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Drawing correct resistance and support-lines

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  • #141
  • Feb 21, 2008 4:43am Feb 21, 2008 4:43am
Yep, here we go, next tp 212 - 161 fib level.

Quoting aediaz1
Possible second target. Still riding with us Rocroy ? This is where you can use stochs to see when price gets OB in different TF's. It's not even OB @ 15m chart so this have great potential.
  • #142
  • Edited 4:55am Feb 21, 2008 4:44am | Edited 4:55am
Quoting MarkGavalda
Nope I was just curious, I did short the USD/CHF though the idea behind it was that it's a win-win situation: if I lose money that's the fee I have to pay for my superficial analysis and t remember not to do it again and if I can have some pips than it's simply awesome. And I had +15pips (down to 50% then I quit) so thanks for your help mate!

And your geppy analysis (possible upside B.O. based on PA) was truly professional. I really hope you jumped the bandwagon in time it's a lot of money now! 122pips since the breakout
Ah well done Mark ! That's easy pips

I entered gbp/jpy at 210.38 when I saw that London pivot hold and when price turned around for the upside. Closed most of the position @ 211.50 so it was an easy run, affected to some degree by positive gbp news.

As we speak, gbpjpy hit second target, close to 211.75, had 1 tiny position open to see if it hit. I see a potential short from 211.90-212 area but I'll pass, not giving back any profits today !

Edit: Potential short from 211.90-212 area , its where 61.8 fib and 30m resistance face.

Keep an eye on eurusd, if we break 1.4757 lvl, it could provide some more bulls, IMO.

Also, thanks for the nice comment
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Measure twice, cut once
  • #143
  • Feb 21, 2008 4:52am Feb 21, 2008 4:52am
Hello everyone i'm back! just as aediaz1 said GJ rallied after the breakout. i came home late and had missed the boat! i think its too late to enter now as stoc is overbought.
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aediaz1, did i improve on my drawing todae? at least i have some valid candlesticks lol. correct me if i'm wrong.

Hope to learn more from u all exp traders out there!

Yuna
  • #144
  • Feb 21, 2008 5:12am Feb 21, 2008 5:12am
Quoting yuna
Hello everyone i'm back! just as aediaz1 said GJ rallied after the breakout. i came home late and had missed the boat! i think its too late to enter now as stoc is overbought.
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aediaz1, did i improve on my drawing todae? at least i have some valid candlesticks lol. correct me if i'm wrong.

Hope to learn more from u all exp traders out there!

Yuna
Yes Yuana your lines are 100% correct ! Your lower line (support) could be adjusted a few pips higher so it hits second candlestick-formation properly. Small details, yes, but long live perfectionism

Put your 30m chart up and draw some resistance-lines, you should see that gbp/jpy have a potential short-term reversal around this area. Think I have posted it here already..
Measure twice, cut once
  • #145
  • Feb 21, 2008 5:31am Feb 21, 2008 5:31am
... and shorted after the move. 12 pips, amazing ;-)

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  • #146
  • Feb 21, 2008 5:34am Feb 21, 2008 5:34am
Careful ! I have closed mine shorts (yes I couldn't lay off) , look how price reacted to 1h (now) support. Don't forgot to lock in your profits ! Especial when trading against daily trend.
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Measure twice, cut once
  • #147
  • Feb 21, 2008 5:44am Feb 21, 2008 5:44am
I see some traders are shorting chf now, but be very careful! At first eye-look it looks nice, but at closer look its not ! Price have established outside resistance and price action is ticking for the upside. Also see that eur/usd fail to break our upper target and have just broken a support aiming downward (good to know since they go opposite way) . I see a long potential here usd/chf. But remember, there is a chance of failure in my analyzes !
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Measure twice, cut once
  • #148
  • Feb 21, 2008 5:46am Feb 21, 2008 5:46am
I know, i know. That was only a very quick scalp, which gave huge 12 pips. lol

Quoting aediaz1
Careful ! I have closed mine shorts (yes I couldn't lay off) , look how price reacted to 1h (now) support. Don't forgot to lock in your profits ! Especial when trading against daily trend.
  • #149
  • Feb 21, 2008 5:57am Feb 21, 2008 5:57am
Quoting Rocroy
I know, i know. That was only a very quick scalp, which gave huge 12 pips. lol
Well done rocroy in not turning that trade into a loser! profits are profits no matter what size !
Measure twice, cut once
  • #150
  • Feb 21, 2008 6:10am Feb 21, 2008 6:10am
Quoting aediaz1
Careful ! I have closed mine shorts (yes I couldn't lay off) , look how price reacted to 1h (now) support. Don't forgot to lock in your profits ! Especial when trading against daily trend.
aediaz1 have a look a my chart there we have just crossed a trend line starting (4H) on the 27/12/07 228.40 . I think maybe ret to 50% 211.00 then if we do cross back over this trend line possibly target 213.60 and re-asses from there. we also have a res line at 213.60
will apreciate you guy's comments
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  • #151
  • Feb 21, 2008 6:37am Feb 21, 2008 6:37am
Quoting boomer1
aediaz1 have a look a my chart there we have just crossed a trend line starting (4H) on the 27/12/07 228.40 . I think maybe ret to 50% 211.00 then if we do cross back over this trend line possibly target 213.60 and re-asses from there. we also have a res line at 213.60
will apreciate you guy's comments
I agree on 211 is a possible target, but I would only trade with a long position IF price hit down to it, in other words I would not short down to this target.
Trend is strong today, going against would be too risky.

