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TOPIC: Trading strategy - Daily or Weekly

Trading strategy - Daily or Weekly 06 Mar 2014 10:31 #1

  • remo
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This site is more a family based website. ;)
we are all family here.
welcome brother ;) ;) lol
DrMorpheus wrote:
Thanks Remo.....sound advice as always.

Saw enough of you in action on iii chartsview not to need a trial !!

I hope to become more active myself.

This site seems to have come on leaps and bounds from the early days...a good job you guys have done.
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remo
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Trading strategy - Daily or Weekly 05 Mar 2014 23:39 #2

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Thanks Remo.....sound advice as always.

Saw enough of you in action on iii chartsview not to need a trial !!

I hope to become more active myself.

This site seems to have come on leaps and bounds from the early days...a good job you guys have done.
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Trading strategy - Daily or Weekly 05 Mar 2014 19:36 #3

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Hi DM
you seem to have the right idea from your post.
Keep it simple...Use the supports and resistance.
Trading from weekly charts is not a good idea. They is used to determine the long term trade and not for short term trading.You can get the supports from them.
Daily chart is the best in my view as it is more than enough to help you through.
I trade based of trend lines a lot and 123 low set ups. These i find to be really reliable when trading.
I dont use complicated methods as can confuse you even more. Trading should be simple.
Ive put a lot of my knowledge into the learning section so work through them for ideas. Can be handy.
A few traders hang out in the chat rooms and they are pretty good bunch so try and hang out there if you get some time to see how they do things. I always post good setups in the forums if i spot any.
You may also learn a lot from my share tips section. Try out the free 1 week trial and go through all the previous trades ive done .Another place to look at is my blog..You can see from the blog how i have done a lot of trades from the share tips section. This should give you an idea.
hope to see you on the forums more.
welcome
remo
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Trading strategy - Daily or Weekly 05 Mar 2014 12:42 #4

  • DrMorpheus
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Hello everyone,

I used to be a frequent user and not-so-frequent poster on Chartsview back in the iii days. In fact I used to visit the private bb many times a day and read all the posts.

Due to various reasons, like having a little boy and working a 2 hour each way commute from home my trading came to a standstill. I think the fact that I was having very limited success played a big part in me losing some interest as well.

Anyway...enough excuses. A question for anyone who may have any thoughts on the idea.

I'm not looking to day trade but trade based on daily or weekly charts. I have very little time and limited access to my trades during the working day so am looking for more of a "set and forget" trading strategy which can be altered (if needs be) every night.

i.e. set a buy/sell order, set a stop and limit, and adjust these if required like tightening the stop and adjusting the limit if needed.

What are your thoughts on a trading strategy.

I was thinking trade FTSE350 stocks.

Primarily on the weekly chart and maybe on the daily.

Scan the charts every night to see if there are any trades to be had.

I think the likelihood of TA working out would be more likely on the weekly....is that a controversial view??

I'm only looking to take a handful of trades a month...maybe 4 or so, so be picky with what trades I take rather than anything that might look like it's just okay, and take no trades if need be.

Looking to trade primarily off of support/resistance coupled with things like big numbers and fibs.

So no Elliot Wave, Ichimoku or P&F or anything else which will complicate things for me, and I'm thinking of getting rid of indicators all together as well.

Previously I used to have a chart with various indicators and profiles, so I used to view the same stoch on a number of differt charts with MACD, stochastic, Money Flow, Bollinger Bands, RSI, OBV and a handful of others.

I think you get the picture....I get the feeling I was digging myself into a hole and not using the indicators correctly, and making things more complicated than they needed to be.

Is it a good idea to go back to basics and just use the chart, with S/R, fibs and maybe a couple of MA's to look for trade ideas? I'm thinking yes.

Any thoughts welcome.

Thanks
DM
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