I can buy certain currencies that I can’t get a quote over the weekend for at the friday open price, up until sunday at noon or so. is this valuable, does it depend on the currency itself, should I use the friday close price as a predictor of when to buy, and does it depend on the specific currency? Is there any platform or tool I can use to get information about what the rate will open at? Even knowing an hour or two before the market opens could be useful - any ideas?
Hey, Venus!
My name is Samuel! I’ve been trading Forex to good success for about a year now and can definitely provide some feedback/ideas to answer your question!
Something that I’ve learned through experience, is that when wanting to predict future moves on market open (Sunday) the higher timeframes are your best friend.
I am a swing trade and mainly use the Weekly, Daily and H4 chart to do my analysis for the coming week (My entry chart is the H4)
On those higher timeframes, the best places that have worked for me in my analysis is Obvious tops and bottoms on the D1/H4. I usually set up my buy limit/sell limits on the top and bottom of the ranges and if the market is trending I will set buy stops or sell stops on obvious tops/bottoms.
Here is an example from my trading this week, I set all my limits up on Friday, They got triggered on Monday/Tuesday and took profit on wednsday. (All my Take profit levels are on tops and bottoms)
Hope this kinda gives you an idea on ways to set up your trades for the following week!
Keep in mind that this was based off my own strategy and Risk management!
Hope it helps!
-Sam
