If you have been trading in forex for a long time it is possible that you have heard of different trading sessions. It is possible to be confused as to what time the session begins and ends, and might not be able to track the changes in periods on the chart. This is the customized indicator designed for this reason.
What is the I-Session indicator?
I-Session is a separator for sessions indicator. It separates Asian, European and American sessions on your chart. You can benefit of the most volatile trading sessions or time periods without trouble. It is possible to color code every trading session. Now, you’ll know what is happening in the trading session.
This indicator helps identify the price’s behavior and the price range in a particular session.
What is the best way to use the iSession indicator?
The price pattern in a particular session (ranging between trending and counter-trending).
Price ranges of the trading session.
Once you have these two things, you can make use of the data to predict or trade the next phase in the value. The colour of a trading session will tell you which are the higher and lower bounds for the cost. It is possible to trade a bounce-back trade or a break out of the price range.
I-Session indicator trading strategies
Let’s examine trading strategies that are based off of the indicator.
Purchase the setup
Expect to see the Asian session to end and then the European session to begin.
If the price is beyond the price range of the Asian session to the upside you can look for a buy opportunity.
Begin a long-term position once the candle that is bullish closes.
Place stop-loss just below the price consolidation.
The profit taken should be 1.5 times the amount of stop-loss.
Do not trade in the event of a trading session that has the spread to be 50 pips or more.
Expect you to watch for the Asian session to end and then the European session to start.
If the price is outside of the price range of the Asian session, on the negative side you should look for a potential selling opportunity.
Start a short position when the bearish candle has closed.
Set a stop-loss below the recent price consolidation.
The profit taken is 1.5 times the amount of stop-loss.
Do not trade when the session you are trading has a the spread to be 50 pips or more.
Conclusion for the i-Session indicator
While the indicator comes with numerous benefits, it is important be careful when using it in your real-time trading. Always test the strategy using the demo account or back-test the information before applying it into your actual trading.