Is anyone here using pure price action/support and resistance/patterns on the weekly charts and also trading on those same charts? I have set up a test account and I have decided to trade only using the weekly charts. I am looking for charts that bounce between support and resistance levels and placing my trade/profit/loss points accordingly. I have been doing at a couple of months now and using 20% margin with $1000 in the account I am a hard (realised) -$10 with a soft (unrealised) $75 up. I currently have about 11 positions open with a couple still waiting to be activated.
So far what I have noticed is that on the weekly level every happens so slowly that there is no need to panic. I can wait an extra week for a confirmation candle because the support/resistance levels are far enough apart that an extra week does not make much difference. My positions so far have been roughly $20 for a stop loss and anywhere between $30 and $90 for a take profit. Using 1000 lots and 20% margin I can have up to about 15 positions open and still fit within the margin requirements.
I have also noticed that there is almost no noise at this level and the price action thing seems to be a lot more reliable. I am going to run this system until it either makes a big loss or until next tax time when I am going to see how much money I made to decide if I should get in it for real.