I don't know if this thread should have been posted under the topic of "Brokers," but since I'm not seeking answers to any questions about them, but rather, am gathering information to use in figuring out how to successfully apply a particular day trading strategy using their platform, the topic of "Journals" seemed more applicable. If they are operating in the GMT time zone, as at least one Internet resource says they are, this means I cannot trade with them between the hours of 1:00 PM to 5:00 PM Pacific Standard Time... (Actually, it won't be me doing the trading, but...a partner I have in India.)
I think the best is to search the reviews by the traders of your region. They should know all the details and help you for sure.
Is that the record? That is your 40th journal. For goodness sake, focus on earning money from trading. And not aiming for writing 1000000th journal
Friday | January 23, 2022 | 9:22 AM PST AUDUSD is forcing the outer band of the intraday price range envelope on the one-minute binary option chart configuration upward (not to mention the 30-minute temporal resistance level) and has just begun to do the same with respect to the 90-minute temporal resistance level. I will therefore be watching for signs of exhaustion, as suggested by the (black) two-minute and (dark violet) four-minute baselines. My plan is to purchase a 15-minute binary-option put contract, given that this is now the shortest expiry Deriv.com chooses to make available. (Let me note that 5:31 PM in the time zone Deriv.com is displaying matches 9:31 AM in my time zone [Pacific Standard Time]. This confirms that Deriv.com uses Greenwich Mean Time). UPDATE: I got the go-ahead signal to submit my order at 9:34 AM PST. OUTCOME: This was a successful trade, but not a very convincing one. I will therefore continue watching to see if and when AUDUSD initiates a genuine pullback or reversal, and if so, whether the 13-minute baseline offers any clues as to when this was "destined" to happen.
Friday | January 23, 2022 | 9:45 AM PST Because AUDJPY seems to be in the midst of upward trend supported by significant momentum, I'm going to see what happens if I purchase a 30-minute binary-option call contract. I'm going to double the stake on this trade because the AUDUSD position is beginning to look uncooperative, pushing higher again instead of willing submitting to its having been rejected @ 0.6968. Wonderful! Just when I take a position, AUDJPY decides to let all the air out of the balloon. Well...not ALL the air, because the pair is side-winding in a more-or-less neutral fashion, so that a long or short position could be a potential winner or loser at any given time, making the instrument impossible to trade at the moment.
Friday | January 23, 2022 | 10:00 AM PST It is at about this hour that the Forex market typically loses virtually all its energy. Consequently, if the AUDJPY position fizzles out, I will begin looking to enter positions when pairs such as EURUSD reverse direction to make up for the loss, purchasing one- or two-hour contracts to give the trades plenty of time to play out.
Unfortunately, my password expired at 10:45 AM (I was trading from the university library) preventing me from reacting to price action when it failed to follow through on its initial reversal, picked up by the 13-minute baseline. This applied to EURUSD, AUDJPY, USDCAD and USDCHF. (I'm now operating from the main public library in downtown Long Beach.) So then, I'm going to need to look at reversals registered by the four-minute baseline instead, and determine which support and resistance levels to consult in conjunction with this measure to choose the best times to inter positions assigned a 15-minute window to play out. MODIFIED TRIAL STRATEGY: Trade in the direction of the 20-minute baseline, entering positions as the four-minute baseline bounces off support or resistance to resume a course/trajectory in that direction.
Today's efforts were nowhere near successful. However, based on my observations of the interactions between price and the measurements I was using, I'm looking forward to looking into whether I can use the chart setup pictured below (and others) to obtain better outcomes next week.
The duration for Forex contracts begins at 15 minutes, which have the following equivalencies in hours. 60 minutes = 1 hour 120 minutes = 2 hours 180 minutes = 3 hours 240 minutes = 4 hours 300 minutes = 5 hours 360 minutes = 6 hours 420 minutes = 7 hours 480 minutes = 8 hours 540 minutes = 9 hours 600 minutes = 10 hours 660 minutes = 11 hours 720 minutes = 12 hours 780 minutes = 13 hours 840 minutes = 14 hours 900 minutes = 15 hours 960 minutes = 16 hours 1020 minutes = 17 hours 1080 minutes = 18 hours 1140 minutes = 19 hours 1200 minutes = 20 hours 1260 minutes = 21 hours 1320 minutes = 22 hours 1380 minutes = 23 hours 1440 minutes = 24 hours
Saturday | January 14, 2023 At his point, I am working exclusively with 15-minute and five-minute charts. The 15-minute chart has a 30-minute, a one-hour, and a two-and-a-half-hour envelope for identifying the direction of the trend. The settings are set at roughly 0.15%, 0.15% and 0.12% deviation respectively. The potential tactics for entering positions which need to be tested are: (1) the painting of one and/or two "miscolored" candles in the 30-minute envelope; and (2) contact by one or more candles with the "wrong/far" side of the 60-minute envelope. The tentative plan for entering positions using the five-minute charts, which also need to be tested, is when candlesticks cross over to the "wrong" side of the 40-minute baseline. Something else to explore is reversals (regression toward the mean/mean reversion) at the upper or lower band of the 40-minute price range envelope at 0.27% deviation and/or at the four-hour temporal support or resistance level. Friday’s miserable results using one-minute charts recommended a shift to trading in the direction of the 20-minute baseline following reversals in the four-minute baseline, which means I will not actually be limiting myself to five- and 15-minute charts after all, but will also continue to test one idea using one-minute charts, at least for the time being. In case one of these strategies works exceptionally well (information I would want to keep under wraps) going forward I will refer to them by the randomly assigned labels: Tactic I, Tactic II, Tactic III and Tactic IV.