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Drawing correct resistance and support-lines

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  • #481
  • Mar 10, 2008 9:21am Mar 10, 2008 9:21am
the market has spoken....I exited too early....the asia open is the proper exit area.

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  • #482
  • Mar 10, 2008 9:21am Mar 10, 2008 9:21am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting aediaz1
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.
Braver than me, i won't short on EU unless i see a clear break of 1.5200, so much support in there, i prefer to trade with the trend. best of pips to you thoough, what's your target?
  • #483
  • Mar 10, 2008 9:27am Mar 10, 2008 9:27am
An update on GJ intraday,

After being rejected by the asian session high....

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  • #484
  • Mar 10, 2008 9:34am Mar 10, 2008 9:34am
Quoting Scrat
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?
I like to include shadows mostly because it includes more of the market swings and gives my patterns more space. But, tbh, I think it's a matter of preferred style, as I have seen people draw from open/close too, without any known failure. The variations on lower TF is rather small

If I'm unsure, I try to look at it with a obvious state of mind, and just think where would other traders draw it from (any round numbers etc).
Measure twice, cut once
  • #485
  • Mar 10, 2008 9:45am Mar 10, 2008 9:45am
Quoting yuna
EJ testing down.. seems like it was rejected currently.

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Yuna
I have the same support-line as you. Looks like we're heading for a big move soon.


Scrat; here you see an example of excluding a good drawing-spot, as it wouldn't make sense including that shadowfor resistance.
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Measure twice, cut once
  • #486
  • Mar 10, 2008 9:54am Mar 10, 2008 9:54am
wooow +121 Pip's Moves down Yet in AUD/USD...
Hope so remains bearish tyhroughout the week
  • #487
  • Mar 10, 2008 9:59am Mar 10, 2008 9:59am
Quoting MPP
Braver than me, i won't short on EU unless i see a clear break of 1.5200, so much support in there, i prefer to trade with the trend. best of pips to you thoough, what's your target?

Updated 1h TL's. Targets are only based on previous high/low and .5200 as a round nr;

Best of pips to you too.
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Measure twice, cut once
  • #488
  • Mar 10, 2008 10:01am Mar 10, 2008 10:01am
Quoting Umairs2004
wooow +121 Pip's Moves down Yet in AUD/USD...
Hope so remains bearish tyhroughout the week

Nice move indeed. Price having a little pause on a old TL;
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Measure twice, cut once
  • #489
  • Mar 10, 2008 10:16am Mar 10, 2008 10:16am
Quoting aiyahmarklah
the market has spoken....I exited too early....the asia open is the proper exit area.

Attachment
To help your mood I can say you exited with profit Making profit = priority number 1
Measure twice, cut once
  • #490
  • Mar 10, 2008 10:28am Mar 10, 2008 10:28am
Thanks aediaz1,

noticed most people trade slightly longer timeframe than me, whats your holding period like ?

Regards

mARK
  • #491
  • Mar 10, 2008 10:37am Mar 10, 2008 10:37am
Quoting aiyahmarklah
the market has spoken....I exited too early....the asia open is the proper exit area.

Attachment
Guess i say it again.No fish prawn also gd!
aediaz1, EJ testing again..

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Yuna
  • #492
  • Mar 10, 2008 10:38am Mar 10, 2008 10:38am
Quoting aiyahmarklah
Thanks aediaz1,

noticed most people trade slightly longer timeframe than me, whats your holding period like ?

Regards

mARK
Well If You Preffered Shorter TF... Than I Think 30-Minute TF is batter than 15-Minutes...
Just try It....
  • #493
  • Mar 10, 2008 10:50am Mar 10, 2008 10:50am
If anyOne preffered shorter TF then I,ll Recommened 30-Minutes as best...See Good USD/CHF Downbreak for +35-Pips...
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  • #494
  • Mar 10, 2008 10:50am Mar 10, 2008 10:50am
Broken , approaching daily S3..

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Yuna
  • #495
  • Mar 10, 2008 10:51am Mar 10, 2008 10:51am
Quoting aiyahmarklah
Thanks aediaz1,

noticed most people trade slightly longer timeframe than me, whats your holding period like ?

Regards

mARK
It really depend on what TF I spot the setup. If I spot a breakout on 1h, I'm most likely to hold if for a few hours.

Like now, where I spotted a breakout on daily UJ, I would most likely hold it for several days;
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Measure twice, cut once
  • #496
  • Mar 10, 2008 10:55am Mar 10, 2008 10:55am
Quoting Umairs2004
If anyOne preffered shorter TF then I,ll Recommened 30-Minutes as best...See Good USD/CHF Downbreak for +35-Pips...
Nice one! it's pausing at monthly support now..

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Yuna
  • #497
  • Mar 10, 2008 10:58am Mar 10, 2008 10:58am
Quoting yuna
Broken , approaching daily S3..

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Yuna
Not broken yet dear Yuna. Rather a break-out from currently pattern, but its not a broken line yet since price still can close above support. If support is done into resistance I would call it broken Only 5min left on currently bar tho.
Measure twice, cut once
  • #498
  • Mar 10, 2008 11:15am Mar 10, 2008 11:15am
Quoting aediaz1
Not broken yet dear Yuna. Rather a break-out from currently pattern, but its not a broken line yet since price still can close above support. If support is done into resistance I would call it broken Only 5min left on currently bar tho.
Sry my mistake! should have said downbreak .for this situation i did not wait for retest, i entered even before the break of triangle when the resistance bounce, and have a gut feeling tt it will break downwards of triangle. quite aggressive though..

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Yuna
  • #499
  • Mar 10, 2008 11:20am Mar 10, 2008 11:20am
Quoting Umairs2004
Well If You Preffered Shorter TF... Than I Think 30-Minute TF is batter than 15-Minutes...
Just try It....

Thanks Umairs2004, will check it out.

Regards ,

mARK
  • #500
  • Mar 10, 2008 11:22am Mar 10, 2008 11:22am
Quoting yuna
Guess i say it again.No fish prawn also gd!
aediaz1, EJ testing again..

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Yuna
Monday dont want to eat prawn nia leh...
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