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Drawing correct resistance and support-lines

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  • #681
  • Mar 15, 2008 11:06am Mar 15, 2008 11:06am
Quoting ydaudw
Hi, am learning this PA, please advice if there is any mistake.
Below is USDCAD Daily, i should draw fib from Arraw 1 or 2? Or maybe both?
Thanks in advance.
You meant eur/cad I hope.

Haven't followed this pair, but seems like a very trending pair. Reason why I draw my fib from this point is because we don't know for sure if currently price is top.

See how resistance correlate with fib extension;
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Measure twice, cut once
  • #682
  • Mar 15, 2008 11:13am Mar 15, 2008 11:13am
Quoting aediaz1
You meant eur/cad I hope.

Haven't followed this pair, but seems like a very trending pair. Reason why I draw my fib from this point is because we don't know for sure if currently price is top.

See how resistance correlate with fib extension;
Yupe, EUR/CAD .. typo error.
Thanks, got your point
  • #683
  • Mar 16, 2008 9:41pm Mar 16, 2008 9:41pm
Boy do we have 1 exiting week ahead of us. Look at this massive moves we have ! Big moves like this is rather a rare happening on sundays. A lot of fear in the market, no doubt. Trade with caution.
Measure twice, cut once
  • #684
  • Mar 16, 2008 11:54pm Mar 16, 2008 11:54pm
Quoting aediaz1
Boy do we have 1 exiting week ahead of us. Look at this massive moves we have ! Big moves like this is rather a rare happening on sundays. A lot of fear in the market, no doubt. Trade with caution.
Ya It was a strange movement & Almost in every pair...See AUD/USD MORE THAN +200 bearish Pip's...
Seem's ''USD Discount Rate'' got strong Impact...
  • #685
  • Mar 17, 2008 4:13am Mar 17, 2008 4:13am
Indeed the FED set the tone for the market early this week.
A quick trade at the retracement was taken by me on the EU. Now at +20 stoploss.

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  • #686
  • Mar 17, 2008 4:45am Mar 17, 2008 4:45am
Stoploss hit at +20 pips. Hmm i think there is more upside potential my stoploss seems a bit too high. Who cares any way I got out profitable. Actually I am not very sure about my position LOL

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  • #687
  • Edited 6:30am Mar 17, 2008 6:08am | Edited 6:30am
My Stuff...
Gu ...Just Lock +30 Pip's as it was a clear downtrend In a 4-Hour chart also ...I Also Said In my Post No# 625.. That Im waiting for some breakdown's if this pair successfully did this than breaish movement may got a good confidential boast and it did...
See 4-Hour & 30 -Minutes chart's with thier breakdown's As the main trend was down tht's why i didnt hesitate to target +30 Pip's...
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  • #688
  • Mar 17, 2008 7:07am Mar 17, 2008 7:07am
Yeah, where would all this mess end up ? A lot of dark clouds in the financial market around the world.

Here is a daily cable and monthly eur/usd;
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: montly eur usd.jpg Size: 104 KB
Measure twice, cut once
  • #689
  • Mar 17, 2008 7:24am Mar 17, 2008 7:24am
Quoting aediaz1
Yeah, where would all this mess end up ? A lot of dark clouds in the financial market around the world.

Here is a daily cable and monthly eur/usd;
Indeed, I would say a new chapter has begun already. Stand by to profit from this chapter as it is being written. for the time being I switched strategy to extremely short plays on a single pair till the picture becomes clearer.
  • #690
  • Mar 17, 2008 7:42am Mar 17, 2008 7:42am
Quoting aiyahmarklah
Indeed, I would say a new chapter has begun already. Stand by to profit from this chapter as it is being written. for the time being I switched strategy to extremely short plays on a single pair till the picture becomes clearer.
Let's see if we all can maintain profitable trading through this choppy times.

Looking to add more to the downside on GJ;
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Measure twice, cut once
  • #691
  • Mar 17, 2008 8:01am Mar 17, 2008 8:01am
Quoting aediaz1
Let's see if we all can maintain profitable trading through this choppy times.

Looking to add more to the downside on GJ;
Important fundamental's are about to come ...So watchout for them... Situation can be change in to either Side!!!
  • #692
  • Mar 17, 2008 8:21am Mar 17, 2008 8:21am
Quoting Umairs2004
Important fundamental's are about to come ...So watchout for them... Situation can be change in to either Side!!!

Most likely discounted already, the rest is really technicals.

Caveat emptor
  • #693
  • Mar 17, 2008 8:38am Mar 17, 2008 8:38am
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  • #694
  • Mar 17, 2008 8:43am Mar 17, 2008 8:43am
I can see a "pivotal" lines of support and resistant at the previous day high.


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  • #695
  • Mar 17, 2008 9:08am Mar 17, 2008 9:08am
.5645 area seems like a strong area to add longs. We have correlation between 2 support-lines. Although it seems like price is holding with fibs for now;
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Measure twice, cut once
  • #696
  • Mar 17, 2008 9:09am Mar 17, 2008 9:09am
Quoting Umairs2004
Important fundamental's are about to come ...So watchout for them... Situation can be change in to either Side!!!
I'll keep my eyes open
Measure twice, cut once
  • #697
  • Mar 17, 2008 9:27am Mar 17, 2008 9:27am
I am out +55 pips in 15 mins

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  • #698
  • Mar 17, 2008 9:33am Mar 17, 2008 9:33am
Quoting aiyahmarklah
I am out +55 pips in 15 mins

Attachment
Did You see the EURO/JPY....?
  • #699
  • Mar 17, 2008 9:36am Mar 17, 2008 9:36am
Quoting Umairs2004
Did You see the EURO/JPY....?

Hmm no, my apologies as I am looking at EU and CHF today....EJ is one of my favourite plays though but today EJ is taking a back seat
  • #700
  • Mar 17, 2008 9:52am Mar 17, 2008 9:52am
Quoting aiyahmarklah
Hmm no, my apologies as I am looking at EU and CHF today....EJ is one of my favourite plays though but today EJ is taking a back seat
More than +60 Pip's On BreakUp...
I was Just observing the market as I did already Lock +30 Pip's today...
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