The signal from last week Thursday (daily chart) broke as expected, as the weekly and monthly charts all had major entries in the same direction.
Major entry signals on the monthly chart do not form very often and therefore are powerful entries.
The signal from Thursday (daily chart, buy-stop @ 1.1213 + 1 pip) is now nearly 500 pips plus and is headed toward the GAP at 1.2000.
When trading long/term charts, the trick is to look at a higher time-frame as the trade is on, for orientation purposes.
Lower/faster time-frames are irritating and one can easily confuse a temporary profit taking swing, with a change in trend.
We trade only day/week/month charts and only use the 12/8/6/4 hour charts for the purpose of moving the SL.
In the meantime, DJIA, DAX, S&P, NASDQ are headed in the long-suspected south direction.
When looking at the long-term charts of these indices, the current move south could be just the beginning of a prolonged sell direction.
With price-bar formations, any chart in any time-frame can be traded, regardless of the market.
They work with forex just as well as they do with metals, indices, stocks or any other market.
A chart is a chart is a chart / that's how bar-formation traders see it.
No news, no eco-data, nobody's opinion, not even our own.
We simply go by the rules that we know.
There is never a guessing --- when there is a formation, it will be traded.
We only trade stop orders and never limit orders.
"a little bit of knowledge is a dangerous thing"