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Drawing correct resistance and support-lines

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  • #41
  • Feb 14, 2008 6:09am Feb 14, 2008 6:09am
IMWO it is also important to keep old trendlines for a while just in case... They can come handy in the future, this may well be the case now on GBP/USD H1 charts.
Don't forget, you have to wait for a candle until it's closed to be able to judge but it's also important to watch along.
The price is now at D1 pivot line and also this old trendline is in the way. Maybe a strong(er) support is forming? We'll see.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdh1-02-14-2008.jpg Size: 202 KB
  • #42
  • Feb 14, 2008 6:26am Feb 14, 2008 6:26am
Quoting MarkGavalda
It is also important to explore the patterns before they're broken because you get a lot of good trading points and overall view from them.
Attached is a M5 GBP/JPY chart. A lot of pivots, fib-pivots and the channel/wedge itself.
Have fun.
I like your charts Mark,

Your right about pivots , they can be useful guidance and magnets for the price. I use London session pivots on my 15m charts.

Anyway, I'm holding any analyzes until Trade Balance news from US is over.
Doubt we will see too much action until then. Also have Bernanke speaking in 2 1/2 hours, tend to affect the market too.
Measure twice, cut once
  • #43
  • Edited 9:22am Feb 14, 2008 8:39am | Edited 9:22am
Update on eur/usd;


Edit: Strong price-action for the upside IMO, just look how the price ticks
Attached Image (click to enlarge)
Click to Enlarge Name: torseur.gif Size: 30 KB
Measure twice, cut once
  • #44
  • Feb 14, 2008 9:48am Feb 14, 2008 9:48am
Look at the usd/cad, we had a fake breakout caused by the news from both cad and US. Notice how price stalled at resistance-line and S1 on 1h chart.
Attached Image (click to enlarge)
Click to Enlarge Name: cadt.gif Size: 32 KB
Measure twice, cut once
  • #45
  • Feb 14, 2008 11:58am Feb 14, 2008 11:58am
Quoting aediaz1
Update on eur/usd;
Edit: Strong price-action for the upside IMO, just look how the price ticks
Very good thinking I hope you made some pips on this one.
In the meantime the GBP/JPY broke out of the channel/wedge I posted a few hours earlier and I think it's really gonna take a "deep breath" of 2-300 pips to the downside before resuming. I will post charts later.

aediaz1 this is truly a great thread you mirror exactly my preferred trading style (everything based on pure PA is welcome by me) I will do my best to help "spread the word"
  • #46
  • Feb 14, 2008 12:12pm Feb 14, 2008 12:12pm
Ok, a question to everyone who came across this before: lately I have seen so many of this pattern and I'm sure it means something (if not I will come up with something ) but I just don't know how to use it (other than watching the S+R lines of course).
Thanks in advance.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdm5-02-14-2008--1907.JPG Size: 122 KB
  • #47
  • Feb 14, 2008 12:38pm Feb 14, 2008 12:38pm
Hi Mark,

The pattern from my Sticky stock charts book is called a megaphone. It means disagreement between buyers and sellers and could mean in an uptrend a change to down.
Hope that helps.
Nikki
  • #48
  • Feb 14, 2008 1:07pm Feb 14, 2008 1:07pm
Quoting MarkGavalda
Very good thinking I hope you made some pips on this one.
In the meantime the GBP/JPY broke out of the channel/wedge I posted a few hours earlier and I think it's really gonna take a "deep breath" of 2-300 pips to the downside before resuming. I will post charts later.

aediaz1 this is truly a great thread you mirror exactly my preferred trading style (everything based on pure PA is welcome by me) I will do my best to help "spread the word"
Eur/usd and usd/cad both payed off, thanks to our lines. Hope you got some pips out of gbp/jpy, was away from my computer for a couple of hours so missed some of it. I still believe we have more downside potential, take a look at the 4h chart.

Would reveal a nice spot for short if gbp/jpy pulled back up to the broken 15m chart. Truth told, I trust more in higher time-frames charts so take this with a pinch of salt.

