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Drawing correct resistance and support-lines

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  • #561
  • Edited 9:53am Mar 11, 2008 9:28am | Edited 9:53am
Quoting yuna
Thanks Umairs, i just wanna check whether i see what u see. Anyway for ur trading style, besides candlestick patterns, u seem to enter upon breakout without waiting for a pullback. Is tt true? correct me if i'm wrong

Yuna
There are lot of conditions and circumstances yuna... Not only pulls back... See all my posted screenshots.... You will find something intresting about my entry...yA its ture i enter in a next candle after the breakage but i also see the shape of candle which breaks the trendline... I mean if it's breaks the upper line of trendline than the candle which breaks the upper line of trendlines must be bullish ... I mean it must not be bearish & vice-versa( Important factor)...
-- Also breakage accured almost in it's middle body... cadles wicks have no impact...(2nd Important factor)....
--- Im using some commen indicator's to enter in a trade like...Ssto, Ma's, Rsi and other's... I like to enter when every thing is my favour and in right place...(3rd imp. Factor)
---Also Before entering in a trade I Observed the candle's shape which breaks the trendline ...It must be in my favour...This is the most important factor as there are lot of candles with different shapes which may breaks the Trendlines but all of them are not affective and valid... Just some of them... anD If you wana know which of them are affective and valid then save all the screenshots of my this threads post's... and monitor and observed these candles which breaks the trendlines and see the after affects... I know it may take some time but believe me no body teache's me ...Im my own teacher lol and I also save all the screenshots of my winning/losing trades and observed them in my free time... From this observation i came to know which candle is important/valid and which is not while breaking the trendlines...I hope you may learn alot but with patience...
GoodLuck
  • #562
  • Mar 11, 2008 9:46am Mar 11, 2008 9:46am
Quoting aiyahmarklah
Regarding candlesticks, I purchased a book on that, briefly went through it and its been on the shelf since, looks like I need to look into more. Has candlestick patterns been statistically proven ?

Attachment

Regards
Ofcourse It Proven alot... well I,ll also post the screenshot's of my trades through this candlestick pattren... You'll Im 100% sure accept it's importance... I know lot of trader's trading through them successfully even without any indicator's... I have observed and studied alot about this pattren in my forex carrier...Preety Usefull...
  • #563
  • Mar 11, 2008 10:20am Mar 11, 2008 10:20am
Quoting Umairs2004
There are lot of conditions and circumstances yuna... Not only pulls back... See all my posted screenshots.... You will find something intresting about my entry...yA its ture i enter in a next candle after the breakage but i also see the shape of candle which breaks the trendline... I mean if it's breaks the upper line of trendline than the candle which breaks the upper line of trendlines must be bullish ... I mean it must not be bearish & vice-versa( Important factor)...
-- Also breakage accured almost in it's middle body... cadles wicks have no impact...(2nd Important factor)....
--- Im using some commen indicator's to enter in a trade like...Ssto, Ma's, Rsi and other's... I like to enter when every thing is my favour and in right place...(3rd imp. Factor)
---Also Before entering in a trade I Observed the candle's shape which breaks the trendline ...It must be in my favour...This is the most important factor as there are lot of candles with different shapes which may breaks the Trendlines but all of them are not affective and valid... Just some of them... anD If you wana know which of them are affective and valid then save all the screenshots of my this threads post's... and monitor and observed these candles which breaks the trendlines and see the after affects... I know it may take some time but believe me no body teache's me ...Im my own teacher lol and I also save all the screenshots of my winning/losing trades and observed them in my free time... From this observation i came to know which candle is important/valid and which is not while breaking the trendlines...I hope you may learn alot but with patience...
GoodLuck
Wow, thanks for the detailed info u provide.. i had a quick run through of all your screenshots, i observed most of the candle tt made the breakout were marubozu occuring at middle body, though not full marubozu but close enough. unfortunately tt's the only thing i observed, i'm sure there's more to it. like u say.. this comes with experience. And i agree with u tt we are our best master

Yuna
  • #564
  • Mar 11, 2008 12:12pm Mar 11, 2008 12:12pm
Currently Active Users Viewing This Thread: 5 (3 members and 2 guests) johnbaem, stace, Umairs2004

hi both of you...
  • #565
  • Mar 11, 2008 12:18pm Mar 11, 2008 12:18pm
Quoting johnbaem
Currently Active Users Viewing This Thread: 5 (3 members and 2 guests) johnbaem, stace, Umairs2004

hi both of you...
Hi2 Im Fine...
Nice to see your analysis also...
  • #566
  • Mar 11, 2008 12:18pm Mar 11, 2008 12:18pm
Hi
Quoting johnbaem
Currently Active Users Viewing This Thread: 5 (3 members and 2 guests) johnbaem, stace, Umairs2004

