TRSI entry in pullbacks

[Jens]

Hi, Neal

I have been watching the 3 videos where you answering Otto's
questions. Great stuff!

I often end up trading pullbacks in 5 min, I like much better trade 15 and 30 but that's not what happens. The way I trade 5 min (uptrend) is to look for areas with little resistance ahead, at least 50 pips depending on spread. (Resistance defined by higher timeframe fiblevels, SK or prior price extremes).
Then I enter preferrably in a pullback, but sometimes also above resistance in an already estasblished pattern of higher swings lows/higs. I stay in the trade as long as the pattern of swings continues and my profit target not is reached.

I have been trying to use the TRSI as an exit signal but I find it hard because I feel it gives to much back to the market. For me it is easier to set stop orders where I consider the pattern of higer SL-SH to be broken.

When entering in a pullback I mostly use the TRSI as a trigger. I often feel it is better to have an earlier entry at SK or fib support, after the price has turned in my direction. Exit would then be if that SK or fib support breaks.

In your videos you often say you enter at SK support in pullbacks, but I am still a bit confused. Do you think it is better to enter at SK or fib support after the price turns in my direction or should I wait for the TRSI to give signal?

Any comments on that or the way I trade?

Best regards Jens

[FibMaster]

Hi, Neal

I have been watching the 3 videos where you answering Otto's
questions. Great stuff!

I often end up trading pullbacks in 5 min, I like much better trade 15 and 30 but that's not what happens. The way I trade 5 min (uptrend) is to look for areas with little resistance ahead, at least 50 pips depending on spread. (Resistance defined by higher timeframe fiblevels, SK or prior price extremes).
Then I enter preferrably in a pullback, but sometimes also above resistance in an already estasblished pattern of higher swings lows/higs. I stay in the trade as long as the pattern of swings continues and my profit target not is reached.


I agree with everything above! (see more below)


I have been trying to use the TRSI as an exit signal but I find it hard because I feel it gives to much back to the market. For me it is easier to set stop orders where I consider the pattern of higer SL-SH to be broken.


I'm puzzled that the entry seems OK, but only the exit seems slow for you. The timing is similar on both. Can you post a chart to show what you mean?


When entering in a pullback I mostly use the TRSI as a trigger. I often feel it is better to have an earlier entry at SK or fib support, after the price has turned in my direction. Exit would then be if that SK or fib support breaks.

In your videos you often say you enter at SK support in pullbacks, but I am still a bit confused. Do you think it is better to enter at SK or fib support after the price turns in my direction or should I wait for the TRSI to give signal?


Generally I am entering on a TRSI trigger. If I want to be aggressive, I can enter earlier, but there is more risk that way.


Any comments on that or the way I trade?

Best regards Jens

Overall I think you're doing great and on the right track. Each trader must find the best techniques that match his/her style. You are doing well to analyze what is working and what adjustments to make.

If you can post some chart examples, I may be able to give more input.

-Neal.