Weakly Trading - Page 2
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Thread: Weakly Trading

  1. #11
    Quote Originally Posted by ;
    No worries. Not a bad week this week. I'm still in all three trades as previously, usdsgd, eurgbp and gbpchf. All gone in the ideal direction this week. I'm not planning to put in on to usdsgd because although it has made a wonderful move into profit it's coming historically very strong service. I want to see how it responds there, probably a bounce from that level but hopefully not too powerful. I'll leave the stop loss as is . Another two I will only leave totally and give them the following week.

    I think that it requires a lot of patience and discipline to exchange...
    Arfer,

    Great to see you tradin the weekly. Fantastic luck and keep us up to date!

    One more day to go before weekly close so please update us on your trading and thoughts.

    I've got my attention on the euro. . .if she closes the week under this $1.30'ish area. . .she will seek $1.17 again and also a close below this place we'll be looking at parity and beneath.

    We shall see.



  2. #12
    Quote Originally Posted by ;
    I've got my attention on the euro. . .if she closes the week under this $1.30'ish area. . .she will hunt $1.17 again and also a close below this region we'll be looking at parity and below.

    fx
    I have similar thoughts. I entered short on the daily close below 1.29. I have not transitioned entirely to trading just the weeklies, but I am headed that way.

    I've brought in a few of my older tools to help me select the winning trades. I've been trading from the dailies, but I will tell after I have the paitence that a daily entry/weekly egy will really pay off.

  3. #13
    I am also entering off of the weekly chart. Here is an illuion. I went short on the break of the bar using the arrow. I saw it as a bounce off of the MA's, but it's also a test of the SR at .8400. I closed this trade only above .8200 (for a nice profit) due to the SR and the ranging market.

    I didn't want another BE trade.

    In the future (after my confidence has improved) I'm riding trades such as this down. I believe .7800 are a reasonable goal, but .8000 may cause some problem.

    I will be seeking to re-enter short on a break and test of .8200.

  4. #14
    Here is the simple method...

    Require a weekly chart and zoom it out to it's furthest extent. Draw lines at around numbers that have acted as significant support and/or resistance in the past. This means looking at round numbers where trends have changed direction. The idea is that if such round amounts have acted as strong s/r in the past they have a fair chance of acting as strong s/r again.

    Before I go any further I'd love to credit Clockwork71 and his hushed service method thread to the above. Works a dream. Like most trading egies this unites the best of the best from a couple of various egies. If I needed to put it into words it is price action at support and resistance, noticed that somewhere before? I suppose how you run by your entries and exits is a private thing, it is just a case of taking small losses fast and taking big wins gradually and doing it consistently.

    As soon as you've completed that move to the monthly chart and draw any relevant trendlines or potential trendlines (a two touch trendline isn't technically a trendline but it does point out areas where you need to be seeing for a potential bounce on the next touch). Proceed to the weekly and refine the trendlines and insert any more that apply).

    Next include a 3 sma of the typical price (the pivot point MA). I read about this in a publiion by J Person, notice how short to intermediate trends tend to hold over that level. I will be using this to validate entries, generally only trade in the direction of the cross, but also to determine exits.

    As soon as you've got the charts set up as previously (I trade all available crosses with spreads under 20) then it is merely a case of watching and waiting for the right price action at the right level. I shall expand on this further if asked.

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