Daily charts best time to review

I’m a bit confused about when how the markets work in regards to best time to trade day charts.

I’m planning on trading day charts of a range of currencies across various markets but can only realistically do this once a day.

If it’s best to review a chart and trade after the days candle has closed and all data represented is it possible to have one point in time that I can review all the charts?

I’m thinking probably best time to trade for Daily trading would be after NY close?

What do you mean with “daily trading”? Trading looking at 1D charts? :33:

Yes, sorry for not being clear.

No problem :slight_smile: I don’t know the way you trade, but with daily and weekly charts, I try to interpret the main trend of the pair, so for my way of proceeding is not important to wait until the end of the New York session.
I think it is important if you use price action to trade :slight_smile:

I personally like to place my trades in Asia. Typically the start of the new day at 00:00 gmt is when I do my analysis, that way i can see previous days candle. If i suspect a significant reaction at a level, I’ll put a buy/sell limit order, sl, tp, an will let the market enter me. Or ill do like 1% in asia and let the other 1% get triggered with the buy/sell limit. Of coarse once a tp is hit i go to BE and let the rest run.
Just my thoughts, Happy pip hunting!

Yes, price action is the planned trading model.

I’m a swing trader and I review the Daily charts after the close of the NY session. Sundays I review the Weekly charts for the bigger picture. All trades are placed using stop orders, after my Daily review. This applies to managing trades as well. I live in England, so this means I am reviewing the charts relatively late in the evening. I do it at this time because I want the Daily candle to have closed when I do my analysis, and due to my personal circumstances mornings are out.

Most recommendations I’ve read as I’m learning price action trading is to use New York close as the end of the trading day. It is also suggested to make sure that your broker’s charting platform that only creates 5 candles per week and uses NY close to close it’s candle. I know Pepperstone and FDXX fit this requirement and both have free demo accounts, so if you trade with another broker you can still use a demo from one of these guys to analyze your charts.

If you don’t have a lot of time to trade then it is probably better to trade options on Futures, Futures hedged with options, or leg into a favorable spread using mini contracts.

At one point my time for trading was very limited, but I was able to comfortably fit it in by trading the Daily time frame. By doing this you only need to look at the charts once a day, and trades can be placed using stop orders.

Hey im a breakout price action trader using end of day charts.

The time that i trade is just after the New York Close.

This is because i base my breakouts at closes of the day. In fact that’s the way it should be done. If you don’t do it like that you will end up trading whip saws

Always when the New York markets closes their is a good trading opportunity due to the fact that the liquidity in the markets is thin and trends get subsided.

A lot of my trading is entered off the Daily chart, these days. I scan for setups in the evening (UK time), the time varies but anywhere from 2000-2300, basically I want to see how the day’s bar is closing and enter via an order. I trade a lot of crosses, so orders often trigger while I’m asleep. I just cancel the orders if the trade doesn’t trigger within 24 hours.

So for my approach I just do an evening scan, which takes half an hour or so (less if I don’t spot any setups), and then manage any open trades during the subsequent evenings’ scans. Leaves the days nice and free!

ST

I will be damn! Thats exactly how I trade…thought I was unique :stuck_out_tongue:

Just in relation to SimonTemplar

I trade end of day at the New York close. And my trading is almost complete and utter boredom. Im generally waiting for around 15 set-ups to form and breakout. It takes around 4 - 8 weeks for each set-up to form. I only trade at most 20 minutes a day just to update my set-ups and make sure they haven’t broken out.

Lol don’t worry about it - you can still be special without being unique!

Hi Daniel, I don’t know your timezone but it sounds as though conceptually we’re doing basically the same thing (although I prefer a bounce/reversal to a breakout): I often stalk a setup for weeks before it gives me what I’m after (or doesn’t lol!).

I don’t mind a jot if my trading is boring - I like the trading to be boringly predictable, I find that that’s the most lucrative way, then I can get my excitement with the proceeds.

ST

Yeah same. I like it boring too. In fact the more boring probably better, that means your being patient and waiting for the right moments to trade. Im always in a trade even if im not in a position since not being in a position is a position.

Yeah sounds like we are doing similar things. It takes weeks for my set-ups to form. Sometimes I don’t trade them since something came up that didn’t make it a seemingly comprehensible easy to understand trade.

I find that this way of trading is actually more interesting. Waiting in anticipation for a few weeks for a setup, which might even turn out to be untradeable. Plus, although I enjoy my chart reading sessions, I would’nt want to be doing it throughout the day - I would find that boring.

Yeah definitely. I like my trading style being daily charts. Only trade foor 20 minutes after the New York close. After years and years it has become very consistent and my draw downs are small and seem to happen when the market is quiet and breakouts aren’t that strong. Sometimes the market is quiet and sometimes there are too many trades to trade. Sometimes I might be in only 1 trade others times to my maximum of 5 which is my limit based on my money management methods.