Fridays: Best setups of the week?

[KillPhil08]

Rundown:

Bottom of cable 1.3510 - Friday
GOLD top - Friday
Top of Oil - Friday
Top of Triple top of CAD - Friday

Perhaps it's just the elastic band effect when NFP comes out, I wonder what news came out on those days in the first place.

Anyone know why this day pops up a lot? Or is it just me?

Please add to the list if you see anything else.

Note I do realise there's a 1 in 5 chance of tops / bottoms happening on these days but they are the ones where bull**** rallies etc signal the turn around for a market.

 

[Joey25]

If you don't wish to risk a weekend gap, you have to close your positions on Friday, perhaps?

 

[elitejets]

Not just Friday but often late Friday afternoon ...
Specially ones with options expiries

 

[Joey25]

That's a good one about option expiry.

Also, traders who use weekly pivots, profiles, or calendar breakout methods are starting to observe whether the approaching close of the week is above/below the pivot, within/outside of value.

Similarly, some mechanical breakout systems, such as the 4-week rule, use calendar 4 weeks rather than a rolling 20-day number.

 

[KillPhil08]

I wonder if these occur at the end of the month at all.

edit: doesnt look like it

 

[Joey25]

I wonder if these occur at the end of the month at all.

I looked at the longterm charts for the USDCAD setup you mentioned in PS, and that triple top seemed to start with the first test of a monthly low...

 

[elitejets]

Here is a good options calendar.
Currency options always stop trading on Fridays at 5PM London time (12 NY time) and expire on Saturdays.
2009 Expiration Calendar