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I wasn’t very confident about this trade setup last week, but I did mention that we could get some short trades, and marked the chart with some blue lines. The trade worked out better than I expected!

I hope some of you profited. See the two images below. One on the left is from the video update last Thursday, the other is the chart of tonight. That’s about 100 bankable pips…

These are trades that Daily Forex Chart members receive in their inbox daily. Click here to learn more about the benefits of being a Daily Forex Chart member.

 

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Earlier this week, we post included a great AUD/JPY chart.  What a fantastic week this as been.  And it’s not over yet!

We have another trade setup for the EUR/USD tonight, for members only.  We can’t show you everything that our Daily Forex Chart members see, but we can show you this great USD/JPY chart.   See how the Yen rallies right up to my predicted resistance level and turns on command!

Click here to watch this video to see how to trade this chart now.

Year 2010 is off to a good start as Daily Forex Charts has been watching the latest movements in AUDJPY! See how we identified a trade set up earlier this week and how to this AUD/JPY chart.

At Daily Forex Charts, we analyze the FOREX markets and find these potential trades for you! Right now, you can receive my daily updates and analysis of the market for just $9.95 for the 1st two weeks!

As a member, you will also have access to our Fibonacci Trading forum where you can get feedback on your trades and join us in live interactive chat sessions. Click here for more
information on how to join today.

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Originally posted by “Lifesong”; Wed Nov 25, 2009 7:25 am

 

Perhaps a little late on this post, but I’ve been following a H&S pattern on the Daily since late Oct ‘09 and waited for the retracement back to the neckline (classic throwback). This occured just over a week ago and I entered the trade on Nov 18th. Herewith my analysis (see chart which was analysed on Nov 5th):

The H&S pattern is marked on the chart and I waited for retracement back to neckline @ 1.2430 level and this also came close to 4h SK support zone @ 1.2385 level. On Nov 18th I noted that a double bottom formed on 4h chart @ 1.2440 level and I entered 60min TRSI X-up @ 1.2465 with initial stop below right shoulder @ 1.2180 level. My first objective with this trade is previous swing highs @ 1.2680 level and longer term second objective is SH of Apr 30th @ 1.2935 which will also coincide with 161.8 Fib expansion of swings at the bottom of the Daily chart.

Any comments or recommendations?

 

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Originally posted by “FibMaster”; Wed Dec 02, 2009 5:14 am

 

It’s been as high as 1.2820 so far. Good call. Are you still in it? Weekly trend still strong attached), daily showing possible retracement to begin here.

 

 

 

 

 

 

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Originally posted by “Lifesong”; Thu Dec 03, 2009 12:55 am

 

Hi Neal

Thanks for the reply and I closed 2/3 of my position yesterday with just over 300 pip profit @ 1.2790, because of possible double top on 4h chart and the fact that Daily is showing signs of retracement. For the remaining 1/3 of my initial position I moved stop to just below 1.2650 (previous SH) and this is also current SK support on 4h chart. If it is stopped out it’s okay, otherwise I’ll keep it running for possible break of 1.2820 level.

 

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*”My long trade in EUR/USD at 1.4986 as made about 30 pips for now….:) and your article about Fibonacci techniques are great and very amazing…!!”*
This was a recent quote from trader “Haryo” on my Fibonacci Trading Facebook Page.

 

Through my Daily Forex Charts service, I work with traders on a daily basis- discussing strategies using my Fibonacci techniques and applying them to the current markets. I can’t even begin to tell how rewarding it is for me to see these strategies work time and time again.

Recently, I made a short video lesson to share with you how my Fibonacci techniques can make your trades profitable. This video lesson is based on a GBP/USD 4 hour chart that I recently posted to my Fibonacci Trading Facebook Page when the trade opportunity was setting up. See that chart which was posted before the (predicted) trade.

 

Click here to see the Fibonacci Trading Made Easy lesson, showing my Fibonacci techniques in action.

It’s the day before Thanksgiving Holiday, a long weekend break for many traders. Best wishes to all our readers in the USA.

