I’ve been placing trades on a daily chart 30 minutes before midnight EST each day. My rule is that I can’t adjust my trades any other time. I place the trades and the stop/take profit, then let them ride.
However, I always feel uneasy with this on Sunday evenings. It feels like the full picture hasn’t developed yet and I’m trading on partial information. Does anyone else trade on Sunday evenings, or do you just take a pass and wait for things to come into focus on Monday?
I stay away from opening or closing trades for at least the first half of Monday. More often than not, the market corrects, finds its bias, liquidity increases…Whatever the reason, it tends to switch direction or stabilize at some point.
Your best bet is to wait for the NY session to open.
In 2020, not a typical year by any means, GBP/USD’s close on Mondays followed the Friday close 58% of the year.
Not really advised best to wait a few hours at least
Stay away personally, spreads/weird movements/or no movement at all. Usually unpredictable
If all of the conditions of your trading plan have been met then I don’t see why not? The first hour of the open has the crazy spreads but after the first hour, the spreads go back to normal. If you’re placing trades at midnight est then that should be fine! Especially on the daily time frame.Back test your strategy and see how it goes though.
If you have a system in place and are 100% confident in your system, go for it. Some of my most profitable trades have come on a Sunday. Test your system on Sundays first and see how it turns out. Everyone says no Sundays, no Fridays, bla bla bla. You do you trust your system, and if it doesn’t look good, stay away.