I am trying to calculate a momentum oscillator for the EUR/USD pair and am confused. A formula I read referenced the sum of previous up days. What is a "day" considered in Forex?
When trading FX you are more likely to use intra-day charts rather than daily charts, so you should probably read "the sum of previous up days" as the sum of previous up periods, as this would refer to whatever period you are using in your charts.
Sometimes in trading and in charting the term for each bar is referred to as a day, when sometimes the period being referred to may actually be hourly or 5 minutes, etc. I think this sometimes happens because most people are used to a daily chart being the most commonly used period, and sometime because of this the wrong terminology is used when one actually is referring to an intra-day period.