-Neal Hughes “FibMaster”

 

Since I started trading almost 30 years ago, I’ve learn many things about trading, and I’ve struggled with just about all the problems that traders can encounter. My hope is that these web pages will help traders who are serious about their goals to define an effective trading plan and to benefit from my experiences.

If you don’t have a trading plan, I encourage you to set aside some time and give it serious thought. To help you improve your trading with my Fibonacci Trading Techniques, use the outline on the following website to define your own trading plan;
http://www.fibonaccitrading.com/

 

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Originally posted by “Hussam”; Thu Nov 05, 2009 10:05 am

 

Hi,

4 Hour resisting at 0.618 and TRSI resisting at 60. The 1 Hour TRSI crossed down from above 60 to 58 level. If the 4 Hour crosses down, I would take a short to the support uptrend line. I realize that Daily TRSI is up, however, Weekly is still down. With both 4 and 1 hour crossing down, should be good enough, I think. Any thoughts ?
NOTE : Daily Slow TRSI is down. I guess that counts for something !!
Thanks,
Hussam.

Click image to enlarge

Click image to enlarge

 

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Originally posted by “Bert”; Fri Nov 06, 2009 5:14 am

 

Hussam it’s been tough to call, possible short (against the flattened up trend) near 5min SK at 1.4885 to 1.4835 area. Stop above prior 60 min candle…Also there is 30min support SK at 1.4868 so caution there.
Attached charts

Click image to enlarge

Click image to enlarge

 

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Originally posted by “Hussam”; Fri Nov 06, 2009 5:54 am

 

Hi Bert,

Thanks. I agree with you. Anyway, the scenario didn’t materialize. In fact, the opposite happened. 4 Hour TRSI crossed up and above 60 level. However, the 0.618 resistance is still holding. I think we are in a hold pattern for NFP in 36 minutes from now. At the end of day, it will follow the DOW, I guess.

Good Luck,
Hussam.

 

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Originally posted by “Bert”; Fri Nov 06, 2009 6:38 am

 

I know it was tough cause being so close to the news…but it worked like a champ for 40 pips! Entry was right after rejection at SK (abit late at 1.4876 and exited at 1.4836…Only used fib and TRSI for trade…Hopefully this one gets a “Fibmaster Approved” trade.

Thanks!
Al Bert

Click image to enlarge

Click image to enlarge

 

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Originally posted by “Bert”; Fri Nov 06, 2009 8:17 am

 

This is why I exited as I did…also why I struggle holding a trade very long. 30-60 min bull gartley was identified and although I should have bought, It’s tough to buy against the indicators, so let that one go.

Thanks!
Al Bert

 

 

 

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Originally posted by “Hussam”; Fri Nov 06, 2009 8:25 am

 

Hi Bert,

Very gutsy. I don’t trade the news. Now I am watching what will happen with the 240 Min 0.618 Fib resistance at 1.4896 It’s still holding while TRSI pushed above 60 level.. Quite interesting. Let’s see who gives up.

Regards,
Hussam.

 

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Originally posted by “Bert”; Fri Nov 06, 2009 8:31 am

 

Thanks Hussam, I don’t like to trade news either and it wasnt my intent but was already “committed” after my sell at SK so kept a 20 pip stop and went for 40, I also took 2/3 of trade off at 20 pips to lower risk…It was purely done by indicator and SK but the real trade was the buy with the bull gartly, It could have been done with a stop just below 1.48 but you had to be fast…AND THAT ONE WOULD HAVE BEEN GUTSY!

Have a great weekend

 

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Originally posted by “FibMaster”; Wed Nov 11, 2009 6:26 am

 

Good job following the system, 40 pips is 40 pips!

 

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Originally posted by “Kim”; Wed Oct 28, 2009 10:12 pm

 

Hi Lifesong,

The USDCHF weekly TRSI is in down trend and the significant support will be at @1.0000. The daily SK resistance @1.0290 is also a long term downward trend line touch. 4hrly TRSI is in overbought level (70) with the bearish shooting star candle formed. I enter short @1.0260, stop loss just above the SK resistance @1.0320. The target is around 1.0050 (the last low). Pls comment!

