EUR/USD money in the bank!

[FibMaster]

How about 100-pips in the EUR/USD? How about getting trades like this in your email. 5 days a week I search the FOREX markets for the best trade setups.

Today I sent out 8 (EIGHT) great chart updates to subscribers, packed with trade recommendations and cautions.

For only $9.95 you can get these updates for two weeks, why not give it a try? You're paying more than that in spreads on a couple of trades!
http://www.dailyforexcharts.com/

Here are the two EUR/USD chart updates;

The first update, before the trade, see setup and entry.
http://tinyurl.com/4knob2

Second update after the trade, see the profits!
http://tinyurl.com/3npapu

Do you want to learn how to trade like this? Download these video seminars, learn the easy way;
http://www.traderzine.com/cgi-bin/redir.cgi?url=fibm

[Lifesong]

Hey Neal

Your dailyupdates continuously nail them turning points!!! Just as with your previous post, barely 6/7 weeks ago and you enabled subscribers to profit BIG TIME!!!

Even though Thursday 7th, Aug update was done at a latestage during the move down (price already @ 1.5330 or so), your DAILUPDATES hit my inbox @ 19:00 GMT. In the update you clearly said that it wasn't too late to take the ride down - for slow starters like me and I entered @ 1.5325 (just after the update)!!!

AGAIN THE FIBMASTER PROVED TO BE A MASTER AT HIS TRADE and made me a COOL 380 pips within 14 hours. WHO SAID THIS IS A SUBSCRIPTION SERVICE?!!! CLEARLY NOT ONE, BECAUSE SUBSCRIBERS ARE MAKING PROFITS TO BELONG AND PAY A MEASLY $100 A MONTH FOR THAT!!!

Thanks a million FIBMASTER!!!!

[FibMaster]

Wow LifeSong, that's the kind of thank-you note I really enjoy.

Doing the updates is a lot of work. Some days it just about wipes me out. Yesterday there were 17 fresh charts. A note like yours fires me up again!

If anyone reading this doesn't know what LofeSong is on about, see here;
http://www.dailyforexcharts.com

[ownshook]

Didn't have a moment to post but add me to the list as well FM. I got in a handful of pips after Lifesong but it was a heck of a trade.

I want to also give my thumbsup to the update for today. I appreciate when there is a learning segment to the updates even if it may be at the expense of a setup.

Oh...please stop rubbing it in about enjoying the sailing life while still trading. It gives me the sweats. ;)

[FibMaster]

Hey, I can't help it if I like boating! I have to wonder why we choose to torture ourselves though.

The engine starter-motor was acting up (a vital organ that is), so I took it off a few times, rebuilt it, installed a new solenoid and now it works better. Feels good to have a working engine. The wind picked up, so I put out another anchor by hand, itself a huge job physically (without the motor). A couple of days later, the two chains were so tangled, I had to battle the heavy iron of anchors and chains to undo the knots them. Didn't lose any fingers, and devised some engineering feats with manual and electric winches/pulleys/gears/levers to get it done. Very physical, phew! Makes trading look easy!

What hobbies will I have when I'm too old for sailing?

The EUR support level at 1.48 is starting to show some effect. Great shorting if that breaks, but I expect some buyers to enter the market there. Might set up a good short if it can make a decent bounce off that support, definitely worth watching for that.

[ownshook]

Well it does look like that support level held as the market is going sideways atm. So if we are looking for a bounce and using basic fibs (swing high/low and not thrust bars as indicated on your chart) there is not sk resistance.

But.......using expansions.....there is agreement at a few levels (4 hour chart) .....
1.4920, 1.4980-1.4990, 1.5080

It also appears to have broken a former resistance level (weekly chart) and is coming back up to test it.

So my question is....now what? Do we wait for a higher pullback to 1.4980-1.4990 or look for a cross down at the 1.4920 level which is also backed up by the weekly milestone?

Here is my plan and feel free to slap it around a bit......Look for the higher pullback to short or barring that occurance.....wait until the 1.4815 level "breaks" - "proves the break" and then look to short or simply short the pullback which is more aggresive..

Of course all that goes away if the daily turns up.

Make sense Neal or left field?

[FibMaster]

Well it does look like that support level held as the market is going sideways atm. So if we are looking for a bounce and using basic fibs (swing high/low and not thrust bars as indicated on your chart) there is not sk resistance.

