In this thread I will discuss trades that I enter based on the Weekly Control Candle. The purpose is to demonstrate how to use the Weekly Control Candle.
In my opinion the weekly timeframe is a very important guide for short term trading. In fact certain candles on this timeframe can dominate price ranging for many weeks. It is therefore important to correctly identify these dominant candles and to be aware of some key price levels of these so-called Weekly Control Candles.
A Weekly Control Candle (WCC) is a candle on the weekly timeframe that engulfs the OPEN and CLOSE of the weeks ahead. A Weekly Control Candle remains dominant until a newer week candle dictates updated trading levels.
Feel free to ask questions or to share your own thoughts.
I trade on the H4 timeframe, but before entering a trade I do a little research by checking out other timeframes.
Cheers...
In my opinion the weekly timeframe is a very important guide for short term trading. In fact certain candles on this timeframe can dominate price ranging for many weeks. It is therefore important to correctly identify these dominant candles and to be aware of some key price levels of these so-called Weekly Control Candles.
A Weekly Control Candle (WCC) is a candle on the weekly timeframe that engulfs the OPEN and CLOSE of the weeks ahead. A Weekly Control Candle remains dominant until a newer week candle dictates updated trading levels.
Feel free to ask questions or to share your own thoughts.
I trade on the H4 timeframe, but before entering a trade I do a little research by checking out other timeframes.
Cheers...