Weakly Trading
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Thread: Weakly Trading

  1. #1
    (pun intended) - Mods please leave my sense of humour independently. I am not illiterate.

    It is reasonable to say that my subject is less than perfect. I am capable of seeing a good entry and acting on it but I always seem to mess up myself.

    I've decided on a new course of action. I only trade weekly charts, assess the charts near the end of the afternoon on a Friday and I don't even open the trading platform the rest of the week (maybe even a sneaky glimpse ).

    I will post the simple installation, entry and exit rules as I go along but for now here are just two transactions I've taken today.

    UsdSgd posted a spinning shirt last week and held below the primary 1.38 level. The upward trendline at the bottom of the chart is only a tentative trendline attracted to alert the possibility of support however, it doesn't look too strong. On balance I feel there's just another negative week in store to get this particular pair.

    That is a nice pin on NzdUsd. A decline to 0.68 looks clearly possible.


  2. #2
    Looking forward to your next inputsignal, many thanks.

  3. #3
    After a trade has been taken there are a few things to think about with regards to managing it. As previously mentioned I won't be assessing the charts intraweek. The only time that matters is the finish of the candle which only occurs once every Friday night. I can't change the price action or direction of the trade during the week by watching it what on earth is the point of assessing it or watching it?

    That is a big part of the emotional aspect of trading for me personally. I don't know why I am so compelled to sit and watch a commerce even when I am comfortable with the position size/risk and even if it's going my way! I am aware I don't have any control over what occurs, I can only change my reaction to what occurs. Transferring to trading weekly charts sounds like a solution for me.

    My approach to such trades is to use a 500 pip stop. This sounds like a lot but in reality this will allow the weeks price action to come up with and that I will only get stopped out on a big move in the opposite direction of my trade.

    Following the first week when the price has moved against me and also the three sma has been crossed then I will close the trade for any reduction I must take.

    When the price has moved but is still within the bounds of the trade, a small doji for instance, I will move the stop loss to simply above/below the high/low of the preceding week and then leave the commerce open another week. (If the trade still looks great and moving the stop loss looks dumb then I'll leave it where it is. I know this sounds a bit too discretionary but when there is a strong trendline holding the price in, as an instance, then it's legitimate to give the trade a little more space ).

    When the price has moved in my direction but only a small amount (to be measured afterwards ) then I will move the stop loss to just above/below the previous weeks high/low and leave the commerce open another week.

    When the price has moved significantly in my favour and there are no instant s/r levels or strong trendlines that could block the price move prematurely then I will add on another position in the direction of my commerce and then move the stop loss(es) to the former entry point.

    On every subsequent week I will stick to the above rules until either the trade is stopped out or that I take profit at substantial s/r (generally a combination of horizontal s/r and strong trendline s/r).

  4. #4
    The purpose of this thread is definitely to not provide trading signals and isn't an ego (look at me) thing. This might or may not work out for me but at this stage in my trading career ( ) that I think it will be helpful to put my trading thoughts and trades on public display. Maybe some area can be developed by placing a little online? As I mentioned before I can pick a decent entry, I will track a stop judiciously and that I will have a loss if I have to. My big problem is seeing the chart tick up and down and having a tendency to meddle with matters when they go a little against me. Well, if I do not look at the charts I can't meddle.

    Please Don't Hesitate to add to the thread. Other folks opinions, insights and trades are extremely intriguing to watch and possibly learn from so get stuck .

  5. #5
    Just had a skim through the charts in preperation for tonight. Usdsgd doing fine, 30 or so pips up at the present time, nothing breathtaking but in the ideal way, I will probably leave that as it is and see what happens next week. Nzdusd has gone another way with a reduction at the moment of roughly 120 pips. I'm likely to take a last decision tonight just before the close but I may leave the trade another week and see if the trendline over or 1.75 grip and it drops back down or I may just spend the loss before it gets worse.

    There are a couple possibles lining up for trades tonight, I enjoy the appearance of cadchf and cadjpy. Additionally sgdjpy has held over quite strong support. I will post anything happens tonight.

  6. #6
    Present trades - NzdUsd went the wrong way. I thought of keeping it open to see whether it held below the trendline and then proceeded down but honestly I think I'm much better of taking the reduction and trading some thing else.

    UsdSgd is currently 58 pips. Not a large enough movement to merit adding on so I'm only going to leave it open another week. I think that it has further to go down. I haven't transferred the stop reduction in, I wish to give it room to do what it needs to do.

    New trades - Sold EurGbp, nice reversal candle at powerful s/r. Bought GbpChf, trading within a range over the weekly and awarded last weeks move I think that it'll go higher weekly.

    That's it for this week, one loss booked and a winner left available, not too bad. I'm ready for some sizeable losses across how I find a huge movement so a little reduction first week is perfectly okay.

    Until next week.




  7. #7
    Arfer,

    I'll be watching this thread with interest. CW's thread has made a huge impact in my trading, such as a lot of your articles there.

    I'm also beginning to think about trading from this weekly chart, simply because the signals appear to be a bit more clear and also a bit more profitable.

    I'll post the transactions that I take off of their daily charts so that we can compare notes.

    Cheers
    JH

  8. #8
    No worries. Not a bad week . I am still in all 3 transactions as previously, usdsgd, eurgbp and gbpchf. All gone in the perfect direction this week. I am not going to put in on to usdsgd because though it has made a wonderful move into profit it's approaching historically very strong service. I wish to see how it responds there, probably a bounce from that degree but hopefully not too strong. I'll leave the stop loss as is again. Another two I will just leave completely and give them another week.

    I think it takes a lot of patience and discipline to exchange weekly charts however I believe in the long term it's going to be better for me. Hopefully we can find some discussion going about the perfect method for entries, add ons and exits.

  9. #9
    Not a bad week , eurgbp bounced back a little but nevertheless only in profit. I will give it the following week. Gbpchf making gradual but steady progress. Some longer term trendlines coming into play with that you possibly so I'm at break , no add on this week and leave it the following week. Usdsgd made a nice move in my favor also. Stop to break and I will leave that another week. It's nearing all time lows so perhaps some buyers planning to appear sometime soon?

  10. #10
    I'm in the process of changing brokers from Alpari (uk) into Ava Fx. I like Ava Fx combination of forex, stocks and commodities. Because of this I've closed all of my open trades on Alpari, took a few hundred pips on GbpChf and UsdSgd, EurGbp a very small profit. I will restart once I have my new account financed and start the profit/loss account from then. I'll be posting trades on other instruments than forex and when they appear.

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