How To Trade Forex Using ‘End Of Day Price Action Strategies’ – Trading at the New York Close.
So, the question from so many of you on the email recently is, “How to trade Forex using End Of Day Price Action Signals”
Now in fairness to all newbie traders, I am not going to make this a complex forex strategies article, I am going to keep it as simple as possible. My objective here is to show you why I like to enter many of my price action signals at the New York close, that means “After Wall St Closes”.
Why Do so many traders enter trades at the “End of the day” ?
The answers are quite simple,
1. Trading end of day, removes noise and gives a true and honest picture of what has occured during the trading day. The signal carries “weight” and has a higher probability than a singal which forms “during the intraday session”.
2. Time restrictions – The one major factor in a traders life is “time”, so the end of day approach allows the trader to go about their day to day business or job, and then come and look at the market at the end of the Wall Street close, keeping an eye out for a nice price action signal.
3. Simplicity and Clarity – In general, traders are simple creatures, so it makes sense to trade in a 5 minute window of opportunity, 1 time per day, it’s jut keeping things clean and simple, and honestly, this is how I have traded for so many years, yet so many people out there overlook this approach, I can’t work out why. When the market closes, there is either a signal or no signal, so if theres a signal, the trader can act according to the trading plan and place trades etc.
An Example of an end of Day Trade may be as simple as waiting for a break of a key market level, waiting for the market to cofirm the break out on the New York close, and then, once we have the signal, placing a buy order at a strategic buy level, in the hope of making money with the trend break out etc.
In fairness to my loyal paying members, I wont go into the specific 5 price action strategies and methods that can be used to trade end of day here, but please feel free to watch more of my free trading videos to get a better picture of the style of price action trading I am teaching in the forex course and members section