News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Bullish
Wall Street
Mixed
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • The Gold price sell-off has broken below key technical barriers and leaves the outlook for XAU/USD weighted to the downside heading into the close of the month. Get your $XAUUSD technical analysis from @MBForex here:https://t.co/3YLcAFlr5f https://t.co/1uFb9UkDvV
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.48% Gold: -1.28% Silver: -2.80% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/OvThGydQBs
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.65%, while traders in France 40 are at opposite extremes with 78.02%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Yq6wLxhblV
  • Vaccine Optimism Sparks 28% Increase in Oil Prices. Get your #crudeoil market update from @JMcQueenFX here:https://t.co/F3AlSkniXk https://t.co/qevY4Gh6o9
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.51% US 500: 0.47% Wall Street: 0.26% Germany 30: -0.15% France 40: -0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/wxM2SJQrDE
  • EUR/GBP IG Client Sentiment: Our data shows traders are now net-short EUR/GBP for the first time since Nov 20, 2020 15:00 GMT when EUR/GBP traded near 0.89. A contrarian view of crowd sentiment points to EUR/GBP strength. https://www.dailyfx.com/sentiment https://t.co/ouaMBSjKk2
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.75%, while traders in France 40 are at opposite extremes with 77.98%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/mXHYu1zN9M
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.59% Gold: -1.39% Silver: -3.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/xchHegk5kh
  • $BTCUSD technical resistance in action. . . #Bitcoin https://t.co/sC21sU5jiX https://t.co/KQdwWtMUNr
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.34% 🇦🇺AUD: 0.33% 🇳🇿NZD: 0.28% 🇨🇦CAD: 0.21% 🇯🇵JPY: 0.20% 🇬🇧GBP: -0.42% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6VlOG5bYhZ
Setting Trading Expectations from a Daily Chart

Setting Trading Expectations from a Daily Chart

2011-09-20 21:09:00
Richard Krivo, Trading Instructor
Share:

Questions will oftentimes come in during our live webinars regarding how long on average does it take for a position to hit its final profit target or stop loss when using the Daily chart.

Relative to the shorter time frames, trades take longer to develop on the Daily chart for sure. As far as the specific amount of time involved, that will vary depending on the market conditions, the trading strategy employed, the relative volatility of the pair being traded, etc. Depending on any combination of the foregoing, it could take a few hours, several days, weeks or even longer.

The trading style that I use employs trading in the direction of the trend on the Daily chart. Once that trend is determined, I then will enter the trade in that direction off either the Daily or the 4 hour chart on a break of support/resistance.

Since trading exclusively from a Daily chart can present issues regarding deeper stops, trades taking longer to mature and the like, our trading strategy as mentioned above 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.

(If you have questions about identifying a trend or determining a change in trend, click HERE for additional information.)

Once that is determined, check out the Hourly charts (4 Hour and 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 generate more entry signals then on the Daily alone and a stop on a 1 hour or 4 hour chart is generally 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.

DISCLOSURES