Sign In with Google
Sign In with Facebook
Trading strategies based on Price Action are one of the most used trading strategies in the world among traders, and have made many ordinary traders very rich and successful throughout history.
The Weekly Strategy, which is the main topic here today, is also based on Price Action and what is more, it is so simple that anyone can understand it in a few minutes and can start trading with it today.
Strategy entry rules
Entering long positions
- Price hits the high of the previous week's weekly candle
Entry into short positions
Price hits the low value of the previous week's weekly candle
Using the strategy
Today's strategy is entirely based on candle price action, which makes it easily applicable on any instrument and even trading platform. The gist of the whole strategy is that the trader trades on a weekly chart and if the current price hits the High or Low candles from the previous week, then the trading position is entered according to the above rules. The stop-loss is usually placed at the opposite top of the previous week's candle to the one at which the entry is located (if the entry is long, then the SL is placed at the Low of the previous candle and vice versa). The strategy is always to close the position at the end of the week so that several simultaneous positions are opened in the following week before the stop-loss.
With this very simple, but not so capital-intensive trading strategy, it is possible to achieve success rates from 40% to about 60%, depending on the different instruments.
