1. TRSI Bounce Archives

Good Strategy For Trading Success

 

This is a trader question from the Fibonacci Trading Forum.

Vernon says:
What would make the biggest difference to my trading?
Combining the top-down analysis and finding an entry in the lower time
frame based Higher High or Higher Low and TRSI with Fibonacci.

Neal’s reply;

That’s a good strategy!

So, make it happen, find the setup, wait for confirmation, execute the trade, manage it, and exit..

Try to ignore the profit motive for a while. Whether you are trading the TRSI Bounce, TRSI Pop & Drop, TRSI Push, or any other strategy, focus first on keeping the risk within your tolerance. After some experience, you can analyze the results and make revisions to optimize for profits.

-Neal Hughes “FibMaster”.

Vernon says:
I also need suggestions for the following;
Building confidence and trust in the analysis and pulling the trigger
based on the price action, Fibonacci and TRSI.

Neal’s reply;

Confidence requires time and consistency, it needs to develop. Time and experience are part of the recipe, they are necessary ingredients.

There is no way to become confident without following a consistent strategy. Then apply the strategy consistently over many trades, and measure the result. You can speed up the process by analyzing past charts, as well as executing your strategy in live trades.

With experience and consistent diligence, you can develop confidence in your strategy. Start small, with lower risk, then adapt as your confidence builds.

-Neal Hughes “FibMaster”.

Filtering For High Probability Trades

 

This is a trader question from the Fibonacci Trading Forum.

Vernon says:
What part of your trading do I need to improve?

Finding and choosing the higher probability trade and sitting out on others.

Neal’s reply;

This is a constant challenge, and sometimes even the best looking setups will fail. We have to accept the disappointments, and continue to strive for better performance.

Here is the best way to find optimum trades; Look for trades with solid trend, or significant thrust in your favor. A weak trend, or a trend that is showing fatigue, will cause more frustration and worse results.

With trend in your favor, find strong Fibonacci support/resistance (SK Level) for retracement, and then wait for the move to confirm that Fibonacci Level. Trigger your trade with that confirmation, and look for follow-through momentum in the direction of the trend or thrust. This is the basis of the “TRSI Bounce” trade setup.

Those two basic techniques (trend and Fibonacci Retracement) will help you locate/filter those better trade setups.

-Neal Hughes “FibMaster”.