Intraday setups with Weekly TF

Hey Togu
In regards to the pyramid thing, so you always enter 3 trades or what criteria do you follow? Thank you

yes, I usually try to build up the pyramid if the opportunity is there, otherwise hit SL or BE

Best of wishes on this thread, I also think trading on a longer timeframe is a good way to survive in the long term. Subscribed.

What I'm trying to accomplish with the system is that I try to get some advantage of the next week's movement by looking at the WEEKLY candle body. And from my experience I can tell that during the trading week I see continuation all the time. It doesn't matter whether it is a doji, shooting star. The cycles in intraday almost all the time make one or two large movement within a week. So since having problems gauging intraday movements on 1h, 4h, Daily I started having better overall success with Weekly. But please don't be alarmed by WEEKLY TF, it is not like what it sounds or waiting for several weeks to get the signal. It is almost the same as other lower time frame systems out there. So I will try to post trades which I actually take. By the way there is one ea I use, it takes pictures when order is being executed. This might help some people with their journals.

P.S The pictures are saved in experts/files, it can also take pictures of backtests as well but the files are saved in different location.

Also I don't usually take Sunday's trades or Monday's trades in asia. Because the movement is relatively low and most of the time I had losses.

For the demonstration purpose. Long on vertical line's open. If it does go up looking for adding position after some time

UPDATE: 2nd trade 1m TF, the movement is fair enough. From 1h perspective my SL looks very tight as well, it might get taken out when the retracement comes

UPDATE: The retracement hit SL
June 3th -20 pips

Togu,

Good concept and solid one too.

Use Weekly as the Primary Trend direction and look in the next lower TF like D (Intermediate Trend) and H4/H1 for the retracement and jump into the market.
It is price action and smart use of the candles. Good thread.


Here is a pic.

regards,
EMMANUEL

Thanks, this is interesting. Will have more thoughts on ur picture.

Here is the interesting part comes. If you look at the daily TF you will sometimes see potential continuations, for example PA setups like it was mentioned at James thread. Be it Double HIGH lower close or Double low high close, Pins, Inside candle etc ( I dunno whether I got those names correct). I think you can capitalize on some of them like for example I'm seeing inside candle break out now. So what I try to do here is this. Zoom into 30m TF because I don't think 1H TF will give me a perfect entrance today on EURUSD because it has high probability that it will go south today. I don't wanna be late. So I'll just wait for the confirmation on 30m TF

This week I had 2 trades and I just closed my 2nd one. With the movement on Sunday I thought it was gonna rally with PA but only it did rally today, but thankfully I managed to close it with some profit.
1st entry had no momentum at all, lost 20 pips
2nd entry had to wait before it began moving. +120pips
Overall: 200 pips from last week

Hi Togu!

Can you please share that Value indicator?



http://i.imgur.com/thib8po.gif