What is best time to manually close trades on friday?

Trading Discussion
1

I am trading 30 mins charts on USDJPY pair. I do not want to leave my trades open on fridays (or should I?). Question is - do you close your trades manually on fridays if TP or SL is not hit or keep them open? if you are closing manually, what time do you close your trade?

thanks :slight_smile:

Sal

2

You may hold a position over the weekend. In this case you increase your chances of getting burned very badly as the market could move against you. I think that you must be at your computer when the market reopens so you can close the trades if necessary. The SL and TP are good options as Stop loss and take profit orders therefore form a protective barrier around your trading account, preventing it from being completely wiped out in the event of unstable price movements.

1 Like
3

I do put bracket orders with tp and sl. but i have heard broker may not honor stop loss in some cases and you may suffer huge loss or even account wipe out due to whipsaw trades. is it true?

4

I generally don’t keep positions open for more than a day or so at a time, so I tend to close them before market close on Friday. Of course, there are exceptions from time to time as I judge every position on a case by case basis.

1 Like
5

I normally close my positions on Fridays 5-10 minutes before market closes. But that is my personal choice. You could close it 30 minutes or even 1 hour before. All depend on you and if you have already made some money.

1 Like
6

If you are a day trader then I suggest closing your trades by 12pm EST (U.S.) on Friday’s since after that usually the market comes to a crawl.

If you are a swing trader then check the trend on the daily chart. If you are in a position trading with the trend and if you are in the positive by 50 pips or more then I would suggest you leave the trade open. I would not open a new position or add to one on a Friday.

There is a risk that the market may gap against you on Monday. Although I have observed that the gap is almost always in the direction of the daily trend. I usually take my stop loss order off before the close of market on Fridays so if a gap occurs against me then I have the opportunity to mitigate my losses. This is a risky move and I don’t recommend you do this unless you are well versed with market analysis.

2 Likes
7

I rarely trade on Friday. However, it is best to close a trade about 12 noon New York time or just before the lunch break.

Trade safe and prosper.

1 Like