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Drawing correct resistance and support-lines

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  • #1,021
  • Apr 1, 2008 12:19am Apr 1, 2008 12:19am
Hi Umairs,

Could you please take a look at eur/nzd and share your view if it is wise to short it. Thanks
  • #1,022
  • Apr 1, 2008 12:19am Apr 1, 2008 12:19am
hi

thx for sharing your ideas.
it is very useful thread.
mason
  • #1,023
  • Apr 1, 2008 12:24am Apr 1, 2008 12:24am
Chances...

Attached Image (click to enlarge)
Click to Enlarge Name: eu tf30.gif Size: 15 KB
  • #1,024
  • Edited 12:47am Apr 1, 2008 12:26am | Edited 12:47am
Quoting sharon_gpl
Hi Umairs,

Could you please take a look at eur/nzd and share your view if it is wise to short it. Thanks
Nopp!!! Not Now Breakup accured in 30 Minutes and 1-hour chart... ...
You have to go long after the clean breakup Rather going short...see the screenshot...
Attached Image (click to enlarge)
Click to Enlarge Name: euro...nzd.gif Size: 36 KB
  • #1,025
  • Apr 1, 2008 12:36am Apr 1, 2008 12:36am
Hi Umairs,

Where would the sl and the tp for long eur/nzd. thanks again
  • #1,026
  • Apr 1, 2008 12:41am Apr 1, 2008 12:41am
Quoting sharon_gpl
Hi Umairs,

Where would the sl and the tp for long eur/nzd. thanks again
Well I dont trade on this pair also after a breakup it already move up for +32 Pips for more see my posted screenshot and ur chart.... Also I dont enter in a trade apportunity which already move up or down for much pips... after a clean breakup i just enter in a next candle...
My Sl is -30 Pips in non jpys related and -40 Pips in Jpys realted pairs......
  • #1,027
  • Apr 1, 2008 1:11am Apr 1, 2008 1:11am
hi there just new here.. I'd see most of you using the h4 time frame. question is.. did the entry just right after the break or you have to wait for the confirmation (i.e candle closing, or adding some pips to confirm the breaking direction)?? thanks...
  • #1,028
  • Apr 1, 2008 1:41am Apr 1, 2008 1:41am
Quoting gunset
hi there just new here.. I'd see most of you using the h4 time frame. question is.. did the entry just right after the break or you have to wait for the confirmation (i.e candle closing, or adding some pips to confirm the breaking direction)?? thanks...
For me, I like to check other TF's too. And I enter when break goes below lowest low. For reduced risk, you can wait for candle to close and retest line before entering.
Attached Image (click to enlarge)
Click to Enlarge Name: 30mnzdusd.jpg Size: 72 KB
Measure twice, cut once
  • #1,029
  • Apr 1, 2008 2:01am Apr 1, 2008 2:01am
S/R for gbp/jpy. Strong support at 197;
Attached Image (click to enlarge)
Click to Enlarge Name: 40mgj.gif Size: 13 KB
Measure twice, cut once
  • #1,030
  • Apr 1, 2008 2:32am Apr 1, 2008 2:32am
Quoting fxaus
hi

thx for sharing your ideas.
it is very useful thread.
mason
Glad you find it useful.
Measure twice, cut once
  • #1,031
  • Apr 1, 2008 3:42am Apr 1, 2008 3:42am
Quoting aediaz1
For me, I like to check other TF's too. And I enter when break goes below lowest low. For reduced risk, you can wait for candle to close and retest line before entering.
to wait a h4's candle closing is too slow and most often the train left me
  • #1,032
  • Apr 1, 2008 4:05am Apr 1, 2008 4:05am
Quoting gunset
to wait a h4's candle closing is too slow and most often the train left me
All depending on your style and risk-tolerance. Fake break-outs do happen, remember. As said before, consulting with lower/higher TF is strongly recommended.
Measure twice, cut once
  • #1,033
  • Apr 1, 2008 4:52am Apr 1, 2008 4:52am
Quoting aediaz1
All depending on your style and risk-tolerance. Fake break-outs do happen, remember. As said before, consulting with lower/higher TF is strongly recommended.
may I know how to confirm the breaks using higher/lower tf? sorry for being newbie...
  • #1,034
  • Apr 1, 2008 5:17am Apr 1, 2008 5:17am
Quoting gunset
may I know how to confirm the breaks using higher/lower tf? sorry for being newbie...
Example;

I had both ascending triangle on 1h and 4h gbp/jpy. On 1h it started to break through and I was starting to look for my buy button. But since I had this formation on 4h too, I was looking for a peak higher than previous high or bar to close above formation on 4h since higher tf is more reliable then lower.

2 charts to make it easier to understand;
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gj1h.gif Size: 19 KB
Click to Enlarge Name: gj4h.gif Size: 17 KB
Measure twice, cut once
  • #1,035
  • Apr 1, 2008 5:18am Apr 1, 2008 5:18am
As we speak, price is heading upward on gj;



Lets see if someone is selling around 199
Attached Image (click to enlarge)
Click to Enlarge Name: gj1h.gif Size: 19 KB
Measure twice, cut once
  • #1,036
  • Edited 5:33am Apr 1, 2008 5:20am | Edited 5:33am
Rather low selling. Trying to ride this to 199.50.


Edit: Price fooled me. Stopped close to .20
Measure twice, cut once
  • #1,037
  • Apr 1, 2008 5:37am Apr 1, 2008 5:37am
Quoting aediaz1
Example;

I had both ascending triangle on 1h and 4h gbp/jpy. On 1h it started to break through and I was starting to look for my buy button. But since I had this formation on 4h too, I was looking for a peak higher than previous high or bar to close above formation on 4h since higher tf is more reliable then lower.

2 charts to make it easier to understand;
thanks for your kind response sir.. try to learn more.. hope can absorb it .. btw. what's your sl for every OP?
  • #1,038
  • Apr 1, 2008 5:48am Apr 1, 2008 5:48am
Quoting gunset
thanks for your kind response sir.. try to learn more.. hope can absorb it .. btw. what's your sl for every OP?
Your welcome If you play gbp/jpy I wouldn't recommend anything less than 40 pips. Trading short-term, I try avoid any loss bigger than 30-40 pips. This is of course very individual decision. But always remember to adjust your position size to fit your drawdown % !

So if you spot a possible trade ALWAYS start to look where you can place SL. Then where to take profit. I turn away many trades because SL is too misplaced according to recent price action (high/low).
Measure twice, cut once
  • #1,039
  • Apr 1, 2008 5:51am Apr 1, 2008 5:51am
aediaz,

what is the current GJ, EU and GU charts? i dont have any access now.. can u show me some charts?

cheers!
  • #1,040
  • Apr 1, 2008 5:55am Apr 1, 2008 5:55am
Quoting johnbaem
aediaz,

what is the current GJ, EU and GU charts? i dont have any access now.. can u show me some charts?

cheers!
Here you go
Attached Image(s) (click to enlarge)
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Measure twice, cut once
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