Best times to trade on the daily candle, if you can't be at the close/new candle NewYork?

Trading Discussion
1

The best time to trade on the daily candle, 24 hours, is when the candle closes and a new one opens after New York market closes.
Given the crazy spreads that occur around the closing and opening of the new candle, many traders are also active at that time.

But I’m not in a favorable time zone in that regard to trade on this new 24 hour candle, I’m staying in Europe and before the insane peak spreads have sunk it’s after midnight
So after 0.00 am I can trade according to this strategy.
Unfortunately I cannot be online at that time and am looking for other opportunities regarding the time.
There are of course, I would love to hear from other traders how they do it.

What are other important TIME points to trade for the 24 hour candle in a day?
Knowing that most trading happens during the overlap, London and New York session,
I would like to hear from others what strategies they are using to compensate for not being there at the new 24 hours.
How do you trade, in addition to your normal strategy, how do you take into account the TIME moment.
What is your ideal time and why?
Is it the opening of New York, London, ? What do you pay attention to? What is important to you, besides all the indicators and all the other tools you have.
Time…
For you who handle the daily 24 hour candle, what are the most appropriate times to trade when it comes to the daily 24 hour candle?

2

I usually never enter trades “live”, but by pre-setting entry orders in advance, at the price level at which I want to enter.

Of course, if price never reaches that level, the order is not triggered and I have the choice of either cancelling it or re-setting it at a different price.

3

Interesting method, I have considered that as an option.
I have 28 pairs that I trade (demo)
and I scan all of these under 5 minutes because I rely purely on my indicators. As soon as my indicators tell me I can open a trade I study it a bit more.
Can I ask you a few questions about the pending orders?

1-Have you been trading this way for a long time?

2- Do you study the chart in advance, i.e. do you place orders on charts that meet your criteria? For example, does it have to be a swing trade?
3- What conditions must it meet when you put out orders?
4- Do you set them by default every day?
5 -Do you set orders on both sides, i.e. long & short and both with an SL?
6 -Do you use an indicator or EA for this? OR do you do these manually?

I see I have asked 6 questions, :wink:
I hope you can give a short answer to these
Thanks in advance for your input!

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4

  1. Yes, I have been doing all my D1 trading (I have over the years only occasionally traded intra-day) using pre-set orders.

  2. Yes, I identify the entry price from the D1 chart. This is usually simple, for example using the high or low of the day.

  3. Depends on the strategy but it’s vital to follow the set-up conditions, not just because this works but also because that builds a statistically reliable base-line from which you can adjust and develop the strategy rules.

  4. Yes, as long as the set-up is seen in the chart.

  5. I don’t usually run strategies that call for simultaneous long and short orders - my best performance has come from being in the same direction as the major trend.

  6. It’s manual, but I have run strategies which only call for longs if price is above e.g. the 50EMA, or shorts only if it is below.

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5

Thank you for taking the time to reply to me.
I am definitely going to try this way of entering the market.

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