Hello and welcome to another edition of the bulls vs the bears. Today my message is simple. If you want to get more out of trading the daily chart chart frame, try placing your trades at the end of the day. Your focus will be on closed candles not open ones.
Now I can hear somebody asking”How IS Trading At The End of The Day Going to Help Me?” It will definitely take your trading to another level. And it makes the trading process simple and straightforward. End of day trades accomplishes this feat several ways. First it cuts down your trading time which translates into a positive mindset. With this mindset you don’t need to stare at the screen all daya- a major addiction of a lot of traders. When you stare at the screen all day , you overthink , which makes you over-analyze and which eventually sends your money down the abyss.
Even more important end of day trading helps you with money management via the set and forget approach. With a solid money management plan you dont need to scratch your hair over your trades. Set your trades and get out of the way.
So what are we going to do? We are going to learn how to trade end of day session And how we are going to do this? By utilizing popular trading patterns that we have looked at before. We are going to look at how you can employ these patterns at the end of the day.
First up is
Inside Bar Pattern
The first pattern we are going to look at the inside bar pattern
This pattern looks perfect for an end of day trade. Doesn’t it? All you have to do is place your entry, take profit, and stop loss. And the market will do the rest. Just set and forget and go on vacation. By the time you get back you should see a handsome profit in your trading account.
Do you know what you just did. You solved the most difficult aspect of forex trading – trade management. Even more important, you took the emotions out of the process – a trade killer if you ask me.
Now let’s t look take another example of the inside bar using the GBPUSD pair
First thing we see here is the dreaded range that most traders don’t really care about. However, see the back-to back pin buy signals at the level of support. This is what you call confluence where you have multiple signals popping at the same time. This is perfect for an end of day trade.
With this trade you could make three times your risk. As I indicated earlier, just step away from your screen and let the market rack up the profits for you and out them on your bank account. This will open happen if you don’t over-think your trades, and you are not in a hurry to jump into the market.
Let’s look at another end of day trading example using the fakey pattern via the GBPUSD pair.
Here we see a fakey/pin bar combo forming in-line at the uptrend in the daily chart frame.. Place your take profit at the breakout of the inside bar or at the high of the pin bar and stop loss below the low of the mother bar. Do that and you make yourself a handsome profit.
The only hitch here is you have to wait ten days for this pattern to form. Sorry folks that;s the way the daily chart frame works. You need sit tight and watch things unfold.
That’s a wrap for ”Wanna Get More Out of Trading Daily Chart Frame…Try End Of Day Trades. ” End of day trades will definitely do wonders for your forex trading account. But please don’t get the impression that end of day trades are a walk in the park. They are not. However, you’d be a whole better off trading end of day than spending your whole day searching for 15 minute scalps on the market. Who does that?
In utilizing end of day trades, you vanquish the small voice torturing you into taking those 15 minute scalps. You only take what the market offers you, depending on your trading edge of course. Even more important end of day trading teaches you self control. You don’t feel the urge to jump into the market just for the fun of it. I trade using the engulfed pattern. If it is not evident on the screen I don’t trade–Simple as that.
Take care til next time
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