This is the type of analysis that Daily Forex Chart members receive in my daily charts of the FOREX markets. <<-Click to subscribe today for a 2 week trial for just $9.95!

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EURUSD rallying up to a resistance for possible shorts. Note, daily trend is UP (be careful with intraday shorts). Weekly trend is down or flat. See daily chart attached with LHLL pattern. If Daily chart resists at SK, we get great shorting! If not, we’ll be buying dips… Note 4H TRSI is pushing up to 60, it may reach over that if there is a spike to SK. We will need that TRSI to cross back down, then see LHLL on lower time-frames for shorts.

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Please see tonight’s update for a lower resistance level for shorting. Due to the daily uptrend, I prefer the higher resistance, but if this chart breaks down, we’ll have to go with the lower one. Higher resistance is near 1.2750, lower one is 1.2530 approx. Note that there is some intraday support currently at 1.2450 which is blocking any short trades for now, need that to break. See full info in tonight’s update here.

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Looks like this setup may be coming to a profitable end today, watch for the TRSI to cross up to end the 4 hour down-trend. See attached chart. If I get a chance I’ll write up a recap after this setup completes.

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Here is the trade setup in detail. 4 hour trend, 60 minute triggers, 169pips. Nice trade, bank it and do some more just like that. Rinse and repeat.

Great trade Neal and you can proudly stamp it “FIBMASTER APPROVED”

It’s sometimes sooo easy – like tanning on a sunny day!!

The best forex trades are profitable quickly, and never move towards your stop-loss. With a few techniques and practice, you can optimize your trading to find better setups and avoid having your stops hit. Check out my 2-week trial membership for only $9.95

For newer traders, this may seem complicated or difficult. It really isn’t. I have some easy Fibonacci video lessons that will teach you exactly how to do this. There is a discount if you order all 5 lessons at the same time. Undoubtedly the best value for your education budget!

Below are trades and comments from members at FibMaster’s Trading Forum.<<-Click to join

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.

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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

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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.

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

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Thanks!
Al Bert

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.

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

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

Below are trades and comments from members at FibMaster’s Trading Forum.<<-Click to join

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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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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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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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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.

See what this DailyForexCharts member says about my trading techniques. Read about his winning trade below!

You have changed my life and over the past few days! My trading has taken off to heights I hoped for, for so long…

What your lessons have given me is for me to trade with more confidence- plan my trade and trade my plan; then walk away and let the trade play out…

Your teachings have given my equity curve a steady growth over the past few days. That’s what I am so grateful for. And yes, there will be more losses but I know my profits will exceed losses…

You’ve been a great mentor to me even though our relationship is only a few days old.
I look forward to continuing my growth with you.

D.F.

See how this trader took advantage of predicted stronger Fibonacci support (SK support level), for a quick profit. This is really easy to learn, so if it seems complex, don’t stress!
I make it really easy for you to understand in my video lessons.

Here is the discussion copied from the Fibonacci Trading Forum.

Hi Neal,

EURUSD has found support at 1.4676 which according to my chart is also a SK (my SK 38.2% = 1.4678 and 61.8% = 1.4688). It has also double bottomed and appears to be heading North now.

Hope it’s OK to attach my chart.

D.F.

Hi D.F.,

Sure it’s OK to post a chart, but yours didn’t show in the post.

Yes there is SK support there.

Please view my video recording from earlier tonight, about the long opportunity.
http://www.dailyforexcharts.com/charts/091011_EURusd_o9/091011_EURusd_o9.html

I’m off to bed soon, back in a few hours..

-Neal.

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Hello Neal,

I appreciate the prompt reply. I took the trade earlier on EURUSD and banked 25 PIPS. The reason I did not let the trade run is because there was a resistance SK at 1.4731 – see my chart. Price has now moved down to the first SK at 1.4768. These are all on the 1 hour chart.

Banking profits makes sense in these markets. Now pushing higher, there is resistance 1.48 area though.

Hi Neal,

I see the strong resistance at 1.4800 – 1.4817. If these levels of resistance are broken, we could see price move towards the 161.8% around 1.4900, even moving up to 1.5025.

