Drawing correct resistance and support-lines | Forex Factory

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Drawing correct resistance and support-lines

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  • #1
  • First Post: Edited Nov 11, 2011 12:20pm Feb 12, 2008 5:24pm | Edited Nov 11, 2011 12:20pm
I have seen people draw trend-lines from about anywhere on a chart from different threads here @ FF.

In this thread you can see my development during these years with technical analyzes. Latests drawings are according to Igroks Method, the only worthy study/teaching on complex technical analyzes, IMO. Link for explanation.
Measure twice, cut once
  • #2
  • Feb 12, 2008 5:27pm Feb 12, 2008 5:27pm
Cable
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd bull.gif Size: 21 KB
Measure twice, cut once
  • #3
  • Feb 12, 2008 5:29pm Feb 12, 2008 5:29pm
Gbp/jpy
Attached Image (click to enlarge)
Click to Enlarge Name: gbpy.gif Size: 21 KB
Measure twice, cut once
  • #4
  • Feb 12, 2008 5:30pm Feb 12, 2008 5:30pm
Eur/usd
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdbull.gif Size: 24 KB
Measure twice, cut once
  • #5
  • Feb 12, 2008 5:37pm Feb 12, 2008 5:37pm
Hope someone find this useful in some way or another, this is IMO a very important aspect to know applying the right way in forex trading.

I f you are very new to trading , this could be a educational and easy approach to get the feeling of the market.

Try it out !
Measure twice, cut once
  • #6
  • Feb 12, 2008 9:31pm Feb 12, 2008 9:31pm
Not only if you are new, if you have been trading for awhile and something is missing in your trading and you have not incorporated some sort of a variation of this to your trading, THIS IS THAT! It is almost a guarentee!
Quoting aediaz1
Hope someone find this useful in some way or another, this is IMO a very important aspect to know applying the right way in forex trading.

If you are very new to trading , this could be a educational and easy approach to get the feeling of the market.

Try it out !
  • #7
  • Feb 13, 2008 2:13am Feb 13, 2008 2:13am
Measure twice, cut once
  • #8
  • Feb 13, 2008 2:22am Feb 13, 2008 2:22am
what about this.... bearish rising wedge pattern... 200 pips down..
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD11Successful.png Size: 23 KB
"IT'S GOING TO BE LIKE COMING INTO THE JUNGLE" - K G
  • #9
  • Feb 13, 2008 2:49am Feb 13, 2008 2:49am
Quoting YudhaGBP7
what about this.... bearish rising wedge pattern... 200 pips down..
Indeed,wedges tend to pay well off when rightly drawn as you show us here
Measure twice, cut once
  • #10
  • Feb 13, 2008 2:58am Feb 13, 2008 2:58am
For what time frame would trend line work best (or better)?

I'm using MT4 and it automatically generates trend lines, but as I change the time frame the line also changes.

Any advise for beginner like me?
  • #11
  • Feb 13, 2008 3:01am Feb 13, 2008 3:01am
4H on cable. Possible bullish wedge which can be tested sometime this week. Let's see how it plays out.
Attached Image (click to enlarge)
Click to Enlarge Name: calbe.gif Size: 28 KB
Measure twice, cut once
  • #12
  • Feb 13, 2008 3:02am Feb 13, 2008 3:02am
Hi,
There are some great videos on you-tube about this. I think the guys name is hector forex. Try puting it into a search on you-tube,very informative.

Cheers.
  • #13
  • Feb 13, 2008 3:08am Feb 13, 2008 3:08am
Hi aediaz1

Good to see you bring this up. An excellent and important point. Hopefully your thread will continue and provoke some discussion on trends appearing and ready to break based on these proper lines. Its hard to keep an eye on all pairs / time frames to catch them.

I know someone has posted the Tom DeMark document before but it warrants a repost.

Also the MT4 indiactor which draws the lines AND potential targets following breakout >>


** Just realized I attached the wrong MT4 indicator.. I will re attach


** Ok proper one attached now
Attached File(s)
File Type: pdf TD%20LINES[1].pdf   388 KB | 13,514 downloads
File Type: mq4 DeMark Trendline Trader.mq4   22 KB | 5,531 downloads
  • #14
  • Feb 13, 2008 3:12am Feb 13, 2008 3:12am
Quoting gotrade83
For what time frame would trend line work best (or better)?

I'm using MT4 and it automatically generates trend lines, but as I change the time frame the line also changes.

Any advise for beginner like me?
I would recommend higher time-frames if you are new. Lower time-frames can be very choppy, and this trend-lines are more reliable in higher times-frames.
Also, try remove your automatic drawing-indicator , it could be nice training for you to apply them yourself, you have the instruction above
Measure twice, cut once
  • #15
  • Feb 13, 2008 3:15am Feb 13, 2008 3:15am
Quoting aediaz1
I would recommend higher time-frames if you are new. Lower time-frames can be very choppy, and this trend-lines are more reliable in higher times-frames.
Also, try remove your automatic drawing-indicator , it could be nice training for you to apply them yourself, you have the instruction above

And there's me just attaching it


I could always remove it again. you are right it is better to find them ourselves in order to learn
  • #16
  • Feb 13, 2008 3:17am Feb 13, 2008 3:17am
Quoting RichD
Hi aediaz1

Good to see you bring this up. An excellent and important point. Hopefully your thread will continue and provoke some discussion on trends appearing and ready to break based on these proper lines. Its hard to keep an eye on all pairs / time frames to catch them.

I know someone has posted the Tom DeMark document before but it warrants a repost.

Also the MT4 indiactor which draws the lines AND potential targets following breakout >>


** Just realized I attached the wrong MT4 indicator.. I will re attach


** Ok proper one attached now
Thank you RichD, and for you attached indicators I'll try them out !
Measure twice, cut once
  • #17
  • Feb 13, 2008 3:19am Feb 13, 2008 3:19am
Quoting RichD
And there's me just attaching it


I could always remove it again. you are right it is better to find them ourselves in order to learn
No problem, don't we all just love trying new indicators But for beginners I would, as sayed before, draw manual to learn it.
Measure twice, cut once
  • #18
  • Feb 13, 2008 3:28am Feb 13, 2008 3:28am
Looks like we are forming a new line on eur/usd. 3mins left on this bar.
Attached Image (click to enlarge)
Click to Enlarge Name: usd.gif Size: 23 KB
Measure twice, cut once
  • #19
  • Feb 13, 2008 3:45am Feb 13, 2008 3:45am
And we also know that CHF goes opposite of eur/usd. We have strong resistance @ 30m chart. Take a look
Attached Image (click to enlarge)
Click to Enlarge Name: chf.gif Size: 25 KB
Measure twice, cut once
  • #20
  • Feb 13, 2008 3:58am Feb 13, 2008 3:58am
Another developing on GBPJPY 4 hour time frame
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy 4hr.gif Size: 14 KB
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