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Drawing correct resistance and support-lines

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  • #721
  • Mar 18, 2008 2:37pm Mar 18, 2008 2:37pm
The reason ? I was scared of the FED, so my stop loss was very tight and the fact that I entered at wrong price did not help either. However so many times I have seen technical analysis precedes fundamental analysis. A missed trade due to fear feels worse than being wrong from start, here I am right but still did not make pips....



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  • #722
  • Mar 18, 2008 3:53pm Mar 18, 2008 3:53pm
Quoting aiyahmarklah
The reason ? I was scared of the FED, so my stop loss was very tight and the fact that I entered at wrong price did not help either. However so many times I have seen technical analysis precedes fundamental analysis. A missed trade due to fear feels worse than being wrong from start, here I am right but still did not make pips....



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Better safe then sorry ! You can never be 100% sure this days.
Measure twice, cut once
  • #723
  • Mar 19, 2008 3:13am Mar 19, 2008 3:13am
Good morning. We got a tight flag on eur/usd. Let's see if this flag could lead us with a breakout trade;
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Measure twice, cut once
  • #724
  • Mar 19, 2008 3:37am Mar 19, 2008 3:37am
Continued downside ? Already done a re-test.
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Measure twice, cut once
  • #725
  • Mar 19, 2008 3:50am Mar 19, 2008 3:50am
That was some really quick pips;

250 so far
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Measure twice, cut once
  • #726
  • Mar 19, 2008 4:23am Mar 19, 2008 4:23am
ive seen triangle breakout in GU..

cheers!

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  • #727
  • Mar 19, 2008 4:31am Mar 19, 2008 4:31am
Quoting johnbaem
ive seen triangle breakout in GU..

cheers!

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I don't see your whole upper line, but remember to have strong lines they need to be tested at least 2 times.

But yes, I favor downside on this, look at the volumes too (increasing, giving breakout more credibility). This could go down fast.
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Measure twice, cut once
  • #728
  • Mar 19, 2008 4:34am Mar 19, 2008 4:34am
Quoting aediaz1
I don't see your whole upper line, but remember to have strong lines they need to be tested at least 2 times.

But yes, I favor downside on this, look at the volumes too (increasing, giving breakout more credibility). This could go down fast.
ops sorry for the choppy upper line...

and yeah as of now, its almost going down for 60pips and counting.. easy pips!
  • #729
  • Mar 19, 2008 5:03am Mar 19, 2008 5:03am
Waiting for next leg to develop (pennant on 15m);
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Measure twice, cut once
  • #730
  • Mar 19, 2008 5:20am Mar 19, 2008 5:20am
Was expecting a breakout to the downside, but hey.
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Measure twice, cut once
  • #731
  • Mar 19, 2008 5:33am Mar 19, 2008 5:33am
Confluence between lines;
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Measure twice, cut once
  • #732
  • Mar 19, 2008 6:18am Mar 19, 2008 6:18am
Quoting aediaz1
I don't see your whole upper line, but remember to have strong lines they need to be tested at least 2 times.

But yes, I favor downside on this, look at the volumes too (increasing, giving breakout more credibility). This could go down fast.
Ya Aediaz... It was a great trade today from my side...Winning one also...Well trend was in my favour in 4-Hour chart and I found my entry in a 30-Minutes chart...A great bearish movement was there...
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  • #733
  • Mar 19, 2008 6:24am Mar 19, 2008 6:24am
Quoting Umairs2004
Ya Aediaz... It was a great trade today from my side...Winning one also...Well trend was in my favour in 4-Hour chart and I found my entry in a 30-Minutes chart...A great bearish movement was there...
Glad we shared same pips then, bud Wish every day provided so great setups.

Price is testing .9960 area again on daily. I would like to see it broken for continuation of this selling;


Btw, I have started to save pictures of every breakout I trade. Wise idea you gave us there !
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Measure twice, cut once
  • #734
  • Edited 6:56am Mar 19, 2008 6:29am | Edited 6:56am
My Eye's are on USD/CAD Now.......Let's see if got a chance to enter before ''Whole sale sale's'' for a short term trade for just Some good Pip's!!!
  • #735
  • Mar 19, 2008 6:41am Mar 19, 2008 6:41am
Quoting Umairs2004
My Eye's are on USD/CAD Now.......Let's see if got a chance to enter before ''Whole sale sale's'' for a short term trade!!!
I see a potential upside here;

Flag on 1h and wedge on 4h providing us with possible resistance @ 1.0000 area.
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Measure twice, cut once
  • #736
  • Mar 19, 2008 6:54am Mar 19, 2008 6:54am
Quoting aediaz1
I see a potential upside here;

Flag on 1h and wedge on 4h providing us with possible resistance @ 1.0000 area.
Wooo Aediaz...More than as i expected... Being a daytrader I just target +10 Pips as Important CAD Data is coming after 30/35 Minutes Also I already get the gold in my pocket (GU Winning trade)... I dont wana hang myself here... but this Pair moved up more than +30 Pips...
GoodDay today for me...I was keeping my eye on this pair to go long that's why i said In my last post that my eye's are on this Pair...
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  • #737
  • Edited 8:19am Mar 19, 2008 8:08am | Edited 8:19am
Quoting Umairs2004
Wooo Aediaz...More than as i expected... Being a daytrader I just target +10 Pips as Important CAD Data is coming after 30/35 Minutes Also I already get the gold in my pocket (GU Winning trade)... I dont wana hang myself here... but this Pair moved up more than +30 Pips...
GoodDay today for me...I was keeping my eye on this pair to go long that's why i said In my last post that my eye's are on this Pair...
Thanks for mention it, I would have missed it if you didn't point it out
Measure twice, cut once
  • #738
  • Mar 19, 2008 8:35am Mar 19, 2008 8:35am
Quoting aediaz1
Thanks for mention it, I would have missed it if you didn't point it out
NeverMind Buddy... Well Did you see NZD/JPY...???
It also was a chance to enter for long But was little late more than +60 Pip's was there...
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  • #739
  • Mar 19, 2008 10:14am Mar 19, 2008 10:14am
GU Still bearish coz of that breakdown see the screenshot!!!
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  • #740
  • Mar 19, 2008 12:40pm Mar 19, 2008 12:40pm
Hello everyone! wow, seems like i missed a couple of good setups. was caught up with work lately.. hmm, anyone missed my presence? LOL

Geppy, pinocchio at monthy S2/weekly pp area followed by a breakdown@ 800GMT.

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