Regards,
Kim

 

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Originally posted by “FibMaster”; Thu Oct 29, 2009 4:30 am

 

Good morning Kim,

Looks like a good setup. Your entry is a bit early, but could work. Still rallying on 60 minute (HHHL).

First test is support at 1.0230 then 1.0200 and then it looks better below that.

60 min chart attached.

 

 

 

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Originally posted by “Kim”; Thu Oct 29, 2009 6:07 am

 

Hi Neal,

Thanks for the comment. Now the price has broken down the 1.0230 with good thrust toward the 1.0200 support. I will exit the trade if the price doesn’t break the 1.0193 swing low – which will change the price action from HH HL to the 1st LL.

Regards,
Kim

 

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Originally posted by “FibMaster”; Thu Oct 29, 2009 6:11 pm

 

Good work Kim, you’re doing great!

You’re sitting happy right now.. Nice drop and your aggressive entry paid off.

I don’t want to interrupt your strategy. Per the live chat yesterday, if you’re itching to get out, consider a partial instead of total exit? Make sure your stop is better then break-even for the rest. But only if you have that same urgency to exit as you had in a prior trade.

I see some resistance at 1.02 approx, if it rallies above that, perhaps exit at the end of the next dip (HL)? This depends on your personality, if you can take the stress of giving it room, and if you can monitor the trade while it tests you..

Of course, if it just continues down, big smiles!

 

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Originally posted by “FibMaster”; Thu Oct 29, 2009 6:22 pm

 

I added some detail in tonight’s DFC video recording, so listen to it, will mail it out in the next hour or less…

 

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Originally posted by “Kim”; Thu Oct 29, 2009 7:38 pm

 

Hi Neal,

Thanks! I’m still in this trade. I have moved my SL to 1.0250 (BE) and set the 1st target @1.0135 – the SK support of FE261.8 and Fib 61.8 SK(see 4hrly chart) and 2nd target at the last swing low @1.0050.

Regards,
Kim

 

 

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Originally posted by “FibMaster”; Fri Oct 30, 2009 4:33 am

 

USDCHF is in a consolidation. No HHHL so not rallying at this time. If it were rallying, you would want to exit on a swing low, before hitting your stop (30 min chart).

These stalls can be frustrating unless you are accustomed to higher time-frames, or uncomfortable risking some profits for further gain.

If it’s too frustrating/painful, the traders can exit the consolidation and re-enter if there is a break in the future, or at a rally to SK resistance.

30 min chart attached.

 

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Originally posted by “Kim”; Fri Oct 30, 2009 5:15 am

 

FibMaster wrote: If it’s too frustrating/painful, the traders can exit the consolidation and re-enter if there is a break in the future, or at a rally to SK resistance.
If it’s too frustrating/painful, the traders can exit the consolidation and re-enter if there is a break in the future, or at a rally to SK resistance..

Hi Neal,

To ease the frustration, I took half the profit @1.0180 (+80pips) and moved my SL @1.0240 and was stopped out. Net 60pips profit!

I will watch closely for the next possible SHORTING trade setup if it reaches the prior resistance @1.0290 area.

Regards,
Kim

 

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Originally posted by “FibMaster”; Fri Oct 30, 2009 5:17 am

 

OK Good move. That last whip was severe and fast! right up to the .618

 

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Originally posted by “PM”; Thu Oct 29, 2009 1:22 pm

 

Hi

I am Looking at the EURUSD Daily Chart. The pair has just bounced off a strong support level (Trend Line Support and SK Level Support) Now it appears that the pair may continue the Up Trend. Is this a good time to go long on this pair

Regards
Philip

 

 

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Originally posted by “Kim”; Thu Oct 29, 2009 4:29 pm

 

Hi,

The SK Support @1.4715ish is definitely hold and now the price has gone up to the 4hrly resistance level @1.4830 (see 4hrly chart). A decisive break above this level will be a good LONG entry towards the last swing high @1.5070. You may have to go down to 15min chart to see the HL HH above the SK resistance to find LONG entry point as now is Asia session, the price tends to be slow with low volatility.

