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Drawing correct resistance and support-lines

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  • #761
  • Mar 19, 2008 4:09pm Mar 19, 2008 4:09pm
Quoting aediaz1
Trading breakouts on larger tf's @ this hour can be risky. I have a 15m chart for eurjpy;
my thinking is trading any breakout at this hour is risky due to unliquid but how come larger time frame riskier than smaller TF??

Yuna
  • #762
  • Mar 19, 2008 4:29pm Mar 19, 2008 4:29pm
Quoting aediaz1
Too bad he "left" us. I'm not good with indicators but he's MTF stochs contribution and explanation was truly gold.

Anyway, as stated, I love trying out new indicators like most traders do I assume lol.

I will test it, but allow me to be septic and rather look for disabilities rather than abilities at start. Who's the developer of this ?
Yes... Spudfyre was a great contributor to the forum... I really hope he is ok and millionaire. I still use the stochs threads theory.

it's ok... I don't remember where I got the indicator... it only indicates if there is a price where the pair has not been recently... in such way.. it acts as a support and resistance level... but all the support and resistance levels are broken at some point... usually I only look for strong holes in the histogram.
  • #763
  • Edited 5:15pm Mar 19, 2008 5:01pm | Edited 5:15pm
Quoting yuna
i understand your point tt an increase in vol upon breakout adds credibility to the breakout and using it as a reference or tool. but is there reliability of vol in fx market? i mean the vol indicator is not the true vol.

Yuna
It only indicates volumes from orders traded at your broker, so use it with caution, as we will most likely never get our hands on true volumes in FX.


my thinking is trading any breakout at this hour is risky due to unliquid but how come larger time frame riskier than smaller TF??



You're right. When you have lower liquidation trading could be more risky on daily compared to 5min. agree ? Notice that to trade breakout you need volatility. At this hour you have very little
Measure twice, cut once
  • #764
  • Mar 19, 2008 5:08pm Mar 19, 2008 5:08pm
Quoting emda
Yes... Spudfyre was a great contributor to the forum... I really hope he is ok and millionaire. I still use the stochs threads theory.

it's ok... I don't remember where I got the indicator... it only indicates if there is a price where the pair has not been recently... in such way.. it acts as a support and resistance level... but all the support and resistance levels are broken at some point... usually I only look for strong holes in the histogram.
My bet is that he's quite successful yes. I did some backtesting using MTF stochs and had some quite good returns on gbp/jpy. This is 1 method I try learning away to friends etc when they first enter forex. Good MM and Spyrs stochs could provide positive returns even for a started, in my experience.

Thank you again for sharing your knowledge about your indicator. All gaining contribution is mostly welcome.
Measure twice, cut once
  • #765
  • Mar 19, 2008 11:45pm Mar 19, 2008 11:45pm
Yuna!
See My Post No# 744 with my screenshot No#2 As You have asked about the correct support line and I have posted my screenshot with GJ- 1-Hour screenshot with correct support line...Now see the story after that...GJ successfully breakdown for almost +100-Pips while I was sleeping... I dont trade on closing session but see the short entry apportunity!!!
Attached Image (click to enlarge)
Click to Enlarge Name: gj=-1-h.GIF Size: 52 KB
  • #766
  • Mar 20, 2008 1:03am Mar 20, 2008 1:03am
Hi Aediaz!!!
See AUD/USD Weekly chart... I said 2- week's ago That Im predicting this pair to drop in a next coming week...But It was almost a mix reaction... First it drop's for +115 Pip's than Remain Bullish coz of some Important Data's In it's favour that's why This pair also successfully break's some Important Resistance level's... But Now throughout this week it remain's Bearish & Same as i expected...Already Drop's for +276 Pip's...Now Im waiting for some of Important breakdown's... If it
successfully did this than Will remain's bearish ...
Attached Image (click to enlarge)
Click to Enlarge Name: aud-usd-weeekly.gif Size: 40 KB
  • #767
  • Edited 1:54am Mar 20, 2008 1:18am | Edited 1:54am
Usd/Chf & Euro/Usd , U/J , G/J & Aud/Usd
Im looking forward for these pair's breakout's!!!
  • #768
  • Mar 20, 2008 1:22am Mar 20, 2008 1:22am
Quoting Umairs2004
Usd/Chf & Euro/Usd , U/J & Aud/Usd
Im looking forward for these pair's breakout's!!!
...
  • #769
  • Mar 20, 2008 3:32am Mar 20, 2008 3:32am
Atlast Manage to enter in a trade Of Usd/Jpy A winning one also ...
See this successfull breakout...well my eye's was on E/U, U/J, A/U, & G/J...
+52 Pip's upside Move... see the screenshot!!!
Attached Image (click to enlarge)
Click to Enlarge Name: usd-0-jpys.gif Size: 37 KB
  • #770
  • Mar 20, 2008 3:37am Mar 20, 2008 3:37am
Woo Usd/chf Also Find's a successfull breakup in it's 4-Hour chart... well but my concentration was on Usd/Jpy...That also was my winning trade but look wht we have here in Usd/Chf... +52 Pip's Up Move yet...
Same as I expected... ...But my entry is based on 30-Minutes breakout following the trend...See the screenshot...
Attached Image (click to enlarge)
Click to Enlarge Name: usd-.,chf-4.gif Size: 36 KB
  • #771
  • Mar 20, 2008 4:56am Mar 20, 2008 4:56am
Hi guys, same here, my take was the USD/CHF below is the chart. A break out of wedge pattern and previous day high (double confirmation) @ 1.0020. As of writing I am in the money of 100 pips and still running. Stoploss set at +100 pips.

