FibMaster trade alert Feb 21 USD/JPY

[FibMaster]

I mailed a trade alert to ProfitPoint workshop and seminar attendees last night.

Feel free to post comments/follow-up here.

[davan]

Hi Neal

We thought you'd might like our take on the USD-JPY for the way we trade intra-day.
We prefer to trade the London Open through to the New York Open and finish
our trading at the latest 2am our time (which is 1600GMT/1100ET). However
most of our trading sessions are finished around midnght for us
(1400GMT/0900ET).

We had marked the large range in the USD-JPY that you analysed in your video
presentation.
We had also marked the range-within-the-range on our 15min charts. We'd
placed a Limit Order 10 pips above and below the channel at 108.42 and
107.83.
We were about to cancel the orders and were just getting ready to pack it in
at 1500GMT (Feb 21) when the USD-JPY broke down through the bottom of the
channel and our Limit Order had been filled. We use a 20 pip stop on our
Limit Orders, which allows Price to move back into this channel by 10 pips
before stopping us out.
The TRSI had Angle and Separation and we were pleased with ourselves.

Almost as soon as our order was filled, Price moved against us and started
heading back towards this small channel. BUT it stopped right at the bottom
of the channel and turned down again.
We were about to pull out of the trade when we started getting signals on
our Trade Navigator 5min chart that the TRSI was crossing down again (Grey
down thru Blue).
The 15min TRSI didn't cross up again so to look for confirmation we watched
the 5min chart where the TRSI was horizontal and had just given us a Long
signal.
So then we looked at the 1min chart and we were happy with the picture we
saw of the Short signal on the TRSI and its A&S -- especially its Angle.
With this kind of confirmation, we added to our trade at 107.89.

Being aware that the larger channel base was at 107.20 we knew we weren't
going to stay in the trade if and when it neared that level.
The TRSI stayed below 40 with A&S and we stayed in the trade for about 50
minutes when Price pulled back and the TRSI crossed up on the 5min and
that's our signal to exit, which we did -- 36 pips on the first part of the
trade and 39 pips on the second part.

As we said -- we're still waiting for the break below the bottom of the
larger channel.
In hindsight, and watching your video, if we were trading 60min charts, we'd
have stayed in longer. But we don't -- we trade 15min with trigger
confirmation on the 5min and we go down to the 1min to see what the TRSI is
telling us there when we're feeling hesitant about either staying in or
getting out. We're happy with our entry technique.

We've attached charts to show the steps in our trade.
01- is the 15min chart
02- is the 5min chart
03- is the 1min chart

Hope this is of interest
Cheers
davan

[FibMaster]

Those are great charts. Thanks for posting them here with your analysis.

Your application of Fibonacci and TRSI is very good. Although we can't expect to be right 100% of the time, these techniques will help you with future charts. The more you apply these techniques, the better you will become!

[davan]

Thanks Neal
When we first completed your Video course we still watched lots of other indicators as well as Fib Levels and the TRSI. Gradually, and especially after doing your live Seminars, we've come to rely solely on the Fib Levels and TRSI, to the point that now we have complete faith in them. We don't profess to be experts yet, but we found that these indicators are so reliable and indicative of moves and reversals that it has made our trading efforts more relaxed.
The combination of Trade Navigator, Fib Levels and TRSI has increased our trading confidence and success. We're very pleased with our progress so far.
Thanks
davan