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Drawing correct resistance and support-lines

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  • #1,201
  • Apr 8, 2008 1:27pm Apr 8, 2008 1:27pm
Quoting Umairs2004
Hope so Gbd/Usd Will go inthe favour of buyers now...but lets see the impact of Important Usd Data......
Little action so far..
Measure twice, cut once
  • #1,202
  • Apr 8, 2008 1:54pm Apr 8, 2008 1:54pm
Quoting aediaz1
Little action so far..
Though I dont trade on closing session but i was very much expecting Cables to show some bullish mood & see it did ...Almost +43 Pips yet and hope so more is expected...
Usd/Chf , U/J & E/J seems effected much by the news as compare to cables......
  • #1,203
  • Apr 8, 2008 2:01pm Apr 8, 2008 2:01pm
Quoting Umairs2004


Though I dont trade on closing session but i was very much expecting Cables to show some bullish mood & see it did ...Almost +43 Pips yet and hope so more is expected...
Usd/Chf , U/J & E/J seems effected much by the news as compare to cables......
I try to avoid it as much as possible too. Didn't know what to expect from those news. "Hoped" for some bigger movements
Measure twice, cut once
  • #1,204
  • Apr 8, 2008 10:10pm Apr 8, 2008 10:10pm
trying another flag formation on gbp/usd h4.. is it correct? if not what'is the mistake??
Attached Image
  • #1,205
  • Apr 9, 2008 2:18am Apr 9, 2008 2:18am
Quoting gunset
trying another flag formation on gbp/usd h4.. is it correct? if not what'is the mistake??
Getting closer Due to the sideway markets I had to redraw flags to make them fit. Doubt we shall see much movements until Industrial Production in UK is released.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cable1hflag.gif Size: 11 KB
Click to Enlarge Name: cable4hflag.gif Size: 19 KB
Measure twice, cut once
  • #1,206
  • Apr 9, 2008 3:20am Apr 9, 2008 3:20am
Quoting aediaz1
Getting closer Due to the sideway markets I had to redraw flags to make them fit. Doubt we shall see much movements until Industrial Production in UK is released.
already got the entry and now -40pips.. hope the news will go to my direction.. 1 lesson.. not to get it if market too steady and no clear direction
  • #1,207
  • Apr 9, 2008 3:38am Apr 9, 2008 3:38am
Quoting gunset
already got the entry and now -40pips.. hope the news will go to my direction.. 1 lesson.. not to get it if market too steady and no clear direction
Yeah, stay out of ranging markets if you trade intraday. Also, placing trades before news is dangerous.
Measure twice, cut once
  • #1,208
  • Apr 9, 2008 4:34am Apr 9, 2008 4:34am
Quoting gunset
we all newbie here.. that's why we all here. to learn... start posting your chart buddy..
Ok i ll try...

just got my quick 15pips on CABLE: i entered after better-than-expected news on manifactury and industrial production and got out at a clear resistance zone 1,9720-1935

now we just have to see if resistance holds:

EDIT for now it seems to hold
Attached Image (click to enlarge)
Click to Enlarge Name: cable090408.gif Size: 17 KB
1st step stop loss in the green 2nd step play with the free money
  • #1,209
  • Apr 9, 2008 4:42am Apr 9, 2008 4:42am
Quoting LeveragedJoe
Ok i ll try...

just got my quick 15pips on CABLE: i entered after better-than-expected news on manifactury and industrial production and got out at a clear resistance zone 1,9720-1935

now we just have to see if resistance holds:

EDIT for now it seems to hold
Nice1 ! 1.9770-1.9800 area should provide us with strong resistance according to my charts. We're seeing first signs of upward action on 1h and 4h chart.
I'm not taking any trade before 4h chart have broken out of flag formation;
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cable1hflag.gif Size: 11 KB
Click to Enlarge Name: cable4hflag.gif Size: 18 KB
Measure twice, cut once
  • #1,210
  • Apr 9, 2008 4:57am Apr 9, 2008 4:57am
Quoting aediaz1
Yeah, stay out of ranging markets if you trade intraday. Also, placing trades before news is dangerous.
It's a new point for me.. will keep in mind.. this lesson cost me -50pips
  • #1,211
  • Apr 9, 2008 5:01am Apr 9, 2008 5:01am
Quoting aediaz1
Yeah, stay out of ranging markets if you trade intraday. Also, placing trades before news is dangerous.
I place the order 5 hours before news.. but the market is very slow and I can't close the position... than the storm strikes... to bad not go to my direction !
  • #1,212
  • Apr 9, 2008 5:02am Apr 9, 2008 5:02am
Quoting aediaz1
We're seeing first signs of upward action on 1h and 4h chart.
I'm not taking any trade before 4h chart have broken out of flag formation;
i dont question your judgement, but i notice that:
1) static resistance zone 1,9720-35 held quite well so far...in fact on m15 there is a "book-like" bearish engulfing;
2) better-than-expected news on cable failed to trigger a strong move;

