Time-Of-Day Effects Inwards Fx Trading

As I mentioned inward a previous post, ane of the master copy ingredients of success inward constructing a profitable momentum trading strategy inward Forex (and futures) is to pay attending to the entry as well as leave of absence times. I haven't seen whatever practiced momentum strategy that has "time-translation invariance", i.e. works without reference to a fixed fourth dimension of the day. The fixed fourth dimension tin refer to a benchmark grade of the marketplace (e.g. the previous close), or it tin hold upwards the entry or leave of absence time.  (This is inward contrast to mean-reverting strategies where the reference cost tin oftentimes hold upwards only a moving average.) A recent inquiry paper (Hat tip: William) points to only about other example of such time-of-day effects inward FX markets: a currency typically depreciates during its local trading hours.