EUR/USD Scalp Trade – 11 Oct 2009
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.
Originally posted by “D.F.”; Fri Oct 09, 2009 9:18 am
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.
Originally posted by “FibMaster”; Sun Oct 11, 2009 9:48 pm
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.
Originally posted by “D.F.”; Mon Oct 12, 2009 1:45 am
Click to enlarge
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.
Originally posted by “FibMaster”; Mon Oct 12, 2009 6:37 am
Banking profits makes sense in these markets. Now pushing higher, there is resistance 1.48 area though.
Originally posted by “D.F.”; Mon Oct 12, 2009 12:28 pm
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.
