- #11,482
- Feb 9, 2008 9:30am Feb 9, 2008 9:30am
- | Joined Apr 2007 | Status: Trader | 1,126 Posts
waiting for monday.....
(khore)
(khore)
Written copy of Month of January, 2007, by Phillip Nel. This is a detailed examination of the charts for January of last year posted by a member of this thread and gone through by Phillip, trade by trade with advice on how he would have taken and managed each trade.
To get the PDF charts and Phillip's mp3, go to http://www.fxtradeblog.com/, and click on the tab that says Monthly Reviews. From there, you can download the zipped file that contains them.
For those with difficulty understanding spoken English and, of course, anyone else who wants a written copy.
This was a great job.
Regards
Kersten.
- #11,493
- Feb 10, 2008 12:07pm Feb 10, 2008 12:07pm
With EURUSD I'm looking at a possibly a bounce off of resistance (trend line) that just might have occurred. I'm waiting for confirmation of 21SMA. It looks like it could bounce off of that and continue down again, however, if it breaks then we could possibly see a long term run up to resistance of 1.4900-1.4925. Basically that 21SMA should give us a much clearer idea of what's going on. I'm really hoping it breaks so we can look for that long term uptrend, per the gradual uptrend we've been experiencing for a long time now. MACD looks to be setting us up here as well for confirmation for an uptrend. Nice double bottom. Check out Jan 22 setup that ran up about 450 pips. Bounced off that resistance, crossed the 21SMA and kept on going to 1.4900-1.4925 resistance. We might have a similar setup occurring right now.
With EURCHF I'm waiting for confirmaton of resistance at the 1.1060-1.1080 level. If it breaks then it might continue on up to 1.1200+. However, the channel this year is following the current resistance, which it just touched and is hovering around. Additionally, it seems to be finding resistance with the 200SMA. With the 200 and 89 converging downward, and MACD forming a head and shoulders (or if you prefer instead, a LH), it appears a short is setting up. In this case, maybe we see some faily accurate confirmation with cross of 21SMA AND 89?
Anyway, those are the two pairs I've been studying lately. Any other opinions......anyone?
- #11,499
- Feb 10, 2008 5:31pm Feb 10, 2008 5:31pm
- Joined Jul 2007 | Status: Screw Long Term 5min For Life! | 1,259 Posts
hi
i was looking at weekly chart EU and i find out something interesting.
there was 9 possible TC trades since 2007 jan. . thay all working except the no.4 and no.9 trades wich both of them seems not good for trading .no4 was near the upper resistance line wich seem not suitable for trade and no.9 was near the strong 1.5 resistance with a long tail and seems not good for trade .even if one take all of the TC trades only by looking at macd he will up 7trades out of 9.
u can see how price acted on 21 and 8 .sometimes speed was at 8 and sometimes on 21.thats very interesting for me.
but my question from the experts of this system:can we use weekly for at least find out the longer direction ? or it was just an accident last year?
There are people that trade this, they use like Phillip said 3-500 pip stops and do 2-300 contracts per turn. Last time I talked with him I think he made a little over 6 million on 3 trades
The problem is you HAVE to have the money, if you can not stick to a 1hr 4hr trade you will NEVER stick to a weekly. The way I look at it, the more I make the less I trade, the longer the time frame I start to trade on. That's why I left the 3min chats. I made good but I hard to work and worked a TON. Here you can make a ton but you have to be able to play more contracts or just trade well. The market has a way of letting the winners build a account up As I said in the past you can put in 500k and lose it in 5min if you have no clue, but if you know what you are doing you can start with 500$ and build it up, not only do you get better but it costs a lot less.
Keep taking CT trades, I need more money
