DislikedI have a bunch of charts on my screen and I'm trying to learn how to trade on the longer time frames. I'm having difficulties with this right now so what I did was made a spread sheet with each pair on it and what they are doing in the weekly, daily, & 4 hr mode and a little on what I think where the pair is going and doing.
Would love to have some opinions on this. Am I right on track or I'm a simple blundering idiot that has more to learn than I even think I do. Loaded statement on this thread, constructive feed back please.
Any pairs I...Ignored
I think you are over-thinking things a bit. I commend you for doing your research but remember that one of the best things about this strategy is that it is very, very simple.
As a newbie to it I would recommend choosing only one or two currency pairs to learn with. Trust me, you can make enough money trading just one currency with this method if you want to.
Take a top down approach (as you have suggested) and look at the weekly, daily and 4 hourly chart but only trade from the timeframe that you are interested in. In this case we are trading the 4 hour chart - so the daily and weekly chart are just to help us gauge where we are in the overall scheme of things. Don't try and pull a 100 pip trade from a weekly chart!
Keep it simple and you should do well!
Regards,
Dan