Losing money and ready to quit? Try this first

Forget quick cash, just get it out of your head because it ain’t happening. Not consistently, anyways.

Here’s a simple trend trading strategy based on the weekly and daily time-frames. Weekly too slow for you? Well then maybe you need to change your mindset, that is, if you really want to make some money.

All you need is a chart, 1 indicator (or not, up to you) and a s**tload of patience. That’s it. (SR levels also up to you).

Pull up a weekly, trending chart. Here’s one:

EURGBP

There’s a nice down-trend. The thing about trends is simple, in an uptrend you have more green bars than red. In a downtrend you have more red bars than green. In this downtrend I have highlighted a section containing 48 weekly bars; 30 of these are red (including current bar). So, until the trend has changed we are looking to catch another red bar. Your odds are pretty good on this.

Now for an entry point. Pull up the daily chart and place a short order at the low of the previous days’ bar. This works especially well after a pullback:


If your order doesn’t get triggered because price went up, then adjust it up or down the next day. It’s all about patience, and getting a decent entry price. You don’t want to get stuck in a pullback for 3 days waiting for it to come back down. So set your order and adjust it daily.

Stop Loss - Go back to your weekly chart and place your SL at ATR x1.5. This gets you out of the way of any noise. And if your SL does get hit then there’s a good chance the trend has ended:

That’s it. Boring AF!

How you manage your SL and TP is up to you. Some people take a few pips here and there, then look to get back in. Some people move their SL each day as price goes down. Some people aim for 50-100 pips then close half and let the rest run. That is up to you to decide.

Happy trading!

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Thanks for sharing this one Matty! :blush: The title certainly got my attention, and I might just give this a go also. :smiley: Haha. :blush:

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I hope you do!

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2 orders were triggered overnight:

AUDNZD - This one is questionable for this strategy because of the recent uptrend, but it is a personal favorite of mine:

EURUSD:

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This is funny. You should give the strategy this name. TM it. Make Tshirts. it’s a winner. The name at least, without having tried it. Ha!

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Taking profits on EURGBP, good run today. I will probably set another short order tonight.

Hi. What period do you set your ATR indicator to? also the 1.5 x ATR is going to give you a very wide SL, around 150 pips in the above example? is that right?

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I know you said patience, but can you do this on something lower than 1 day? Like the 4 hr?

I use the standard settings, 14.

Correct. That’s the whole point, to keep yourself in the trade. But to compensate for the wider SL I am risking 2.5% instead of 1%.

I’m sure you could. But make sure to test it first.

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Hi Matty, I also caught the AUDNZD one as well

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2 orders triggered overnight:

EURUSD:

GPBCHF:

can this work on an up trend?

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Of course, same concept as with a downtrend.

CHFJPY has been in an uptrend since 2019. I missed that big move, so now I’ll wait for a decent pullback:

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AUDUSD is a good one to watch, it’s approaching a SR zone. It’s been in a pretty strong uptrend all year:

Here’s a look at the daily chart. Could be due for at least a pullback next week, but beware of a continuation of the current uptrend:

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Definitely easier than some other strategies I’ve come across. Thanks!

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Really interesting. Thanks for sharing.

Sounds really good to me as a strategy…I’ve always preferred slow and steady.

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In my opinion, quick cash is after 30 days.

Impatience will ruin any potential profits. The more patient you are, the faster profits will come.

This is one of the most difficult lessons for me to learn.

Anyway, I dig the method. Nice simple strategy.

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Couldn’t be much easier. The hardest part is waiting.

I’ve used a lot of strategies, but this is the one I keep coming back to. If you want to follow the big boys you have to follow the weekly trends.

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Same with me, I’m forever learning patience.

Too many people want their profits now. If we treated trading more like investing, then that 75% failure rate would be reduced significantly.

Easier said than done though.

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