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Drawing correct resistance and support-lines

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  • #261
  • Feb 27, 2008 1:52am Feb 27, 2008 1:52am
Quoting MarkGavalda
I had a very good trade on the NZD/USD pair for a "medium-term" period and +80pips easy money
I wrote about this trade last week and now it's closed have a look at the attached chart. Hmmm did I mention that I like the taste of the delicious kiwi? B)
Nice trade ! Easy pips indeed. I have 2 charts that might show some interest.

Both usdcad and gbpjpy runs into a strong support and resistance, take a look. Lets see if we can get a reaction when price hits those lines.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ucdaily.gif Size: 14 KB
Click to Enlarge Name: gjdaily.gif Size: 11 KB
Measure twice, cut once
  • #262
  • Feb 27, 2008 12:22pm Feb 27, 2008 12:22pm
gippy,

Took profit at around 211.15 waiting for further pa,

Here is what I see for today...

happy trading...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpjpy-5m-fib-tl-270208-01.png Size: 12 KB
Click to Enlarge Name: gbpjpy-60m-fib-pf-tl-270208-01.png Size: 23 KB
Click to Enlarge Name: gbpjpy-60m-fib-tl-ew-270208-01.png Size: 24 KB
  • #263
  • Feb 27, 2008 4:29pm Feb 27, 2008 4:29pm
Quoting gfxtrader
gippy,

Took profit at around 211.15 waiting for further pa,

Here is what I see for today...

happy trading...



Looking for a buy @ 210. Not sure if price would go so far down, but if it does... count me in. If someone remember, 210 got tested many times without break so I see this as a good place for a reversal.

Price struggling with 211 as we speak.
Attached Image (click to enlarge)
Click to Enlarge Name: 4hgj.gif Size: 17 KB
Measure twice, cut once
  • #264
  • Feb 27, 2008 6:19pm Feb 27, 2008 6:19pm
Quoting aediaz1


Looking for a buy @ 210. Not sure if price would go so far down, but if it does... count me in. If someone remember, 210 got tested many times without break so I see this as a good place for a reversal.

Price struggling with 211 as we speak.
That triangle has been broken. This means further move to the south.. I'm not sure taking a long @ 210 is a good choice aediaz! Be careful with that...
  • #265
  • Feb 27, 2008 10:45pm Feb 27, 2008 10:45pm
My crazy way to map the markets., Please note: they aren't trade signals, take them for what they worth....just my 2c..,

all comments welcome..here are them for yr viewing pleasure,
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpjpy-15m-fib-pf-tl-280208-01.png Size: 16 KB
Click to Enlarge Name: gbpjpy-60m-fib-pf-tl-280208-02.png Size: 21 KB
Click to Enlarge Name: gbpjpy-60m-fib-mom-tl-280208-03.png Size: 22 KB
Click to Enlarge Name: gbpjpy-60m-fib-ew-tl-280208-04.png Size: 20 KB
Click to Enlarge Name: gbpjpy-daily-fib-ew-tl-280208-05.png Size: 12 KB
  • #266
  • Feb 28, 2008 11:09am Feb 28, 2008 11:09am
Quoting MarkGavalda
That triangle has been broken. This means further move to the south.. I'm not sure taking a long @ 210 is a good choice aediaz! Be careful with that...

Sorry late answer haven't been around until now. Always ppreciate other views ! But I still think this area should give a retrace, according to my charts, but of course I could be all wrong. Had a small limit buy @ 210, which is still in play. Let's see if 4h support hold.
Attached Image (click to enlarge)
Click to Enlarge Name: 4hgj.gif Size: 18 KB
Measure twice, cut once
  • #267
  • Feb 28, 2008 11:12am Feb 28, 2008 11:12am
Quoting gfxtrader
My crazy way to map the markets., Please note: they aren't trade signals, take them for what they worth....just my 2c..,

all comments welcome..here are them for yr viewing pleasure,

Seems like your charts come into play.
Measure twice, cut once
  • #268
  • Feb 28, 2008 11:14am Feb 28, 2008 11:14am
When I started I used indicators, but now I go by price action. My decisions are influenced by trend lines, patterns, fibs. I have enjoyed reading the discussions in this tread.
  • #269
  • Feb 28, 2008 11:22am Feb 28, 2008 11:22am
Take a look at aususd. And the usdcad. This could be interesting !
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ad.gif Size: 17 KB
Click to Enlarge Name: usdcad.gif Size: 13 KB
Measure twice, cut once
  • #270
  • Feb 28, 2008 11:26am Feb 28, 2008 11:26am
Quoting Dcb
When I started I used indicators, but now I go by price action. My decisions are influenced by trend lines, patterns, fibs. I have enjoyed reading the discussions in this tread.

