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Originally posted by “Hussam”; Fri Sep 11, 2009 1:05 am

 

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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Originally posted by “Hussam”; Fri Sep 11, 2009 1:23 am

 

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.

 

 

 

 

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Originally posted by “FibMaster”; Fri Sep 11, 2009 4:53 am

 

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!

 

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Originally posted by “Hussam”; Fri Sep 11, 2009 5:21 am

 

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.

 

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Originally posted by “FibMaster”; Fri Sep 11, 2009 5:24 am

 

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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