I wish to know whether all days are profitable trading days for the gurus? I discovered that some days are literally unprofitable. My dilemma is that: is it possible to determine the profitable days from the chart and how?
It depends on your strategy. For a start, different days have different volatility on different days of the week. Take a look at this -
If your strategy demands very high volatility or very low volatility, the table on this might be useful.
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You trade what you see. Sometimes there’s daily trades, other times nothing for days. That’s how it goes.
While we’ve been talking about volatility here’s a little idea.
Long-term the most volatile pair is AUD/JPY. Bearing this in mind you will find that in any period of more than a couple of weeks on the daily chart, most of the time the close of this pair is above or below the previous day’s range. The exceptional volatility of this pair means that it is constantly making dramatic moves up or down: over the last 3 months price has closed outside the previous day’s range on 70% of days.
There’s an obvious trading tactic here -
- wait for the close
- set a buy at today’s high and a sell at today’s low
- close the trade at tomorrow’s close
Overall risk is not high but drawdown on any individual trade is unpredictable.
Good luck whoever tries this one.
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The textbooks may say the volitile days Wednesday and Thursday but after the “Storms” I love my Friday s this day I think is often the most predictable.Monday as well there is sometimes a massive move too, which can be more "smooth " and easier to jump onto a winner.
Oh it depends on your style if your a day trader,scalpers obviously like high volitility.