Weekend setup for simple strategy

[Troubled Trader]

This is my first post so please be gentle, even if you suspect my question is foolish, I am just trying to learn the art of the possible and if anyone else trades this way.

ok the question:

Is there a strategy and setups that I can do all my work/analysis at the weekend and place an order in advance for a trade to be executed that week?

I am not looking for a busy trading schedule, I just want to find one type of trade, one market and practice it over and over until I can execute it with confidence. Then over time I will slowly add to my experience. If this means I just make one trade a week to begin with, so be it.

Like I said in my introduction, I don't know if it's possible, but it would fit my learning curve.

 

[tomorton]

Hi Troubled Trader - There are various strategies which will suit your trading style, which I like and have used myself in the past. Look at Donchian channels and break-out trades, also swing trading.

They have the advantage of allowing you to make considered decisions with good time for analysis. If you're spreadbetting, the firm's platform should hopefully also allow you to place the entry order but also the stop loss and profit target price simultaneously - in theory, as long as the set-up for entry remains valid this means you can forget about the trade -it will open and close automatically.

A downside is that you can't just set the entry price and forget about the trade, you will still need to monitor your market to check that the set-up for entry remains valid - if the picture changes you will need to either cancel the entry order or adjust it accordingly.

Having used order systems like this, spikes are also an issue. Numerous times I have been entered into a trade on a pre-set order by a spike in the price lasting just a few minutes. In hindsight the market was just exploring and testing levels and there was no likely follow-through. But the entry order is insantaneous - if price reaches your entry level even for a second, the order is triggered. Spikes can be artificial too - created not by the underlying market actually moving but by the widening spread offered by the SB firm - especially just at opening of markets. Make sure you know if your SB frim's charts print their mid-prices or their bid prices.

These days I like to see confirmation of breach of a price level rather than just a breach. So I look for a Close above or below my identified entry level before I will go in (manually). A supportive Close above prior resistance, with the close at / near the top of the day's range, is always a higher probability entry than going long on a Shooting Star, triggered by the transient breach of a previous High. Of course, the delay can mean the loss of some points, but your win rate will improve.

Interested to hear how you get on with this if you can come back with more.

 

[BSD]

http://www.trade2win.com/boards/swi...imple-trend-following-set-up.html#post2488242

That WILL make ya money if you have the discipline to stick to the rules.

 

[malaguti]

This is my first post so please be gentle, even if you suspect my question is foolish, I am just trying to learn the art of the possible and if anyone else trades this way.

ok the question:

Is there a strategy and setups that I can do all my work/analysis at the weekend and place an order in advance for a trade to be executed that week?

I am not looking for a busy trading schedule, I just want to find one type of trade, one market and practice it over and over until I can execute it with confidence. Then over time I will slowly add to my experience. If this means I just make one trade a week to begin with, so be it.

Like I said in my introduction, I don't know if it's possible, but it would fit my learning curve.

I'd second Tomorton's advice, in particular donchian breakouts. If you ever read the Turtles method, that was one of theirs. Apply them to weekly charts, they have an extremely high success rate and excellent reward to risk.
I backtested this method some time back on all ftse350 shares with excellent results so this old system still works very well today

 

[VeerTrade]

There are many strategies that will work, you just have to use them on a larger time frame. In your position you will be looking at swing trading.

I know you mentioned placing a trade on the weekend but I would suggest maybe spending 15 mins a day looking analysis charts and placing potential trades. Your stops can be smaller and you can still make good pips.