Trading FOREX with EOD data?

[VKET]

Hi,
I wonder if any of you trade Forex with just End Of Data (EOD) data?
I would really like to find out please Thanks.

I yes, how do you define the open and the close?

 

[SunTrader]

500pm EDT Sunday lines up with NZ 900am Monday to open the week and 500pm NY closes the week. (5) 24 hour periods.

 

[NorgateData]

500pm EDT Sunday lines up with NZ 900am Monday to open the week and 500pm NY closes the week. (5) 24 hour periods.

@SunTrader is correct here. This is the traditional way most Forex brokers operate, and holding across the 5pm boundary incurs "overnight holding costs" depending upon the which pairs you trade and whether you're long or short.

We have quite a lot of subscribers on an EOD forex data service.

 

[tomorton]

The majority of my trades are from D1 charts. I don't look to finesses entries and exits using lower time-frames.

Accordingly I don't find precision in open and close prices highly necessary. Closes are important in relation to previous closes/highs/lows and MA's but my strategy ignores opens.

Even Monday opens.

Maybe that's an error......

 

[VKET]

The majority of my trades are from D1 charts. I don't look to finesses entries and exits using lower time-frames.

Accordingly I don't find precision in open and close prices highly necessary. Closes are important in relation to previous closes/highs/lows and MA's but my strategy ignores opens.

Even Monday opens.

Maybe that's an error......

Sorry, what is a D1 chart?

 

[ph1l]

Sorry, what is a D1 chart?

It's a chart with bars/candles with a granularity of one day. For example,

 

[SunTrader]

Sorry, what is a D1 chart?

Daily.

 

[VKET]

Thanks, that's what I figured. I have never heard the term D1 for daily bars. If D1 is daily bars, what is D2 = weekly?

 

[VKET]

Hey, there must be more Forex traders here?

 

[SunTrader]

Thanks, that's what I figured. I have never heard the term D1 for daily bars. If D1 is daily bars, what is D2 = weekly?

I never use D1 for daily but I think some use it like H1 for one hour.

Clarity helps, so other than using occasional slang such as stonks, prolly, lol I just spell things out.