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2) Bolly Band Bounce Strategy
London Hammer Trade Strategy
London stands as the financial centre of UK, and represents one of the largest, if not the largest, forex markets in the world. Consequently, the start of trading in the London forex exchange or GMT based on daylight savings time is met with extremely high volatility. It is possible to utilize and take advantage of this fact, and this occurs predominantly in the gold trade. The London Hammer technique is generally effective within the first hours of opening. The chart must be viewed as a candlestick chart instead of a line chart. Usually the minute chart. It is very helpful to construct resistance and support lines first, as it can serve as a basic indicator whether to buy or sell. A general resistance and support line can be used, such as lines that have been tested several times, or one can employ more technical indicators such as the Fibonacci indicator to use in conjunction with this technique. As a rule of thumb, a bearish hammer is an indication to short, and a bullish hammer is an indication to long. In practice, however, the candlestick chart should be accompanied with various pivots i.
Be a Step Ahead!
Wondering how to trade the London forex open and beyond? I then sell or buy depending on the direction of the hammer, with a tight stop not far behind the tail of the hammer. Price gapped at the open in Asia this morning and mostly drifted sideways. The blue section towards the right of the chart indicates the open of the European session. When London opened, a hammer rejection formed almost immediately from the daily central pivot. Note also the succession of failures just to the left of that pivot.
BoPo knows nothing more than some of the members on this blog. Curious why? Meibuhr V. Lightner V.