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Drawing correct resistance and support-lines

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  • #1,221
  • Apr 9, 2008 7:00am Apr 9, 2008 7:00am
Watch how cable try to penetrate the upper line... test test..

Attached Image (click to enlarge)
Click to Enlarge Name: gu tf30.gif Size: 12 KB
  • #1,222
  • Apr 9, 2008 7:26am Apr 9, 2008 7:26am
Quoting johnbaem
Watch how cable try to penetrate the upper line... test test..

Attachment
To form a reliable point for S/R you want that specific line to be tested at least 2 times.

Here you see example of resistance around 1.9700 on cable;
Attached Image (click to enlarge)
Click to Enlarge Name: cable1hflag.gif Size: 12 KB
Measure twice, cut once
  • #1,223
  • Apr 9, 2008 7:42am Apr 9, 2008 7:42am
I Was very much busy today but here when i came back i saw lot of excellent breakout Specially E/U & Usd/Chf......
No trade today from my side......
Let's see if i got any apportunity ...But its almost a closing session and i dont trade on closing session...
  • #1,224
  • Apr 9, 2008 7:44am Apr 9, 2008 7:44am
Quoting aediaz1
To form a reliable point for S/R you want that specific line to be tested at least 2 times.

Here you see example of resistance around 1.9700 on cable;
Hi Aediaz,
There was an excellent apportunity in G/U to go long which i also missed today for almost +60 Pips......
  • #1,225
  • Apr 9, 2008 7:52am Apr 9, 2008 7:52am
There was an excellent breakup in Usd/Cad also...
Also Seems there is a breakout in U/J But candle with a very long wick seems like a reversal candle in a 30-Minutes chart... ...
Let's see...
  • #1,226
  • Apr 9, 2008 8:06am Apr 9, 2008 8:06am
Umairs2004 another break will be on aud/usd if u search for opportunities.

coming up and charts right now.

http://img511.imageshack.us/img511/2...0904200tl1.gif

enjoy.
  • #1,227
  • Apr 9, 2008 8:20am Apr 9, 2008 8:20am
first, second and third target done.

http://www.forexfactory.com/showpost...postcount=1048
  • #1,228
  • Apr 9, 2008 8:23am Apr 9, 2008 8:23am
Quoting eye4spot
Umairs2004 another break will be on aud/usd if u search for opportunities.

coming up and charts right now.

http://img511.imageshack.us/img511/2...0904200tl1.gif

enjoy.
Thank's Eyespot...But its a bit slow pair ...well im already in a U/J as i said in my last post that its a short trade apportunity in U/J & About to close it also coz it already drop much and only remains bearish if it successfully breaks the important level in 4-Hour chart ...I,ll post the screenshot later...
  • #1,229
  • Apr 9, 2008 8:26am Apr 9, 2008 8:26am
allready saw it, nice trade. but i will not trade untill a nice break.

http://img338.imageshack.us/img338/9...0904200bm7.gif

veri nice trade Umairs2004 indeed, congrats.
  • #1,230
  • Apr 9, 2008 8:32am Apr 9, 2008 8:32am
Quoting Umairs2004
Hi Aediaz,
There was an excellent apportunity in G/U to go long which i also missed today for almost +60 Pips......
Yeah, been waiting for that trade all day

Anyway, breakout on U/J 1h. Same pattern on 4h. Normally I don't take breakouts on lowest TF when I have same pattern on higher too. But since the main-trend was down and G/J also was heading down I took the trade.;
Attached Image (click to enlarge)
Click to Enlarge Name: uj1h de tr brk.gif Size: 17 KB
Measure twice, cut once
  • #1,231
  • Apr 9, 2008 8:48am Apr 9, 2008 8:48am
This made me take profit on U/J:
Attached Image (click to enlarge)
Click to Enlarge Name: gj30m.gif Size: 16 KB
Measure twice, cut once
  • #1,232
  • Apr 9, 2008 8:49am Apr 9, 2008 8:49am
Quoting eye4spot
allready saw it, nice trade. but i will not trade untill a nice break.



veri nice trade Umairs2004 indeed, congrats.
Lets see if G/J can break 201. That would make U/J more attractive for downside.
Measure twice, cut once
  • #1,233
  • Apr 9, 2008 9:17am Apr 9, 2008 9:17am
Hi Guy's,
Atlast i manage to enter in a successfull breakdown of U/J... When I enter i enter for just 10/20 Pip's target but I clearly saw an Important level breaks in 4-Hour chart...Now trend is down +30 Pip's Managed to Lock......
Attached Image (click to enlarge)
Click to Enlarge Name: zzzzzzzzzzzz.gif Size: 38 KB
  • #1,234
  • Apr 9, 2008 9:24am Apr 9, 2008 9:24am
Hi all, am still learning to draw. Is this correct?
Attached Image (click to enlarge)
Click to Enlarge Name: gc1.JPG Size: 77 KB
  • #1,235
  • Apr 9, 2008 9:25am Apr 9, 2008 9:25am
Quoting eye4spot
allready saw it, nice trade. but i will not trade untill a nice break.
veri nice trade Umairs2004 indeed, congrats.
Thank's EyeSpot...Yea Actually i was observing the apportunity for short trade in U/J... As i also said in my previous post...
Anyway's It was a nice trade...1st I just target for 10/20 Pips but when i saw an important level is break in 4-Hour chart...I changed my profit target from +10/20 Pip's to +30 Pip's and easily locked...
& About Aud/Usd actually i dont wana hang myself entreing in this slow pair in a closing session coz being a daytrader i avoide to carry trades...Also didnt find any intresting apportunity to enter in this pair....
Thank's ......
  • #1,236
  • Apr 9, 2008 9:30am Apr 9, 2008 9:30am
i'm very happy for u guys.

my tp was hit too. congrats to all.

  • #1,237
  • Apr 9, 2008 9:33am Apr 9, 2008 9:33am
Quoting eye4spot
i'm very happy for u guys.

my tp was hit too. congrats to all.

V. Nice ......

Hey If im not wrong it's Mark Here... Welcome back Mark......
  • #1,238
  • Apr 9, 2008 9:57am Apr 9, 2008 9:57am
Quoting ydaudw
Hi all, am still learning to draw. Is this correct?
Seems like a flag to me, although my flagpole is shorter than your.

Price broke out of 1h flag. Didn't catch any of this move, too busy with jpy

A flag with short flagpole. Giving us 500 pips target on breakout from daily (flagpole was 1000 pips).

I haven't draw this many flags since kindergarten !
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpch4h.jpg Size: 87 KB
Click to Enlarge Name: gbpchfda.jpg Size: 86 KB
Measure twice, cut once
  • #1,239
  • Apr 9, 2008 10:01am Apr 9, 2008 10:01am
Quoting Umairs2004
Hi Guy's,
Atlast i manage to enter in a successfull breakdown of U/J... When I enter i enter for just 10/20 Pip's target but I clearly saw an Important level breaks in 4-Hour chart...Now trend is down +30 Pip's Managed to Lock......
Easy pips

The power of round numbers ! Price did a minor retrace back to 102 and I watched how this pair got sold around here. So when price was testing for second time and failed I wasn't hard to ask opening another short;
Attached Image (click to enlarge)
Click to Enlarge Name: uj15m.jpg Size: 99 KB
Measure twice, cut once
  • #1,240
  • Apr 9, 2008 10:01am Apr 9, 2008 10:01am
Quoting eye4spot
i'm very happy for u guys.

my tp was hit too. congrats to all.

Measure twice, cut once
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