so i m not so sure about bullish bias on CABLE, but then again i m just a newbie
Attached Image (click to enlarge)
Click to Enlarge Name: cable090408 m15.gif Size: 12 KB
1st step stop loss in the green 2nd step play with the free money
  • #1,213
  • Apr 9, 2008 5:05am Apr 9, 2008 5:05am
Quoting aediaz1
Nice1 ! 1.9770-1.9800 area should provide us with strong resistance according to my charts. We're seeing first signs of upward action on 1h and 4h chart.
I'm not taking any trade before 4h chart have broken out of flag formation;
but the confirmation on breaking will be near with mr. bernanke speaks... Is't wise to enter?
  • #1,214
  • Apr 9, 2008 5:08am Apr 9, 2008 5:08am
Quoting LeveragedJoe
i dont question your judgement, but i notice that:
1) static resistance zone 1,9720-35 held quite well so far...in fact on m15 there is a "book-like" bearish engulfing;
2) better-than-expected news on cable failed to trigger a strong move;

so i m not so sure about bullish bias on CABLE, but then again i m just a newbie
Good observations.

I'm far from sure myself, I only consider what signs my charts give me and what way price might be heading Looking at the bigger picture I'm quite bearish but if I spot any good opposite trades I will take them.

As we speak, I'm looking at 4h chart to see where it closes. If price closes around this level (not inside flag) I would like .9800 area to be tested. Why .9800 ? Round number combined with descending triangle lower line on daily chart.
Attached Image (click to enlarge)
Click to Enlarge Name: gudaily.gif Size: 16 KB
Measure twice, cut once
  • #1,215
  • Apr 9, 2008 5:10am Apr 9, 2008 5:10am
Quoting gunset
It's a new point for me.. will keep in mind.. this lesson cost me -50pips
Always keep it in mind. Trading cable at that hour is very hard due to the low volumes. Lesion learned
Measure twice, cut once
  • #1,216
  • Apr 9, 2008 5:24am Apr 9, 2008 5:24am
Quoting aediaz1
Looking at the bigger picture I'm quite bearish but if I spot any good opposite trades I will take them.

As we speak, I'm looking at 4h chart to see where it closes. If price closes around this level (not inside flag) I would like .9800 area to be tested. Why .9800 ? Round number combined with descending triangle lower line on daily chart.

So you re looking to catch a "pullback" move? Your analysis makes sense too me, but as i am a very cautious and fearful trader i prefer to stick with the main trend...and i totally agree with you that the bigger picture is bearish

by the way, good analysis indeed and lets see how price action plays out here
1st step stop loss in the green 2nd step play with the free money
  • #1,217
  • Apr 9, 2008 5:37am Apr 9, 2008 5:37am
Quoting LeveragedJoe
So you re looking to catch a "pullback" move? Your analysis makes sense too me, but as i am a very cautious and fearful trader i prefer to stick with the main trend...and i totally agree with you that the bigger picture is bearish

by the way, good analysis indeed and lets see how price action plays out here
Yes, that's what I'm looking for. Very very smart of you sticking with the main-trend ! One of the most important rules to start with, IMO. Going against the trend is more complicated and of course more risky. So, needles to say, I'm very risk-aware when picking a trade right now, both ways.

As stated, I will be looking for hints of where next leg will develop on where price closes in this flag pattern we are witnessing on 2 TF's.
Measure twice, cut once
  • #1,218
  • Apr 9, 2008 6:19am Apr 9, 2008 6:19am
nice point of view aediaz1, always a plasure reading ur post.

  • #1,219
  • Apr 9, 2008 6:51am Apr 9, 2008 6:51am
Quoting eye4spot
nice point of view aediaz1, always a plasure reading ur post.

Thank you
Measure twice, cut once
  • #1,220
  • Apr 9, 2008 8:14am Apr 9, 2008 8:14am
Ascending triangle on 1h E/J. Posted this chart in trading room too, but thought it would belong here also.

Measuring the high/low inside pattern can give approximately targets. Following currently trend, I'm looking for a break to the upside, targeting 162.60;
Attached Image (click to enlarge)
Click to Enlarge Name: ej ac tri.jpg Size: 86 KB
Measure twice, cut once
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