Attached Image (click to enlarge)
Click to Enlarge Name: ada.JPG Size: 97 KB



Cheers

mARK
  • #772
  • Edited 5:17am Mar 20, 2008 4:59am | Edited 5:17am
Quoting Umairs2004
Hi Aediaz!!!
See AUD/USD Weekly chart... I said 2- week's ago That Im predicting this pair to drop in a next coming week...But It was almost a mix reaction... First it drop's for +115 Pip's than Remain Bullish coz of some Important Data's In it's favour that's why This pair also successfully break's some Important Resistance level's... But Now throughout this week it remain's Bearish & Same as i expected...Already Drop's for +276 Pip's...Now Im waiting for some of Important breakdown's... If it
successfully did this than Will remain's bearish ...
I remember you said it, and finally it drops Looks like you caught a lot of good moves today thats good !

We have had many successful breakout-trades this week I hope it will continue.

30m cable start to look interesting;
Attached Image (click to enlarge)
Click to Enlarge Name: gj15.gif Size: 11 KB
Measure twice, cut once
  • #773
  • Mar 20, 2008 5:19am Mar 20, 2008 5:19am
Quoting aiyahmarklah
Hi guys, same here, my take was the USD/CHF below is the chart. A break out of wedge pattern and previous day high (double confirmation) @ 1.0020. As of writing I am in the money of 100 pips and still running. Stoploss set at +100 pips.

Attachment


Cheers

mARK
Another good trade !

I posted a flag on 30m cable and noticed that we have it on 1h (logical enough) and 4h. Lets see what cable can produce for us today.
Measure twice, cut once
  • #774
  • Mar 20, 2008 5:23am Mar 20, 2008 5:23am
Dear FF forumers,

I need some feedback regarding an area in trading I wish to improve.

Retracement or Reversal ?

How do you dertermine that after a nice run ?

Many thanks in advance.

mARK
  • #775
  • Mar 20, 2008 5:25am Mar 20, 2008 5:25am
Quoting aediaz1
Another good trade !

I posted a flag on 30m cable and noticed that we have it on 1h (logical enough) and 4h. Lets see what cable can produce for us today.

NOTED thanks aediaz1
  • #776
  • Mar 20, 2008 5:29am Mar 20, 2008 5:29am
Quoting aediaz1
I remember you said it, and finally it drops Looks like you caught a lot of good moves today thats good !

We have had many successful breakout-trades this week I hope it will continue.

