Your assumptions are correct. My W1 trades are going well. The USD/CHF broke out of a downward channel. I’m long on that.
I’m also trading the breakout on AUD/SGD. I plan to hold this until a resistance zone, maybe 6 months.
I’m trading the USD/DKK as well.
This has been in an upward channel since 2005. Not much to read into there. I have two positions on USD/DKK. One position to hold for a year, and one position to hold until it crosses the MA20 on W1.
These were opened prior to my recent losses. My confidence was higher. And my entrance seemed pretty straightforward.
But, while my long-term trades are running, I’d like to trade short-term.
However, I switched to W1 to avoid the D1 market noise. But, like you said @SovoS, a lot can happen in a week. If I’m truly going to trade the W1, then I have to not look at it for a week. Or perhaps wait for the development of a healthy candle before opening a position.
I guess I jump back and forth between the D1 and W1.
Trade the W1 and enter on D1?
Maybe trade the D1, and use the W1 for exit signals? But, I prefer to use trend lines and MA for exits.
As I write this I think I’m sounding confused. And I am.
For entries and exits my strategy uses bounces and crosses of MA and trendlines.
On my long-term trades, the signals were very clear. There’s much less noise on W1 and M1 charts.
With EUR/USD, I’m losing confidence.