Forex Indicators
Forex Swing Trading?
Hi! I have been trading stocks and options for a while and have been thinking about forex. I have put together a system based on closing prices on stocks and I wonder what would be the best way to go about making this system suitable for forex. In other words, at what time should i say a day ends and when should i take the closing price? Thanks! Well, as I thinking of trading the forex on a daily basis, what time would be the best time to take closing price of a daily bar? Would it be 12 am?
Public Comments
- The 'closing price' is dependent on the time frame you're using for each bar. If you're using 15 minute bars, you use price at the end of every 15 minutes for your closing price. If you're using the 1 hour bars, you use the price at the end of every 1 hour...and so on, you get the idea.
- I personally don't think it's going to matter in Forex. A better and more reliable strategy is the "50% retracement rule." Google for it. More trading tips and advice: http://commonsensetrading.googlepages. com
- The daily candle ends everyday at the rollover period which is at 5PM est. Since you want to hold a currency pair for days, keep in mind that If you hold a spot forex position overnight then you may pay or receive what’s called the rollover fee. Good luck
