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Drawing correct resistance and support-lines

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  • #1,341
  • Apr 18, 2008 2:34am Apr 18, 2008 2:34am
Quoting Umairs2004
Hi There Guy's ...
Im Back after some holiday's...Well today we got some wounderfull breakout's specially Euro/Usd... Did anybody Noticed this breakout...???
Also Aud/Usd & Euro/Jpy got some cool breakout's......
hi umairs good to see you back hope you had a great holiday
yes saw breakouts after i got home from work hope you grabbed lots of pips.
daylight saving has ended here and london opening happens before i get home unfortunately.
joy
  • #1,342
  • Apr 18, 2008 3:06am Apr 18, 2008 3:06am
Quoting joypips
hi umairs good to see you back hope you had a great holiday
yes saw breakouts after i got home from work hope you grabbed lots of pips.
daylight saving has ended here and london opening happens before i get home unfortunately.
joy
Joypips,
I hope you caught the move down by the E/U. I am getting ready for work, so I will have to stop trading, but I did capture that move. The US trading session may be interesting today.
  • #1,343
  • Apr 18, 2008 3:16am Apr 18, 2008 3:16am
Quoting Umairs2004
Hi There Guy's ...
Im Back after some holiday's...Well today we got some wounderfull breakout's specially Euro/Usd... Did anybody Noticed this breakout...???
Also Aud/Usd & Euro/Jpy got some cool breakout's......
Hi Umairs, hope you enjoyed your holidays.

I'm looking at 1 potential trade on cable. Pennant on 30m and calculated breakout-targets @ .0040 and .9880;
Attached Image (click to enlarge)
Click to Enlarge Name: calbepeennat.gif Size: 11 KB
Measure twice, cut once
  • #1,344
  • Apr 18, 2008 3:27am Apr 18, 2008 3:27am
Quoting aediaz1
Hi Umairs, hope you enjoyed your holidays.

I'm looking at 1 potential trade on cable. Pennant on 30m and calculated breakout-targets @ .0040 and .9880;
hi aediaz have been watching that also feel bullish according to fibs but wary as 2000 level coming up. do you worry about those levels 00 i mean

joy
  • #1,345
  • Apr 18, 2008 3:36am Apr 18, 2008 3:36am
Quoting Dcb
Joypips,
I hope you caught the move down by the E/U. I am getting ready for work, so I will have to stop trading, but I did capture that move. The US trading session may be interesting today.
just got 35 from u/j b/out hope you all caught that, thanks to our teacher.
  • #1,346
  • Apr 18, 2008 4:03am Apr 18, 2008 4:03am
Quoting joypips
hi aediaz have been watching that also feel bullish according to fibs but wary as 2000 level coming up. do you worry about those levels 00 i mean

joy
Yeah bullish breakout is possible. Cable have only moved 106 pips so far (234 yesterday) so I think we should see some moves before close.

I only watch how price reacts to them and mostly play round numbers if they fit with S/R or TL.
Measure twice, cut once
  • #1,347
  • Apr 18, 2008 4:06am Apr 18, 2008 4:06am
Quoting joypips
just got 35 from u/j b/out hope you all caught that, thanks to our teacher.
Well done. Did you trade that ascending triangle ?
Measure twice, cut once
  • #1,348
  • Apr 18, 2008 4:21am Apr 18, 2008 4:21am
Quoting aediaz1
Well done. Did you trade that ascending triangle ?
no traded t/line break didn't see triangle till you mentioned it. do you mean 1hr
  • #1,349
  • Apr 18, 2008 4:27am Apr 18, 2008 4:27am
Quoting joypips
no traded t/line break didn't see triangle till you mentioned it. do you mean 1hr
Also asc tri on 1h but daily too;
Attached Image (click to enlarge)
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Measure twice, cut once
  • #1,350
  • Apr 18, 2008 4:28am Apr 18, 2008 4:28am
1h;

Told before, but can mention it again. To measure potential targets simply take low-high inside this pattern and add it to breakout-level.
Attached Image (click to enlarge)
Click to Enlarge Name: uj1h asc tri.gif Size: 13 KB
Measure twice, cut once
  • #1,351
  • Apr 18, 2008 4:42am Apr 18, 2008 4:42am
Quoting joypips
hi umairs good to see you back hope you had a great holiday
yes saw breakouts after i got home from work hope you grabbed lots of pips.
daylight saving has ended here and london opening happens before i get home unfortunately.
joy
Thank's Buddy!!!
Well anybody noticed that why Gbd/Jpy showed some excellent bullish movement today...
For more see the screenshot of a daily G/J Chart, an excellent breakup... More +260 Pip's so far...Im really a big fan of these sort of breakout......
Attached Image (click to enlarge)
Click to Enlarge Name: daily e.jjzzzzzzzzzzzz.gif Size: 40 KB
  • #1,352
  • Apr 18, 2008 4:54am Apr 18, 2008 4:54am
Quoting aediaz1
Hi Umairs, hope you enjoyed your holidays.

