Drawing correct resistance and support-lines
Hi there guy's ...well i was keeping an eye on N/U Since from morning... Trend was also seem's to me bullish at morning & N/U Stuggled a lot but bearish side win's... i also said in my last post that if the lowerline of TL Break's in 30-Minutes than ''Bang''...see same happened i enter for short & just close for +30 Pip's for more see screenshot...
Umair!!!
Congratulations, Umairs,
I sold the E/U went it broke the support level. I am still in.
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I trade it as soon as price enters approx 10 - 15 pips above/below my trendlines. Usually a TL who have been tested 3 times give me more confidence to trade on direct breaks. But on price patterns I can take an direct breakout-trade with 2 times tested lines like flag, pennants etc.
In my experience, this as all about your preferred trading-style. What fits you most ?
Make your own statistic of the probability how often you would have lost/made profit trading candle close or on direct break. Only hard research will give great improvements
hello all you happy pippers
this sure has been freaky friday but good pips to be had only 50 for me but happy will hold on to those and be happy thanks to all for your help and support. have a good weekend all
joy
Aediaz1 has said we can expect when a breakout from a range the move to be the same as the PIPs of the range. Today I sold the E/U when it broke through the support of the range. The range was 69.2 PIPs, and it hit that number of PIPs in its move down. The attached chart shows what I mean. Thank you Aediaz for your instruction and support to our success!
4-some breakout are continouation,while others are reversal,but i have seen situations where price break in the opposite direction which opposes where it should eventualy go.what should i do in this case?
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