A lot of us view Monday which the first day of the week as lazy day and demotivating working mood. It is also the same as forex trading. Most major economic reports are not produced on Monday. And most traders do not even look at the price chart on Monday. Why? Because not enough volume to move the price. Very little selling and buying.
For me, I do not trade on Monday and Tuesday. Even if technicals suggest or signal to open position, I would not make any entry. I view it as a trap to syphon my money. Sometimes, I do also trade on Tuesday but provided that I can see a very good setup to trade supported with a positive or negative economic news commentaries from major news portals or brokers review. If positive, I see for bullish setup. If negative, I see for bearish setup.
The best days to trade are on Wednesday and Thursday. On these day most major influence economic reports is produced. The currency market will be flooded with investors, speculators, giant banks, medium and small trader like me. If possible I stay away from making entry on Friday because of to avoid being a victim from profit taking by large traders. If they take profit, the currency pair will move by hundreds of pips opposite directions.
So, which day you prefer?
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