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Drawing correct resistance and support-lines

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  • #501
  • Mar 10, 2008 11:36am Mar 10, 2008 11:36am
Hi all,

Here a char of H1 and H4 eur..right now the price on the critical price i think.I brake and following a close below the support will trigger the down move, as on the 4H the price already break the support and now waiting to close below the support.2 cents
Attached Images
  • #502
  • Mar 10, 2008 11:59am Mar 10, 2008 11:59am
Damm Missed this One...
Attached Image (click to enlarge)
Click to Enlarge Name: gggggj.GIF Size: 51 KB
  • #503
  • Mar 10, 2008 12:50pm Mar 10, 2008 12:50pm
As Tom Demark indicator shows on 1H timeframe there were brake of down line. But what you will say about 4H chart? Take a look there is candle testing down trend line. What you boys will say about it?
Sorry i write like that questios. But i made very big mistake in my life. Whole year when I begun trading this market I was always lurking every forum finding some systems and testeng testing testing, but in the end I loosed loosed I never stick to simple trading approaches like this simple trend lines or Fibo levels I still can't understand how to draw them
So whole year i lost of my life and did not got a penny only was loosing testing then dropped one strategy run to another and so on, finally i found my road broken.
Now i dont know what I will do leave this market and live not well or fight and learn professional simple yet powerfull instruments



Quoting Umairs2004
Damm Missed this One...
Attached Image (click to enlarge)
Click to Enlarge Name: GJ4H.GIF Size: 21 KB
  • #504
  • Mar 10, 2008 12:59pm Mar 10, 2008 12:59pm
Update GJ

A little action on this pair , was helped by breaking the asia low as well...overall a boring day for me

Attached Image (click to enlarge)
Click to Enlarge Name: gj of a boring day.JPG Size: 104 KB
  • #505
  • Mar 10, 2008 1:06pm Mar 10, 2008 1:06pm
Quoting stace
As Tom Demark indicator shows on 1H timeframe there were brake of down line. But what you will say about 4H chart? Take a look there is candle testing down trend line. What you boys will say about it?
Sorry i write like that questios. But i made very big mistake in my life. Whole year when I begun trading this market I was always lurking every forum finding some systems and testeng testing testing, but in the end I loosed loosed I never stick to simple trading approaches like this simple trend lines or Fibo levels I still can't understand how to draw them
So whole year i lost of my life and did not got a penny only was loosing testing then dropped one strategy run to another and so on, finally i found my road broken.
Now i dont know what I will do leave this market and live not well or fight and learn professional simple yet powerfull instruments

Hi, I am sure you can pick up many pointers here in this thread.

For a start, a chart is a map, keep it clean...your chart is one map that I will get lost with. Simple trendlines will work just fine IMO. Practice is the single most crucial factor to successful trading. Reliable trendlines are a result of constant trial and error style practicing so are other systems.

Since you mentioned Tom Demark indicator, try Tom Demark trendlines ? Very systematic way to draw as well as well defined guidelines to validate signals.

I am sure you will be able to find you own "holy grail"

Regards

mARK
  • #506
  • Mar 10, 2008 1:11pm Mar 10, 2008 1:11pm
Thanks man.
Gonna try to work with it seriously. The thing is I use indicator I am not sure how to determine and draw lines by hands

Quoting aiyahmarklah
Hi, I am sure you can pick up many pointers here in this thread.

For a start, a chart is a map, keep it clean...your chart is one map that I will get lost with. Simple trendlines will work just fine IMO. Practice is the single most crucial factor to successful trading. Reliable trendlines are a result of constant trial and error style practicing so are other systems.

I am sure you will be able to find you own "holy grail"

Regards

mARK
  • #507
  • Mar 10, 2008 1:23pm Mar 10, 2008 1:23pm
Hi, the very first post in this thread offers the method to draw a proper line. Check it out.