Glad to find some1 with the same style. And glad your dropping by and posting your charts and comments Hope you stay along.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gubppy2.gif Size: 28 KB
Measure twice, cut once
  • #49
  • Feb 14, 2008 1:17pm Feb 14, 2008 1:17pm
Only have support for the cable now on 1h, and copied the angle of that line to a weak point as you see highlighted with a blue circle. Tomorrow @ London start could be a interesting day. Let's keep our eyes and lines open !
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 24 KB
Measure twice, cut once
  • #50
  • Edited 2:03pm Feb 14, 2008 1:51pm | Edited 2:03pm
Turned out nicely for some fast pips.


Edit:See post #48
Attached Image (click to enlarge)
Click to Enlarge Name: gbpyhpy.gif Size: 28 KB
Measure twice, cut once
  • #51
  • Feb 15, 2008 2:28am Feb 15, 2008 2:28am
Took some time before target was reached. Still looks like resistance-line would be tested. But patience pays off from time to time.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: torseur.gif Size: 30 KB
Click to Enlarge Name: eurusd.gif Size: 27 KB
Measure twice, cut once
  • #52
  • Feb 15, 2008 2:53am Feb 15, 2008 2:53am
Late update on cad from yesterday, +40 pips
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: cad.gif Size: 32 KB
Measure twice, cut once
  • #53
  • Feb 15, 2008 4:53am Feb 15, 2008 4:53am
Quoting aediaz1
Only have support for the cable now on 1h, and copied the angle of that line to a weak point as you see highlighted with a blue circle. Tomorrow @ London start could be a interesting day. Let's keep our eyes and lines open !
Might just been lucky
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 24 KB
Click to Enlarge Name: gbp.gif Size: 28 KB
Measure twice, cut once
  • #54
  • Feb 15, 2008 5:10am Feb 15, 2008 5:10am
Made any pips on the gbp/jpy Mark ?
Measure twice, cut once
  • #55
  • Feb 15, 2008 5:25am Feb 15, 2008 5:25am
Quoting nikkipip4
Hi Mark,

The pattern from my Sticky stock charts book is called a megaphone. It means disagreement between buyers and sellers and could mean in an uptrend a change to down.
Hope that helps.
Nikki
Thanks for the information! I will keep that in mind, it's very good to see that this is indeed another pattern and it worked like a charm: signaled a change in the uptrend and we're 80pips below now!
  • #56
  • Feb 15, 2008 5:36am Feb 15, 2008 5:36am
Eur/usd.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 25 KB
Measure twice, cut once
  • #57
  • Edited 6:51pm Feb 15, 2008 6:35pm | Edited 6:51pm
Quoting aediaz1
Made any pips on the gbp/jpy Mark ?
Yes fortunately enough I got back in time when the breakout happened and I was "betting" on a G/J retracement since yesterday so I went in with elevated lot size.
Very good ending of the week! Have a nice weekend everyone!

EDIT:
PS: another proof that is a good thing to have previous trendlines on your charts for a little bit more. Look how the megaphone support line (cheers nikkipip4 ) acted as a good trendline half a day after, and also it later turned into a resistance line. This happens when nobody has new lines on their charts yet
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdm5-02-16-2008--0143.jpg Size: 109 KB
  • #58
  • Feb 17, 2008 7:36am Feb 17, 2008 7:36am
Quoting MarkGavalda
Yes fortunately enough I got back in time when the breakout happened and I was "betting" on a G/J retracement since yesterday so I went in with elevated lot size.
Very good ending of the week! Have a nice weekend everyone!

EDIT:
PS: another proof that is a good thing to have previous trendlines on your charts for a little bit more. Look how the megaphone support line (cheers nikkipip4 ) acted as a good trendline half a day after, and also it later turned into a resistance line. This happens when nobody has new lines on their charts yet
Well done ! Almost magical how accurate S/R lines from the past can be.

Gonna focus more on gbp/jpy and gbp/usd for the next weeks. Even tho trading other pairs can pay off, I just feel that gbp need more then enough attention.

Have a nice weekend too !
Measure twice, cut once
  • #59
  • Feb 17, 2008 8:25am Feb 17, 2008 8:25am
thanks , great help
  • #60
  • Feb 17, 2008 9:23am Feb 17, 2008 9:23am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Siam
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.
Just found this thread today - hector is also known as WTB here of FF, great trader.
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