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Combat Trading Losses

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

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Originally posted by “Hussam”; Mon Sep 21, 2009 2:53 am

Hi,
I am following this pair today. Daily and 4 hour are down. Maybe a bit oversold on lower time frames. I am hoping for pull back to SK resistance at 1.6228 or 1.6280 for a short entry.
The blue line on 30 min chart is the neckline of a possible Head & Shoulders on the Daily. let’s see.
Hussam.

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Originally posted by “FibMaster”; Mon Sep 21, 2009 4:24 am

I like it, a weak rally would be great for shorting.

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Originally posted by “Bert”; Mon Sep 21, 2009 8:28 am

should get it…little buy pattern earlier but great downtrend.

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Originally posted by “Hussam”; Mon Sep 21, 2009 8:49 am

Hi Neal,

We are pushing through the 1st SK resistance at 1.6230, and heading to the next SK at 1.6292. I guess above that , no shorting. 4 hour TRSI looks like it wants to cross up. Does that make sense ?? Thanks.
Hussam.

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Originally posted by “Kim”; Mon Sep 21, 2009 10:09 am

Hi Hussam,

The SK Resistance is based on 1hrly chart, the price is rejected at the SK resistance with 4hrly TRSI is about to cross up and 1hrly TRSI is in up trend. If you want to wait for 1hrly TRSI to cross down, the play could be well over.

My opinion for such setup is to scalp only on lower time frame such as 5/15min chart where you enter short if 5min shows LL LH below SK resistance @1.6230.

Regards,
Kim

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Originally posted by “Bert”; Mon Sep 21, 2009 10:27 am

Always amazed (and thankful to Neal) at how well SK resistance works! Amazing!

 

Thanks!
Al Bert

 

 

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Originally posted by “Hussam”; Mon Sep 21, 2009 10:59 am

Hi Kim,

Thanks Kim. I feel you could be right, in general. I am keeping an eye on the 5 min as well, but if I trigger on the 5 min, then I am really trading a 5 Min chart on the 30 min trend. In this case, 30 min TRSI had crossed up (for the pull back). So, really, I can’t trigger on the 5 min. Also, I noted earlier that the pair maybe a bit oversold and the 4 hour TRSI was trying to cross up. AS it happens, in about 4 minutes my 4 hour TRSI will have officially crossed up, in conflict with the daily. So, it is messy, at the moment. I decided to wait.
Regards,
Hussam.

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Originally posted by “FibMaster”; Mon Sep 21, 2009 7:49 pm

Hussam wrote: Hi Neal,

We are pushing through the 1st SK resistance at 1.6230, and heading to the next SK at 1.6292. I guess above that , no shorting. 4 hour TRSI looks like it wants to cross up. Does that make sense ?? Thanks.
Hussam.

Hussam,

I’m sorry I missed this post earlier. I was around at that time, but with London nearing a close, I missed your post.

-Neal.

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Originally posted by “FibMaster”; Mon Sep 21, 2009 7:51 pm

Bert wrote:  Always amazed (and thankful to Neal) at how well SK resistance works! Amazing!

have a good day everyone

Yes, nothing better than Fibonacci for trading! If you know how to do it right, of course.. Your chart was right on.

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Originally posted by “FibMaster”; Mon Sep 21, 2009 7:52 pm

Kim wrote:  Hi Hussam,

The SK Resistance is based on 1hrly chart, the price is rejected at the SK resistance with 4hrly TRSI is about to cross up and 1hrly TRSI is in up trend. If you want to wait for 1hrly TRSI to cross down, the play could be well over.

My opinion for such setup is to scalp only on lower time frame such as 5/15min chart where you enter short if 5min shows LL LH below SK resistance @1.6230.

Regards,
Kim

Very good observations.

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Originally posted by “FibMaster”; Mon Sep 21, 2009 7:58 pm

Hussam wrote:Hi Kim,

Thanks Kim. I feel you could be right, in general. I am keeping an eye on the 5 min as well, but if I trigger on the 5 min, then I am really trading a 5 Min chart on the 30 min trend. In this case, 30 min TRSI had crossed up (for the pull back). So, really, I can’t trigger on the 5 min. Also, I noted earlier that the pair maybe a bit oversold and the 4 hour TRSI was trying to cross up. AS it happens, in about 4 minutes my 4 hour TRSI will have officially crossed up, in conflict with the daily. So, it is messy, at the moment. I decided to wait.
Regards,
Hussam.

Great decision! Where did you learn to read the markets like that? ROFL !!

TRSI gives you a good sense of the market, the direction, momentum, likelihood of change, strength of trend. It helps you to train your mind, your gut, to make better decisions.

You nailed it today, saved yourself from a losing trade.

I’ll post a 15 minute chart, showing how it rallied and would have been a loser if you were short.

FYI, on a 5 minute chart, there were tons of opportunities to see that the short trade was not working, so a large loss would not be likely, if you traded with my techniques. Without those techniques, I imagine traders crossing fingers, wishing their stop doesn’t get hit again lol !

-Neal.

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Originally posted by “FibMaster”; Mon Sep 21, 2009 8:01 pm

FYI, I’m recording a DailyForexCharts video update on this pair right now. Still some downside opportunity, but we need to get further away from support.

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Originally posted by “Hussam”; Mon Sep 21, 2009 11:39 pm

Neal wrote :
” Great decision! Where did you learn to read the markets like that? ROFL !! ”

Thanks Neal. Well, I can only recommend that people visit www.fibmarkets.com

Thanks,
Hussam.

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