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Drawing correct resistance and support-lines

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  • #461
  • Mar 10, 2008 7:32am Mar 10, 2008 7:32am
Quoting MPP
it's being supported by the rumours of an emergency fed fund rate reduction, possibly today, so watch closely.
Thank you for the heads-up. A break from 1h could provide a good fall IMO.
Measure twice, cut once
  • #462
  • Mar 10, 2008 7:33am Mar 10, 2008 7:33am
Quoting aiyahmarklah
yuna

A break of asian session high might be occurring on GJ...


Attachment
yea, let's watch.. price is still struggling at daily pp
  • #463
  • Mar 10, 2008 7:36am Mar 10, 2008 7:36am
Aud/usd ; have turned support into resistance on 1h, look how heavily it got re-tested !
Attached Image (click to enlarge)
Click to Enlarge Name: 1haud.jpg Size: 116 KB
Measure twice, cut once
  • #464
  • Mar 10, 2008 7:39am Mar 10, 2008 7:39am
Looks like you got your candlestick Umairs

Attached Image (click to enlarge)
Click to Enlarge Name: weeklu.jpg Size: 96 KB
Measure twice, cut once
  • #465
  • Mar 10, 2008 7:40am Mar 10, 2008 7:40am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting aediaz1
Thank you for the heads-up. A break from 1h could provide a good fall IMO.
i looking to buy sub 1.5300, as i don't expect much of a movement down wards, still a bull trend.
  • #466
  • Mar 10, 2008 7:48am Mar 10, 2008 7:48am
Rejected

Attached Image (click to enlarge)
Click to Enlarge Name: rejected.JPG Size: 99 KB
  • #467
  • Mar 10, 2008 7:49am Mar 10, 2008 7:49am
Quoting MPP
i looking to buy sub 1.5300, as i don't expect much of a movement down wards, still a bull trend.
That eur/usd is in a very strong up-trend should not been taken lightly. As you say, the trend is up. I would love to see some numbers on how many traders have lost money trying to pick tops on this pair.

But, looks like daily chart wanna tell us something (currently candlestick could look complete different when closed of course);
Attached Image (click to enlarge)
Click to Enlarge Name: dailyerudusd.gif Size: 15 KB
Measure twice, cut once
  • #468
  • Mar 10, 2008 7:53am Mar 10, 2008 7:53am
Quoting MPP
i looking to buy sub 1.5300, as i don't expect much of a movement down wards, still a bull trend.
Me too

I do intraday, thats the level I am seeing, low risk entry I think
Attached Image (click to enlarge)
Click to Enlarge Name: eu yesterday.JPG Size: 93 KB
  • #469
  • Mar 10, 2008 7:55am Mar 10, 2008 7:55am
Quoting aiyahmarklah
Rejected

Attachment

Noticing strong resistance at that level. A break above would be good for the upside.
Attached Image (click to enlarge)
Click to Enlarge Name: 1h.gif Size: 22 KB
Measure twice, cut once
  • #470
  • Mar 10, 2008 7:55am Mar 10, 2008 7:55am
See Screenshot for more Of 30-Minutes chart...Good Strong new's IMpact... I close my Position for +30-Pips' Coz I know this up-coming new's was Important... As Im not a fundamental trader... DayTrader+Technical... MayBe It Take's some Back Retracement But Next Few Hour's are IMportant to Monitor... My Eye's are focused On 4-Hour Chart and it's breakdown...
Attached Image (click to enlarge)
Click to Enlarge Name: eu'''''30.GIF Size: 50 KB
  • #471
  • Mar 10, 2008 8:00am Mar 10, 2008 8:00am
Quoting aediaz1
Looks like you got your candlestick Umairs
Yupp!!!
Here You Got....
But also keep an eye on some strong fundamental till the end of this week...I strongly Believe on candlestick pattren and it's trading... Im also trading through this pattren but Only when I found all the trigger's to place in a right direaction+ Candles...
  • #472
  • Mar 10, 2008 8:23am Mar 10, 2008 8:23am
just wanted to say this is a great thread.
and of course, couldn't help myself... here are 2 charts for g-j. i left the h4 trendlines on h1 but i made them dotted. as far as i see it, there are more chances for a break upwards, to 209.50, but we need to clear 207 area first.
an h4 close below the dotted line will invalidate this scenario.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: g-j_h4.gif Size: 15 KB
Click to Enlarge Name: g-j_h1.gif Size: 18 KB
Nihil Sine Deo.
  • #473
  • Mar 10, 2008 8:36am Mar 10, 2008 8:36am
Quoting Scrat
just wanted to say this is a great thread.
and of course, couldn't help myself... here are 2 charts for g-j. i left the h4 trendlines on h1 but i made them dotted. as far as i see it, there are more chances for a break upwards, to 209.50, but we need to clear 207 area first.
an h4 close below the dotted line will invalidate this scenario.