My personal exprerience with using lower indicators like Stochs almost always ensures that I enter late or exit early. They have their uses though..
  • #508
  • Mar 10, 2008 1:27pm Mar 10, 2008 1:27pm
Still sliding

Attached Image (click to enlarge)
Click to Enlarge Name: chiong ah.JPG Size: 103 KB



Hmm...wheres everybody ?
  • #509
  • Mar 10, 2008 1:28pm Mar 10, 2008 1:28pm
I usually use RSI and BBANDS default settings. I wait breakout of Bbands and crossing 50 by RSI.
Right now I am 50+ pips on GBPJPY short that I posted below. I entered from 1H charts seems late but still achieved. And put +1 BE now.
P.S
For bollinger bands usually middle line act as great support or resistance especially on high timeframes. The same was today on GJ on 1H chart it was striking on middle line and could not hit it. And ALSO there was up trendline.
Quoting aiyahmarklah
Hi, the very first post in this thread offers the method to draw a proper line. Check it out.

My personal exprerience with using lower indicators like Stochs almost always ensures that I enter late or exit early. They have their uses though..
  • #510
  • Mar 10, 2008 1:36pm Mar 10, 2008 1:36pm
Run through this thread slowly stace, take a look at what Drawing correct resistance and support-lines can offer. This thread is a gem.

Mainly take a look at the numerous chart examples

mARK
  • #511
  • Mar 10, 2008 1:44pm Mar 10, 2008 1:44pm
that what i am going to do.
I wish that my post will read many new people who came this market and not make such stupid and big fault i did
Quoting aiyahmarklah
Run through this thread slowly stace, take a look at what Drawing correct resistance and support-lines can offer. This thread is a gem.

Mainly take a look at the numerous chart examples

mARK
  • #512
  • Mar 10, 2008 2:22pm Mar 10, 2008 2:22pm
Quoting stace
As Tom Demark indicator shows on 1H timeframe there were brake of down line. But what you will say about 4H chart? Take a look there is candle testing down trend line. What you boys will say about it?
Ya Just saw Your post...
1st Thing is that I dont Use De-Mark Indicator... I draw trendlines by my hand's... See GJ..4-Hour chart clean breakdown for +57-Pip's down move...Well I also try to enter in a trades if i found any entry chance in 30-Minutes chart ...
Then I keep an eye on trend through 4-Hour and Daily charts and chose my profit tragets according to them...
If I found chance to enter in a 30-Minutes chart then I see 1st in 4-Hour & daily chart before my entry that trend is in my favour or not ...If it is than ...
+30-Pips'.. if not than +10-Pip's...
Being a day trader im trading through some rules and im strick to my rules,,...See Screenshot ...
Attached Image (click to enlarge)
Click to Enlarge Name: 4h-gj.GIF Size: 49 KB
  • #513
  • Mar 10, 2008 2:24pm Mar 10, 2008 2:24pm
I am intrested in this situation right now about GJ.
For example how you will find entry on 30m chart?
And the main thing I am intrested how you determine profit taking points on 4H or Daily TF?
Indicator drew trendlines exactly as you did. I have the same picture.
Quoting Umairs2004
Ya Just saw Your post...
1st Thing is that I dont Use De-Mark Indicator... I draw trendlines by my hand's... See GJ..4-Hour chart clean breakdown for +57-Pip's down move...Well I also try to enter in a trades if i found any entry chance in 30-Minutes chart ...
Then I keep an eye on trend through 4-Hour and Daily charts and chose my profit tragets according to them...
If I found chance to enter in a 30-Minutes chart then I see 1st in 4-Hour & daily chart before my entry that trend is in my favour or not ...If it is than ...
+30-Pips'.. if not than +10-Pip's...
Being a day trader im trading through some rules and im strick to my rules,,...See Screenshot ...
  • #514
  • Mar 10, 2008 2:32pm Mar 10, 2008 2:32pm
demark indicator look like this to me.... on 4 hour it works pretty good usually...but nothing in forex is guranteed of course


for your consideration.... would love critique of this trendline


thanks guys
Attached Image (click to enlarge)
Click to Enlarge Name: gj h4.gif Size: 15 KB
  • #515
  • Mar 10, 2008 2:44pm Mar 10, 2008 2:44pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Umairs2004
Damm Missed this One...
Hi
just thought i would help you post charts without all that other stuff.

