Trading with weekly and daily charts is a strategy for traders who like Weekly, Daily and H4 time frame. This is a good strategy if you don’t have too much time on screen.
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Identify key support and resistance utilizing large bodied weekly candles. The 50% rule is explained later and is the preferred area of entry but not necessarily the only area for entry. Daily large bodied candles are also used in the same manner but here I always trade in the context of the weekly large bodied candle.
Identify trades using daily for the most part and occasionally the H4 for entry in conjunction with weekly support and resistance. Again using the H4 will be infrequent and truly if the daily time frame does not generate a valid signal candle in the preferred entry area then it is probably best to wait rather than search for signal candles on lower time frames.
Download ebook Trading with weekly and daily charts
Read more Forex ebook:
- Forex Ribbon System- Trading Blueprint [PDF]
- Smart money concepts forex PDF
- Strats PASR method
- Five Guiding Principles of Trading Psychology
- The 25 point discipline for day trading