Same with me Dcb, I started with 5-6 indicators . Now, mostly same methods as mentioned. Guess I'm not equipped with the right brain understanding indicators !
Measure twice, cut once
  • #271
  • Feb 28, 2008 3:54pm Feb 28, 2008 3:54pm
aediaz what do you say now? We're 50pips below 210 and it doesn't seem to reverse for me at least. I think there's still more to come (to the downside). I don't know how much yet and where we'll have the retracement but it doesn't look too bullish right now for me
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpjpyh1-02-28-2008--2250.jpg Size: 225 KB
Click to Enlarge Name: gbpjpyd1-02-28-2008--2250.jpg Size: 97 KB
  • #272
  • Feb 28, 2008 4:33pm Feb 28, 2008 4:33pm
Quoting MarkGavalda
aediaz what do you say now? We're 50pips below 210 and it doesn't seem to reverse for me at least. I think there's still more to come (to the downside). I don't know how much yet and where we'll have the retracement but it doesn't look too bullish right now for me
Hi Mark, you where right about the downside today. I managed to close my position with -10 pips, not too bad compared to how wrong I was about the 210 target, price bounced 60 pips at 210.12 not 210 and I expected more to be honest. I have 2 charts, 1h is in a bearish channel right now. 4h is close to support-line. Not too helpful info, so what can we look after? If we get a nice candlestick formation (like hammer followed by 2 green bars) on 1h or 4h confirming 209 as strong support we can start looking into buys again.

As said, 209 is next support-level (I'm just gonna pick every round nr to the downside now lol). Seriously speaking, this area is previous low. If 209 fails, we should see even more selling, by many 100's of pips, IMO.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1hgj.gif Size: 19 KB
Click to Enlarge Name: 4h.gif Size: 17 KB
Measure twice, cut once
  • #273
  • Feb 28, 2008 6:36pm Feb 28, 2008 6:36pm
Strong jpy news affecting all yen-pairs. 140 pips in 2 hours on GJ @ this hour..
Measure twice, cut once
  • #274
  • Mar 3, 2008 4:32am Mar 3, 2008 4:32am
Gbpjpy; still in a strong downtrend.
Attached Image (click to enlarge)
Click to Enlarge Name: 1hgj.jpg Size: 103 KB
Measure twice, cut once
  • #275
  • Mar 3, 2008 5:12am Mar 3, 2008 5:12am
If someone remember usdcad daily chart posted last week, here's the update. Could we see usdcad going higher ? If todays dailybar closes green I'm pretty sure we will.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ucdailyold.gif Size: 14 KB
Click to Enlarge Name: dailyuc.gif Size: 13 KB
Measure twice, cut once
  • #276
  • Mar 3, 2008 6:34am Mar 3, 2008 6:34am
I just read your thread... It's Amazing with preety accurate info.
Well Im also trading through trendline's, Fib's, S/R & Specially candlestick pattren and it's working great for me... Thank's for your effort's...
  • #277
  • Mar 3, 2008 6:46am Mar 3, 2008 6:46am
Hmm , this is a great tread , like to hear some feedback on the following,
I have been drawing triangles, wedges etc using lines charts with closed price, it seems effective also, what do you think ? Its easier to identify patterns on line charts too...

Thanks in advance

mARK
  • #278
  • Mar 3, 2008 8:33am Mar 3, 2008 8:33am
Quoting Umairs2004
I just read your thread... It's Amazing with preety accurate info.
Well Im also trading through trendline's, Fib's, S/R & Specially candlestick pattren and it's working great for me... Thank's for your effort's...
Pleased to hear, and would be glad if you shared some of your experience with us in here
Measure twice, cut once
  • #279
  • Mar 3, 2008 8:38am Mar 3, 2008 8:38am
Quoting aiyahmarklah
Hmm , this is a great tread , like to hear some feedback on the following,
I have been drawing triangles, wedges etc using lines charts with closed price, it seems effective also, what do you think ? Its easier to identify patterns on line charts too...

Thanks in advance

mARK
People have different drawing-ways, for me, I like to include shadows too, mostly because it includes more of the swings in the market. If you are unsure, try and see if lines drawn from shadows/no shadow can fit with round numbers too. Practice pays off
Measure twice, cut once
  • #280
  • Edited 9:08am Mar 3, 2008 9:06am | Edited 9:08am
Gbpjpy; Charts tells me to be careful shorting this pair right now. Could be a breakout @ 1h. Take a look at 1h and daily chart.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1hgj.gif Size: 19 KB
Click to Enlarge Name: dailygj.gif Size: 13 KB
Measure twice, cut once
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