Steve wrote:
> Hi, Neal,
>
> Great charts in yesterday's update, and in your sneak preview. I am now starting to catch on as to
> how best to make use of your posts.
>
> Question that I thought might be helpful to others as well as me. Especially as I miss trade set
> ups, as I am sure others do, although I realize we are not, and cannot, catch all trades. But no
> need to answer unless you have some key important suggestion you would like to present, as I
> understand this falls well into the realm of individuality among traders.
>
> Would you care to comment on a trading "schedule" that would preserve our minds from burn out and
> empower us to be more effective traders? I know that you are not in front of your computer all
> day, and you are highly successful. So, what would be "one" example of a productive schedule? For
> example, would you recommend checking the 240m charts every 4 hours, then the 60/30/5 every hour
> once we see a 240m nearing a cross of the TRSI beyond 60 and 40 levels?
>
> Just a thought. No rush ... in your "spare" time :-) ...
>
> Steve

Steve,

The Daily Forex Charts service provides the best trading zones on many currencies, and provides that information in advance (sometimes days in advance).

My schedule varies dramatically from day to day, so I do not have a highly repetitive schedule. Life seems more enjoyable that way!

Most traders can't trade 24 hours a day. So the objective is to find the best trades during the time that is available for trading.

Generally, you should focus on currencies that are active during your available time. So if you are trading during the Asian session, look for trades in the Asian pairs (JPY). This is most true for traders of lower time-frames, say 30 minutes and below. These traders would then concentrate on the updates from DailyForexCharts.com that are for their favorite pairs.

For higher time-frames, where trades will extend over several sessions around the globe, your trading options expand to many currency pairs. You can trade a wider variety of charts, but your daily trading hours may be limited. In this case, you can look at the videos from DailyForexCharts.com and then watch your charts for trades that are confirming. If a trade is initialized during your trading hours, you may have to place an exit in the market to take you out while you are away from your trading desk.

There are websites that will send email and phone text messages based on alerts that you can define. Also, some charting software has this facility too. That will enable you to spend time on other interests, then pay attention to your charts when you receive an alert.

Other than that, if you trading hours are not limited, you could set a schedule to check your charts every few hours. Then watch more closely if your trades are setting up. The schedule for this would depend on the trader.

-Neal.

If you saw my last Swiss update you know how accurate that trade
was. Don't miss this one, another good setup is developing.

The USD/CFH chart has made a strong rebound but is near a key
resistance level. If it can break above this level we could have
some excellent long opportunities. This quick video will tell you
what to watch for and how to trade this setup.
http://fibmarkets.no-ip.org/updates/forex/080323_s_USDCHF_pp.html

-Neal (FibMaster).

Today's Cable chart is nearing a decision point. We can trade it short or long. Which way is best? How will you know?

The daily chart shows a major down-trend (starting November) that was broken to the upside in January.

The 4-hour chart shows a strong rally to an SK resistance level at 198.90 to 199.10

Now the decision is whether to trade this chart long based on the breakout of the long-term down-trend, or short because of the current resistance.

Let's look at both options. First the downward shorting option.

On the 4-hour chart I've drawn a supporting trend-line that needs to break before we can do any shorting. Shorts will have to be lower time-frames, below 60 minute, and only if the chart puts in consecutive lower swing highs and lower swing lows.

Also, there are some SK support levels at 198.50, 198.05, and also a little above 197.00 to 197.25 . Those support levels can be profit targets for intra-day short scalps, and may even be strong enough to support for a decent rally (watch out). If the chart can get below 197, it is even weaker, for more shorting.

For the upside possibility, for long trades, GBP/USD needs to rally above 199.00 and put in higher swing lows and swing highs intra-day. Then we can buy dips at Fibonacci levels, as long as the rally continues.

With these parameters, we are able to monitor this chart for opportunities in real-time.

Comments/suggestions/questions are welcome. Post your own charts, or your own trade suggestions too. We all benefit from the discussion. Discuss this chart on the TraderZine forum click here.

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. Discuss this chart on the TraderZine forum click here.

Click here for FibMaster's chart update.

Attached is the daily Euro chart, with a key resistance and support level.

There is a good chance that the Euro turns down soon. If it puts in a swing high below 1.50 then a double-top is the most likely scenario, with a move back down to 1.44 quite achievable.

The Euro needs to break through the support/resistance channel for the market to establish a new direction. This is useful knowledge - if you let the market point the way, you know how to trade it.

If there is a significant retracement, and the 1.44 support level breaks, this chart turns very bearish and could provide great shorting. Above the 1.50 resistance area, we can trade more aggressively to the upside as the bulls are in control.

Click to view the current USD/EUR chart.

Watch this for a complete analysis of the key support/resistance levels on the major forex pairs.

 

Cable has been pulling back for a great trade. Forex traders, wait for this one to launch before entering!

Traders have already scored pips from my last FOREX update. Now we need to be aware of the Fibonacci levels that are in the way of our trend. See today's forex update for the critical retracement levels on EUR/USD and USD/CAD Click to see today's update from Neal Hughes (FibMaster)

Today's update is a tutorial on how to use Fibonacci studies, and how to know when the market has turned. If you're still wondering which swing points are used for Fibonacci, and whether a market has actually turned you must see this video.

 

Both of these charts are great for shorting, but you must know how to tell when the move is over. This video tells you how.