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Trading Off of the Daily Chart

Trading Off of the Daily Chart

Richard Krivo, Trading Instructor

Student’s Question:

As I understood your emphasis is more on a daily chart trading. How many days (on average) does it usually take for a position to show its final profit or loss in Forex based on a daily basis (in your own experience)?Power Course Instructor’s Response:Good question...Things take longer to develop, relative to shorter time frames, on a Daily chart for sure. As far as a specific time frame, it will vary depending on the market conditions, the strategy, was the pair more volatile or less volatile, etc. Depending on any combination of the foregoing, it could be a few hours to several days or even longer.Since trading only from a Daily chart can present issues regarding very deep stops, trades taking longer to mature and the like, our trading strategy is first to check the Daily 1 Year charts on the currency pairs to find the one(s) with the strongest trend in either direction.Once that is determined, check out the Hourly charts (4 Hour 40 Day and 1 Hour 10 Day) on the same pair to fine tune an entry into the trade in the direction of the Daily trend.Trading from a 1 hour or 4 hour chart in the direction of the trend on the Daily will allow more trades to be entered and a stop on a 1 hour or 4 hour chart is much more tolerable for beginning traders and smaller account sizes.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.