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Drawing correct resistance and support-lines

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  • #961
  • Mar 27, 2008 7:55am Mar 27, 2008 7:55am
Quoting eye4spot
well ur right, but it was 10% from my account and that's 500$.

and my money dosen't allow my to risk only 2% from my account.

i risk 10%.. and i lost.. well shit happend.

this trade was declared a bad one. my enter point was bad... i should enter at test not at break... another lesson that the market teached me.

now i'm emotional so i will not trade today.
Wow thats alot. I couldn't accept so big loss since my trading-system have failure-rate. If I had a system with 90-95% success rate I wouldn't mine 10% loss on each trade.

Find out what you did wrong and make sure you never do that mistake again. If you do so, those 500$ haven't been totally wasted
Measure twice, cut once
  • #962
  • Mar 27, 2008 9:02am Mar 27, 2008 9:02am
Quoting aediaz1
Good observations you have done here.

Lol, it took me some trades to be aware of NY open. Can't remember how many times US session come in and "screwed" the market.

For me, this period have been very profitable trading breakouts. Umairs have had a very good period too from what I have observed. Are you sure your drawings have been correct ?

Also remember that ALL patterns fail from time to time. This is why MM is so damn important. So when you saying price break out of pattern and then change direction for the upside, you have a failed pattern.

We are all here to learn and improve so feel free to post your charts
many thanks for the kind comments............too bad, i don't know how to post charts.........

for example, the current movement of the gbp/chf - it seems to have broken down from a wedge, pennant but prices then bounce up off 1.9840 and if prices don't go down again past that point, then 1.0840 is simply the lower trendline of a up channel.

of course, you can argue that one should have taken profit since it has broken down from the wedge, pennant for quite a long way.

i believe with the current market, elliott wave experts should do very well.
  • #963
  • Mar 27, 2008 9:23am Mar 27, 2008 9:23am
Quoting findcount
many thanks for the kind comments............too bad, i don't know how to post charts.........

for example, the current movement of the gbp/chf - it seems to have broken down from a wedge, pennant but prices then bounce up off 1.9840 and if prices don't go down again past that point, then 1.0840 is simply the lower trendline of a up channel.

of course, you can argue that one should have taken profit since it has broken down from the wedge, pennant for quite a long way.

i believe with the current market, elliott wave experts should do very well.
Just press Attachments when you post a reply.

Here is my 30m chart of gbpchf. Looks like you're a little eager when drawing your formations ? Also consult with other time-frames too.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf30macs.gif Size: 17 KB
Measure twice, cut once
  • #964
  • Mar 27, 2008 9:32am Mar 27, 2008 9:32am
well aediaz1 my trading system it's in change right now. after all we pay money to get experience.

When i'm trading on demo i am very profitable but on real account it's a litlle rough, i get emotionally and that's why i loose.
Technically i had all the reason to enter the trade.But i enter a litlle earlier, i have had to wait till the test but when i see that i might lose the trade i enter, that's a mystake that i will repair due time and due experience.
A 500 loss it's not the end of the world but it's still a loss that put me into thoughts that i have to be on the right time, on the right side and do the right move.

A wise man sad u better are sad that u arren't in a trade than are sad that u are in a trade and u want out.

till tommorow i'm out.
  • #965
  • Mar 27, 2008 9:54am Mar 27, 2008 9:54am
AnyBody Noticed G/J Breakdown ...+43 Pip's dropDown Yet...
I was not in touch with the market these day's as was much busy in Job... but just manage to enter in a successful breakdown...
Attached Image (click to enlarge)
Click to Enlarge Name: 0001.GIF Size: 52 KB
  • #966
  • Edited 10:07am Mar 27, 2008 9:57am | Edited 10:07am
There is also a successfull breakdown In Usd/Cad for some good 16/20 Pip's... But I didnt enter in that trade as in four hour chart the Trend was Little Sideway's...
  • #967
  • Mar 27, 2008 9:58am Mar 27, 2008 9:58am
Quoting aediaz1
Just press Attachments when you post a reply.

Here is my 30m chart of gbpchf. Looks like you're a little eager when drawing your formations ? Also consult with other time-frames too.

many thanks,

try the higher timeframes............i'm with Oanda so on 1hr and 3hr , you'll see the possible up channel.

mmmmm.......seems like gbp/usd going down now........and gbp/jpy in ascending triangle (wedge or pennant are just considered triangles to me) so gbp/jpy should be going down.............or will the Dow make it go up ?

of course, the elliotticians will have a field day with this..................they are better able to hang onto trades........of course, they can be wrong too........
  • #968
  • Mar 27, 2008 10:02am Mar 27, 2008 10:02am
Quoting eye4spot
well aediaz1 my trading system it's in change right now. after all we pay money to get experience.

When i'm trading on demo i am very profitable but on real account it's a litlle rough, i get emotionally and that's why i loose.
Be confident at your ownself while trading on real...
I saw most of Pplz find their self successfull while practicing/trading on demo...But why they lose money on real with same system and stratigies coz they feel lot of hesitation which is your biggest enemy ...
If you are successfull with your hard practice on demo then dont feel hesitation while trading on real with your same successfull system and stratigies...
  • #969
  • Mar 27, 2008 10:07am Mar 27, 2008 10:07am
Quoting aediaz1
Just press Attachments when you post a reply.

