3 Nov 08 EURUSD Trade - looking for best entry point

[toyogo00]

Hi Neal,

Your last DailyForexCharts update has shown 4hourly EURUSD with resistance @1.2900. (see attached) - hourly chart is my trading time frame.

a. I entered short @1.2830 (initial SL @1.2900) when the uptrend resistance was broken, the TRSI for hourly (only SI) and 30mins (TR & SI) turned down. It went down to the low of 1.2787, so I adjusted the SL to BE+5 @1.2835. Too bad I was stopped out (only with -5pips).

b. I re-enter short @1.2850 after it retraced to 62% (Fib 1.2897 to 1.2787), it went down to 1.2831 and rebounced. I was not comfortable with the trade and exit at BE again (1.2855). It went up to 1.2880 before heading south again.

c. I re-enter short @1.2800 after it broke the previous low of 1.2787. I enter slightly early (before the break) as TRSI for hourly, 30min have turned down.

My question is:

a. Have I been too rash in trading in and out? or

b. Should I short @1.2830, put SL @1.2900 and let the trade play out itself? or

c. I realized that if I could have waited for hourly TRSI (both TR & SI) turned down, that inline with 30min TRSI (both TR & SI) turned down. I would have entered at a better shorting point @1.2820. (see attached) Do you think so? or

d. Do you have a better entry point? pls illustrate.


Regards,
Toyogo