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- Автор : Visida
- 16.09.2021
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Trading forex weekly charts
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As trend followers one of the hardest parts of managing a trade is sitting there and watching some of your hard earned profits be returned to Mr. Part of the problem is new traders try to catch the big winners by zooming in and trading bigger positions…usually not a recipe for success. Instead zoom out and capture the big winners with the big trends. Let me repeat that…big winners come from longer holding periods and long term trends, not the other way around.
Zooming out and letting the trade run with a few simple management rules is the key to success. So how do you actually master the weekly chart. Here are a few rules I use in trading the weekly chart that help me stick with the trend and not get knocked out too early…or too late for that matter. 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. 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.
Not sure how true this is but from a psychological standpoint I always envision the weekly charts as cruise liners. Price is consolidating at highs which, over a large sample set of trades, resolves back to the upside. You can see how cleaner this price structure looks which gives you a better view of what price is doing. Notice at the bottom of the consolidation, there is a test of lows and price trades back inside. This is the failure test of lows we look for in our setups as an entry technique.
You can see the little triangle on the right of that candlestick which is my trade entry. The red line is the current stop location. I am not trading any pattern on the daily.
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The Weekly Chart (Trading AND Investing)
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The daily chart is more of a ranging environment and these are often difficult trades to take. You can certainly trade from resistance to support and back again but there are issues with that. I prefer a cleaner environment. Weekly Forex Chart Going to the weekly chart, we have a better indication of what is going on with price.
Price is consolidating at highs which, over a large sample set of trades, resolves back to the upside. You can see how cleaner this price structure looks which gives you a better view of what price is doing. Notice at the bottom of the consolidation, there is a test of lows and price trades back inside. Respect the power of opportunity cost. The capital you set aside for a weekly trade that lasts several months cannot be used for a higher reward setup that magically appears while you are managing the other position.
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. 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.
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. 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.
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