I daytrade between 6AM and 9AM (New York time), but if there is a trading setup during the Asian session (after 6 PM or so) I take it too.
Oops! The image from Entry #5 was posted backwards and upside down...my apologies! This is the corrected version. Oops, again! The setting was incorrect for the yellow baseline moving average in Post #9, but the principle is still the same.
%% In a bear trend\\ trading , he can gethis account killed like that. Looks like on paper daytrading could help get rich quick; if not for slippage/ lost dividends /surprise rate cuts+ higher sec fees/I would do more daytrading. Not 4x/forex; but I use 3x ETFs some. IF I could make[net] money off a nickle trend in ETFs I would; not many do that + that's how so many hedge funds underperform SPY also...…………………………………………………………………………………………………………….
I similar method to Expiated, just checked Friday via is and GBPUSD doesn't trade well, way too choppy, I use to filter out chop and just trade the trend bits mind. Nasdaq/NQ I pretty much can't lose money on that recently, strong trend entire US session, DAX is trickier mind and cost me the dear the other day. I stopped trading FX years back, used to be fast and swingy most of the day aswell, weaker and weaker or maybe stronger as less volatile, go NQ / YM / ES but no over night holds with them, where as GBPUSD better for that I guess.
The DAX is very, very hard to day trade! I suggest you switch to the EuroStoxx50 instead, its behavior is more "polite" so to speak (for a lack of a better word, like good old Gordon Gekko would say)...
the Stoxx50 last time I checked 1year+ ago was too slow, too low volume and hard for me to read, I like good strong moves you can trust and hold onto. I was just having a brain dead heat stroked, it's going up LONG, it's stalled SL hit, it's going down repeat, it was sideways and I was buying the top and shorting the bottom perfectly I'll add, back on demo head fixed, find out tomorrow with real $$$'s if fixed or not LOL p.s. heatwave is gone, hate heatwaves!!
Indicators can be used as a filter or for confirmation. For example if you want to go long make sure the price is also above a moving average like the 100. Or if you are buying on a pullback make sure the price is also below the RSI 30 for instance. Etc...etc... Personally I do not use them anymore.
I prefer day trading because I can make dozens of trade in a single day based on technical analysis and sophisticated charting system.