Sometimes you see price action that makes you question your rules. One rule (rather conservative) is that I don’t do entries outside of regular trading hours.Last night’s and today’s GBP action (down as much as .06!!) would have been a big winner, even if exited now.So why don’t I do entries in after hours?
I used to, and I made somemoney doing it.Particularly in oil, but also in currencies. On the other hand, I lost money doing it too: memorably in grains.
A lot of moves would reverse by morning anyway. So I’d end up in a market, which possibly moved enough to get me into more contracts, only to get stopped out by morning when the whole thing retraced.
Finally…this isn’t my day job, and at this point I don’t want to spend all day and night tracking the markets, as certainly I would if an entry could fire at any time.
There will be another entry point for GBP.