As it’s found strong resistance at 1.4912, I will watch for a retracement back to the SK levels 1.4728 or lower to 1.4688. Price is at the same highs as Sep and Dec 2008. Interestingly, this area also proved to be strong resistance during Sep 2007 to Jan 2008 – looks like a very strong level of resistance. I’ll exercise caution around this level.

D.F.

Have you noticed less momentum, more whipsaw, smaller trends and more ranging markets lately?

In today’s charts, I want to show how some subtle market changes can eat into your profits, and what you should do about them. We must adapt to maintain our profitability.

This blog post will help you gain & maintain profits in current conditions.

Markets are continuously evolving, they never rest, and they never remain constant.

Traders must maintain a sense of current market action, and monitor for changes. Trends change, volatility changes, momentum changes. All of these have an effect on profitability.

DOW & Gold charts, ATR

We are fortunate that Fibonacci and TRSI automatically take changes into account, because they both use price action to help us control risk and take profits. However, there are some long-term subtle changes that we should take into account when we plan our trading strategy.

Start with the DOW and Gold chart on the left. These are monthly charts, showing a strong rally by both of them, with an up-trend on the TRSI. The TRSI has been pointing the way to profits, but what I really want you to notice is the Average True Range (ATR). Both of these charts are showing a dramatic drop in ATR. You would find the same ATR pattern on the weekly chart.

EURUSD & USDJPY, ATR

Now look at the second chart showing EURUSD and the USDJPY monthly charts. It’s the same picture, the ATR is dropping fast! USDJPY is the down-trending chart on the left, and EURUSD is the rallying chart on the right.

As usual, the TRSI is reliably showing the trend of the chart. Whether in an up-trend or down-trend, the ATR is dropping aggressively. 2009 is a year of falling ATR.

GBPUSD & Oil, ATR

Just to prove the point, I have also supplied the GBPUSD and Oil (e-mini crude) to show the same phenomenon. ATR is plummeting!

Whatever you are trading, look at the monthly ATR. Pay attention to this, the markets are changing.

What does it mean? World-wide, many trading instruments are trading in smaller moves, less momentum, shorter trends, lower volatility. There are practical implications for traders, and it may be showing in your trading account.

If you are not adapting, you are taking more losses and making fewer profits. Your trades are moving slower (less momentum), and you experience more whipsaw.

We can expect lower momentum, with more consolidation and trading ranges, overall less volatility.

What should you do? As long as this pattern continues on monthly and weekly charts, we must capture smaller moves. Generally, our profit targets should be closer, and our exits quicker. If we are entering on a trend, we can expect smaller retracements for quicker entries, and overall, smaller moves to nearby profit-points. In general, we must be more nimble, ready to take a profit and re-enter if the move continues.

Members of DailyForexCharts are constantly updated on market conditions, and traders who have studied my seminars on Price Action and TRSI trading are well positioned the adapt with the markets.

Monitor the markets, price action tells you everything!

-Neal “FibMaster” Hughes.

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This is a 60min possible set up, 60 min SK with ab=cd bull gartley…details on image.

Have a good week!

Thanks!
Al Bert

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First target reached, traded this on spot so no lines to show entry but took 1.4614 as entry right at 100% ab=cd AND sk. SK plus bull gartley = GOLD

Nice entry. 1.4710 has some resistance, is your exit going to be at target 2?

-Neal

Exited at 1.4684 for 70 pips…done with it after, used some discretion because of the down-sloping trend-line.

Thanks Neal

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Congrats on 70 pips for the bank account!

EURUSD is pushing for the .618 expansion now, 1.4725-ish

4 hour trend and 60 minute trend are up, so looks like dips are for buying. I’ll start a new topic for this.

Also it will be in tonight’s video update recordings. (Click to view)

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no comment!

Yes nailed that Fibonacci expansion! Ker-ching! Cash register rings… lol.

