Obviously, day trading is not an option while you're sitting at your work office desk across the wallace from your boss. A forex daily strategy usually consists of taking signals from EOD candles. This is precisely why trading off daily charts is such a great technique.
These time frames can vary based on the location of your broker, but the general rule of thumb is that the 5 PM Eastern hour is where a daily candle opens and closes. You may only want to target daily reversal candles.. It allows people an opportunity for people wanting to trade full time the neddie to slowly build a large enough equity base after work hours. These are the candles that are formed between the hours of the Japan trading session, and the end of the New York session. You can utilize a trend trading approach, or a contrarian method. These daily candles can be traded just like any other timeframe. In this case, "EOD" stands for "end of day" candles. A forex daily chart strategy is a perfect alternative for individuals trading the forex market while working a full time job. |