Daily Chart Trading

[piter305]

Hi all

If you trade on the daily chart and enter a trade on a conformation candle is it always best to wait for the candle to close or there is some flexibility to that?

 

[lindq]

Hi all

If you trade on the daily chart and enter a trade on a conformation candle is it always best to wait for the candle to close or there is some flexibility to that?

Entering at the close will put you into a position overnight. Unless I have a strong system that specifically calls for an entry at the close, I will usually wait until the morning open. I don't mind giving up a few dollars of profit for reducing risk.

And entering prior to a close, when your system signal is to wait for a closing confirmation, is just impatient trading. Not generally a good idea.

Good luck.

 

[formikatrading]

I anticipate the close on the daily -- most likely, during the last couple minutes of trading, you're going to have a pretty good idea how it's going to close. Further, even if you don't, after hours trading may let you get in a position after the regular daily close.

Hi all

If you trade on the daily chart and enter a trade on a conformation candle is it always best to wait for the candle to close or there is some flexibility to that?

 

[piter305]

thank you all