Here is my 30m chart of gbpchf. Looks like you're a little eager when drawing your formations ? Also consult with other time-frames too.
i'm a computer-idiot so this is what i meant by the up channel.........

upper trendline (connect 2.0206 to 2.0331)
lower trendline (connect 1.9579 to 1.9842)

it should be consolidation pattern before another drop.

many thanks again.
  • #970
  • Mar 27, 2008 11:04am Mar 27, 2008 11:04am
well aediaz1 my trading system it's in change right now. after all we pay money to get experience.
When i'm trading on demo i am very profitable but on real account it's a litlle rough, i get emotionally and that's why i loose.

Your right when you say so. But make sure you don't pay it all at once. You need to sort out your emotional issue. We all go through this at start. Practice on not taking trades instead of taking trades. This game is almost more about not taking trades as taking trades in the start. Snipe for the perfect setup. This is my experience and someone will disagree.

But let me strongly advice you to lower your drawn-down % till you feel more comfortable about your trading. Like I said if you have a 90-95% win success-rate on your system, go ahead use 10%. So few have that high success-rate and I think even those who have it wouldn't risk that much (for a start).

Technically i had all the reason to enter the trade.But i enter a litlle earlier, i have had to wait till the test but when i see that i might lose the trade i enter, that's a mystake that i will repair due time and due experience.
A 500 loss it's not the end of the world but it's still a loss that put me into thoughts that i have to be on the right time, on the right side and do the right move.

A wise man sad u better are sad that u arren't in a trade than are sad that u are in a trade and u want out.

till tommorow i'm out
Measure twice, cut once
  • #971
  • Mar 27, 2008 11:15am Mar 27, 2008 11:15am
Quoting findcount
i'm a computer-idiot so this is what i meant by the up channel.........

upper trendline (connect 2.0206 to 2.0331)
lower trendline (connect 1.9579 to 1.9842)

it should be consolidation pattern before another drop.

many thanks again.

Not 100% correct. This pattern have a higher success-rate for continuation of last move (flag-pole) rather than a break to opposite side, IMO. If someone have a different experience please share it.

To attach your chart press paper-clip icon when you post a reply. From there you just upload from your computer.
Measure twice, cut once
  • #972
  • Mar 27, 2008 11:21am Mar 27, 2008 11:21am
Quoting Umairs2004
AnyBody Noticed G/J Breakdown ...+43 Pip's dropDown Yet...
I was not in touch with the market these day's as was much busy in Job... but just manage to enter in a successful breakdown...
I had a run from 201 based on resistance. High-risk trade (picking tops in my eyes) but I managed to cover my last loss on GJ, so I'm all happy
Measure twice, cut once
  • #973
  • Mar 27, 2008 11:43am Mar 27, 2008 11:43am
pity me.. whole day trying to give some input but incapable to post... now is almost 1am my time.. at around 4pm, ive found 3 breakouts...

its on gj, eu n gu and i manage to catch on it...

what say you guys???
  • #974
  • Mar 27, 2008 12:23pm Mar 27, 2008 12:23pm
geppy break down my 1hr candle did not close yest but i already take it risky .
Attached Image (click to enlarge)
Click to Enlarge Name: interested breakout..gif Size: 21 KB
  • #975
  • Mar 27, 2008 4:02pm Mar 27, 2008 4:02pm
I have this chart for GJ.

ascending triangle on 4h chart where price have been channeling inside since 18.03. I'm looking for a break-out to the downside as you can see on the chart, but since I don't know what's next, I have prepared myself for both events;
Attached Image (click to enlarge)
Click to Enlarge Name: 4hgjasctriangle.gif Size: 18 KB
Measure twice, cut once
  • #976
  • Mar 27, 2008 4:46pm Mar 27, 2008 4:46pm
i moved the stopp loss to the break even.
  • #977
  • Mar 27, 2008 4:52pm Mar 27, 2008 4:52pm
Quoting aediaz1
I have this chart for GJ.

ascending triangle on 4h chart where price have been channeling inside since 18.03. I'm looking for a break-out to the downside as you can see on the chart, but since I don't know what's next, I have prepared myself for both events;
how are you Aediaz1 and the how the trade going with you man?.
  • #978
  • Mar 27, 2008 5:11pm Mar 27, 2008 5:11pm
Quoting Tiger Hunter
how are you Aediaz1 and the how the trade going with you man?.

Hi Tiger. I'm ok thanks and hope you are too.

Today haven't been 100% tbh, I entered 1 trade which I knew had more risk contra other trades I usually take and made a loss. Got it covered (with another risky trade lol) up later on but failed to reach my daily +3% increase (+1.5% instead). So, only bread and water for me tomorrow
But can't yell too much since I still had profit, can I ?
Measure twice, cut once
  • #979
  • Mar 27, 2008 5:21pm Mar 27, 2008 5:21pm
Quoting aediaz1
Hi Tiger. I'm ok thanks and hope you are too.

Today haven't been 100% tbh, I entered 1 trade which I knew had more risk contra other trades I usually take and made a loss. Got it covered (with another risky trade lol) up later on but failed to reach my daily +3% increase (+1.5% instead). So, only bread and water for me tomorrow
But can't yell too much since I still had profit, can I ?
no need to yalling you are doing good man, keep proceeding and the account will maxmise by $ by himself.
  • #980
  • Mar 27, 2008 5:26pm Mar 27, 2008 5:26pm
this breakout to the down too.
Attached Image (click to enlarge)
Click to Enlarge Name: breakout interlinked with resistance.2.gif Size: 18 KB
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