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Hi,
Higher time frames are all basically in an uptrend still. We’re banging against the Weekly 61.8 Fib resistance at 1.4622. If I can get a TRSI cross-up aroud the SK support (on my 15 min chart), I shall take the chance. There is a bit of room until 1.4622 for a timely bail-out.
The pair looks a bit extended, but…. that never stopped anybody.

Hussam.

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Hi,

Sorry, I missed showing another SK support around 1.4544. which we may be heading to. The flat blues line at the bottom is a short trendline from the Daily.
Hussam.

The weekly trend is up and very encouraging. Below daily the momentum is sluggish with deep retracements (whipsaw). This intraday whipsaw is probably in response to the long-term resistance level that you mention.

In general I like your analysis, as long as you can withstand the swings against you, and take your profit when it hits your target.

Are you still long? Could be a good one!

Hi Neal,

Went long at 1.4589 and exited at 1.4609. I decided to cash the 20 pips because : (a) the 60 min TRSI was not helping, for the reasons you mentioned. (b) we won’t break resistance before the stock market open & later data at 9:55 EST ( consumer confidence). So, if we ever break 1.4627 (previous high), I guess I can always jump in at the first pull back to that level ona 5 min chart. That’s my logic.
Thanks for your comments.
Hussam.

Very good, make a decision and bank the pips!

The lack of momentum is clear, that long-term resistance has some power in it. The intraday retracements can be difficult.

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EURUSD testing support at 1.4250 below here is shorting territory for lower time-frames.

This is not news, if you are a DailyForexCharts subscriber..
Watch video of EUR/USD trade setup.

If you find EURUSD rallying back above resistance, don’t step in front of the train (no shorting).

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Hi All,

As FibMaster pointed out, the pair is finding support (SK) at around the 1.4265 area , on the 240 & 60 & 30min charts. I am considering a long if I get a TRSI cross up on the 30 min ; a bit aggressive. The reasons are that TRSI : Daily is still up, and trying to cross-up at the 40 level on both the 30 & 60 min. Also, we are bouncing from an SK on the 4 hour. If I can enter around the 1.4270-80 level, I can have a tight stop; just below 1.4250 Target : 1.4380
Regards,
Hussam.

Hi Hussam,

Hope you are still in the trade, EURUSD has advanced more than 50pips from your intended long entry point. I didn’t enter this trade as I am in AUDJPY trade instead. EURUSD has better thrust than AUDJPY now! FibMaster has definitely missed these trades as he is in zzzzzzzzzzzzzzz….. LOL!

Well done! more pips are coming!

Regards,
Kim

Hussam,

How many pips did you make on this trade? Can you post a chart showing the action? It would be great for others to see that.

Also, as a bonus, perhaps show a photo of you wife’s shopping haul ?

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Hi Neal,

Although I said I would trigger on the 30 Min TRSI cross-up (as an aggressive entry), actually, I triggered on the 15 min at 4:08 am EST. Again the reasons were : 4 hour SK support looked holding very well, TRSI almost crossing up on the 60 and 30 min charts. The 5 min charts already started to show HH & HL. I admitt it was a very early aggressive entry (not really my style), but you told us (in one of your video courses) ” train your guts , as well”. so, I followed it for a change. I don’t want to brag here, because this doesn’t happen to me often. I hope it does.

P.S. My experience has been that; when TRSI is crossing or about to cross in the same direction on 2 or 3 time frames, that’s quite a strong sign / indication. Ok Neal, you can slice me up now. LOL.
Cheers.
Hussam.
ps Sorry, forgot to mention. Entry was at 1.4275 and exit was at 1.4331 ( I am watching my SP E-mini position).

Great trading Hussam! I guess your wife is not back from shopping. Still spending yesterdays profitable trades? LOL !

Thanks for posting your charts, good looking trade for everyone to see!

Oh !!! Thanks a lot for the posting in FibMarkets.com . That’s an honour. It reminded of the first time I entered your website, 2 1/2 years ago, looking for Fibonacci courses. Great stuff.
Regards,
Hussam.

You are welcome Hussam. Make more trades like that! It’s my pleasure to help, I’m happy that you benefited so much from my seminars, and I enjoy reading about your profits.