelierexit.Ex4 custom indicator contracts, price is said to be entering range-bound territories i.E. An exit or take profit is appropriate.

Sell trade example

Free download

About the trading indicators

The chandelierexit.Ex4 indicator was created by charles le beau and featured in alexander elder’s books, the chandelier exit.

It is broadly used for setting stop-losses during a trend, however, the chandelierexit.Ex4 can also be used as a trend tool as seen in the examples refer to above.

The chanel.Ex4 scalper is a trend indicator that paints an orange (bullish trigger) line below price bars and a yellow (bearish trend) line above price bars to depict market trend.

The 3-inside up/down is a 3-candlestick formation that is deployed in spotting trend-reversal patterns that form at the bottom/top of a downtrend/uptrend respectively.

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Risk warning

Trading leveraged products like forex and derivatives might not be suitable for all investors as they carry a high degree of risk to your capital. Please make sure that you fully understand the risks involved, taking into consideration your investment objectives and level of experience, before trading, and if necessary, seek independent advice. Please read the complete risk disclosure.

The best times to trade the forex markets

Many first-time forex traders hit the market running. They watch various economic calendars and trade voraciously on every release of data, viewing the 24-hours-a-day, five-days-a-week foreign exchange market as a convenient way to trade all day long. Not only can this strategy deplete a trader's reserves quickly, but it can burn out even the most persistent trader. Unlike wall street, which runs on regular business hours, the forex market runs on the normal business hours of four different parts of the world and their respective time zones, which means trading lasts all day and night.

So what's the alternative to staying up all night long? If traders can gain an understanding of the market hours and set appropriate goals, they will have a much stronger chance of realizing profits within a workable schedule.

Key takeaways

The forex market runs on the normal business hours of four different parts of the world and their respective time zones.

The U.S./london markets overlap (8 a.M. To noon EST) has the heaviest volume of trading and is best for trading opportunities.

The sydney/tokyo markets overlap (2 a.M. To 4 a.M.) is not as volatile as the U.S./london overlap, but it still offers opportunities.

The forex markets hours of operation

First, here is a brief overview of the four markets (hours in eastern standard time, or EST):

New york

New york (open 8 a.M. To 5 p.M.) is the second-largest forex platform in the world, watched heavily by foreign investors because the U.S. Dollar is involved in 90% of all trades, according to "day trading the currency markets" (2006) by kathy lien. movements in the new york stock exchange (NYSE) can have an immediate and powerful effect on the dollar. When companies merge, and acquisitions are finalized, the dollar can gain or lose value instantly.

Tokyo

Tokyo, japan (open 7 p.M. To 4 a.M.) is the first asian trading center to open, takes in the largest bulk of asian trading, just ahead of hong kong and singapore. The currency pairs that typically have a fair amount of action are USD/JPY (or U.S. Dollar vs. Japanese yen), GBP/CHF (british pound vs. Swiss franc), and GBP/JPY (british pound vs. Japanese yen). The USD/JPY is an especially good pair to watch when the tokyo market is the only one open, because of the heavy influence the bank of japan (japan's central bank) has over the market.

Sydney

Sydney, australia (open 5 p.M. To 2 a.M.) is where the trading day officially begins. While it is the smallest of the mega-markets, it sees a lot of initial action when the markets reopen on sunday afternoon because individual traders and financial institutions are trying to regroup after the long pause since friday afternoon.

London

London, great britain (open 3 a.M. To noon): the united kingdom (U.K.) dominates the currency markets worldwide, and london is its main component. London, a central trading capital of the world, accounts for roughly 43% of global trading, according to a report by BIS. the city also has a big impact on currency fluctuations because britain's central bank, the bank of england, which sets interest rates and controls the monetary policy of the GBP, has its headquarters in london. forex trends often originate in london as well, which is a great thing for technical traders to keep in mind. Technical trading involves analysis to identify opportunities using statistical trends, momentum, and price movement.

The best hours for forex trading

Currency trading is unique because of its hours of operation. The week begins at 5 p.M. EST on sunday and runs until 5 p.M. On friday.

Not all hours of the day are equally good for trading. The best time to trade is when the market is most active. When more than one of the four markets are open simultaneously, there will be a heightened trading atmosphere, which means there will be more significant fluctuation in currency pairs.

When only one market is open, currency pairs tend to get locked in a tight pip spread of roughly 30 pips of movement. Two markets opening at once can easily see movement north of 70 pips, particularly when big news is released.

Overlaps in forex trading times

The best time to trade is during overlaps in trading times between open markets. Overlaps equal higher price ranges, resulting in greater opportunities. Here is a closer look at the three overlaps that happen each day:

U.S./london (8 a.M. To noon): the heaviest overlap within the markets occurs in the U.S./london markets. More than 70% of all trades happen when these markets overlap because the U.S. Dollar and the euro (EUR) are the two most popular currencies to trade, according to lien. This is the most optimal time to trade since volatility (or price activity) is high.

Sydney/tokyo (2 a.M. To 4 a.M.): this time period is not as volatile as the U.S./london overlap, but it still offers a chance to trade in a period of higher pip fluctuation. EUR/JPY is the ideal currency pair to aim for, as these are the two main currencies influenced.

London/tokyo (3 a.M. To 4 a.M.): this overlap sees the least amount of action of the three because of the time (most U.S.-based traders won't be awake at this time), and the one-hour overlap gives little opportunity to watch large pip changes occur.

Impact of news releases on forex markets

While understanding the markets and their overlaps can aid a trader in arranging his or her trading schedule, there is one influence that should not be forgotten: the release of the news.

A big news release has the power to enhance a normally slow trading period. When a major announcement is made regarding economic data—especially when it goes against the predicted forecast—currency can lose or gain value within a matter of seconds.

Even though dozens of economic releases happen each weekday in all time zones and affect all currencies, a trader does not need to be aware of all of them. It is important to prioritize news releases between those that need to be watched versus those that should be monitored.

In general, the more economic growth a country produces, the more positive the economy is seen by international investors. Investment capital tends to flow to the countries that are believed to have good growth prospects and subsequently, good investment opportunities, which leads the country's exchange strengthening.

Also, a country that has higher interest rates through their government bonds tend to attract investment capital as foreign investors chase high yield opportunities. However, stable economic growth and attractive yields or interest rates are inexorably intertwined.

Examples of significant news events include:

Interest rate decisions by central banks since higher interest rates tend to attract more global investment and capital flows, strengthening the currency

CPI data, which measures inflation and can impact central bank policy

Trade deficits or more imports versus exports, which translates to more cross-border capital flows impacting exchange rates

Consumer consumption–a major driver for economic growth in the U.S. And globally

Central bank meetings since any remarks are watched closely for indications of future interest rate moves

Consumer confidence, which measures how the average consumer feels about the economy and impacts consumer spending

GDP data or gross domestic product is a measure of all goods and services produced in a country

Unemployment rates, which measure the unemployed workforce since lower unemployment tends to translate to better growth and a stronger currency and vice versa

Retail trade measures how much is being spent by consumers and drives economic growth

The bottom line

It is important to take advantage of market overlaps and keep a close eye on news releases when setting up a trading schedule. Traders looking to enhance profits should aim to trade during more volatile periods while monitoring the release of new economic data. This balance allows part-time and full-time traders to set a schedule that gives them peace of mind, knowing that opportunities are not slipping away when they take their eyes off the markets or need to get a few hours of sleep.

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