I am using the daily chart on Tradestation which ends a trading day at 5:15/5:30 PM and then picks at 6:00 PM for the next trading day.
I think it is off the CME which ends trading at 5:15 for 15 minutes or so and then starts up again. So they treat the trading day as starting at 6:00 PM EST and running to 5:00 PM EST the next day...
I've decided to add the Euro FX and Pound Intradays that were taken yesterday to my short positional position. (I'm not full there by any means). What this means is that I will be weathering bounces along the way. Stop is above 1.30 on Euro and above 1.91 on Pound. I perceive the weekly chart to be negative overall and this is the reason for my decision.
Trailing stop hit at 2755 for 6 pip scalp. I scaled in a few times so still nice small profit on small move. Was hoping 2760 would hold and push higher lol...
FX Futures in general are at the OB RSI line on the 60 chart with the Pound being the strongest. The Euro FX and The Aussie have had an initial failure swing at the OB Line. My analysis of he weekly chart and the daily chart tells me to look for short entries , so I will keep a watch as to whether the 60 can begin a rollover to the downside. Positional shorts in Pound, EuroFX and Aussie are the positions that I have open right now. No intradays are open as we speak.
I am licking my chops at the shorting opportunity on the Euro FX 5 minute chart. Two problems though. It's late in the session--activity generally falls off at 12:25. The second problem is that the 60 minute chart does not confirm yet. That is not a problem, the 5 minute is tradeable by itself, but I am looking for extended gains and need the longer charts to confirm. Note: the 60 minute has an upward 20 MA which I would prefer to flatten a bit. However, the 60 minute does have the potential of completing a second failure swing at the OB line. We'll see if that occurs at 1:20. That would be bearish . Mixed bag today. I'll stay with my longer term shorts and defer to then for now. I do view the rally as a bounce and perhaps short squeeze as of now. I have myself set up to not get squeezed out. This is not because I have tons of money, but simply that I don't overextend myself and am able that way to get out when I am ready. Right now, I'm not ready.
The 15 minute chart on the Euro Fx says to go short. Too late in the day? Target would be 30 pips if taken. (I am not taking this signal).