Hello friends,
I am practicing EQ from the past few months and recently started learning Forex. On TradingView, I found it has a full 24 hrs graph without any big gap (and price action works great) but on Zerodha, currency pairs show gaps due to NSE 9 to 5 timings.
If I want to swing trade in Forex (on 1H candle) and my signals for buy/sell/sl/take profit trigger after market hours then how can I trade? Which chart should I use to analyze price action? Is AMO order gonna collect profit if let’s say both buy & take profit hit in after market hour and when market opens in Zerodha, it opens gap down hitting my SL?
Whatever you do, the adverse(or even positive) effects due to huge gapup and gapdown in Currency Derivative Segment(CDS) of NSE cannot be avoided if you want to keep positions overnight. Hopefully SEBI will increase trading hours on CDS of NSE. Or at least zerodha would find a way to allow traders to trade cross-currency pairs (EURUSD, GBPUSD, USDJPY) as NSE allows a longer trading hours for these (9:00 to 7:30 pm). Even with that gaps can’t be ruled out.
I don’t place any orders on AMO. Except for USDINR, other 3 currency pairs available to trade on Zerodha have comparatively less liquidity to even trade with bigger lots orders during market hours.
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Thank you so much for your answer. I was watching some foreign forex traders videos where they use 24-hrs chart for analysis or backtesting. Do brokers like ONADA provide 24 hrs trading for them and hence they are able to manage their positions even after their main market hours?