Some important economic data were released during the European session. But they provide little lift to Euro and Sterling. In particular, even though UK...
While it is true that the forex market is open 24hrs a day five days a week, it doesn't mean that it's always active. Breaking down this 24hr auction house into manageable trading sessions is important. Knowing when liquidity is likely to come into the market and when it is expected to diminish, helps one determine the best time to trade.
As humans, we tend to perform our best when we have a well laid out routine. Chaos is something that most of us by human nature tend to avoid at best. With trading, having a routine brings with it a certain level of discipline which helps you to improve your performance as a trader. Having a trading routine helps you follow a trading process and at the same time will help you to avoid taking impulsive trading decisions, be it entering or exiting a trade prematurely. Professional traders, whether they trade currencies or bonds, or stocks follow a routine.
A general flaw of many traders is the habit of seeking "certainty" via indicators. It's not uncommon to see charts with five to seven indicators overlaid on them. However, the traders that seek certainty through indicators are usually the same traders that don't "dig deep" into the indicator to understand how it's built.