30m cable start to look interesting;
Yea Aediaz!!!
Finally AUD/USD Is showing a great breaish movement... well But still my eye's are on weekly chart...If it fail's to break the barrier's then maybe retraces back...Let's see...
But today in my previous post I said that my eye's are on Aud/Usd + Usd/Jpy + Euro/Usd + Gbd/Jpy + Nzd/Usd & Usd/Chf & see the all the screenshot's of successfull breakout's...
1--) AUD/USD ------- + 48 Pip's
2--) EURO/USD-------+ 101 Pip's
3--) GBD/JPY---------+ 93 Pip's
4--) NZD/USD--------+ 32 Pip's
4--) USD/CHF--------+ See My previous Post with screenshot...
5--) USD/JPY--------+See My previous Post with screenshot...
Seem's great day today for breakout's...But i didnt manage to enter in all lol... Just showing their results with success...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1-aud-usd.gif Size: 35 KB
Click to Enlarge Name: 2-euro.usd.gif Size: 36 KB
Click to Enlarge Name: 3-gj.gif Size: 38 KB
Click to Enlarge Name: 4-nu.gif Size: 38 KB
  • #777
  • Mar 20, 2008 5:32am Mar 20, 2008 5:32am
Quoting Umairs2004
Yea Aediaz!!!
Finally AUD/USD Is showing a great breaish movement... well But still my eye's are on weekly chart...If it fail's to break the barrier's then maybe retraces back...Let's see...
But today in my previous post I said that my eye's are on Aud/Usd + Usd/Jpy + Euro/Usd + Gbd/Jpy + Nzd/Usd & Usd/Chf & see the all the screenshot's of successfull breakout's...
1--) AUD/USD ------- + 48 Pip's
2--) EURO/USD-------+ 101 Pip's
3--) GBD/JPY---------+ 93 Pip's
4--) NZD/USD--------+ 32 Pip's
4--) USD/CHF--------+ See My previous Post with screenshot...
5--) USD/JPY--------+See My previous Post with screenshot...
Seem's great day today for breakout's...But i didnt manage to enter in all lol... Just showing their results with success...

Impressive....
  • #778
  • Mar 20, 2008 5:52am Mar 20, 2008 5:52am
Quoting aiyahmarklah
Dear FF forumers,

I need some feedback regarding an area in trading I wish to improve.

Retracement or Reversal ?

How do you dertermine that after a nice run ?

Many thanks in advance.

mARK
Nice initiative Mark. 1 thing it would help is zooming out on larger TF's. In example if you had a good bear-run on 30m and you start to wonder if this was a trend-change simply check daily. Did this move break any previous high/low on daily? Also using fibs drawn from waves is helpful.

I'll try illustrate on daily cable chart;

As you see we are lurking around 61.8% retracement as we speak. We have 3 options if price doesn't continue its uptrend from here:

  1. Price retrace down to 78.6& and continue upward
  2. Price retrace down to 100% and continue upward
  3. Price break through 100%, changing the outlook for cable to bearish (viewed from daily)

Attached Image (click to enlarge)
Click to Enlarge Name: dailycable.jpg Size: 95 KB
Measure twice, cut once
  • #779
  • Mar 20, 2008 5:53am Mar 20, 2008 5:53am
Quoting Umairs2004
Yea Aediaz!!!
Finally AUD/USD Is showing a great breaish movement... well But still my eye's are on weekly chart...If it fail's to break the barrier's then maybe retraces back...Let's see...
But today in my previous post I said that my eye's are on Aud/Usd + Usd/Jpy + Euro/Usd + Gbd/Jpy + Nzd/Usd & Usd/Chf & see the all the screenshot's of successfull breakout's...
1--) AUD/USD ------- + 48 Pip's
2--) EURO/USD-------+ 101 Pip's
3--) GBD/JPY---------+ 93 Pip's
4--) NZD/USD--------+ 32 Pip's
4--) USD/CHF--------+ See My previous Post with screenshot...
5--) USD/JPY--------+See My previous Post with screenshot...
Seem's great day today for breakout's...But i didnt manage to enter in all lol... Just showing their results with success...
Awesome job ! Keep it up !
Measure twice, cut once
  • #780
  • Mar 20, 2008 6:42am Mar 20, 2008 6:42am
Nice result friend...
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