Not quite. There is no perfect answer to this as each individual trade needs to be carefully evaluated and considered based on risk/reward. The best way to evaluate this is to use the following chart which shows how many trading days the average Forex volume was over the last 7 trading days.
For those who don’t understand the concept of trading days then let’s take a closer look at what’s really happening. We have the average Forex Volume of 8.3 million dollars per day for the last 7 days. This is over 1.5 times the volume of the next closest Bitcoin exchange with the 7-day volume of 3.5 million dollars per day and an average volume of 2.5 million dollars per day. This is quite a huge gap and it shows this market is not profitable for traders. To get back to the concept of trading days, this chart means that the volume of the Bitcoin market is more profitable on days that the trading costs are less.
When we look at the data at a technical level I will use the EMA(Equivalent Month Ahead) of the data to determine the most profitable trading days over the last 7 days. The current best trade is on Thursday the 8th with the most profitable trade at 12 a.m. Central Time and the worst trade on Wednesdays with volume at 1.5 the most. So while the volume of Bitcoin does not seem to be making huge moves this past week, the daily volumes show volumes trading for more than 3 times the daily volume of a large Bitcoin exchange.
There is a very simple method to determine if a Forex trade is profitable or not. The chart below shows that for any trading day with the least volume a Forex trade is considered profitable.
What’s your take on Forex scalping or not?
We did this last week in our free Forex Report and showed what the fundamentals of cryptocurrency should look like in the coming months. In doing this we compared the Bitcoin USD price against all of the other main currencies and what we found surprised us.
With Bitcoin being the only top five currency that is rising in 2015 we would predict a very significant rally at the end of the year. However with Bitcoin’s current price we believe it will need an extremely strong year to fully catch the Dollar as the currency that has had the most meteoric price increase in 2015. On the other hand the Dollar is the currency that has seen the largest increase in USD as the largest increase in the number of
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