Traders trading the daily, when do you check the charts?

So I want to trade a daily strategy. Does the timing of me actually looking at the charts and setting up my trade matter? So should I start early in the market day, say like 7 or 8 AM or something. Or after lunch, since that’s convenient for me, or should I wait until later in the day to see what the markets did, and then get a trade set up if everything looks good? Like 5 PM. Can it be later in the evening if I can’t get away to look at the charts?

It can be any time you choose, and that time should be written in your trading plan with the reason behind it. For example if you are trading on daily timeframe, Forex or stocks, it may be a good idea to check at the candle close of NY timeframe (5pm) which is UK time 10pm. That would suit anyone working a 9 to 5 in Europe. You would refer to such a plan generically as “previous day close plan”, then when the UK market opens next day, enter if the price action of your chosen underlying instrument (pair, stock ticker, etc) behaves as your trading plan dictates for entry - if it is based at all on last day’s close. It could be based on current day market open in which case you would not need to analyze and pre-set limit orders after 10pm you may opt to have a generic plan such as “market open plan” and decide to trade based on market open price.


A great time for Daily entry is just before the Asian Tokyo market opens. If the last daily green candle is following the trend but below the previous green one, there is a buy stop pending opportunity - which will be at the high of the last one up to the middle of the previous one.

if the trend starts to retrace, you have the opportunity to set up a pending stop loss instead.
Whether that works on the London opening, I have not tested it out.

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You can choose anything time but most would wait for a candle close for formation and thats around 10pm UK time. They are likely to be longer term trades so it would do you no good checking more often than that

I try to check as soon as possible after the NY business day starts to end. If I miss this target for any reason I definitely want to check before the London day gets going.

In between these time s there is nothing for me to do as I have no decisions to make. I set the entry orders and associated stop-losses and I won’t need to change these until the next day’s candle is complete and I might need to adjust them or even cancel the order.

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I’m lazy in terms of following the sessions :slight_smile:
My broker provides me with his own end of day (CET) and I’m just adapting. It means, that whenever I have time in the evening, I will look through the charts without being bothered, if I am 3h before end of NY or 2h after my CET :slight_smile: Price action looks slightly different, and I think it’s good to learn real “action” behind the price and not few strict patterns. It requires some candle blending, going down to H4 time frame. Still market tells you the same story of what’s happening, but with slightly different dialect.

Day trading, so the 3 sessions want to trade, like to ve stick to the screen all day! With one session is enough if tou jave a good and well tested trading plan and the setups around… And keep an eye on a pair can be with volatility, or carrytrade pair, or a pair that moves enough pips for session, even if i dedicate full time to trade i dont spend more time as needed. Ifcthe trend is stong you can open quite some with one pair or make
múltiple entries along the trend expires…

It depends on which securities and market of your choosing. For me as i’m trading forex i only do a quick check in morning just to make sure nothing serious going on in asia and focus more on timeframe between open of eu and us as that when most trading take place. You can read more on which timeframe is suitable for you.

London is really good timing as well.

You can choose any time frame to begin looking for opportunities. Just keep in mind that the longer the time frame, the less frequent price will likely move in your favor. During times of high volatility, you may want to consider using a shorter time frame and having more trades open and running simultaneously. That will allow you to take advantage of the increased opportunities that come from higher volatility.

Thanks for all the suggestions!

What does candle blending mean here?

Candle blending is merging two or more candles into one.
Below screen which shows some example (random result from google search)

You take:

  • Open price from first candle
  • High as highest price of all candles
  • Low as lowest price of all candles
  • Close from last candle

Multiple candle formations after blending are reduced to single candle signals such as pin bar.


Not seen that before, suppose its nice to have a clearer picture :slight_smile:

It’s advisable you check at each day close

Charting software then must this setting. Can’t imagine you’re doing this on your own. ha!

As with any patterns you just start to see these. No need for chart soft support :slightly_smiling_face: it comes down to what price is doing.