How To Trade Market Reversals Using Weekly And Daily Candle?
Weekly candle take five days to form and closes on Friday. It holds a lot of information about the coming week.
If the weekly candle is bullish you should assume the next weekly candle to be bullish also.
Daily candle forms daily. When we have a bullish daily candle, most likely the next candle will also be bullish.
Just by looking at the weekly and daily candle, you can figure out the direction of the market.
Read this blog post in which I explain how you are going to trade market reversals using weekly and daily candles.
Using this simple naked trading strategy you can easily make 150-300 pips per pair every week.
Once we have determined the direction of the trade, we will use H4 timeframe to make the entry decision.
We will try to make a very low risk entry with a stop loss between 10-20 pips.
Take profit target will always be 150-200 pips for this strategy.
