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Drawing correct resistance and support-lines

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  • #1,061
  • Apr 2, 2008 4:59am Apr 2, 2008 4:59am
Quoting Umairs2004
Usd/Chf is looking bearish... Already drop's for +28 Pip's after it's breakdown...And more to be expected......
As I said This pair will show some good bearish movement & it did showed...Almost +51 Pip's after the successfull breakdown...My Today's stuff...See the screenshot.......
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  • #1,062
  • Apr 2, 2008 5:05am Apr 2, 2008 5:05am
G/J is still struggling...Preety sideways trend...Let's see what happened next... Im waiting for some important breakout's.......
  • #1,063
  • Apr 2, 2008 5:54am Apr 2, 2008 5:54am
I was busy with Usd/Chf... As i got the advatage from the clean breakdown...But look what we have here... More than +60 Pip's breakup from E/J... ... Nice.......
Well 159.12 was the most important resistance level of E/J in 4-Hour chart and i was expecting that this pair will move up for more than +100 Pip's if it successfully break's and now after clean breakup Almost +60 Pips and hope so more is expected...!!!
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  • #1,064
  • Apr 2, 2008 8:19am Apr 2, 2008 8:19am
this is a little late but eur/cad about to have a trendline break plus a break of resistance turned support......so may go down to 1.5700
  • #1,065
  • Apr 2, 2008 12:14pm Apr 2, 2008 12:14pm
As I said In my previous post about G/U that if it breaks the upperline of triangle trendline in 4-Hour chart than more than +100 Pips are expected... well G/U Was bit slow after its successive breakup in 4-Hour chart...Now see it's 30-Minutes chart breakup also accured and +43 Pip's move up is there......
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  • #1,066
  • Apr 2, 2008 2:41pm Apr 2, 2008 2:41pm
I'm gonna share with you how rushed SL target really can be frustrating. Entered long on GJ earlier today (breakout from flag) before I left computer and had SL @ 201.50 (!!) and TP on 205. Tried to be an smart-ass having tight SL since I left my computer (wanted to risk less since I couldn't watch those trades). Also, the same thing happened on usd/nok. Had a good entry but got stopped out by a few pips.

I'm not telling this just to cry, but only to state how incredible important SL really are. Instead of having 2 very profitable trades, I lost -1% of my account because of "rushed" trades. Well, been some time since last "impulsive" trades like that, so I guess it was time for a lesion :
Attached Image(s) (click to enlarge)
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Measure twice, cut once
  • #1,067
  • Apr 2, 2008 7:25pm Apr 2, 2008 7:25pm
well..aediaz1 that's why i put a sl around 50 pips all the time.. maybe u say that's too much but always we see an impulse then a correction.

today trade i got lucky and not so lucky..
i will attach some pictures of my trade (i keep a journal of all my trades and put notes and on friday i read them all and try to make a conclusion) than let say in the first time my sl was all most trigerred and when i am telling u was all most trigerred i mean just 2 pips and i shall be with u, on the today ossing side, and why it's that because i allways trade a plan.
my plan was that eur/usd it's in my oppinion bullish on all tf to enter on dips, and what other dip could be more lovely than a news deep. i presumed that news were good for the usd bang news acctualy realesed good. i got so emotionally that when i saw a spike around 30 pips then a went up about 20 pips i sad that's it. it will gone up, but after i pressed buy another sharp fall around 40 pips i was so upset...in my mind..not another 500 loss then i remebered that in a few minutes mr. ben bernake it's comming... and i waited , another point of staing in the trade was that i saw a good resistance trendline.
That was the lucky part...
Now the unlucky part, this is greedy, is that when i got out of the trade actually it went in a split second up about 50 pips.. but i exited at breakeven today after all. and now i think that was the smartest decision.

Sorry for ur loss, and 1% it's not such a big deal, but it's still a loss. now depend on ur account, if u have 10k 100k 1 mil 10 mil 1 bil ... and so on

happy trading to all

http://img241.imageshack.us/img241/7...2042007wp8.gif
  • #1,068
  • Apr 2, 2008 7:27pm Apr 2, 2008 7:27pm
Hi Aediaz1,
Thank you for sharing your experience with setting your SL and why you did it. I could had written that. I have experienced that, and I have to fight the temptation to do it.
  • #1,069
  • Apr 3, 2008 2:22am Apr 3, 2008 2:22am
Im Looking forward for G/J & G/U Breakdown's...Hope so it will be a good handy short term short trade apportunity in both these pair's before Important Gbd Data which is about to come after an hour let's see If I manage to get breakdown,,......
  • #1,070
  • Apr 3, 2008 2:35am Apr 3, 2008 2:35am
Wooow iM Locking excellent pips in GU Breakdown i,ll post screenshot later...
  • #1,071
  • Apr 3, 2008 2:47am Apr 3, 2008 2:47am
As I said in my previous post that im waiting for G/J & G/U Breakdowns and both have successfully did breakdown... It was a quick +50 Pip's in G/U & Also more than +50 Pips in G/J But i didnt enter in G/J ...My 2-Day's stuff was G/U short trade...
  • #1,072
  • Apr 3, 2008 2:57am Apr 3, 2008 2:57am
Quoting eye4spot
well..aediaz1 that's why i put a sl around 50 pips all the time.. maybe u say that's too much but always we see an impulse then a correction.

