Weekly bars open/close

Looking at the weekly charts I found that most of the time weekly bars close on their low or high and rarely look back with small tails.

Does anyone know the best way to determine the direction for the week.. or just a really effective method. Im trying to reduce getting whipped around before the week's direction is decided..

any input is appreciated

Anyone capable of determining the direction for the week ahead or for the remainder of the week, will not be found on this forum. They will probably be living on the French Riviera and will have no reason to read about how to make money trading.

how about trading the high/low breakout on this OR, (high+low)/2 if close is in upper half buy, if in lower sell

im not talking about predicting the direction of the trend, but finding the right side of the market without getting whipsawed to death. Opening a position at the beginning of the week and closing it on friday or trail it with a stop

Yes, this newbie agrees.

You can try adapting this to one week range.

http://www.forexfactory.com/showpost...2&postcount=10

Should work. I'll send some other related links when I come back home
in a while.

Question: Have you tried it on H4 before trying D1,
before trying W1?


FXS

Maybe using weekly pivot points would help.

On Sunday night put in entry orders 50 pips below and above the close price for the week that just closed. Use a 30 pip fixed stop loss. Let the trade run until Friday. Close out the trade 30 minutes before the week closes on Friday, which would be 4pm EST.

Recap:

Open a weekly chart on Sunday night.

Place a buy entry order 50 pips above the closing price for the week that just closed.

Place a sell entry order 50 pips below the closing price for the week that just closed.

Use a 30 pip fixed stop loss for both orders.

Let the trade run for the entire week, without a trailing stop.

Close out the trade at 3:30pm on Friday.

More options to reduce risk and increase profitability:

If the buy order is initiated, move your sell order up to the closing price.

If the sell order is initiated, move your buy order down to the closing price.

Most of the time the trend for the week will establish itself and run until Friday.

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I'm still testing this system myself. I saw it posted here at the Forex Factory last week, but now I can't find it for some reason.

It worked great for me last week! I made a ton of money in my demo account. I'm not sure if it was a fluke or not, so I'm going to keep doing it for several more weeks.

One thing I did differently, however, was this: I waited until Wednesday to put in my trades. I figured that by Wednesday the obvious trend for the week would be established; then I just placed an order in the direction of the trend for the current week. Also, I didn't use any stop-loss at that time. I just let the trade run until 3:30pm on Friday, EST, without any stop loss.

I did this for 5 different currencies, and all of them made me a ton of money by Friday.

If this system really does work, it's really great because it only takes a few minutes a day to maintain.

Here it is...

http://www.forexfactory.com/showthread.php?t=11937