right click your mouse over the chart and select 'save as picture', i normally use 1000x800 active, save to a place of your choice ie desktop, then upload it to FF in the normal way (you can also open the image in paint to write all over it, fi you feel the need)

hope this helps, if nothing else you need to delete your account number from the top righthand corner when posting - especially on a live account.

best of pips

MPP
  • #516
  • Mar 10, 2008 2:50pm Mar 10, 2008 2:50pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting dagoods
demark indicator look like this to me.... on 4 hour it works pretty good usually...but nothing in forex is guranteed of course


for your consideration.... would love critique of this trendline


thanks guys
personnally i was always told that a TL must touch in 3 places, such as this.

Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 29 KB


however, it's also about what might happen, so your TL may have found support and a 3rd candle creates the touch. i try to find the 3 candles first as this tends to lend itself to better support or resistance.

now if we also look at the 2 lowest candles and draw a line using these 2 we will find that price is only a few pips from it and this may act as support.
  • #517
  • Edited 3:08pm Mar 10, 2008 2:50pm | Edited 3:08pm
Quoting stace
I am intrested in this situation right now about GJ.
For example how you will find entry on 30m chart?
And the main thing I am intrested how you determine profit taking points on 4H or Daily TF?
Indicator drew trendlines exactly as you did. I have the same picture.
Experience My Friend....
& Other thing is hard practice On demo...
I Know Y Most of pplz blow out there account coz they are excited to make money and test all the new stratigies with very less or almost no practice on demo and just keep losing and forex market just keep winning...Dammm...
But thing is that it's not the right way... I Believe on
PP ================ Practice & Perfect...
You may find lot of chances in day but That dosen't mean to enter in all...
Im trading through some rules and im very strick to my rules... If Im sure about my success than i dont target more than +30-Pip's even Mkt may gives me more... Coz it's not an easy game...
Now see the both screenshot's...of GU 3O-Minutes and 4-Hours...
See I FOUND a perfect entry chance in 30-Minutes down break for short trade and also see than 4-Hour chart the trend was in my favour to go short...
Well as i said I may find lot of chances in a day... But I consider this a stupidity to close my eye and fallow every signal... My today's target was successfully achieved thts why i was bit relaxed and observing the market...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1-gu-30.GIF Size: 48 KB
Click to Enlarge Name: 4-GU.GIF Size: 50 KB
  • #518
  • Mar 10, 2008 3:06pm Mar 10, 2008 3:06pm
Quoting MPP
Hi
just thought i would help you post charts without all that other stuff.

right click your mouse over the chart and select 'save as picture', i normally use 1000x800 active, save to a place of your choice ie desktop, then upload it to FF in the normal way (you can also open the image in paint to write all over it, fi you feel the need)

hope this helps, if nothing else you need to delete your account number from the top righthand corner when posting - especially on a live account.

best of pips

MPP

I Like to keep the record's of the screenshots of all my trades winning/losing In My Trading folder. As i observed lot of intresting things in my free time through them..so I like to save them through Paint option as i have to indicate and write lot of things in my chart's screenshot's throuh paint options... As Mt4 is not providing some pointor's and options which i want and also like paint ...that's why when i save them through paint then I post the same here also...
But thank's for your favour...
  • #519
  • Mar 10, 2008 3:07pm Mar 10, 2008 3:07pm
Quoting MPP
personnally i was always told that a TL must touch in 3 places, such as this.

Attachment

however, it's also about what might happen, so your TL may have found support and a 3rd candle creates the touch. i try to find the 3 candles first as this tends to lend itself to better support or resistance.

now if we also look at the 2 lowest candles and draw a line using these 2 we will find that price is only a few pips from it and this may act as support.

ty for the response ! much apprecited! this makes sense.... it is not how demark looks at it though...but i like it!
  • #520
  • Mar 10, 2008 3:22pm Mar 10, 2008 3:22pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting dagoods
ty for the response ! much apprecited! this makes sense.... it is not how demark looks at it though...but i like it!
if we all did it the same way, we would all be stinking rich or broke, thats the great thing about Forex - each to his own.

and the great thing about FF is we all get to see the others views and learn new things.
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