Data mining to determine best days to trade EURUSD. Here are results:
MONDAY: Over the last 365 trading days Monday was up (close greater than close of previous day) 43 days and was down 28 days (Ratio 1.5:1). On the 43 up days two standard deviations ran between 4 pips and 63.5 pips. On the 28 down days two standard deviations ran between 11 pips and 66.5 pips.
TUESDAY: Tuesdays was pretty much the opposite of Monday. Over the last 365 trading days Tuesday was up (close lower than close of previous day) 28 days and was down 45 days (Ratio 1.6:1). On the 28 up days two standard deviations ran between 16.3 pips and 84.5 pips. On the 45 down days two standard deviations ran between 3.6 pips and 57.5 pips.
WEDNESDAY THROGH FRIDAY up days and down days were about equal (ratio close to 1:1).
For trend traders Monday and Tuesday are the best two days to trade EURUSD as the probability of a trend is greater than 1 to 1 or 50%. Wednesday through Friday are better for range traders.
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