One of the advantages of trading on the Forex market is its round-the-clock work from Monday to Friday. There is no such opportunity to trade in other markets. However, on weekends the trading terminal “resting”. But that doesn’t mean there are no deals in the market. They are performed, though, of course, in much smaller amounts than on working days.
Trade trades on Saturday and Sunday can cause a gap. We often see it at the start of trading on Monday. The market opening price may differ significantly from the closing price on Friday. What can be affected by currency quotes at weekends and where to find the necessary information on the prices of the traded instrument on the days when the trading terminal is not working? I’ll tell you about it today.
For what purpose does a trader need currency quotes on weekends
Gap can be used to make a profit. As the statistics shows, in most cases the market closes the price that formed over the weekend gap. That is, the quotes return to the closing price on Friday. And then the market starts to form a new movement. However, earning money on gaps requires prompt action. This is much easier to do if you know what price the market will open at.
The key to successful trading is that the trader prepares a trading plan for the coming week. However, changes in the market during the weekend may have a negative impact on its implementation. To prevent this from happening, it is useful to make adjustments to your trading plan to take into account the quotes at the weekend.
This information is also necessary for those traders who do not close their trades on Friday. It will allow to calculate the trading result at the moment of market opening on Monday. With these data, you can take the necessary actions on open trade orders in time.
Sources to view quotes on weekends
This information can be found on foreign sites. There’s a lot of them. But it’s better to use proven resources.
I may recommend that you keep track of the quotes at forex.tradingcharts.com.
On this resource you can see the current price of the currency pair, as well as ask for the latest news and forecasts. But you have to know the English language to do that.
Today July 15, Sunday. And as the data of this resource show, the quotes on the euro/dollar pair are already slightly different from the closing price on Friday.
To see the currency rates on Saturday and Sunday, you can also visit oanda.com. Its data is updated every 5 seconds and is based on information obtained from the World Database.
Weekend quotesfor obvious reasons change irregularly. In order for them to benefit the trader, it is recommended to take the data 2-3 hours before the opening of the trades in the trading terminal MT4.Fyodorov’s Inga16.07.2018