Let me tell you what I do with the weekly charts. Its known that the longer the time frame the more important it is, so when you do analyze the hourly and the daily charts, what you see on the daily charts it’s more important than what you see on the hourly, its more accurate, has less noise and has much more information.
Anyway, when I’m long or short, I take a look at the weekly charts and see if I can scale up my trade to such time frame, it needs to have a very clear market condition in order to be scalable. Such as the EURAUD right now, take a look at it:
If I find a trade on the EURAUD, I’ll definitely scale it up here, its clear that the market is trading in a very well defined range, and since it has been rejected from the bottom of the range, it is likely to continue its way up until it reaches the next LT resistance level.
Makes sense? Let me know…
I’ve been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .