Drawing correct resistance and support-lines | Page 47 | Forex Factory

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Drawing correct resistance and support-lines

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  • #921
  • Mar 26, 2008 4:40am Mar 26, 2008 4:40am
Quoting aediaz1
Well done sticking to your plan.

I see 194 area as an achievable target but we are talking long-term of course. We all know that GJ is bearish in the long run.
yes, in the long term POV i agree with u. aediaz1, have read post 913?

Yuna
  • #922
  • Mar 26, 2008 4:58am Mar 26, 2008 4:58am
I wanted to say with my previous chart, that it was hybrid between non symetrical triangle and diamond pattern, after price gets out of it, huge movement occurs, and it was. Not the upper line of pattern become good support for EU
Attached Image (click to enlarge)
Click to Enlarge Name: eu_pattern_done.gif Size: 14 KB
  • #923
  • Mar 26, 2008 5:14am Mar 26, 2008 5:14am
Quoting yuna
LOL. dun really understand what u mean . but mine wasnt a double top right? because the second bar did not made a lower close than the first bar?(ignoring SR lines)

Yuna
Sorry I somehow missed that post. I described it wrong, double tops and bottom is when price touches almost exact same level twice (not the next bar). If you see post #1 on this thread you will get links to sites which describes it even closer.

So no, it was not a double top. My bad for confusing you with wrong terms Go here to read more about PA. It will tell more about double bar low higher close (DBLHC) and many other setups to be on the look-out for.
Measure twice, cut once
  • #924
  • Mar 26, 2008 5:21am Mar 26, 2008 5:21am
Quoting sDRs
I wanted to say with my previous chart, that it was hybrid between non symetrical triangle and diamond pattern, after price gets out of it, huge movement occurs, and it was. Not the upper line of pattern become good support for EU
I can't see your diamond pattern sDRs. If you don't have any other setups for diamond then me ? Go here for details about diamond pattern.
Measure twice, cut once
  • #925
  • Mar 26, 2008 7:28am Mar 26, 2008 7:28am
another continuation pattern?

enjoy.

http://img259.imageshack.us/img259/3...5032007rg2.gif
  • #926
  • Mar 26, 2008 8:15am Mar 26, 2008 8:15am
Quoting eye4spot
another continuation pattern?

enjoy.
Bro,

I think its more to ascending triangle.. what say you?

I cant attach graph... why huh??
Attached Image (click to enlarge)
Click to Enlarge Name: eu tf15.gif Size: 11 KB
  • #927
  • Mar 26, 2008 8:21am Mar 26, 2008 8:21am
Quoting aediaz1
Ok.

Price is bashing out of triangle;


Also look at 4h;

nah.... i miss the japanese boat... but its ok, have fun trailing on cable... not my day for geepy.. maybe some other next time..
  • #928
  • Mar 26, 2008 8:27am Mar 26, 2008 8:27am
Quoting eye4spot
another continuation pattern?

enjoy.
Pennant on 30m. As always, I'm looking for a long position. Play with the trend !
Attached Image (click to enlarge)
Click to Enlarge Name: pennant30m.gif Size: 10 KB
Measure twice, cut once
  • #929
  • Mar 26, 2008 8:34am Mar 26, 2008 8:34am
Quoting aediaz1
Pennant on 30m. As always, I'm looking for a long position. Play with the trend !
aediaz,

i remember last night (my time) you said that pennant is occur after big move instead of triangle formation occur after market reaction is quite for some time..

in this situation, can it be apply on EU that we talking about?

attach my graf.. can u please comment?
Attached Image (click to enlarge)
Click to Enlarge Name: eu tf30.gif Size: 11 KB
  • #930
  • Mar 26, 2008 8:34am Mar 26, 2008 8:34am
Quoting johnbaem
Bro,

I think its more to ascending triangle.. what say you?

I cant attach graph... why huh??
You're right when looking on 15m it seems more logical to draw ascending triangle
Attached Image (click to enlarge)
Click to Enlarge Name: asc tri 15m eurusd.gif Size: 12 KB
Measure twice, cut once
  • #931
  • Mar 26, 2008 8:37am Mar 26, 2008 8:37am
well that's ur opinion against my opinion.

