FibMaster FOREX update EUR/CHF

[FibMaster]

Everyone likes easy money, so here is a great trade setup. The EUR/CHF chart has a clear trend with obvious trades setting up for intraday traders. Of course there are risks, but if you follow this video you will know when to get out of this trade. See this update for specifics;

Comments/suggestions/questions are welcome. Post your own charts, or your own trade suggestions too. We all benefit from the discussion.

Click here for FibMaster's chart update. (http://fibmarkets.no-ip.org/updates/forex/080123_fx_EUR_CHF.html)

[Hussam]

Hi,
Thanks for the update. Today I've been watching the 4 hour chart. There is a resistance area between 1.6106 to 1.6174. In th middle we have a Fib confluence resistance at 1.6134 exactly ( 0.618 retracement from 1.6322 - 1.5832 and an expansion 1,5832 - 1,5981 - 1.5892). This is backed up by a 0.382 retracement at 1.6158. It looks good for a short, but the daily indicators are still pointing north, while the 4 hour and lower time frames are starting to trend lower. It looks like it's setting up for a short. Worth watching.
Thanks again & regards
Hussam.

[r-factor]

Hey Hussam,

Would you post your chart please?

:)
Hi,
Thanks for the update. Today I've been watching the 4 hour chart. There is a resistance area between 1.6106 to 1.6174. In th middle we have a Fib confluence resistance at 1.6134 exactly ( 0.618 retracement from 1.6322 - 1.5832 and an expansion 1,5832 - 1,5981 - 1.5892). This is backed up by a 0.382 retracement at 1.6158. It looks good for a short, but the daily indicators are still pointing north, while the 4 hour and lower time frames are starting to trend lower. It looks like it's setting up for a short. Worth watching.
Thanks again & regards
Hussam.

[minibeginner]

Looking at prior posts, it seems that images in .gif or .jpg format are larger than .png files. When you post a chart, try .gif or .jpg

[Hussam]

Hi r-Factor & Friends,

I attach the 4-hour chart I referred to in my last posting. I should mention that I am new to the business (6 months). The 2 thick red horizontal parallel lines are the resistance area I mentioned, within which the Fib confluence occurs. On Friday, it dropped below the area and is now testing that area (last green candle). I would still like to see the confluence Fib Level hold / tested.
If you have any comments, I should be delighted to hear from anyone.
Happy Trading,
Hussam.

[FibMaster]

Click here for FibMaster's chart update. (http://fibmarkets.no-ip.org/updates/forex/080123_fx_EUR_CHF.html)

I strongly recommend that traders take another look at that video update of a few days ago.

Too often I see trader have a solid opinion of the market direction, without considering the alternative possibilities. In that update I mentioned support and the possibility of a snap-back rally. As well I mentioned the down-trend line, and what to do if the market rallies above that trend-line. Watch the video above, there are some lessons to be learned.

This is not fortune-telling, or holy-grail indicator application. Just a few simple techniques (Fibonacci and trend-lines) and loads of trading experience.

Traders, you can learn to do it too.

[FibMaster]

Hi,
Thanks for the update. Today I've been watching the 4 hour chart. There is a resistance area between 1.6106 to 1.6174. In th middle we have a Fib confluence resistance at 1.6134 exactly ( 0.618 retracement from 1.6322 - 1.5832 and an expansion 1,5832 - 1,5981 - 1.5892). This is backed up by a 0.382 retracement at 1.6158. It looks good for a short, but the daily indicators are still pointing north, while the 4 hour and lower time frames are starting to trend lower. It looks like it's setting up for a short. Worth watching.
Thanks again & regards
Hussam.

Hussam, great analysis! I like what you wrote.

I hope that when the chart broke through your SK resistance 6106-6174, it told you to step back and wait for a different opportunity. At that time it rallied to your higher SK resistance at about 6134-6146. That rally took us above the trend-line as mentioned in my video update (see start of thread).

With your analysis and my video comments too, you had all the info you needed to make the right decisions.

Yes there were lower time-frame short opportunities. But with the higher time-frame pointing upward, we had to change from being aggressive short traders, to being quick and nimble on scalps and very aware of support levels for short exits.