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Position trading - Longer Time Frames

  • #1
  • First Post: Sep 28, 2006 3:18pm Sep 28, 2006 3:18pm
Hi

I am a newbie looking to perhaps position trade. I am looking to trade using larget time frames such as weekly or monthly.

Can anyone suggest any possible strategies or trading frameworks I can try out?

I live in the UK, working 9 till 5, so initially would be looking to trade 18:00 hrs GMT (London/European Session during my holidays).

I would be very grateful for your suggestions and help.

Regards

Angie
  • #2
  • Sep 28, 2006 3:32pm Sep 28, 2006 3:32pm
yes you can use elliot wave works perfect for this style of trading check out my thread. i have to dates when i entered the trade and the take profit days as well.
  • #3
  • Sep 28, 2006 3:41pm Sep 28, 2006 3:41pm
Quoting fixme1too
yes you can use elliot wave works perfect for this style of trading check out my thread. i have to dates when i entered the trade and the take profit days as well.

Thanks for that, seems a perfectly good place to start - will check out your thread right now.........

Rgds

Angie
  • #4
  • Sep 30, 2006 4:41am Sep 30, 2006 4:41am
I am thinking Mouteki system might be worth giving a go? He uses a longer timeframe. Anyone currently using this system and having success?

Regards

Angie
  • #5
  • Sep 30, 2006 4:47am Sep 30, 2006 4:47am
Quoting angiegiles00
I am thinking Mouteki system might be worth giving a go? He uses a longer timeframe. Anyone currently using this system and having success?
Regards
Angie
Hi Angie
Mouteki's method is based on 4-hour charts, so isn't really a position trading strategy. The principles could be extended to daily charts, but I would suggest some serious demo trading before commiting to it, not because it isn't profitable, but because it takes advantage of the volatility of the shorter time-frames.
  • #6
  • Sep 30, 2006 4:54am Sep 30, 2006 4:54am
The method isn't sorted yet, but this could be a good time to pick this thread up. It's based on weekly ranges, so might be what you're after

http://www.forexfactory.com/forexfor...181#post109181
  • #7
  • Sep 30, 2006 5:26am Sep 30, 2006 5:26am
Quoting PeterFM
The method isn't sorted yet, but this could be a good time to pick this thread up. It's based on weekly ranges, so might be what you're after

http://www.forexfactory.com/forexfor...181#post109181

Hi Peter

Seen your good input on some of the other threads - so I really value your opinions, many thanks. Will look at the thread you point out.

Although I am thinking along the lines of trading larger time frames, I am also open to the idea of maybe having to look at daily time frames but 4hr would be the shortest at this point in time.

Will evaluate both methods. I am very new to Forex, so do not yet know the style of trading for me. I will be demo trading for a good 6 months or so.

Thanks again......

Angie
  • #8
  • Last Post: Sep 30, 2006 5:42am Sep 30, 2006 5:42am
Quoting angiegiles00
Hi Peter
Seen your good input on some of the other threads - so I really value your opinions, many thanks. Will look at the thread you point out.
I'm a newbie, myself, just trying to stop people making the same mistakes I did
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Although I am thinking along the lines of trading larger time frames, I am also open to the idea of maybe having to look at daily time frames but 4hr would be the shortest at this point in time.
Jim, one of the main players on the forum would always advise cutting your teeth on the dailies. His first major thread starts here http://www.forexfactory.com/forexfor...ead.php?t=2331. There are lots of things to learn in his thread, but the lessons on price action will help you even if you end up moving down to the 4 hour charts.
Quote
Will evaluate both methods. I am very new to Forex, so do not yet know the style of trading for me. I will be demo trading for a good 6 months or so.
That's the secret, knowing who you are, I can't comtemplate going to less that 4 hour charts now for my trading, and that's all due to Jim (and a couple of other guys). The reduction in stress is something you need to experience to believe. Second thoughts, I'd rather you skip the stress experience part altogether.
I think that greed drives us to try and grab pips on the short timeframes when we start, but Jim reckons that most of the 95% of traders who fail, do so by trying to make money on the short-term charts. Please stick to your proposed 6 months demo period, and then only start live with a micro-lot account and we'll be talking still in a couple of year's time.
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Thanks again......
Angie
No thanks required, we're all in this together
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