Waiting for TC on EU or RT on GU?
- #10,743
- Jan 25, 2008 11:04am Jan 25, 2008 11:04am
- | Joined Apr 2005 | Status: Cruising The Outer Rim... | 2,175 Posts
Quick word here and then I'm signing off for the day. EU is consolidating and the Yen fell but I wasn't watching it...
When someone develops a trading method, in this case Phillip, we all start from the outside looking in. It can be difficult. I still have to go back an look over the rules, I have no more room for post-it-notes, because I simply forget sometimes. But, I believe Phillip put in a couple of years developing this before he let this tiger loose. That being the case, it's always easier to remember, follow, or interpret the rules if you yourself wrote them or 'authored' them.
For the new faces showing up: It's a good idea to concentrate on the main points, such as the one Phillip just posted about price breaking through the 89, or when price comes back to the 21 on the 4hr..'the main' areas are what I'm referring to. Trendlines, channels, s/r areas, Fib #'s should come later once you can see the rhythm of the 4hr trend. Then looking at the 1hr should be the last piece of the puzzle. As far as trendlines, s/r area...some of us may interpret those differently or even draw those a little differently, just be sure they are 'in line' with the 4hr trend. So, when you see a chart(s) posted by someone with a channel or Fib #, and a 1hr chart with s/r lines that shows an early entry, remember that person has usually been here a while and has built up the confidence and discipline to let that set-up develop properly and then take action. That's an 'advanced' entry, Don't get discouraged because someone else got in 20 or 30 pips before you did and has already hit one or two profit targets while you are just entering. If you stay around here long enough, you'll eventually get the feel of how all of this plays out...patience.
So remember: Get to know the 4hr first and the main points behind price and the moving averages. Then, draw some trendlines, channels, Fib #, etc. to help you see the rhythm and profit targets. Next, the 1hr charts only AFTER you see how the 4hr 'works'.
But, there's always a but, remember that the 1hr is a different beast. Being too aggressive here will cause this 'tiger' to hunt down your stops and bite you. I have several scars myself. Trading on the 1hr is a secondary approach for this method and opens up numerous other variables that can be interpreted in many other ways. Stay with the 4hr until you are successful there. Trading the 1hr is not even needed for this method. It can be a different method altogether so be cautious here either way.
Have a good weekend everyone...think I'm starting mine early
When someone develops a trading method, in this case Phillip, we all start from the outside looking in. It can be difficult. I still have to go back an look over the rules, I have no more room for post-it-notes, because I simply forget sometimes. But, I believe Phillip put in a couple of years developing this before he let this tiger loose. That being the case, it's always easier to remember, follow, or interpret the rules if you yourself wrote them or 'authored' them.
For the new faces showing up: It's a good idea to concentrate on the main points, such as the one Phillip just posted about price breaking through the 89, or when price comes back to the 21 on the 4hr..'the main' areas are what I'm referring to. Trendlines, channels, s/r areas, Fib #'s should come later once you can see the rhythm of the 4hr trend. Then looking at the 1hr should be the last piece of the puzzle. As far as trendlines, s/r area...some of us may interpret those differently or even draw those a little differently, just be sure they are 'in line' with the 4hr trend. So, when you see a chart(s) posted by someone with a channel or Fib #, and a 1hr chart with s/r lines that shows an early entry, remember that person has usually been here a while and has built up the confidence and discipline to let that set-up develop properly and then take action. That's an 'advanced' entry, Don't get discouraged because someone else got in 20 or 30 pips before you did and has already hit one or two profit targets while you are just entering. If you stay around here long enough, you'll eventually get the feel of how all of this plays out...patience.
So remember: Get to know the 4hr first and the main points behind price and the moving averages. Then, draw some trendlines, channels, Fib #, etc. to help you see the rhythm and profit targets. Next, the 1hr charts only AFTER you see how the 4hr 'works'.
But, there's always a but, remember that the 1hr is a different beast. Being too aggressive here will cause this 'tiger' to hunt down your stops and bite you. I have several scars myself. Trading on the 1hr is a secondary approach for this method and opens up numerous other variables that can be interpreted in many other ways. Stay with the 4hr until you are successful there. Trading the 1hr is not even needed for this method. It can be a different method altogether so be cautious here either way.
Have a good weekend everyone...think I'm starting mine early
- #10,753
- Jan 26, 2008 3:31am Jan 26, 2008 3:31am
- Joined Jul 2007 | Status: Screw Long Term 5min For Life! | 1,259 Posts
Keep taking CT trades, I need more money 
- #10,759
- Jan 26, 2008 10:53pm Jan 26, 2008 10:53pm
look at the beautifull parallel black trendlines and see how the world decide to move the price between thease lines.
look at the red line and see the beautifull price action on it and becarefull when price comes back near the red line again.
i think its more beautifull than a famous painter's drawing.
i know, its always easy to look at a solved problem but even it can learn us alot of things.
look at the circle #1 ,if macd give me a buy signal there near the 200,i'll be buy.price is now above the 200 and near the 89.i wish it will be close above 89 when a buy signal occurs.
Thank's and good luck to you, bshadroo
- #10,760
- Jan 27, 2008 12:12am Jan 27, 2008 12:12am
- | Joined Apr 2007 | Status: Trader | 1,126 Posts
Those are marvelous TL you projected there, bshadroo! The homework you've done to predict future trades are absolutely what I was going to do now. It's easier for us to get in phillip's system trade and have those S&R behind us and makes us just more confident.
Thank's and good luck to you, bshadroo
before i learn the phillips system,i was entering in trade in each support and resistance .the S/R levels which i draw was correct but sometimes price was breaking the levels and got me out.
but with this great system i can fillter the trades and trade just the high probabilities. macd signal can realy filter wrong trades for me.
actually we should say thx phillip and others how are working for this system and helping people.