hi both of you...
  • #567
  • Mar 11, 2008 3:49pm Mar 11, 2008 3:49pm
can anyone draw me some S&R lines for EUR/USD?? thanks
  • #568
  • Mar 11, 2008 11:03pm Mar 11, 2008 11:03pm
i cant upload attachment.. is it server?
  • #569
  • Mar 12, 2008 1:36am Mar 12, 2008 1:36am
Quoting johnbaem
i cant upload attachment.. is it server?
Use image hack to upload your chart..
  • #570
  • Mar 12, 2008 2:47am Mar 12, 2008 2:47am
Sometimes it's really helpful to plot a linear regression and then make an envelope based on it. That's your support/resistance.
Forex, {Link Removed}
  • #571
  • Mar 12, 2008 3:32am Mar 12, 2008 3:32am
Reversal Candle In 30-Minutes chart ...Though Trend was in my favour in 4-Hour chart... But dont wana take any Risk as Im a day trader and my SL is Just -30 Pip's...Now I just found the entry chance and exit in a same candle coz It formed Doji shape and reversed for -25Pip's...So I enter and exit in a same candle for just +11 Pips'...
Maybe drop's more coz trend is in it's favour but didnt break the four hour's chart strong barrier yet if it did than more Pips are expected...... But One must have to Happy with wht's he get ...Atleast something +ve ...Not -ve...
Attached Image (click to enlarge)
Click to Enlarge Name: usd----cad.GIF Size: 48 KB
  • #572
  • Mar 12, 2008 3:44am Mar 12, 2008 3:44am
This is the good example of breakdown while is was sleeping...+73 Pip's down Move...See the screenshot....
Attached Image (click to enlarge)
Click to Enlarge Name: g-j-30.GIF Size: 48 KB
  • #573
  • Mar 12, 2008 4:16am Mar 12, 2008 4:16am
AUD/USD BROKE THE LOWER Line of TL ....+14 Pip's dropdown yet...
  • #574
  • Edited 5:32am Mar 12, 2008 5:20am | Edited 5:32am
Quoting ebooks
Sometimes it's really helpful to plot a linear regression and then make an envelope based on it. That's your support/resistance.
Linear regression is just a statistical approach to trendline drawing, it provides a so called proper data analysis towards time series. Its usage like most other analysis methods has been and will still be subject to controversy. Drawing simple trendlines using visual observation is a simpler approach where this itself presents its own challenges as to what data to consider when drawing, such as closed prices or high/low ? Of which Linear regression also suffers the same dilemma. Linear regression has been credited for its use in economic research, however when it comes to trading (not price observation), Linear regression or simple trendlines will present the same challenges for a trader when it comes to the validity of accuracy. My vote is for simple trendline drawing, for here a trader identifies supply and demand areas which is more crucial to a trader's analytical approach, statistical data are secondary, especially in short term trading. Statistical data analysis tend to be accurate over very long term period of 10 years and beyond. Many people use Linear regression successfully, however I suspect their profitable approach towards this method is no different to trendline drawing.

Why take all the fun out of trading ?

I may be wrong, its just my opinion.
  • #575
  • Mar 12, 2008 5:29am Mar 12, 2008 5:29am
EUR/USD update...

Broke resistance , evidently it is also the asia session high, 50+ pips in less than 1 hour and still running...

Attached Image (click to enlarge)
Click to Enlarge Name: res.JPG Size: 95 KB
  • #576
  • Mar 12, 2008 5:34am Mar 12, 2008 5:34am
Hello all, good to see you holding the thread going ! Many nice posts and charts.

I hope someone made some good pips on GJ.

My fibs is the only r/s I have in play right now. And price reversed by 100 pips when hitting 38.2% Targeting 208.47, 50%.
Attached Image (click to enlarge)
Click to Enlarge Name: 4h.gif Size: 15 KB
Measure twice, cut once
  • #577
  • Mar 12, 2008 5:35am Mar 12, 2008 5:35am
Have this broken lines on eurusd;
Attached Image (click to enlarge)
Click to Enlarge Name: 1h.jpg Size: 123 KB
Measure twice, cut once
  • #578
  • Mar 12, 2008 5:43am Mar 12, 2008 5:43am
You are back aediaz1, now I can use your analysis against mine again LOL

Hmm, I think we are looking at the same breakout on EU.

Dollar is taking centre stage for the moment
  • #579
  • Mar 12, 2008 6:19am Mar 12, 2008 6:19am
As I said In my last Post seem's breaKdown in 30-Minutes and it did drop's down for +16-Pip's but again retraces back coz of reversal candle in a 30-Minutes chart... see the screenshot of AUD/USD...
And about USD/CAD i also said i was waiting for an important breakdown in 4-Hour chart... I also found a breakdown in a 30-Minutes chart but close my position for just some pip's coz i also found a revesal candle in it... but i said im waiting for some important breakdown if it happened then this pair will drop down more and see it's four hour chart ... breakdown accured and drop's for almost +80-Pip's a good solid breakdown...
Being a day trader I always like to enter in a good short term's trades... Through 30-Minutes chart if the trend is in my favour...see the screeshot's...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 30---au.GIF Size: 47 KB
Click to Enlarge Name: usd---=cad.GIF Size: 50 KB
  • #580
  • Mar 12, 2008 6:23am Mar 12, 2008 6:23am
WeLL come back Aediaz
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