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Drawing correct resistance and support-lines

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  • #401
  • Edited 11:07am Mar 6, 2008 7:37am | Edited 11:07am
Quoting yuna
EU retests..
Attachment
Yuna

Yeah he was spot on with that resistance.

Not taking any position before 1h chart is safe ;


With this lines we have ascending triangle. So, looking for a break above here.


Edit: Hoped this break would occur before London session closed, so, not taking this setup. I'm avoiding most positions after 16.00GMT. Not saying this have turned out for a bad setup, only more risky due to lower volatility, IMO.
Attached Images
Measure twice, cut once
  • #402
  • Mar 6, 2008 10:58am Mar 6, 2008 10:58am
Attached Image (click to enlarge)
Click to Enlarge Name: chart chf2.jpg Size: 90 KB



Hi guys,

Hope eveybody made some pips today. I only managed one trade early today as I need to attend to some matters.

Above is the chart


mARK
  • #403
  • Mar 6, 2008 11:02am Mar 6, 2008 11:02am
aediaz1,

Do you differentiate on the bullish/bearish type of triangles, wedges etc ? Personally I don't.

Thanks

mARK
  • #404
  • Edited 2:24pm Mar 6, 2008 1:50pm | Edited 2:24pm
Quoting aiyahmarklah
aediaz1,

Do you differentiate on the bullish/bearish type of triangles, wedges etc ? Personally I don't.

Thanks

mARK
Looks like your only trade was quite successful then !

I mostly look at what level/price different patterns could occur. But some patterns favors breakout to the downside/upside according to statistic. Exp; if you get a pennants formation in a bull-market, you will be favoring a break to the upside and in a bear-market, the opposite. Statistic viewed.

Also, if you get diamond pattern after a big bull-move you would favor a break to the downside.

Hope I answered you question understandable.

I would recommend Thomas Bulkowski as mentor on patterns. He is no less than a master on this field with many many years practice with patterns.
Measure twice, cut once
  • #405
  • Mar 6, 2008 7:34pm Mar 6, 2008 7:34pm
Look the great example of fibonacci on weekly charts.More than 200 pips and i wait to break 23.6.
Attached Image (click to enlarge)
Click to Enlarge Name: GU.JPG Size: 179 KB
Sorry about my english...
  • #406
  • Mar 6, 2008 7:47pm Mar 6, 2008 7:47pm
Quoting CIORIMAU--
Look the great example of fibonacci on weekly charts.More than 200 pips and i wait to break 23.6.
Good luck on your trade !

I'll post gbpusd chart tomorrow at london open. Good night.
Measure twice, cut once
  • #407
  • Mar 6, 2008 8:05pm Mar 6, 2008 8:05pm
Quoting aediaz1
Yeah he was spot on with that resistance.

Not taking any position before 1h chart is safe ;


With this lines we have ascending triangle. So, looking for a break above here.


Edit: Hoped this break would occur before London session closed, so, not taking this setup. I'm avoiding most positions after 16.00GMT. Not saying this have turned out for a bad setup, only more risky due to lower volatility, IMO.
Yea and it happened before london close. So u made some quick pips already? i did not take this EU trade as i fell asleep yesterday lol! And i still can fall asleep when i had a position open .

Quoting yuna
I'm lookin for 2.0115 area which is my fib 50. aediaz1, do u think it is logical to shift my sl to BE now?
luckily i saw my tp reach at my fibo 50 2.0115 area when i woke up

Attached Image (click to enlarge)
Click to Enlarge Name: 1.9950.gif Size: 18 KB


Yuna
  • #408
  • Mar 6, 2008 8:17pm Mar 6, 2008 8:17pm
Quoting aiyahmarklah
Attachment


Hi guys,

Hope eveybody made some pips today. I only managed one trade early today as I need to attend to some matters.

Above is the chart


mARK
Hey Mark, a nice trade u had here!

Attached Image (click to enlarge)
Click to Enlarge Name: 1.9950.gif Size: 17 KB
  • #409
  • Mar 7, 2008 4:02am Mar 7, 2008 4:02am
Quoting aediaz1
Looks like your only trade was quite successful then !

I mostly look at what level/price different patterns could occur. But some patterns favors breakout to the downside/upside according to statistic. Exp; if you get a pennants formation in a bull-market, you will be favoring a break to the upside and in a bear-market, the opposite. Statistic viewed.