Regards,
Kim

 

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Originally posted by “FibMaster”; Fri Oct 30, 2009 4:51 am

 

Further to Kim’s post, EURUSD is trapped on a lower time-frame between 1.48 and 1.4860

Short rallies below, buy dips above imo. Scalpers will be trading that range as long as it holds.

15 minute chart attached.

 

 

 

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Originally posted by “FibMaster”; Mon Nov 09, 2009 4:25 pm

 

I thought I’d post a follow-up, there was a great scalp short on this chart.

Entry would have been on an SK Fibonacci resistance, 5 minute chart, though you’d have to be comfortable with quick trades in those lower time-frames.

I know many traders in this forum are not short-term scalpers. These techniques are applicable to all trading time-frames, so the concepts are the same, this example is worthwhile.

 

 

 

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Originally posted by “Lifesong”; Tue Oct 27, 2009 4:28 am

 

Perhaps not the ideal longterm trade, because of interest rate differential, but perhaps a short term counter trend trade is developing.

Daily TRSI close to 75 level, Weekly TRSI ended last week above 70 level and we are currently back at longterm swing high @ 98.40 of 15 months ago. Another interesting observation on the Daily chart is that the 161.8 Fib expansion from swings from bottom in Oct ‘08 coincides with double top level @ 98.46 (see chart). All these could be indicative that a possible reversal is developing on Daily and this pose well for short term counter trend trades. The 4H TRSI is close to crossing down and 60min is already down and first significant SK support on 4H is around 97.00-20 level with next SK support @ 96.11-21 level.

I’ve taken the higher risk/higher reward trade by entering short @ 98.15 after 60min TRSI cross and my stop is located @ 98.75 (which is above swing high) with first profit target @ 97.15

Any comments?

 

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Originally posted by “Kim”; Tue Oct 27, 2009 5:03 am

 

Hi Lifesong,

Another good pair to short. The 98.50 is a very strong long term resistance as it has resisted in Feb 05, Apr 05, Jun 08, few times in Jul 08.

Regards,
Kim

 

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Originally posted by “FibMaster”; Tue Oct 27, 2009 5:42 am

 

This long-term prior resistance is prime for a trend change. Let’s keep this pair in our sights. May take some time to develop, and we should not be in too much of a hurry.

 

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Originally posted by “Lifesong”; Tue Oct 27, 2009 9:50 pm

 

Hi Neal & Kim

Are you trading this pair or did you miss the move???

I am still live with my short from 98.15 and at the moment we are still hovering around first SK support on 4h @ 97.10 level. For the time being I’ll keep an eye on whether 97 level will give way, because I notice that 161.8 Fib expansion on 4h will coincide with next 4h SK support @ 96.15 (see chart) and this looks a possibility. Current SK resistance on 60min is @ 97.40-50 and I’ll move my disaster stop to just above 97.50 whilst giving the chart a chance to indicate if 97 will break.

Any comments or suggestions?

 

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Originally posted by “Kim”; Tue Oct 27, 2009 10:35 pm

 

Hi Lifesong,

I used sell limit @0.9820 so I missed this trade.

Regards,
Kim

 

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Originally posted by “Lifesong”; Wed Oct 28, 2009 8:47 am

 

Hi Kim

Thanks for sharing your thoughts on this trade.

Some stalling of price on 15 & 60 min charts and I closed the 70% of my trade @ 96.85 for a 130 pip winner! The reason for this is that price is stalling and not much happened over the last few hours, but more importantly my broker charges triple the overnight charges on a Wednesday evening and I don’t want it to erode my profits unnecessarily. The remainder is still live with stop @ 97.50 and hopefully this will take me to the low 96 level.

 

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Originally posted by “FibMaster”; Tue Nov 10, 2009 6:51 am

 

Great trading ! 130 pips and it looks like an easy ride.

 

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