toyogo00
12-13-2008, 02:26 AM
Hi,
I've a very fruitful live chat sessions with Neal between 8 - 11 Dec 08.
I've made three EURUSD trades; one lossing trade(40pips) and two winning trades(160 and 100pips):
1st trade: On 9 Dec 08. I entered short @1.2850 on 15min chart after seeing TRSI for 4/1 hourly charts crossed down. The 15min chart had a lower high and lower low. The trade was stopped out @1.2890 (the swing high around NY Time 10:30am). see video link below:
http://www.dailyforexcharts.com/charts/081209_EurUSD_tutorialtoyo/081209_EurUSD_tutorialtoyo.html
Neal has later pointed out that there was a SK support @1.2810 which I should watch for. However, I was hoping that the support could be broken. He has also pointed out that I could have exited earlier when the TRSI crossed up to narrow the loss. That reminded me on the stop loss subject he has posted:
http://www.traderzine.com/forums/showthread.php?t=280 #9
On the subject of stop-losses... Novice traders will place a mechanical stop-loss that does not take into account market action, momentum, volatility. A Fibonacci based stop-loss takes all of those into account. Also, a novice trader will blindly cling to hope when the trade is not working out, wishing that the stop-loss will not be reached. It doesn't take much skill to realize that a trade is not working out. Watching price action and minor (lower-time-frame) Fibonacci levels, you can tell whether momentum is going against you. Why wait for your stop to be hit? You can exit well before the stop is hit, and you can re-enter if you like. As traders improve their loss management, the stop-loss will be merely a "disaster-stop", but the actual losses will be much smaller, because the stop-loss is not hit all that often.
Good lesson learnt.
2nd Trade: The market was quiet on 10 Dec 08. Neal did a dialyforexcharts update, stressed that 4 hourly was bullish especially if the price were to break above @1.3100 level. See the update:
http://www.dailyforexcharts.com/charts/081210_EURUSD_3w/081210_EURUSD_3w.html
On 11 Dec 08, the price finally broke 1.3100 and went all the way up to 1.3157. My setup for the trade was to wait for the retracement to the SK level @1.3081, when TRSI crossed up on 15min chart (see chart1), I entered long at 4:30am NY time @1.3110, stop loss (SL) @1.3060 (below the SK level), P1 @1.3200 (100% projection level) and p2 @ 1.3270 (161% projection level).
My 1st target P1 was hit at 7am NY time (90pips).
My 2nd target P2 was hit at 9am NY time. (160pips)
3rd Trade: The price started to retrace to 1.3220 at 11:00am NY time, both 4/1 hourly TRSI were still trending up (reaching 75 level). I missed the trade when the TRSI crossed up from 60 level on 15min chart. The live chat started but Paltalk was given problem on communication and we decided to abundant the chat session. Before we abandant, Neal has mentioned to buy dip again which he explained on 10 Dec 08 during the chat session when Lori (another long time member) asked about it.
My setup was on the 5min chart (see chart2) after the price action reached the high of 1.3327 at 12:05pm NY time and retraced back to 1.3295 wtihin 10mins. It was still on a strong uptrend line. At the minor SK level, I entered long @1.3300, SL @1.3265 (the last swing low on 5min). The target was 1.3400 - a long term downtrend resistance line on daily chart (see chart3) and just below the 100% project.
The target was hit at 12:55pm. (100pips). See the video update:
http://www.dailyforexcharts.com/charts/081212_eurUSD_Tq/081212_eurUSD_Tq.html
I would like to express my deepest apreciation to Neal for his valuable time to coarch us. I am also working forward for your next week live chat sessions.
Regards,
Toyogo Kim
I've a very fruitful live chat sessions with Neal between 8 - 11 Dec 08.
I've made three EURUSD trades; one lossing trade(40pips) and two winning trades(160 and 100pips):
1st trade: On 9 Dec 08. I entered short @1.2850 on 15min chart after seeing TRSI for 4/1 hourly charts crossed down. The 15min chart had a lower high and lower low. The trade was stopped out @1.2890 (the swing high around NY Time 10:30am). see video link below:
http://www.dailyforexcharts.com/charts/081209_EurUSD_tutorialtoyo/081209_EurUSD_tutorialtoyo.html
Neal has later pointed out that there was a SK support @1.2810 which I should watch for. However, I was hoping that the support could be broken. He has also pointed out that I could have exited earlier when the TRSI crossed up to narrow the loss. That reminded me on the stop loss subject he has posted:
http://www.traderzine.com/forums/showthread.php?t=280 #9
On the subject of stop-losses... Novice traders will place a mechanical stop-loss that does not take into account market action, momentum, volatility. A Fibonacci based stop-loss takes all of those into account. Also, a novice trader will blindly cling to hope when the trade is not working out, wishing that the stop-loss will not be reached. It doesn't take much skill to realize that a trade is not working out. Watching price action and minor (lower-time-frame) Fibonacci levels, you can tell whether momentum is going against you. Why wait for your stop to be hit? You can exit well before the stop is hit, and you can re-enter if you like. As traders improve their loss management, the stop-loss will be merely a "disaster-stop", but the actual losses will be much smaller, because the stop-loss is not hit all that often.
Good lesson learnt.
2nd Trade: The market was quiet on 10 Dec 08. Neal did a dialyforexcharts update, stressed that 4 hourly was bullish especially if the price were to break above @1.3100 level. See the update:
http://www.dailyforexcharts.com/charts/081210_EURUSD_3w/081210_EURUSD_3w.html
On 11 Dec 08, the price finally broke 1.3100 and went all the way up to 1.3157. My setup for the trade was to wait for the retracement to the SK level @1.3081, when TRSI crossed up on 15min chart (see chart1), I entered long at 4:30am NY time @1.3110, stop loss (SL) @1.3060 (below the SK level), P1 @1.3200 (100% projection level) and p2 @ 1.3270 (161% projection level).
My 1st target P1 was hit at 7am NY time (90pips).
My 2nd target P2 was hit at 9am NY time. (160pips)
3rd Trade: The price started to retrace to 1.3220 at 11:00am NY time, both 4/1 hourly TRSI were still trending up (reaching 75 level). I missed the trade when the TRSI crossed up from 60 level on 15min chart. The live chat started but Paltalk was given problem on communication and we decided to abundant the chat session. Before we abandant, Neal has mentioned to buy dip again which he explained on 10 Dec 08 during the chat session when Lori (another long time member) asked about it.
My setup was on the 5min chart (see chart2) after the price action reached the high of 1.3327 at 12:05pm NY time and retraced back to 1.3295 wtihin 10mins. It was still on a strong uptrend line. At the minor SK level, I entered long @1.3300, SL @1.3265 (the last swing low on 5min). The target was 1.3400 - a long term downtrend resistance line on daily chart (see chart3) and just below the 100% project.
The target was hit at 12:55pm. (100pips). See the video update:
http://www.dailyforexcharts.com/charts/081212_eurUSD_Tq/081212_eurUSD_Tq.html
I would like to express my deepest apreciation to Neal for his valuable time to coarch us. I am also working forward for your next week live chat sessions.
Regards,
Toyogo Kim