Hi people I am a newb trying to read as much as I can and work out a trading plan and system trading Cable in London session.
I was wondering if anyone only watches Mondays price action (highs/lows etc) as part of a plan or system ?
Thanks.
I watch as always but typically I wont trade sunday or monday unless something stands out (like last week)
Well, it depends on my trading setups and price action! so take it or not depend on my trading plan!
Yeah i do.
Doesn’t matter what day it is for me except weekends.
I trade end of day charts so my formations take a long time to form.
When it has formed that is time for entry. If it’s a Monday it doesn’t matter. My formation has formed and it’s time to trade.
When i was day trading few years back i didn’t trade Mondays I wanted the Market to do a full cycle before starting to trade again.
Yes, Number of traders do not trade on monday as part of their trading plan but on the other hand some trader do not think about days. They trade Monday - Friday and go for specific trading time and strategies.
I tend not to trade Monday mornings (UK) intraday unless I see a particularly clear setup. When end of day trading I don’t care what day of the week it is.
Yeah, scalpers will likely have a harder time trading early in the week, because things don’t usually add up the way they should on those days compared to others. For long-term plays it really makes no difference. You may get some goofy drawdown early on as a result, but it will eventually start going your way.