Drawing correct resistance and support-lines
Yes indeed, surprising numbers from US probably is the only catalyst for the movements. EJ offered a second entry when it bounced off asia session high, I was sleeping then.....
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Yeah, did seem like a good place to enter long again. I'm holding my guns as usual after London close.
Johnbaem, what's your trading plan on cable now?
Have a look at price action right now. What do you intercept from it ?
Look how price struggle with .9850 right now. A lot of selling orders trying to push price away (round number). A break above this level would be good for more buying, but buying now would be too risky until 9850 is broken, IMO. This game is all about minimizing risk/loss as much as possible.
Also be aware about currently time; London is closed and there is lesser orders in the market now, making breakout-trading riskier.
Using different time-frames makes it easier to get a honest "feeling" for how price reacts to different numbers on your chart.
edit: im about to sleep and put my trade on a very tight sl and will see trow..
BTW, looks like your pennant is about to get broken, 10 mins left on 4h bar
Pound is strengthening as we speak.
its 1am now in myplace.. see you trow aediaz..WOW!! SNOW.. how nice of u to be in a country with snow. must be beautiful..Jealous
didnt u play the snow? LOL
This is my version, just my opinion though,4h chart, a break of upper tl will bring price to the monthy S2 area(200/201) and attract sellers. and a break of lower tl, possible target will be lower channel at 193 area.
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although i cant see snow but i see SNOW in my chart! LOL:
Yuna
missed some nice setups today on UJ and GJ. let's look at Geppy, seems like SNOW may come soon,lol. the first chart is my analysis last week which i missed the upwards break, i'm expecting resistance at seller's zone. let's see if it bounce off.
Yuna,
Did you capture the U/C move up?
. here's my Usd/Chf chart. Sry my chart is a bit messy filled with all the lines. ignore all the dotted lines, jus focus on the bold ones. i missed the triangle break,(blue bold res line). after the retest, there's another breakout of the previous trendline(pink). price seems to find res at previous tl(green) now.
I managed one trade, closed in excess of 50 pips.
There was a bullish pennant break out on EU as well....
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hello everyone!!
Yuna
hey aediaz...
its such a good move for GU last nite..
demark indicator working good lately....on strong moves it wseems to work pretty well...ranging markets can get ya in toruble tho....
cheers
: Gonna give it a test.
