We use to consider the FX market as around the clock 24/5 market. The only time periode where the market actualy takes a break and shuts off is between Friday mid-night and Sunday mid-night.
Most traders do not realise that this is where the market is reaching true equilibrium. An official agreement between buyers and sellers regarding price value.
This is important because it suggests that every thing taking place up until that point of the weekly close, can be mostly considered as pure noise.
In-fact, the weekly bar close is highly reliable if you cross-examin it with a powerful key level support or resistance.
Below you can have a close look at how I was able to take significant advantage of this powerful piece of information in order to capitalize on the current move in the NZD/CAD. Check it out !
