Remember there is no official Forex Market. Prices are determined by the participants in the market on a continuous basis. The demand and supply for currencies are mainly driven by the requirements of the major financial institutions throughout the world. So the times people work in these worldwide financial markets are the times of the main price and volume drivers. There is therefore another driver of price in the market and that is the time of day that you are already trading. This is a fact that many day traders ignore early on in their career.
So armed with this knowledge forex traders have been identifying the times major financial institutions, exchanges and markets open and close times. They found that those times are often the start of small price trends of 20 to 30 pips and even more. By back testing these forex price jump times for a number of months and even years a reliability level was determined for many specific times of day. With the confidence obtained by these studies many traders only trade these “time of day” trades. Watch video in link below
video link : http://wp.me/p8HeNU-oY
The Viennese Waltz trading technique focuses on the pre-London European market where price jumps occurring at these times have been identified (hence the name). This can of course be extended to cover other important times which occur in the London, US and Asian market.
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