When I look at my fibs drawn on 15m, it seems like you hit the same with drawing on 4h chart. In the future, it might be easier to define waves on smaller time-frames (since I only draw my fibs from bull/bear runs) when 4h seems abit hard to define the start of this bullrun

Your support-line doesn't have any second confirmation on 4h so I will suggest drawing them from lower tf's. Price have broken my 4h bearsh trend-channel so I need some time to draw a new proper 1.

15m posted;
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Measure twice, cut once
  • #152
  • Feb 21, 2008 6:39am Feb 21, 2008 6:39am
Here is currently 4h chart. Price have tested it 3 times before we got this break causing a large movement.
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Measure twice, cut once
  • #153
  • Feb 21, 2008 7:02am Feb 21, 2008 7:02am
Quoting aediaz1
Here is currently 4h chart. Price have tested it 3 times before we got this break causing a large movement.
aediaz1 sorry I posted the wrong one the trend line i am refering to is on the 1D tf i think it can play a roll, let me know what you think
thanks
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  • #154
  • Feb 21, 2008 7:07am Feb 21, 2008 7:07am
Quoting aediaz1
Yes Yuana your lines are 100% correct ! Your lower line (support) could be adjusted a few pips higher so it hits second candlestick-formation properly. Small details, yes, but long live perfectionism

Thanks! ok, i'll take note of my support line.

Put your 30m chart up and draw some resistance-lines, you should see that gbp/jpy have a potential short-term reversal around this area. Think I have posted it here already..
pardon me for my dumbness..... i dun really understand the HH in ur chart tt i circled. isn't it supposed to be HL? and the 2nd HH tt i circled i dun
understand how u get it.
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Hope u can explain to me the reason and now it's ur turn to spell my nick wrongly. revenge? wahaha!: (jk)

Yuna
  • #155
  • Feb 21, 2008 8:23am Feb 21, 2008 8:23am
Quoting yuna
pardon me for my dumbness..... i dun really understand the HH in ur chart tt i circled. isn't it supposed to be HL? and the 2nd HH tt i circled i dun
understand how u get it.
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Hope u can explain to me the reason and now it's ur turn to spell my nick wrongly. revenge? wahaha!: (jk)

Yuna
Obs..! didn't notice I spelled your name wrong, no revenge, I promise

First, NY session comes in and ruins my plan, this time on usd/chf. When shall I learn ! Stopped out for a small loss.

You are right about the first HH who should be HL, sorry for the typo.

Rest is ok, but don't take it literally as I try put HH HL when I see a new wave forming.

You don't see it ? Well see again I'm pretty sure you can see it. nr1 is not 100% perfect but nr 2 is perfect. why? 2 green bars followed by 2 red bars.

Take a look at the chart, I hope it describe it in a easier way.
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Measure twice, cut once
  • #156
  • Feb 21, 2008 8:51am Feb 21, 2008 8:51am
Possible reentry on gbp/jpy ? if 211 holds
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Measure twice, cut once
  • #157
  • Feb 21, 2008 9:08am Feb 21, 2008 9:08am
gbpjpy update. Lets see if we can test resistance again if this support holds.
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Measure twice, cut once
  • #158
  • Feb 21, 2008 9:31am Feb 21, 2008 9:31am
The trade you proposed turned out a success! Price is moving down to that 50 fib line (it seems that my fib is larger than yours and 50 line thus lower), and it probably bounces back up from supporting tl. Good job!

Be ready to go long at the tl!

Quoting boomer1
aediaz1 have a look a my chart there we have just crossed a trend line starting (4H) on the 27/12/07 228.40 . I think maybe ret to 50% 211.00 then if we do cross back over this trend line possibly target 213.60 and re-asses from there. we also have a res line at 213.60
will apreciate you guy's comments
Attached Image (click to enlarge)
Click to Enlarge Name: gj now.gif Size: 23 KB
  • #159
  • Feb 21, 2008 9:46am Feb 21, 2008 9:46am
I'm often using trendlines, which give you an alarm, when price comes close to the line. The distance when the alarm triggers is 2-3 pips (if I remember right, the distance can adjusted?).

In any case, these tls are like indicators, and you just insert them into indicators folder of your mt4. These are useful if you for instance do not want to set SL, you can set an alarming tl instead.

R

Attached File(s)
File Type: mq4 Trendline high.mq4   2 KB | 1,061 downloads


Attached File(s)
File Type: mq4 Trendline low.mq4   2 KB | 1,035 downloads
  • #160
  • Feb 21, 2008 10:08am Feb 21, 2008 10:08am
Quoting Rocroy
I'm often using trendlines, which give you an alarm, when price comes close to the line. The distance when the alarm triggers is 2-3 pips (if I remember right, the distance can adjusted?).

In any case, these tls are like indicators, and you just insert them into indicators folder of your mt4. These are useful if you for instance do not want to set SL, you can set an alarming tl instead.

R

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Good thing there's indicator for this I'm currently setting up Alerts (builtin for current MT4s) for this job.
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