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  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here: https://t.co/d8Re5anlG5 https://t.co/qP96xmgDVn
  • The pro-risk Australian Dollar may extend gains after the record miss in US jobs data, amplifying dovish rhetoric from the Federal Reserve and keeping the Dow Jones and S&P 500 intact. Get your market update from @ddubrovskyFX here: https://t.co/yf8mPX3O3W https://t.co/uCCmjaxUhF
  • Who else is keeping close tabs on Dogecoin $DOGE this weekend? All eyes on Elon Musk @elonmusk, the proverbial 'Dogefather,' and his Saturday Night Live @nbcsnl performance kicking off at 11:30PM ET. The #crypto is already looking nice and perky following that trendline break! https://t.co/nrQsnlUqWj https://t.co/4lOz6NLQTG
  • There is some very interesting event risk over the opening half of this coming week of trade. It starts with Elon Musk hosting SNL tonight for Dogecoin traders and moves into US inflation data to as means to stir the ongoing Fed debate and Dollar https://www.dailyfx.com/forex/video/daily_news_report/2021/05/08/Dollar-Tumbles-Dow-Hits-Record-Highs-and-Dogecoin-Traders-Tune-In.html https://t.co/LXhjv7ToWC
  • It was a big week for Gold bulls and Gold prices broke out to fresh two-month-highs, finally taking-out the 1800 level along the way. Get your market update from @JStanleyFX here: https://t.co/D222Ni37Dv https://t.co/KcMYyx3Ro4
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/PjywaPeUsl
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/AjOSPzOFLb
  • What are some trading takeaways from 2020, as we jump into the new year? Find out with your free guide here: https://t.co/e7udCTJlmf #DailyfxGuides https://t.co/eqklbOEJMa
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  • The docket thins out over the coming week, but there are a few serious market highlights that can make for some interesting opportunities in the week ahead. $GBPUSD has the technical chops and fundamental confluence (US CPI, UK GDP, etc) https://www.dailyfx.com/forex/video/daily_news_report/2021/05/08/Dollar-Tumbles-Dow-Hits-Record-Highs-and-Dogecoin-Traders-Tune-In.html https://t.co/BMUQ0xVOge
Using Daily Charts in Your Trading

Using Daily Charts in Your Trading

Richard Krivo, Trading Instructor

Student’s Question:As I understand it, your emphasis is more on daily chart trading. How many days (on average) usually does it takes for a position to show its final profit or loss in FX 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 a more volatile or less volatile pair, etc. Depending on any combination of the foregoing, it could be a few hours a few days, a few weeks or longer.Since trading only from a Daily chart can present issues regarding deeper, trades taking longer to mature and the like, our trading strategy is first to check the Daily chart 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 and/or 1 Hour) 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.

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