Eur/usd broke through flag formation 1 bar ago on 1h, lets see how high price can go;
Measure twice, cut once
Drawing Correct Trendlines 58 replies
Drawing Gann Grid in mt4, the correct way 3 replies
Drawing correct S/R and pivot 8 replies
Drawing Objects vs Drawing lines 1 reply
Drawing support and resistance lines 4 replies
Dislikedi've found that it is far better if the support or resistance be a horizontal line.
especially so if it's a support turned resistance and vice versa.
as for breakout from patterns, i find rectangles far more reliable than triangles, wedges, pennants...........
as for triangles - a break of horizontal support of a descending triangle and break of horizontal resistance of an ascending triangle produce less fakes too.
so many times i find a breakout of diagonal trendlines be it just a straight line or triangle, wedge, pennant to be unreliable. of course, sometimes, it can lead to big wins.
i find things are more difficult and more unpredictable than previously. for example, there's a breakout to the downside in the direction of the prior trend (primary trend) and then later prices move up again as it turns out that prices had merely gone down to the lower trendline of a up channel and vice versa for a breakout to the upside.
so perhaps drawing possible channels even before they're formed can reduce losses ?
prices also seem more 'constipated' and then big movements when Dow opens then winners can easily turn into losers or break-even. i also find trailing stops to be more difficult now as prices would go in the 'right' direction a lot only to retrace very close to entry prices before resuming it's 'right' direction.
nowadays, i daren't play breakouts anymore and try to look out for those support turned resistance lines and vice versa as well as bounces off horizontal S/R.
if one fine day when most pairs start acting like the CAD pairs then i'm gonna have to tear my hair out.
very very sorry for all the complaining and grumbling, maybe i'm the only one having these problems.Ignored
Dislikedwell done dcb.
in search of adventure i might say that usd/jpy it will break down. But this formation it's a conntinuation pattern so it will go up..to some point don't know where but it will not break any resistance then it will go down.
who's with me?
lol till i posted it was crashing down.. lol.. so i miss this trade.Ignored
Dislikedi have a feeling that g-j is gonna break this time. it's just that i find it hard to believe .Ignored