It’s a difficult decision because you never know what could happen over the weekend, most important (unscheduled) announcements are released on Friday or Saturday, when the market are closed, this way the impact on the markets on Monday its much smaller than it would be if it was released on a weekday.
I guess it all depends on your trading style. There is no question, scalpers and short term traders should close every trade before the market close on Friday, it doesn’t matter if you are in a loss.
But longer term traders (such as swing traders, position traders, etc) sometimes need to give more time to the market to hit their take profit order, therefore leaving trades open over the weekend is a must.
So I have a rule, If I’m on green on any trade and able to move my SL at least to the breakeven level, I leave them open.
This is the case of a short I have on the CADCHF:
I have my TP order at 0.7297, around 700+ pips away from where it is currently trading (0.8011). No way I’m going to close it today, I’m just going to wait, move my SL close to the BE level and done, wait for Monday and see what happens.
Have a great weekend!
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CADCHF Analysis, forex, trading