Is EOD trading for Forex (EUR/USD) possible?

[OddTrader]

If not possible, why do you think so?

 

[ElectricSavant]

Do you mean 17:00 (est) closes with daily bars?

 

[OddTrader]

Quote from ElectricSavant:

Do you mean 17:00 (est) closes with daily bars?

Not sure, for a 24/7 forex market. What EOD is for retail spot forex? Should it be the Asia open GMT 00:00 (20:00 EST NY)?

Probably it doesn't matter too much, I think.

 

[ElectricSavant]

At Oanda they form the daily bars on their charts at different times compared to most other dealer/marketmakers...


There are three major sessions that may overlap each other also...

Asia Pacific
Germany & England
USA

 

[ddunbar]

One can be profitable in any time frame they choose on any instrument. Monthy, weekly, daily, 8hr,4hr,2hr,1hr,30min,10mins,5mins,1mins,tick. It doesn't matter as long as your system is design for whatever timeframe you choose to trade.

I trade Emini S&P's using daily, weekly, monthly time frame.
Forex(EUR/USD), I use 30 min time frame with 1min and 5min observation just before, during, and after the trade. In Forex, My trading window (When I actually place trades) is 8AM EST to 11AM EST. And that's based on 30 min charts looking to collect anywhere from 7pips to 40pips. But I'm still fine tuning that particular system.

 

[OddTrader]

Quote from OddTrader:

If not possible, why do you think so?

Trading dailies profitably?