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Originally posted by “FibMaster”; Wed Sep 23, 2009 6:58 pm
This may give short opportunities in the coming London session. Bullish if it takes out today’s swing high, so no shorting up there..
Please watch tonight’s DailyForexCharts update for details of a short setup on this pair.
Originally posted by “pipmyride”; Thu Sep 24, 2009 4:37 am
I’ve literally just signed up so hope its ok i post my thoughts and a question here.
I was whip-sawed out of this cable short earlier when it spiked upwards – just before the sudden massive drop down 
Now that its moved so far , is there another fib setup on offer – pullback in action as we speak?
Thx
Originally posted by “pipmyride”; Thu Sep 24, 2009 4:47 am
The trade i got stopped was based on a H1, but my entry was amateurish at best admittedly, and the stop was easily taken out by the spike.
Originally posted by “FibMaster”; Thu Sep 24, 2009 4:57 am
pipmyride wrote: I’ve literally just signed up so hope its ok i post my thoughts and a question here.
Thx
Sure! Welcome..
Originally posted by “FibMaster”; Thu Sep 24, 2009 5:03 am
pipmyride wrote: The trade i got stopped was based on a H1, but my entry was amateurish at best admittedly, and the stop was easily taken out by the spike.
Click image to enlarge
Ok 1 hour entries.. I can’t tell where you entered, or which spike took you out. It may be that your stop was too close or your entry too early.
Attached is a 30 minute chart, showing SK resistance at about 1.6300 which could be a [pace to look for shorts. This chart has long-term support in the 1.61 area, adding to the risk. No fun shorting right at support, easier profits if he support breaks first.
Originally posted by "pipmyride"; Thu Sep 24, 2009 5:36 am
Click image to enlarge.
Thx Neal – i should have posted a chart though to show my thoughts and entry.
As you can see – using the fibs for entry is still an area i’m learning and getting a grasp of – i’m trying to be positive though and see it as a move i just missed out that would have netted 100+ in about 2 hours. 
Originally posted by “FibMaster”; Thu Sep 24, 2009 5:43 am
Even with our best efforts, we will still take a loss now and then, and miss a trade..
Some other traders here may comment on your setup.
Some things to check;
Did you have SK resistance at the .382 for your entry ?
Was your stop protected by SK resistance?
I have family coming into town, so will have interrupted access here today. If I don’t respond sooner, then I will later.
-Neal.
Originally posted by “LifeSong”; Mon Sep 28, 2009 11:26 pm
Hi Pipmyride
What I observe from your trade is the following:
1. From your charts I do not see that you used an indicator to trigger your trade. Normally I rely on the TRSI as developed by Neal, but MACD could also be useful.
2. Fibs are great, but we cannot use them in isolation especially single Fibs. It is normally safer to have more than one FIb coinciding at a similar level e.g. 38.2 & 61.8 at similar levels. Your trade you only focused on the 38.2 from a very recent swing, without taking into account what happened on the bigger picture.
3. You also placed your stop too close and that is why you were spiked out and your stop should rather act as a disaster stop (extreme situation) otherwise you’ll keep on being spiked out. With your specific trade I would have suggested placing it above the 61.8 Fib @ 1.6408 and that would have kept you in the trade, because your analysis was correct, but the close stop killed it.
From your post you also stated that you are still learning and I would suggest to you that you get hold of Neal’s training material,if you haven’t done so (http://www.fibmarkets.com/video-seminars/overview/). Many of these issues you’ve experienced with this loosing trade is addressed by him and it will help you become a more succesful trader.
I can also promise you that you won’t regret the expense because Neal’s material will save you mega bucks in the long run and his teaching on Fibs is unsurpassed!! You could also consider subscribing to Neal’s daily chart updates during which he’ll point traders to daily levels to watch for during trading (http://dailyforexcharts.com/subscribe.html) and the beauty is that you have a money back guarantee!!!
Just remember that losses are part of trading and don’t be disheartened by one trade or the fact that you missed a trade. The secret is to accept it as part of trading and to learn from past mistakes.
Originally posted by “pipmyride”; Tue Sep 29, 2009 11:56 pm
Lifesong wrote:Hi Pipmyride
What I observe from your trade is the following:
Thx – i actually have the basic/adv fib seminars and just purchased the trend trading one. I just need the experience trading the system.
Having said that i am not new to trading, just trying to expand my knowledge of using fibs to find those key areas.
Click image to enlarge
For Fibmaster and others, i viewed the GU email update and i’m finding it difficult to see the fib high and lows that you have marked because your chart software does not have the line drawn as does MT4 – i’ve included a H4 chart that you can see the fibs i’ve drawn – could you confirm these are correctly drawn – as far as i can see you have first resistance at 1.6070 (which we are touching as i write) and my chart shows that level is the 23.6 of the entire current down move. I dont see a cluster there – is this correct ?
Thx for your patience 
Thx
Originally posted by “Kim”; Wed Sep 30, 2009 12:11 am
Hi Pipmyride,
If you are using MT4, you may want to edit the Fibonacci property to delete away other fib levels except 38.2 and 61.8 for ease of viewing. To derive the 1.6070 SK resistance, you have to go down to 1hrly chart where you should be able to draw two more study; from the high of 1.6388 and from the high of 1.6233 to the same low of 1.5770.
I hope this help!
Regards,
Kim
Originally posted by “pipmyride”; Wed Sep 30, 2009 12:38 am
Hi Pipmyride,
If you are using MT4, you may want to edit the Fibonacci property to delete away other fib levels except 38.2 and 61.8 for ease of viewing. To derive the 1.6070 SK resistance, you have to go down to 1hrly chart where you should be able to draw two more study; from the high of 1.6388 and from the high of 1.6233 to the same low of 1.5770.
I hope this help!
Regards,
Kim
Great !
I think i got it .. thx
Originally posted by “Rhino”; Wed Sep 30, 2009 4:38 am
Click image to enlarge
Pipmyride,
Learning like you, but here’s my attempt, I’m sure FibMaster will weigh in and give us both some insight. If you’ve seen the videos you’ll remember that we normally disregard the minor fibs of .236, .5, and .768, .886, .707 and probably a few others. I do find that sometimes these minor fibs line up nice with SK resistance (a .382 and .618 in ‘close’ proximity). I’ve marked my reactions (swing hi’s with red arrows.
Thanks,
Rhino
Originally posted by “FibMaster”; Wed Sep 30, 2009 4:57 am
pipmyride wrote:
Lifesong wrote: Hi Pipmyride
What I observe from your trade is the following:
Thx – i actually have the basic/adv fib seminars and just purchased the trend trading one. I just need the experience trading the system.
Could you confirm these are correctly drawn ?
Thx
You are on the right track. Definitely remove all those less-reliable Fibonacci levels, they will just cause confusion. It is important to stick to the Fibonacci levels that work best, most often.
Look at Rhino’s chart above, the red arrows mark the correct places to measure the FibLevels. You want to use all the stand-out major swing points for Fibonacci support or resistance.
It looks like others have answered your questions very well. Let me know if any part of your question has been missed, or if I can help any further.
-Neal.
Originally posted by “pipmyride”; Wed Sep 30, 2009 5:02 am
Rhino – that chart helps beautifully – i really appreciate the time you’ve taken to post this.
Thx very much all, thx fibmaster
