This is a preview of a conversation at the Fibonacci Trading Forum. (Click to join)

149 to 150 has been a prior support area for this pair. The daily trend has lost a lot of momentum, and does not give a strong indication of direction at this time. The 4 hour trend has become quite oversold and looks like it may try a rally.

There has been a good move down from 153.00 but this is the time to be careful. If the 4-hour trend crosses up, back off shorting and wait for an optimum entry later..

Below 149.00 is another great shorting zone!

(4h chart attached, TRSI trend looks like it may cross up soon).

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

Originally posted by “FibMaster”. Fri Aug 28, 2009 5:59 am

Click image to enlarge

Warning, 4 hour trend is up, so short term traders are trading long, but heading into resistance.

For this post I want to focus on the long term.

Daily trend is down. 4 hour trend is up, for counter-trend retracement. Notice two resistance levels on this chart. 153.50-153.80 and the other at 154.70

If 60 min or 4 hour TRSI cross down here, there is a possibility of longer-term short in line with weekly and daily down-trend.

4 hour chart attached.

Originally posted by “FibMaster”. Fri Aug 28, 2009 8:03 am

Looks like a profitable trade so far, but it is aggressive while the 4 hour trend is still up. that’s OK, if you lock in profits. It’s more of a lower time-frame trade.

Originally posted by “FibMaster”. Tue Sep 01, 2009 10:12 pm

Look at the outcome of that setup, the first part of the following video..

As I said, leave a tip in my trading account, don’t be shy!

Watch this subscriber video, the GBPJPY setup and conclusion.

Originally posted by “LifeSong”. Wed Sep 02, 2009 4:59 am

These Fibs are just amazing – snap bang into the 161.8 Fib expansion and hitting my P2 (see my previous 240 chart). “Unfortunately” couldn’t monitor the trade and had to set my profit limit, which triggered earlier today for a 350+pip winner!!! Thanks Neal and you are welcome to share in the winnings, but be aware that any of my future losses will also form part of the joint venture!!