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Drawing correct resistance and support-lines

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  • #1,301
  • Apr 14, 2008 9:12am Apr 14, 2008 9:12am
Its was a great breakout in Usd/Cad & It was a winning an excellent trade for me today ...Totally bearish it was today...drop's for almost +50 Pip's...
Attached Image (click to enlarge)
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  • #1,302
  • Apr 14, 2008 7:57pm Apr 14, 2008 7:57pm
What I am seening on the EUR/USD H1 bars is an outside bar. I am interpreting that as a sign of exhaustion of the uptrend. I am expecting the price to break down. I will wait for the price action to see if I am correct. Any thoughts?
Attached Image (click to enlarge)
Click to Enlarge Name: EUR.USD 4.14.08.png Size: 27 KB
  • #1,303
  • Apr 14, 2008 8:11pm Apr 14, 2008 8:11pm
I am watching the USD/CHU and USD/JPY. The charts are H1. Any thoughts?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USD.CHU 4.14.08.png Size: 24 KB
Click to Enlarge Name: USD.JPY 4.14.08.png Size: 25 KB
  • #1,304
  • Apr 15, 2008 2:24am Apr 15, 2008 2:24am
Quoting Dcb
What I am seening on the EUR/USD H1 bars is an outside bar. I am interpreting that as a sign of exhaustion of the uptrend. I am expecting the price to break down. I will wait for the price action to see if I am correct. Any thoughts?
I can't get any strong patterns on lower Tf than daily on eur/usd. Still this ascending triangle is in play;
Attached Image (click to enlarge)
Click to Enlarge Name: dialueu.gif Size: 13 KB
Measure twice, cut once
  • #1,305
  • Apr 15, 2008 2:25am Apr 15, 2008 2:25am
Quoting Dcb
I am watching the USD/CHU and USD/JPY. The charts are H1. Any thoughts?
It seems like your TL haven't been tested more than once ? If so I would be careful trading them.
Measure twice, cut once
  • #1,306
  • Apr 15, 2008 2:41am Apr 15, 2008 2:41am
another sleeping day....
  • #1,307
  • Apr 15, 2008 2:43am Apr 15, 2008 2:43am
dear fellows, would mind to see my post #1284 ... waiting for your comments.. thanks..
  • #1,308
  • Apr 15, 2008 2:54am Apr 15, 2008 2:54am
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.
In order to have any pattern you want your TL to be tested and made valid. Here, your flag haven't been tested. If you're still unsure what a proper flag is, I would strongly advice you to read more, since it seems my explanation want do much. Be patient about your drawings. Give them time.

This thread started out with drawing TL including all swings and from now on I will only post charts like that. It's not because my "risker" way of drawing have been unprofitable, but a bit misleading to this threads original purpose.
Measure twice, cut once
  • #1,309
  • Apr 15, 2008 2:57am Apr 15, 2008 2:57am
Quoting aediaz1
It seems like your TL haven't been tested more than once ? If so I would be careful trading them.

hello aediaz and everyone else
in your first post you said to draw between 2 points i am now confused as these charts you query appear to abide by those rules. please help

thanks from joy and greetings all from australia
  • #1,310
  • Apr 15, 2008 3:09am Apr 15, 2008 3:09am
Quoting joypips
hello aediaz and everyone else
in your first post you said to draw between 2 points i am now confused as these charts you query appear to abide by those rules. please help

thanks from joy and greetings all from australia
Hi joypips.

As stated, this thread have developed a bit outside from it's original purpose. Nothing dramatical, but might be misleading for newcomers.

All I'm saying make sure your lines have been tested at least twice.
Measure twice, cut once
  • #1,311
  • Apr 15, 2008 3:18am Apr 15, 2008 3:18am
Quoting aediaz1
Hi joypips.

As stated, this thread have developed a bit outside from it's original purpose. Nothing dramatical, but might be misleading for newcomers.

All I'm saying make sure your lines have been tested at least twice.
thanks aediaz again great thread learning lots from you and that w/site 1st one patterns is great particularly the tests great practice. BTW everyone if you zoom your charts out a little i find the patterns easier to identify.
still trying to find out how to post charts practised at w/end with no luck boo hoo am on dealbook if anyone can help pleeeeease!!!
joy
  • #1,312
  • Apr 15, 2008 3:22am Apr 15, 2008 3:22am
Quoting joypips
thanks aediaz again great thread learning lots from you and that w/site 1st one patterns is great particularly the tests great practice. BTW everyone if you zoom your charts out a little i find the patterns easier to identify.
still trying to find out how to post charts practised at w/end with no luck boo hoo am on dealbook if anyone can help pleeeeease!!!
joy
I'm not familiar with dealbook, so not sure how you do it there. But I guess you could use "print screen" button and just load your picture in Paint or something and then just save it.
Measure twice, cut once
  • #1,313
  • Apr 15, 2008 3:40am Apr 15, 2008 3:40am
Quoting aediaz1
This thread started out with drawing TL including all swings and from now on I will only post charts like that. It's not because my "risker" way of drawing have been unprofitable, but a bit misleading to this threads original purpose.
is the flag also a 'risker' method?
  • #1,314
  • Apr 15, 2008 3:49am Apr 15, 2008 3:49am
Quoting gunset
is the flag also a 'risker' method?
Not if drawn correctly. Flagpole followed by price channeling inside 2 lines.

I'll post a flag as soon as I spot one.
Measure twice, cut once
  • #1,315
  • Apr 15, 2008 3:59am Apr 15, 2008 3:59am
Ok, some basic TL. Looking for price to touch down to 100.50 area. Also notice that this TL fits with daily chart;
Attached Image (click to enlarge)
Click to Enlarge Name: ujtl.gif Size: 16 KB
Measure twice, cut once
  • #1,316
  • Apr 15, 2008 4:30am Apr 15, 2008 4:30am
Quoting aediaz1
Ok, some basic TL. Looking for price to touch down to 100.50 area. Also notice that this TL fits with daily chart;
Hi.. I saw the sell order.. may I know what's your decision based on?
  • #1,317
  • Apr 15, 2008 4:42am Apr 15, 2008 4:42am
hey guys wanted to know does the doji and the evening star and morning star work on low TF'S?
  • #1,318
  • Apr 15, 2008 5:01am Apr 15, 2008 5:01am
Quoting aediaz1
I can't get any strong patterns on lower Tf than daily on eur/usd. Still this ascending triangle is in play;
I agree with your assessment. I have been watching the pairs this morning, and reassessing my opinion. The USD/GBP wants to go down to strong support area, but it is a struggle. I am posting some H2 charts of what I am looking at. We see if things move as the U.S. open gets closer.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USD.GBP 4.15.08.png Size: 33 KB
Click to Enlarge Name: EUR.USD 4.15.08.png Size: 34 KB
  • #1,319
  • Apr 15, 2008 5:03am Apr 15, 2008 5:03am
Quoting gunset
Hi.. I saw the sell order.. may I know what's your decision based on?
It was based on 30m chart. I was simply looking for an low-risk entry targeting 100.50. This particular TL gave me this option. We had a break earlier but I didn't take because of the news was not too far away.

As we speak, it seems like the probability to hit .50 have decreased. Doesn't really matter, its a free ride.
Attached Image (click to enlarge)
Click to Enlarge Name: uj30m.gif Size: 18 KB
Measure twice, cut once
  • #1,320
  • Apr 15, 2008 5:06am Apr 15, 2008 5:06am
Quoting bksujal
hey guys wanted to know does the doji and the evening star and morning star work on low TF'S?
No idea. Sure you asked in the right thread ?
Measure twice, cut once
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