Weekly Long Term Trading

I would like to share a system I will be trading live from today and also use this thread as a journal. I have to give credit to many people here for the simple strategies that will be used especially the “James16 thread”, “Building an equity millipede”, “4H power” and a few others.

I will be trading the following 10 pairs:
EUR/USD
GBP/USD
AUD/USD
USD/CHF
USD/CAD
USD/JPY
EUR/JPY
EUR/GBP
GBP/JPY
NZD/USD

I will enter two trades per pair at the weekly open. One trade with R:R 1:1, the other with no fixed TP. Initial SL for both will be the other side of the weekly bar + 15 pips. SL of 2nd position to be moved to BE + 2 pips when first lot TP is reached. 2nd lot TP will be manual but looking for very large moves (millipede style).

If there are too many trades open on a pair and it is ranging I may not open a new weekly trade.

Basics of the strategy:
I am looking for open/close engulfing patterns (1 or more candles) and pinbars.
1.Open your weekly charts
2.From the right look for the newest engulfing pattern or pinbar.
3.We simply enter at the open in the direction of the newest price action we recognise.

I will be trading this strategy on a small live account at Etoro (please leave broker discussions from this thread). I’ll be opening positions using the minimum size per trade at $0.10 per pip. Ideally I would’ve preferred to equalize the risk of the different crosses but I will just measure the pips profit/loss in this thread.

This week's entries for the first 5 crosses:

EUR/USD: LONG

GBP/USD: LONG

AUD/USD: SHORT

USD/CHF: LONG

USD/CAD: LONG

2nd 5 crosses:

USD/JPY: SHORT

NZD/USD: SHORT

EUR/JPY: SHORT

EUR/GBP: SHORT

GBP/JPY: SHORT (only one this week based on pinbar formation)

Something "odd" i'm looking at.

When you check eurusd and usdchf weelky chart i find them their correlation is -1 (more or less by looking at the chart).

So why going long on both ?

PA is inverted.

EUR/USD, GBP/USD, AUD/USD, USD/CHF, USD/CAD, USD/JPY and NZD/USD are not cross pairs.

Thanks my bad, searched the meaning of cross now...

Fair comment and thanks for visiting my thread. The correlation has not been exactly -1 since Sep 12 so decided to trade both. Signals should be inverted most of the time but this week on EU the last 2 down weeks didnt take out the open of the week before that while that was the case on the CHF. Lets see how it plays out.

Look forward to see your results. i like simple stuff too.

Interesting. Would like to know more about your entry, stops and targets.

I'm short gbp/usd now based on weekly charts.

Mon. morning I saw a PB, indicating long, for the Aud/Usd, W. TF. The action has been pretty flat so far, up a little, down a little. I'm in @ 1.0352, SL at PB low minus 10 (1.0579), TP @ 1.0579. The 200 sma is decidely up so I'm trading with the trend but lower TFs - the D & H4, are flat. About a 1:1.25 risk to reward. I have an audible alert set @ 1.0408 so if that is hit, I can move the stop to BE plus maybe 5 or 10 pips.

Yeah that bar you used as entry is a type of pinbar but I decided to treat it more as a neutral bar and based my trade on the previous week's engulfing bearish bar. But I've been stopped out on both AUD and NZD, at least your trade is still alive!

Well, barely alive. At .10 ct/pip I'm + a whole $1.42!! Not even lunch at the Golden Arches.

This is great! You can tell the suckers from the winners from their timeframe preference -- consistent traders usually base their actions on the PA seen on the longer-time frames (4H-Daily-Weekly) charts, with 80-100 pip targets. In my opinion, the majority of scalpers lose money in the long run as their practice is comparable to gambling.

Former scalper here hehe

Some of your pictures are not engulfing pattern

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breakout trading

After Monday & Tuesday of watching this trade go plus or minus 10-12 pips it went into the tank and nearly hit my stop loss. It has recovered slightly so I'm minus approximately 90 pips at the moment. I believe it would be helpful to look at two lower TFs before an entry. The W., which I entered, showed a very upward 200 ema but the D. & H4 were both very flat, I would not trade a flat trend yet it was clearly so on lower, faster TFs. Something to consider I believe.

nice