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?
good to trade in weekly time frame because it is consistent but it is not fit for daytrading or intradays trading
I trade also on weekly charts. How do you use news for trading in the higher time frames? Or do you use just price action?
Yeah, it seems alot of new traders are drawn to the lower timeframes and daytrading mainly because of the excitement, but trading off higher timeframes like the daily and weekly have alot of benefits, Two of which are reduced transactional costs, and higher probabilities trade setups due to less noise on the higher timeframes.
trading off the weekly tf does have it’s benefits…I’m looking at shorting the aud/cad two pin bars…will have to wait 25 hours to verify this weeks pin bar. I use weekly along with the guppy moving averages as well as the 200ema.
I shorted this pair two times on 29/1 and 2/2 already up 130 pips and 40 pips.
i like trade with long term. we can get more time for analysis and read news. when we has great analysis we can make more money with it. when we trade with long term strategy. we can get more time in other action. we will stronger . i was tired when i followed market every hours.we’re difficulte analysis. but it depend on character of trader.
Lower costs make the weekly time frame easier to trade. Rollover is low too. But even if you are still concerned about rollover costs when holding fx trades for months on end, one can simply trade pairs with positive rollover. That is better than the steam roller.