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Using Daily Charts in Your Trading

Using Daily Charts in Your Trading

2011-06-06 21:42:00
Richard Krivo, Trading Instructor
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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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