Just another chart.

http://img179.imageshack.us/img179/8...6032007pr5.gif
  • #932
  • Mar 26, 2008 8:45am Mar 26, 2008 8:45am
Quoting johnbaem
aediaz,

i remember last night (my time) you said that pennant is occur after big move instead of triangle formation occur after market reaction is quite for some time..

in this situation, can it be apply on EU that we talking about?

attach my graf.. can u please comment?
Attachment
Yes you can. I only draw pennants after larger one-way moves. So, in order to have a pennant you need a flagpole. If you don't have flagpole you don't have pennant;
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdflagpole.gif Size: 15 KB
Measure twice, cut once
  • #933
  • Mar 26, 2008 8:48am Mar 26, 2008 8:48am
I guess they are on the resting mode after battling around... japanese need more sushi!!

Attached Image (click to enlarge)
Click to Enlarge Name: gj tf30.gif Size: 14 KB
  • #934
  • Mar 26, 2008 9:02am Mar 26, 2008 9:02am
Pushing higher;
Attached Image (click to enlarge)
Click to Enlarge Name: flag 1h.gif Size: 15 KB
Measure twice, cut once
  • #935
  • Mar 26, 2008 9:09am Mar 26, 2008 9:09am
Quoting johnbaem
I guess they are on the resting mode after battling around... japanese need more sushi!!

Attachment
I would rather draw a flag. Why would I do so? Not sure ? Then you have homework till tomorrow
Attached Image (click to enlarge)
Click to Enlarge Name: flag30mgj.gif Size: 14 KB
Measure twice, cut once
  • #936
  • Mar 26, 2008 9:12am Mar 26, 2008 9:12am
Quoting aediaz1
I would rather draw a flag. Why would I do so? Not sure ? Then you have homework till tomorrow
nah... grab already, theres 3 candles previously trying to break the support and the current candle is also trying.. instead of triangle, its more likely on the flag zone which is the price heading in no direction..

thanks aediaz!
  • #937
  • Mar 26, 2008 9:31am Mar 26, 2008 9:31am
Quoting johnbaem
I guess they are on the resting mode after battling around... japanese need more sushi!!

Attachment
yes, and also it was the previous tl. oh SUSHI! u made my saliva drool.. :

Attached Image (click to enlarge)
Click to Enlarge Name: 1.9950.gif Size: 26 KB


Yuna
  • #938
  • Mar 26, 2008 9:35am Mar 26, 2008 9:35am
Quoting yuna
yes, and also it was the previous tl. oh SUSHI! u made my saliva drool.. :

Attachment

Yuna
haha.... where are you from yuna? i can buy you for sushi than!
bdw, manage to catch geepy late tonite after simply breaking the flag formation...

IMO, when you are really focusing on this drawing all kind of lines skills + experiences, the better you trade...
  • #939
  • Mar 26, 2008 10:00am Mar 26, 2008 10:00am
Quoting johnbaem
haha.... where are you from yuna? i can buy you for sushi than!
bdw, manage to catch geepy late tonite after simply breaking the flag formation...

IMO, when you are really focusing on this drawing all kind of lines skills + experiences, the better you trade...
gd, but beware of longs rem to lock in. i'm frm ur neighbour country, u buy sushi den email it to me . u haven sleep ar? 1 am le.

AU retests..

Attached Image (click to enlarge)
Click to Enlarge Name: 1.9950.gif Size: 20 KB


Yuna
  • #940
  • Mar 26, 2008 10:22am Mar 26, 2008 10:22am
Quoting yuna
gd, but beware of longs rem to lock in. i'm frm ur neighbour country, u buy sushi den email it to me . u haven sleep ar? 1 am le.

AU retests..

Attachment

Yuna
woah... you should come closer to me lol~
yeah about to sleep and all my 3 trades perform well.. GU, EU, GJ...

ill buy u tones of tuna than! see ya trow yuna...

bye all~
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