Tools required for use with DailyForexCharts

[paddycal]

Hi neal

not sure if this is the correct forum to ask this question , but it's worth a try.
I'm interested in trying out the DailyforexChart service, but was wondering if i needed to have the TRSI ( i think thats the name of it ) to get the most benefit of the service.

I'm familiar with Joe Dinapoli's stuff , but was wondering if this indicator is available for GFT ?

thanks
Patrick

[FibMaster]

Yes TRSI is available for Genesis Financial, if that's the software you use. Once you have subscribed, send me an email to ask for the files.

[Bert]

Hi Neal,
>>> I noticed USDCHF hit the first SK level and is bouncing on a few
>>> Time Frames. What is correct method for determining if SK will hold?
>>> Should I be looking at a turn in TRSI on 4hr and down or is 60min
>>> sufficient. Or do we need some sort of 60min or higher trust bar?

Thanks!

[FibMaster]

Hi Neal,
I noticed USDCHF hit the first SK level and is bouncing on a few
Time Frames. What is correct method for determining if SK will hold?
Should I be looking at a turn in TRSI on 4hr and down or is 60min
sufficient. Or do we need some sort of 60min or higher trust bar?

Thanks!

Al, great question, but the answer is very complex. This is a good one for our chat sessions. Perhaps I'll make this the workshop topic for the next chat. See chat schedule here; http://www.dailyforexcharts.com/chat.html

The real decision is whether a chart has turned, or it is continuing in the same direction. It's actually not always easy to decide! This type of skill is what defines a real trader..

Here are some ideas to help you.
1) If you are guessing, don't trade.
2) If you are guessing, you are almost certainly entering too early.
3) Ask yourself whether the market has turned or you are wishing it turns.
4) When a market has turned, it becomes more and more obvious as time passes.
5) By the time the turn is very obvious it is quite possibly too late to enter!

So we need techniques to help us make the decision, but we don't want to enter too soon, and we don't want to guess, we don't want to enter too late...

For starters, try this mini-lesson. It describes how to confirm when a market has *not* resisted/supported. There is a break-out. Then use the same principles in the direction of the turn, to confirm the turn. FibMaster's Trading Breakouts tip mini-lesson (http://www.fibmaster.com/cgi-bin/tips/fibmasterstips.cgi?tip=breakouts)

That lesson "Trading Breakouts" teaches the FibMaster way to confirm a break-out. Similarly you can confirm whether a market has turned.

There are other clues too. It would take hours for me to write it all up here, let's talk about it in the next chat workshop.

[Bert]

thanks Neal, I guess the appropriate action is no action when in doubt of the probability of success.

Thanks again,
Bert