Ive been a forex trader for over 22 years, tried everything from scalping to swing trades, its not easy, but if you really want to make lots of pips, go to longer time frame charts, I trade off weekly charts. I only enter about 5 trades per year (per currency) but avarage 1500-2500 pips per trade.
Good to have an experienced trader like yourself on this forum.
When you say you trade on weekly charts, do you use daily or other time frames to time your entry / exit. Also how do you trade long term, surely not on a daily rolling? 3 month bonds?
I place trades from weekly charts, stops are not small, so to minimize risk I trade small contracts and let time work for me, forex is the longest trend market in the worl…so let time work for you
I use very simple indicators, I add heinken ashi smoothed for the chart to find the trend, I enter the trade when the candle crosses the HAS set my trade and let it run…wont check it for a week or two, then adjust stop, move stop monthly…
What is your risk:reward? How do you know what your stop loss should be?
you know its kinda like this, my good friend George told me to learn chart patterns, no matter how many indicators you use,(fewwer the better I think) you wont be a good trader unless you can “feel” the market. Learn to feel sentiment, for get indicators. So to answer your question I use heinken ashi smoothed chart and candles as my only indicator, when thos pull apart and start moving I place a stop at the low of the previous candle, then let it run
Im adding a chart so you can get an idea of what I do, have a great day
Interesting. The problem of great TFs is the wider SL. This implies an account with more capital, or a very small position size, not to risk too much.
Good to have expert and professional traders like you in this forum. I got ideas and information.
Could pls post a pic of one of ur entries and exits? TIA!
Do you think we may see a big move to the downside on EUR/CHF if this weeks candle closes below 1.2411?
I see on weekly charts big moves down for the eurusd, I sold it a few days ago, dont remember the price, but my stop was 300 pips…small contract letting it run…
Good point, however the probability is over 90% so the bigger stop is no big deal. I trade the weekly as well however get way more trades as I use Oanda which has 100’s of pairs… Usually get around 3 good trades a month when i trade the weekly chart…
To trade is simple in comparison to other charts, just enter after a big bullish period when an engulfing bearish or pin bar starts… Opposite for big bearish period… Weekly chart shows trend changes clearly…
Price action works nearly every time as price action suggests the bears or bulls had complete control after a week on a candle close… I would not enter mid movement as that is basically the same as other traders… The key is entering after first opposing candle change from current condition so getting in at the near beginning of a major trend change… Not uncommon for me also to get 1000 or more pips on one trade… That is just the benefit of the weekly… I close trade when opposing candle suggests so on the weekly…
I’m starting my trading on bigger timeframes. This weekly view says a lot! Simple pa with candlesticks seems to work best on daily and weekly charts!
I’m relatively new. But yes I’m also trading off of weekly TF. I agree with the OP that to trade weekly TF you’ll need wider SL and to minimize the risk I trade smaller lots. And like OP said wait and let time do its magic. So far I’ve gotten on two trades but I’ve gotten in the middle not from the start :eek: I probably should have given it more thought before jumping in. Everyones got their own preference but I’m convinced weekly TF is the way to go and the probability is higher compared to short TFs and though you’ll have one or two trades a month you’ll be pocketing a 1000 of pips. I’m in :33:
long term will help you lot a little time . with long term we can get big money
I can’t get the pic to show; I R click the icon, then click ‘show pic’…but nothing. Any suggestions? I just recently started trading the Daily and would like to see how the W. works.
EDIT from my last post
While I still believe trading off of longer TFs like weekly offers higher probability trades. It might not be a wise decision for newbies to jump into higher TF’s right away. First off higher TF’s like weekly offer very few set ups compared to lower TF’s and we have to have wide SL and that poses a threat to a lot of new traders who doesn’t even know what they’re doing. To trade higher TF’s first off I think it’s crucial to get the basics. To get the basicsit’s essential to trade off of 4H and even dailies first.
By basics I mean how indicators lag big time /no offense to those who rely entirily on indicators/ and learning to read the charts and price action is your only best bet. Support and resistance can offer a way to enter and exit. But overall price action and reading chart patterns gives you enough insight to help you decide which side of the trade you want to be.
To makes things simpler weekly charts are clear of noises and even big moves that a news event has caused shouldn’t cloud your judgement on weekly TFs.
I have looked cautiously at Weekly trading, it takes a different outlook than the shorter time frames. usd/cad - I saw a support zone (1.078 - 1.0656) retracement so I am long: nzd/jpy - I saw resistance touched and then retracement at 89.93 so I am short. I will try to learn how to post pics in BP forum so my posts can be visual too. Good thread. d.
Is HAS a good way to see PA? I assume HAS starts in the middle of the previous candle just like regular HA so how do you find the highs and the lows?