How I Read the Forex Market on a Sunday
On a Sunday afternoon, I like to get a feel for the early market action. My approach to often starts by pulling up the 180-minute chart for the yen, and this week I saw exactly what I expected: the price was moving sideways in a tight range. This is pretty standard for the start of the week as the wakes up with the Sydney and Tokyo sessions.
While Sydney technically kicks off the new trading week, the real volume and participation won't hit until the London session opens. Still, you can't ignore these early hours when you're . The overlap between Sydney, Tokyo, Hong Kong, and Singapore can give you some clues about the initial sentiment in the . It's a crucial part of my early week analysis.
Looking at my indicators, the MACD histogram is holding strong above the zero line, which is a positive sign. Even with the sideways price action, my Wave indicator is pointing horizontally at the three o’clock position. Based on this, I'm holding onto my long position from 116.55. The current price is hovering close to my entry, so I'm just watching to see how things develop as the main sessions approach. This patient approach is key in , especially at the top of the week before the major players step in.
