We first discussed the importance of using the 200 Moving Average on the weekly chart to identify the overall trend. We then jumped to look at the correlation of the 100 Moving Average on the daily chart. He emphasized the importance of having all 4 EMAs in order 200/100/20/10.
We went through various currency pairs and he had me identify the trends. He said I was "spot on" on identifying all of them. He then picked some charts and had me go through the daily charts and identify where I would have made my entries based on the underlying trend and the current price in relation to the 20 and 100 Moving averages.
We finished off the session by reviewing High Test and Low Test bars, aka "Pin Bars". Emmanuel had showed me these when I was in the UK, but I wanted to review to make sure I understood the criteria.
I do not have another coaching session with Emmanuel for 3 weeks due to his schedule. My assignment for the next 3 weeks is to focus on identifying strong market trends. He said I should focus on taking QUALITY trades and do not worry about QUANTITY. He said even if I only take a few trades it is ok, just focus on identify trends and quality entries.
All is all it was a great session. Very informative. Emmanuel rocks!
"Here's to you success..."
Bill McManus