Also, if you get diamond pattern after a big bull-move you would favor a break to the downside.

Hope I answered you question understandable.

I would recommend Thomas Bulkowski as mentor on patterns. He is no less than a master on this field with many many years practice with patterns.

Thanks, will check it out.

mARK
  • #410
  • Mar 7, 2008 4:05am Mar 7, 2008 4:05am
Quoting yuna
Hey Mark, a nice trade u had here!

Attachment
Ok lah, got stopped out a bit early due to trailing stop, but then again I was away from the screen....

mARK
  • #411
  • Mar 7, 2008 4:23am Mar 7, 2008 4:23am
Quoting aiyahmarklah
Ok lah, got stopped out a bit early due to trailing stop, but then again I was away from the screen....

mARK
Haha at least it was a positive trade. No fish prawn also gd LOL!
  • #412
  • Mar 7, 2008 4:26am Mar 7, 2008 4:26am
Quoting yuna
Yea and it happened before london close. So u made some quick pips already? i did not take this EU trade as i fell asleep yesterday lol! And i still can fall asleep when i had a position open .



luckily i saw my tp reach at my fibo 50 2.0115 area when i woke up

Attachment

Yuna
Not after London close And seems like you had a good run on cable !

Have 1h chart on cable. Still seems like it could climb. Lets see what a break of this ascending triangle can provide us with.
Attached Image (click to enlarge)
Click to Enlarge Name: 1hcable.gif Size: 11 KB
Measure twice, cut once
  • #413
  • Mar 7, 2008 4:52am Mar 7, 2008 4:52am
Quoting aediaz1
Not after London close
PHP Code
And seems like you had a good run on cable !
Have 1h chart on cable. Still seems like it could climb. Lets see what a break of this ascending triangle can provide us with.
Yea! But there's Daily R1 at 2.0175 and the upcoming NFP. if cable breaks the ascending triangle and daily R1, provided if the NFP is negative for US, cable will be soaring. but i believe even if it breaks the triangle, there won't be much reaction because of the nervousness of crowd before NFP. JMHO
  • #414
  • Mar 7, 2008 5:07am Mar 7, 2008 5:07am
Quoting yuna
Yea! But there's Daily R1 at 2.0175 and the upcoming NFP. if cable breaks the ascending triangle and daily R1, provided if the NFP is negative for US, cable will be soaring. but i believe even if it breaks the triangle, there won't be much reaction because of the nervousness of crowd before NFP. JMHO
Yes, we are much safer after those US news is done. I will hold my positions until.
Measure twice, cut once
  • #415
  • Mar 7, 2008 6:23am Mar 7, 2008 6:23am
GJ update; looking for 206 area, according to 1h resistance.
Attached Image (click to enlarge)
Click to Enlarge Name: 1hgj.gif Size: 20 KB
Measure twice, cut once
  • #416
  • Mar 7, 2008 6:48am Mar 7, 2008 6:48am
Quoting aediaz1
GJ update; looking for 206 area, according to 1h resistance.
And also the bounce from 205 support. Looks like u're right, it might reach there soon.

Yuna
  • #417
  • Mar 7, 2008 7:29am Mar 7, 2008 7:29am
Quoting yuna
And also the bounce from 205 support. Looks like u're right, it might reach there soon.

Yuna



And a free short ride too, with B/E @ +1
Attached Image (click to enlarge)
Click to Enlarge Name: 1h.gif Size: 20 KB
Measure twice, cut once
  • #418
  • Mar 7, 2008 8:03am Mar 7, 2008 8:03am
Sticking with your trading-plan and trust your own TL can be very profitable. Every trade have turned out + within seconds ;
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Click to Enlarge Name: 1h.gif Size: 20 KB
Measure twice, cut once
  • #419
  • Mar 7, 2008 8:37am Mar 7, 2008 8:37am
Someone joined along with cable ?
Attached Image (click to enlarge)
Click to Enlarge Name: 1hgu.gif Size: 10 KB
Measure twice, cut once
  • #420
  • Mar 7, 2008 8:46am Mar 7, 2008 8:46am
Quoting aediaz1
Someone joined along with cable ?
No, i avoided. it's strange, UJ is rising.. anyone care to explain??

Attached Image (click to enlarge)
Click to Enlarge Name: 1.9950.gif Size: 12 KB


Yuna
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