Forex Weekly Trading Strategy

A weekly trading strategy follows the principles used in the daily strategy however with a weekly candle it provides far more data. This is of course because it contains the fluctuations of 5 daily candlesticks in it. This strategy requires plenty of patience as this strategy can be drawn out of a couple of weeks. The stop losses will be much larger to allow for the size of the candle and the movement involved.

The Role of Price Action Trading in Forex

The best forex traders use price action trading and advanced technical analysis. You can use these to either trend follow or counter trend trade the market. Both techniques will be taught on the forex training course.

With technical analysis, the most important concepts are support and resistance. This helps us indicate where the market will bounce up or down, based on the historical data on the chart. Support is the market’s tendency to rise from a price level and resistance being the opposite when the market falls. We can also call these supply and demand levels.

When the market price comes to recent lows, buyers will want to buy in as it means the price is low and vice versa when the market goes to highs, sellers will want to sell when the price is high.

It’s an important concept to understand for any trader and something that will be emphasised to you on the trading course here at Platinum.

Counter Trend Strategies

Again this is a concept we apply when we approach various day trades when it comes to the forex market, the reason for that is because trading the trend is more inclined to longer-term strategies.

When it comes to counter-trend trading, it’s important to hold tighter stop losses and profit targets as you won’t expect the market to move as much against the trend as you would when it’s moving with it.

In conclusion

These are just a sample of the forex trading strategies applied here at the Platinum Trading Academy, all of the above is provided in our curriculum with our forex trading course. There are many different strategies, and we will assist you in choosing the correct ones to fit around your day and the most consistent for reaching your profit targets.