But.......using expansions.....there is agreement at a few levels (4 hour chart) .....
1.4920, 1.4980-1.4990, 1.5080

It also appears to have broken a former resistance level (weekly chart) and is coming back up to test it.

So my question is....now what? Do we wait for a higher pullback to 1.4980-1.4990 or look for a cross down at the 1.4920 level which is also backed up by the weekly milestone?

Here is my plan and feel free to slap it around a bit......Look for the higher pullback to short or barring that occurance.....wait until the 1.4815 level "breaks" - "proves the break" and then look to short or simply short the pullback which is more aggresive..

Of course all that goes away if the daily turns up.

Make sense Neal or left field?

You're not in left field and it makes sense. If you drop to a 60-minute chart, you will some more swings for fib studies lower down (SK).

Here is how I'm looking at it.

1) Assume the recent momentum will continue, until the chart says otherwise. If the momentum changes, then you can't assume it will continue. So initially we want to try shorting at the lower levels, in line with recent momentum. But only if the rallies resist there.
2) Since there is strong support in this area, a change in momentum is likely, so keep that possibility in mind. I think this is the more likely scenario, but my opinion is less important than what the chart is actually doing.
3) If the momentum continues, shorting at the 1st two levels 4920 and 4980 are great, should the rally/retracment reverse there.
4) If the chart rallies through those two resistance levels, the down-ward moment is diminishing. Or if the market goes sideways for a day or two. So we wait for a bigger retracement. 5150 and 5270 look good for that scenario.
5) The higher the rally, the more the likelihood that the daily/weekly support levels can revers the down-trend, so be more careful with the shorts (closer profit-points).

Hows that, does this help?

I'm logging off the internet for a while, byeeee!

-Neal.

[ownshook]

Great answer Neal.

I like "Assume the recent momentum will continue, until the chart says otherwise". In the past when I have seen R/S showing up, I got a little gun shy.

Want to clarify:
5) The higher the rally, the more the likelihood that the daily/weekly support levels can revers the down-trend, so be more careful with the shorts (closer profit-points).

I want clarify that you are saying if there is a bounce off a daily/weekly support level and that ensuring rally is high, the downtrend can be over meaning a cross of trsi to the upside.

[FibMaster]

Great answer Neal.

Want to clarify:
5) The higher the rally, the more the likelihood that the daily/weekly support levels can revers the down-trend, so be more careful with the shorts (closer profit-points).

I want clarify that you are saying if there is a bounce off a daily/weekly support level and that ensuring rally is high, the downtrend can be over meaning a cross of trsi to the upside.

Yes a cross on higher time-frame for trend. A high rally can mean the down-trend will be ending, and a trading range or a new uptrend can develop. So be much more cautious with short trades.

[Lou]

Hey, I can't help it if I like boating!
What hobbies will I have when I'm too old for sailing?



Too old for sailing? That could be a dilemma. Having a crew do the work is a solution, but then... is it still sailing or does it then become riding on a sailboat?

Lou
PS where are the usual pictures ?

[Lifesong]

Hi Fibmaster

Just had a look again at Sep 2nd dailyupdate and you haven't updated it since. Personally I think your heading says it all "Money in the bank" because on Sep 3rd my GMT based daily chart shows a nice "hammer" and it could be that the short ride is over with a swing low in place @ 1.4385. I also noticed that you referred to the possibility of a range establishing if price resists @ 1.4900 and I won't be surprised if this is the case. When would your bias change from short to long on this pair?

[FibMaster]

Where are the usual pictures ?

Hi Lou,

Not many pictures this year, it was a much shorter trip. I'll get them together at some point, though I really didn't use the camera much.

[FibMaster]

Hi Fibmaster

Just had a look again at Sep 2nd dailyupdate and you haven't updated it since. Personally I think your heading says it all "Money in the bank" because on Sep 3rd my GMT based daily chart shows a nice "hammer" and it could be that the short ride is over with a swing low in place @ 1.4385. I also noticed that you referred to the possibility of a range establishing if price resists @ 1.4900 and I won't be surprised if this is the case. When would your bias change from short to long on this pair?

There is a really strong (predicted) support level in this area, and the chart is testing the downside again. I do expect a bounce, but the market is not doing what I expect (yet). Maybe it wants the next one down?

The next MAJOR support is at about 1.40 to 1.41, if this one doesn't hold.

When would my bias change to long? It's too soon to tell. Give it some time, we'll see, once there is a bottom in place.