Technical Analysis on the Weekly TImeframe

Hello guys,

Please I just want to know if technical analysis alone can work on the weekly time frame in the forex market. Has anyone had any success using TA only without FA or SA?

Thanks

Weekly TA is useful in combination with shorter term TA such as daily. For some basic principles, take a look at the long-term TA clips done on Youtube by Chris at FXEmpire.com. Some traders just use the weekly charts to get support/resistance levels.

yes weekly timeframe analysis is always helpful whether you use trendlines or any type of analysis. It is good to see the overall direction of the trend. A rule of thumb though if youre trading the 15m go two timeframes up or any timeframe for that matter the short term bias is normally maximum two timeframes up

I think my question has been misunderstood, thank your of your kind answer though.

I was actually asking if TA works on the Weekly timeframe, that is can you use TA to spot movements on the weekly for like a long term trade without using Fundamental analysis or sentiment analysis? Will it work or has it worked for you

TA works well on the weekly time-frame. you can use all the price action, candlestick and chart price patterns that are normally taught on the daily time-frame.

I have found that the issue is not the dependability of the /TA but the distance from entry to stop-loss that a weekly time-frame strategy demands. Often the distance ois so great I cannot physically reduce the position size far enough to keep within my 2% risk per trade limit.

absolutely you can but they are long term trades so have to have a forget it and leave it mindset. They can last weeks and have a whole week in drawdown before coming good. You just have to use a risk calculator like on myfxbook to adjust your risk percentage to the high pip stop loss and take profit.

Also need a decent size account because sometimes the large stop loss of 100-200 pips wont be in line with a 0.01 and youll be risking too much

On a positive note it is where banks and institutions trade so if youre in line with them youre on a really solid trade

Thing is now, how do you know when to hold trades over the weekend or not? I’ve seen divided opinions on it and I’m not sure which is the way to go.

As far as I know, using weekly technical analysis with short term technical analysis would be a better option for you.

Yes, it will be helpful whether you are using trend lines or any other type of analysis.

Hi Hello…

Of course, you can. Weekly time frames are great in the way that the traders can see the overall direction of the trend and you can use your technical analysis skills to make use of the trends. Price action and candlestick patterns all work great in this regard.

I think the best timeframe for trading varies as per the trading strategy you made to meet your financial goal. I look at the monthly time frame to grade the trend and then pick weekly time frames for taking a positional entry.

I feel most comfortable trading the 1-hour charts.

Trading on this time frame helps give more time to analyze the market and not feel so rushed.

Well, I don’t think there is anything like the best or worst time frame for you. It is up to your trading style and strategy to choose a time frame. When you are scalping, you might have to consider smaller time frames while for some other trading style, you will have to choose a higher time frame.

I guess that the best analysis for weekly timeframe is still fundamental analysis. Technical analysis can help you in case your work timeframes are M1-H4, hence it’s almost impossible to use it on a higher timeframes. Of course yu can try but I’m sure that it’s just a waste of time. You can use technical analysis on D1 as maximum, anyway it won’t be so resultive as on lower timeframes. Try to use fundamental it’easier to predict the further price movement on such tfs as W. All of these pattern/figures/indicators which work on lowe timeframes can’t be use on higher, at least in order you want to become successful in tradin actiity.