today trade i got lucky and not so lucky..
i will attach some pictures of my trade (i keep a journal of all my trades and put notes and on friday i read them all and try to make a conclusion) than let say in the first time my sl was all most trigerred and when i am telling u was all most trigerred i mean just 2 pips and i shall be with u, on the today ossing side, and why it's that because i allways trade a plan.
my plan was that eur/usd it's in my oppinion bullish on all tf to enter on dips, and what other dip could be more lovely than a news deep. i presumed that news were good for the usd bang news acctualy realesed good. i got so emotionally that when i saw a spike around 30 pips then a went up about 20 pips i sad that's it. it will gone up, but after i pressed buy another sharp fall around 40 pips i was so upset...in my mind..not another 500 loss then i remebered that in a few minutes mr. ben bernake it's comming... and i waited , another point of staing in the trade was that i saw a good resistance trendline.
That was the lucky part...
Now the unlucky part, this is greedy, is that when i got out of the trade actually it went in a split second up about 50 pips.. but i exited at breakeven today after all. and now i think that was the smartest decision.

Sorry for ur loss, and 1% it's not such a big deal, but it's still a loss. now depend on ur account, if u have 10k 100k 1 mil 10 mil 1 bil ... and so on

happy trading to all
Smart of you to keep record of all your trades. Efficient way of improving.

Another example how complicated news can be. Only news I have successfully traded is interest rates announcement, rest is rather hard, IMO.

Discipline helps you to stick with your plan. I know how it feels to exit 0.1 sec before a 50 pips spike in your direction. By time and experience I'm sure you will turn that scenario around.

About the loss, I avoid any feelings to it. If you get emotional about your loss, you trade too big. I really didn't deserve a winning trade when I entered such a bad SL. SL is a big % of your success, believe it or not. I depended on luck and hope (I see when I looked back on the trade, but I didn't noticed when entering) some of your worst enemy's to success in Forex, IMO.
Measure twice, cut once
  • #1,073
  • Apr 3, 2008 2:59am Apr 3, 2008 2:59am
Quoting Dcb
Hi Aediaz1,
Thank you for sharing your experience with setting your SL and why you did it. I could had written that. I have experienced that, and I have to fight the temptation to do it.
I hope my poor trade "inspire" someone to not making that same mistake again
Measure twice, cut once
  • #1,074
  • Apr 3, 2008 3:03am Apr 3, 2008 3:03am
Quoting Umairs2004
As I said in my previous post that im waiting for G/J & G/U Breakdowns and both have successfully did breakdown... It was a quick +50 Pip's in G/U & Also more than +50 Pips in G/J But i didnt enter in G/J ...My 2-Day's stuff was G/U short trade...
Well done ! Just got home to my computer so missed em' both :/
Measure twice, cut once
  • #1,075
  • Apr 3, 2008 3:07am Apr 3, 2008 3:07am
Quick chart for eur/chf. Facing some strong resistance on 4h;
Attached Image (click to enlarge)
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Measure twice, cut once
  • #1,076
  • Apr 3, 2008 3:08am Apr 3, 2008 3:08am
Quoting aediaz1
Well done ! Just got home to my computer so missed em' both :/
Hi
Aediaz!!!
It was a great trade on G/U as quick +50 Pips in just half an hour also in G/J more than +50 Pips...My eyes were on both breakdowns and i successfully manage to enter in G/U breakdown... Well i wasn't expecting so quick pips ....
now important Gbd data is about to come so im just observing the market......
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  • #1,077
  • Apr 3, 2008 5:13am Apr 3, 2008 5:13am
enjoy.

http://img522.imageshack.us/img522/4...3042007aj9.gif
  • #1,078
  • Apr 3, 2008 5:15am Apr 3, 2008 5:15am
Quoting Umairs2004
Hi
Aediaz!!!
It was a great trade on G/U as quick +50 Pips in just half an hour also in G/J more than +50 Pips...My eyes were on both breakdowns and i successfully manage to enter in G/U breakdown... Well i wasn't expecting so quick pips ....
now important Gbd data is about to come so im just observing the market......
Was wedge on 30m. Always a tomorrow for us missing that breakout.

Got my eyes on daily cable. Got descending triangle here;
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu30mtriangle.gif Size: 14 KB
Click to Enlarge Name: dailydescneding.gif Size: 16 KB
Measure twice, cut once
  • #1,079
  • Apr 3, 2008 5:21am Apr 3, 2008 5:21am
Quoting eye4spot
enjoy.

Not quite sure I see what you see here. Tell us what you see. I can only see descending triangle 5m;
Attached Image (click to enlarge)
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Measure twice, cut once
  • #1,080
  • Edited 5:48am Apr 3, 2008 5:35am | Edited 5:48am
reverse pattern.

but let's see where's the brake

what do u say?

http://img522.imageshack.us/img522/5...3042007tm6.gif
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