I'm looking at 1 potential trade on cable. Pennant on 30m and calculated breakout-targets @ .0040 and .9880;
Hi2 Buddy
Thank's...
Well GU also have break the important resistance level in 4-Hour chart which i just noticed ...1.9927... & This bullish movement seem's to me this important breakout's impact... well still my eye's are on this pair now let's see i manage to enter for short later on......
  • #1,353
  • Apr 18, 2008 5:01am Apr 18, 2008 5:01am
Well Euro/Usd is dropping... Seem's a strange bearish movement ......
  • #1,354
  • Apr 18, 2008 5:50am Apr 18, 2008 5:50am
Hi Aediaz,
At last Your GU Manage to give me a successfull breakdown & just locked +30 Pip's & out from this GU Short trade... As i told you that my eye's were on This breakdown & atlast manage to enter in this successfull One......Hope so more bearish movement is expected ......total so far +57 Pip's dropdown...
Attached Image (click to enlarge)
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  • #1,355
  • Apr 18, 2008 6:25am Apr 18, 2008 6:25am
Good trade Umairs, did you wait for the break candle to close first, or jump in as it broke the line?

Thanks

PAJ
  • #1,356
  • Apr 18, 2008 6:48am Apr 18, 2008 6:48am
Quoting Umairs2004
Hi Aediaz,
At last Your GU Manage to give me a successfull breakdown & just locked +30 Pip's & out from this GU Short trade... As i told you that my eye's were on This breakdown & atlast manage to enter in this successfull One......Hope so more bearish movement is expected ......total so far +57 Pip's dropdown...
Sorry for the late post update on cable. I played it first on long when price went above pennant but got stopped out at +1. Fake breakout so glad I covered myself. Went short when price touched below pennant and TP at 9880. Price touched 2 pip above so worked out ok. That target confluenced with support as well.

I'm working on adjusting my lines and formation so perfectly that I can have SL and enters few pips away from TL. Consulting with a far more experienced trader than me gave me the light and inspiration to draw with greater precision.

I think this method fits me even better than how I played it with mixture of entries and SL sometimes below patterns. I can't stand larger SL. Adjusting a position for larger DD doesn't really fit me well.
Attached Image (click to enlarge)
Click to Enlarge Name: cablepennant.gif Size: 12 KB
Measure twice, cut once
  • #1,357
  • Apr 18, 2008 9:13am Apr 18, 2008 9:13am
Quoting Paj
Good trade Umairs, did you wait for the break candle to close first, or jump in as it broke the line?

Thanks

PAJ
Nopp!!! Actually My entry is based on 30-Minutes chart so i wait & let the candle to break the Trendline & enter into next new candle... well you can do this same entry method from 1-Minute chart to Hourly chart but at 4-Hour to so on you may enter in a same candle which break the trendline coz lot of time it happen's that , that the candle which break's the Trendline , after breaking it , it move inthe direction of break for 40/50 Pip's or more at once or sometimes it also happened that in a 4-Hour or more time frame chart after your entry & also after the breakout the market pulls back against you and even may hit SL also... So that's why i dont enter in a 4-Hour or more timefram'es for breakout's ...But i use 4-Hour's & more time frames to caught the trend by the help's of candlestick's pattrens + some commen indicator's + my own experience and enter only in those breakout's through 30-minutes chart's in which trend is in my favour in 4-Hour chart just to avoide from false breakout's......
Umair!!!
  • #1,358
  • Apr 19, 2008 2:44am Apr 19, 2008 2:44am
Hi Aediaz!!!
This Gbd/Usd daily chart ... This is why G/U Remain's bullish Throughout the day... As it was the clear breakout in a daily chart...Well when i enter for short then it drop's for maximum +57 Pip's & Than Retraces back ... ...
Attached Image (click to enlarge)
Click to Enlarge Name: daily-gbd.usd...............................gif Size: 40 KB
  • #1,359
  • Apr 19, 2008 3:39am Apr 19, 2008 3:39am
Hi guys , ive been looking at that daily break out and thinking price has broke a nice falling wedge. Have I got that correct? And is that a correct target based on the wedge?
I’m thinking we might have more upside movement on Sunday on my hourly
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  • #1,360
  • Apr 20, 2008 2:43am Apr 20, 2008 2:43am

Quoting Bones
Hi guys , ive been looking at that daily break out and thinking price has broke a nice falling wedge. Have I got that correct? And is that a correct target based on the wedge?
I’m thinking we might have more upside movement on Sunday on my hourly
Hi There Bone's......
Seem's you did a right job in your chart's... Well cables seem's still bullish to me as bullish relly seems still strong...but if cables break's the level 1.9915 in a 4-Hour chart & if manage to remains below this level then Hope so we may see a good bearish movement...Let's see......

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