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Drawing correct resistance and support-lines

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  • #1,281
  • Apr 12, 2008 9:18am Apr 12, 2008 9:18am
Quoting gunset
why did you wait for close below lowest point inside of flag?? I think it should be outside of flag to confirm the break?
Yes, typo there. Outside is correct. Well spotted
Measure twice, cut once
  • #1,282
  • Apr 13, 2008 10:16am Apr 13, 2008 10:16am
yeap... close outside the flag. good point.
which reminds me of something (unrelated to your observation, of course) i wanted to mention: sometimes, when i can't watch the market, i set my pending orders using lowest/highest points.

Quoting gunset
why did you wait for close below lowest point inside of flag?? I think it should be outside of flag to confirm the break?
Nihil Sine Deo.
  • #1,283
  • Apr 13, 2008 1:02pm Apr 13, 2008 1:02pm
Quoting Scrat
yeap... close outside the flag. good point.
which reminds me of something (unrelated to your observation, of course) i wanted to mention: sometimes, when i can't watch the market, i set my pending orders using lowest/highest points.
Hoping to trade that way in a few years. Spot different patterns on (higher TF) then just place pending with all targets programmed. So far I have only used it when I go to bed. Seems like am way more picky about my trades when using pending.
Measure twice, cut once
  • #1,284
  • Apr 13, 2008 10:16pm Apr 13, 2008 10:16pm
dear friends, just want to ask your opinion about this chart. I got SL'ed n this trade, please give me your advice about this and how to avoid it. thanks. It's USD/JPY, H1 on 01/04/08.
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  • #1,285
  • Apr 13, 2008 10:38pm Apr 13, 2008 10:38pm
Quoting gunset
dear friends, just want to ask your opinion about this chart. I got SL'ed n this trade, please give me your advice about this and how to avoid it. thanks. It's USD/JPY, H1 on 01/04/08.
Gunset,

IMHO, i think that breakout that u are in is not really strong, it wasnt even half of the body for the CS to break the flag formation and it can be consider as the false breakout..

Im always waiting for the next candle to open n see how was the opening price for that candle..
  • #1,286
  • Apr 14, 2008 12:31am Apr 14, 2008 12:31am
Thanks for the advice... will try to absorb it.. ussually I enter on the closing of the candle, not the opening of the candle. but let's see...
  • #1,287
  • Apr 14, 2008 12:37am Apr 14, 2008 12:37am
Quoting gunset
Thanks for the advice... will try to absorb it.. ussually I enter on the closing of the candle, not the opening of the candle. but let's see...
Its suppose to be the opening for the next candle after it was shown a good breakout CS with half or more of the body breaking the breakout lines...
  • #1,288
  • Apr 14, 2008 2:24am Apr 14, 2008 2:24am
Hi Everyone!!!
Strange gap's on my chart's when today market is open...does anyone else have experienced with this problem...???...
  • #1,289
  • Apr 14, 2008 2:43am Apr 14, 2008 2:43am
Quoting Umairs2004
Hi Everyone!!!
Strange gap's on my chart's when today market is open...does anyone else have experienced with this problem...???...
I had that too.. in GU and also EU.... lets play the gap game~~~
  • #1,290
  • Apr 14, 2008 2:52am Apr 14, 2008 2:52am
Quoting Umairs2004
Hi Everyone!!!
Strange gap's on my chart's when today market is open...does anyone else have experienced with this problem...???...
big gap on every pair!!! strange..
  • #1,291
  • Apr 14, 2008 2:52am Apr 14, 2008 2:52am
Quoting johnbaem
I had that too.. in GU and also EU.... lets play the gap game~~~
lol
GoodLuck Im looking forward to short Usd/Cad now but didnt enter yet coz i think Gap is creating problem for me its difficult to place trendline in right place......
  • #1,292
  • Apr 14, 2008 2:53am Apr 14, 2008 2:53am
Quoting johnbaem
I had that too.. in GU and also EU.... lets play the gap game~~~
please explain me the game's rule
  • #1,293
  • Apr 14, 2008 2:54am Apr 14, 2008 2:54am
Quoting Umairs2004
lol
GoodLuck Im looking forward to short Usd/Cad now but didnt enter yet coz i think Gap is creating problem for me its difficult to place trendline in right place......
yup that's why I decided to take this day off
  • #1,294
  • Apr 14, 2008 2:56am Apr 14, 2008 2:56am
Quoting gunset
big gap on every pair!!! strange..
Yeah It's seem's strage to me also...coz There was no important data announced today since from morning that we can assumed this gap as the impact of any important fundamental data......
  • #1,295
  • Apr 14, 2008 2:58am Apr 14, 2008 2:58am
Quoting gunset
yup that's why I decided to take this day off
Me2 thinking about this but maybe try to enter in a last session of the day as my entry is based on lower time frame so gap is clearly creating problem for me......
  • #1,296
  • Apr 14, 2008 3:01am Apr 14, 2008 3:01am
Quoting gunset
please explain me the game's rule
usually traders will wait for the gap to be fill with the price before heading to the opposite direction.. many of them is already looking for bear move after cable already fill the gap... i still waiting for news release.. it might impact the market...
  • #1,297
  • Apr 14, 2008 6:18am Apr 14, 2008 6:18am
Hi there.. a really tempting entry on eur/usd, h1. it broke the horizontal support wildly. but the daily range has been stopping me from taking an entry. it shows this pair has been move for 170pips.. almost maximum movement for eur/usd... Too bad. If I get in, I should banked the 10pips.. but no regret, this should save me a lot of time in the future. advice please..
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  • #1,298
  • Apr 14, 2008 6:29am Apr 14, 2008 6:29am
Quoting gunset
Hi there.. a really tempting entry on eur/usd, h1. it broke the horizontal support wildly. but the daily range has been stopping me from taking an entry. it shows this pair has been move for 170pips.. almost maximum movement for eur/usd... Too bad. If I get in, I should banked the 10pips.. but no regret, this should save me a lot of time in the future. advice please..
Hi Gunset i saw your charts but can you remove the grid from ur charts so i can see ur screenshots clearly...???
Also welldone for your achievement's......
  • #1,299
  • Apr 14, 2008 6:41am Apr 14, 2008 6:41am
oop... sorry about the gridlines... I'll try to move it..
btw. I'll try not to regret my decision.. but I'm only a human ( ...snips... crying..

btw 2. umairs.. I've been following your posting since you're a newbie.. really great to have you here. I still have the umairs' scalping method etc.. great method though..
  • #1,300
  • Apr 14, 2008 6:43am Apr 14, 2008 6:43am
Next stop .9900 ?
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Measure twice, cut once
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