Then, build management rules that allow you to sleep at night, while the fast fingered crowd tosses and turns, fixated on the next opening bell. Algorithms , also known as high-frequency trading HFT robots, have added considerable danger to intraday sessions in recent years, jamming prices higher and lower to ferret out volume clusters, stop losses and inflection points where human traders will make poor decisions. Focusing on weekly charts avoids this predatory behavior by aligning entry, exit and stop losses with the edges of longer-term uptrends , downtrends , support and resistance.
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This big picture approach lowers noise levels considerably, allowing the weekly trader to see opportunities that are missed by short-term players flipping through their daily charts at night. Admittedly, these trade setups require patience and self discipline because it can take several months for weekly price bars to reach actionable trigger points. However, higher reward potential makes up for this lower activity level, while total work effort allows the trader to have a real life away from the financial markets. Weekly charts utilize specific risk management rules to avoid getting caught in big losses:.
Feel free to add fundamental techniques to your weekly technical trade criteria. For example, solid earnings growth will increase your confidence when buying a stock that is nearing a weekly support level after a sell-off. Moreover, dollar cost averaging can be utilized aggressively, adding to positions as they approach and test these action levels. The fund entered a weekly trading range , with support near 85 in November It rallied above 90 at the start of and sold off, returning to long-term range support in April.
Weekly traders could build low-risk positions at that level 1 , ahead of a 7-week bounce that added more than 7 points.
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In addition, a second buy signal erupted when it rallied above January resistance 2 , favoring a new entry or continuation of the first position, which is now held at a substantial profit. The steep October slide set up a third weekly trade entry when it descended to support above 91 3 , created by the June breakout. That level also aligned perfectly with support at the week moving average , significantly raising odds for a bullish outcome. A final buy signal goes off when it breaks out into triple digits in November 4.
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April and October pullbacks into weekly support red circles raise an important issue in the execution of weekly trades. While positions should be taken as close to weekly support as possible, stops and other unprofitable exits need to avoid intraday volatility, which means one should defer exit decisions until the weekend or until support is breached by several percentage points. Technical Analysis Basic Education. Ultimately, you have to develop your system to fit your personality but I honestly believe if you are not incorporating longer term trend analysis, i.
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The more I trade, the more I realize the chart pattern or strategy is not as important as the trader themselves. You can trade any type of pattern, any type of trailing stop strategy but the real money is in the longer trends so be sure to look at the weekly charts every once in a while and profit from them.
See for yourself, take a look at our latest newsletter and video update. Posted By: Steve Burns on: July 17, Enter your email address and we'll send you a free PDF of this post. Share this:. Stops are triggered at the close of each bar Since each WEEKLY bar represents a full week of trading those whipsaws that usually accompany a daily trade are not as evident. Stops are trailed higher on new WEEKLY breakouts Again this is more of an avoidance strategy of over-managing a trade inherently built into trading weekly charts.
Let the Winners Run using the Weekly Chart
Since it takes five days for the bar to close there is no way you can know where to trail a stop to unless the bar is closed even if you wanted to. It would be like trying to hit a moving target. I have a simple rule, a new breakout triggers the potential to add to the trade and moves the stop. Sit on your hands One of my biggest issues with trading the daily charts was always feeling like I had to do something because every day I got a new bar to compare against the previous one. By trading the weekly chart the only possible time you can take action is after the bar closes which is typically over the weekend and there are three simple outcomes.
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Long term trading (weekly charts) - Trading Systems - Forex Trading Forum
By John Benjamin Last updated Dec 19, Trading the weekly high low break out As the strategy suggests, we stick to the 4-hour chart time frame with the period separators on the MT4 trading platform. This chart gives you the weekly price action. The charts are typically prepared on a Sunday and this can give a lot of time to traders to analyze the various markets and pick the trades that show more potential.
Due to the fact that the markets are closed over the weekends, traders are also prone to less distraction.
Best Weekly Forex Strategies
Once the 4-hour chart is set up with the weekly period separators, the next step is to plot the high and low of the previous week. This can be done by making use of the horizontal line tool from the MT4 platform. When you have an idea of how the previous week has closed, you can then pick out the trades that have the most potential.
It is always best to wait for the first day Monday to close and then prepare to go long or short in the market. In other words, wait for the first four H4 candles after which you can trade using this method. Stops can be placed at the key pivot high and low points.