I wish I saw that on the GJ...

On behalf of aediaz1, welcome !!! That includes those generous members of FF taking interest in this thread.

Just locked in some pips on EU, hope it will break 7th March low.

mARK
  • #474
  • Mar 10, 2008 8:46am Mar 10, 2008 8:46am
Quoting Scrat
just wanted to say this is a great thread.
and of course, couldn't help myself... here are 2 charts for g-j. i left the h4 trendlines on h1 but i made them dotted. as far as i see it, there are more chances for a break upwards, to 209.50, but we need to clear 207 area first.
an h4 close below the dotted line will invalidate this scenario.
Glad to hear Scrat, and also for sharing your experience and chart with us in here !
Measure twice, cut once
  • #475
  • Mar 10, 2008 8:52am Mar 10, 2008 8:52am
Quoting aiyahmarklah
I wish I saw that on the GJ...

On behalf of aediaz1, welcome !!! That includes those generous members of FF taking interest in this thread.

Just locked in some pips on EU, hope it will break 7th March low.

mARK
Well done. Let's see where this 1h candle closes;
Attached Image
Measure twice, cut once
  • #476
  • Mar 10, 2008 8:54am Mar 10, 2008 8:54am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting aediaz1
That eur/usd is in a very strong up-trend should not been taken lightly. As you say, the trend is up. I would love to see some numbers on how many traders have lost money trying to pick tops on this pair.

But, looks like daily chart wanna tell us something (currently candlestick could look complete different when closed of course);

If it closes lower, thats a sure sign that the bears are in play, 2green cnadles followed by 2 red candles is near perfect for a resistance indicator, we watch and see, if it closes lower i will also look to support in the 1.51ish area - but not so hopeful of this as i believe there are alot of bulls that cashed in last week and are looking at the same areas of support that we are.

Patience will lead the way.
  • #477
  • Mar 10, 2008 9:03am Mar 10, 2008 9:03am
EJ testing down.. seems like it was rejected currently.

Attached Image (click to enlarge)
Click to Enlarge Name: 1.9950.gif Size: 20 KB


Yuna
  • #478
  • Mar 10, 2008 9:06am Mar 10, 2008 9:06am
thank you and aiyahmarklah for the warm welcome. i'm watching this thread for some time, as my system is using trendlines as support/resistance (not just trendlines, but they are a very important component). and... since i am too lazy to maintain my own thread, i use others.
aediaz1, i didn't have time to read through all posts so i'll have to ask: do you also use open/close values to draw trendlines? or you're just doing it using TD points?

Quoting aediaz1
Glad to hear Scrat, and also for sharing your experience and chart with us in here !
Nihil Sine Deo.
  • #479
  • Mar 10, 2008 9:14am Mar 10, 2008 9:14am
Quoting aediaz1
Well done. Let's see where this 1h candle closes;

If this pair starts trading back into the triangle, I will be disgusted with myself as I square off my positions prematurely, mainly its because I was thinking a correction is likely. On an intraday basis I think any movement on either side of the extremes are unlikely to yield any meaningful pips, the pair is close to finishing its average daily range.

mARK
  • #480
  • Mar 10, 2008 9:15am Mar 10, 2008 9:15am
Quoting MPP
If it closes lower, thats a sure sign that the bears are in play, 2green cnadles followed by 2 red candles is near perfect for a resistance indicator, we watch and see, if it closes lower i will also look to support in the 1.51ish area - but not so hopeful of this as i believe there are alot of bulls that cashed in last week and are looking at the same areas of support that we are.

Patience will lead the way.
I think closing of currently daily bar gonna provide us with a little hint on whats next. I'm very cautious shorting this pair, as the big money is always looking for buy setups. But I can't ignore what charts is starting to tell me, from lower TF, up to weekly.

Need to state that the least surprising move, IMO, would be continuation of currently trend.
Measure twice, cut once
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