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Drawing correct resistance and support-lines

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  • #1,381
  • Apr 21, 2008 5:13am Apr 21, 2008 5:13am
Quoting joypips
hello everyone
just trying to post chart can you look and see if this is setup on nzd

thanks joy
Hi2 But Seem's your chart is not attached...
  • #1,382
  • Apr 21, 2008 5:16am Apr 21, 2008 5:16am
Quoting joypips
hello everyone
just trying to post chart can you look and see if this is setup on nzd

thanks joy
well i see that didn't work will try again
  • #1,383
  • Apr 21, 2008 5:28am Apr 21, 2008 5:28am
Quoting joypips
well i see that didn't work will try again
another try
Attached Image (click to enlarge)
Click to Enlarge Name: chart.JPG Size: 105 KB
  • #1,384
  • Apr 21, 2008 5:29am Apr 21, 2008 5:29am
Quoting joypips
another try
oh my gosh it worked
  • #1,385
  • Apr 21, 2008 5:32am Apr 21, 2008 5:32am
Thanks guys, looks like things are consolidating, I need to keep the patience and discipline up now and not rush into the next trade, I am working on entry and exit to improve pips per trade, my exit was based on a high point on the 4 hour chart from last week, 15 april, before the big break on Friday, I just looked for a likely support point and I had a line in there from last week.
Like Umairs I now try and avoid fake outs and wait for candle to close outside the pattern, in other words enter on first candle to open outside the pattern on 30 minute chart and then enter. It would be great to here about entry and exits more.

Good luck trading
  • #1,386
  • Apr 21, 2008 5:52am Apr 21, 2008 5:52am
Guys I jumped the gun here but the bear flag on 5 min was too good anyway lets see.
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf 21 apr 2.gif Size: 16 KB
  • #1,387
  • Apr 21, 2008 6:02am Apr 21, 2008 6:02am
Hi there Guy's AUD/USD Now seem's little bearish... Im also trading through candlestick pattren & seem's candles are reversing the trend from bullish to bearish now Let's see...
  • #1,388
  • Apr 21, 2008 6:36am Apr 21, 2008 6:36am
Quoting Umairs2004
Hi there Guy's AUD/USD Now seem's little bearish... Im also trading through candlestick pattren & seem's candles are reversing the trend from bullish to bearish now Let's see...
can someone tell me am i seeing ascending triangle on nzd 30min
  • #1,389
  • Apr 21, 2008 7:09am Apr 21, 2008 7:09am
Hi Joypips, in the chart you have drawn a symmetrical triangle, but the NZDUSD, as you say, is in an ascending triangle, its had a go at the .7930 area a few times and on my 30 min chart has closed above, we have had a pull back and now looks like a continuation.
  • #1,390
  • Apr 21, 2008 7:16am Apr 21, 2008 7:16am
Quoting Paj
Hi Joypips, in the chart you have drawn a symmetrical triangle, but the NZDUSD, as you say, is in an ascending triangle, its had a go at the .7930 area a few times and on my 30 min chart has closed above, we have had a pull back and now looks like a continuation.
thanks so much Paj, appreciate your help

joy
  • #1,391
  • Apr 21, 2008 7:40am Apr 21, 2008 7:40am
Quoting joypips
thanks so much Paj, appreciate your help

joy
i took that nzd trade now up 30 anyone else ?
  • #1,392
  • Apr 21, 2008 7:55am Apr 21, 2008 7:55am
No, too focused on CHF, but that was a strong line and very tradable well done.
  • #1,393
  • Apr 21, 2008 8:00am Apr 21, 2008 8:00am
Quoting Paj
No, too focused on CHF, but that was a strong line and very tradable well done.
well I was tossing up which one nzd or chf are you still on chf Paj?
  • #1,394
  • Apr 21, 2008 12:06pm Apr 21, 2008 12:06pm
Quoting joypips
another try
Hi Joy...
Sorry for late response actually i was busy with my job also... well i just saw your chart seem's you draw Trendlines valid...Pair is Nzd/Usd but on which timeframe you have drawn your TL's...???
  • #1,395
  • Apr 21, 2008 12:09pm Apr 21, 2008 12:09pm
Ahh I also Just saw your post in which you have mentioned Time frame as 30 Minutes...Hammm Well i like to trade on any pair with breakout method but really dont like the movement of this pair N/U......But seems you have drawn a valid trendlines...
  • #1,396
  • Apr 21, 2008 12:18pm Apr 21, 2008 12:18pm
Quoting Paj
Guys I jumped the gun here but the bear flag on 5 min was too good anyway lets see.
Paj Well frankly speaking i dont trade through flag pattren's preety dangerous... As if you are not expert to draw them valid then a chance of fake one's... Try to focus on Higher Tf's like 4-Hours & Daily Tf's, try to figure out the trend as it is the best sort out to avoide from fake breakout's & enter through lower timeframes through the breakout method in the direction of trend...
Umair!!!
  • #1,397
  • Apr 21, 2008 1:40pm Apr 21, 2008 1:40pm
Seems like you guys have had some profitable trades today, well done.

Right now I have wedge on 30m/1h cable targeting .9885 area. I'm favoring upside here since we should retrace soon, IMO.

And triangle on e/u on 1h;
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cablewedge30m.gif Size: 13 KB
Click to Enlarge Name: eutriangle.gif Size: 13 KB
Measure twice, cut once
  • #1,398
  • Apr 21, 2008 3:04pm Apr 21, 2008 3:04pm
Wedge on cable is in play
Measure twice, cut once
  • #1,399
  • Apr 21, 2008 7:09pm Apr 21, 2008 7:09pm
Re-adjusting my lines and we got pennant with approx. same targets as wedge but a more trust-worthy pattern;
Attached Image (click to enlarge)
Click to Enlarge Name: pennantscable.gif Size: 13 KB
Measure twice, cut once
  • #1,400
  • Apr 21, 2008 10:30pm Apr 21, 2008 10:30pm
Hi There Aediaz ...Yesterday we Miss you Buddy...
Umair!!!
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