Drawing correct resistance and support-lines | Page 76 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Drawing Correct Trendlines 58 replies

Drawing Gann Grid in mt4, the correct way 3 replies

Drawing correct S/R and pivot 8 replies

Drawing Objects vs Drawing lines 1 reply

Drawing support and resistance lines 4 replies

Attachments: Drawing correct resistance and support-lines
Exit Attachments

Drawing correct resistance and support-lines

  • Linked: Trend Trading | Brokerage Account XXXX22
  • Expand
  • Last Sync: Sep 13, 2016
Sep 13, 2016
Last Sync: Sep 13, 2016
Sep 13, 2016
Last Sync: Sep 13, 2016
Sep 13, 2016
Last Sync: Sep 13, 2016
Sep 13, 2016
Last Sync: Sep 13, 2016
to
No trading activity in this period.
  • #1,501
  • Apr 28, 2008 2:58am Apr 28, 2008 2:58am
Another perspective to euro... trendline rule no 1 says it goes up

but it does not say how far

R

Quoting Dcb
E/U doesnt seem to know yet what it wants to do. Maybe we will get a clue from U/C, but I want to see what the U/C wants to do at the support level.
Attached Image (click to enlarge)
Click to Enlarge Name: euro.gif Size: 19 KB
  • #1,502
  • Apr 28, 2008 3:03am Apr 28, 2008 3:03am
Same triangle. Testing lower part now. Price can move 100+ pips if we break through based on the distance inside triangle.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.jpg Size: 74 KB
Measure twice, cut once
  • #1,503
  • Apr 28, 2008 3:08am Apr 28, 2008 3:08am
Nice rising TL on Euro, if it breaks it may yeild something? last weeks low at red horizontal line 1.5555

Paj
Attached Image (click to enlarge)
Click to Enlarge Name: euro 28 apr.gif Size: 11 KB
  • #1,504
  • Apr 28, 2008 3:16am Apr 28, 2008 3:16am
You guys have made your convincing case that the E/U will go up. Thank you.
  • #1,505
  • Apr 28, 2008 3:20am Apr 28, 2008 3:20am
Quoting Dcb
You guys have made your convincing case that the E/U will go up. Thank you.
We don't know for sure yet. This can go both ways. But the long-term trend is still up.
Measure twice, cut once
  • #1,506
  • Apr 28, 2008 5:47am Apr 28, 2008 5:47am
nice one on u/e but the trendline is not clear,as i am speaking price is trying to make a new high against the upper trendline,but i am still waiting for an opprtunity on a clear breakout,hope guys are also watching...sorry but late i am in g/u and aready experencing a throw back
  • #1,507
  • Apr 28, 2008 6:19am Apr 28, 2008 6:19am
On the 4 hour I think I have a flag what do you guys think and if im doing target correctly?

Quoting aediaz1
Still watching broadening pattern on both 30m and 1h chart;
Attached Image (click to enlarge)
Click to Enlarge Name: flag.gif Size: 15 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #1,508
  • Apr 28, 2008 6:26am Apr 28, 2008 6:26am
i have a question abt pivot point.
1-i want to start using the pivot point not as my entry technique but to gauge resistance point,so i have got auto pivot which automatically plot the pivot for the day.when i checked the result with the pivot point posted at mataf.net,there is a difference of abt 3pips,i feel this is due to the slight difference btw the hloc of diff platform.but i decided to calculate the pivot levels manually,i know the parameters needed for the calculation but i dont know where(time) to start taking the datas.so,my question is the hlc need to calculate this pivot points,where am i going to start taking it,is it from 12-12 of the previous day or 00-00 of the previous day.
2-there is a popular saying that,when market open above daily pivot,there is posibily that it will test it and then continou its journey up,pls how valid is this or does anybody uses this statement as a trigger point.pls i need to be lectured on this.
thanks and happy pipin
  • #1,509
  • Apr 28, 2008 6:38am Apr 28, 2008 6:38am
Quoting Bones
On the 4 hour I think I have a flag what do you guys think and if im doing target correctly?
It's half the value of the flagpole. So we are targeting 109 pips from this flag;
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 16 KB
Measure twice, cut once
  • #1,510
  • Apr 28, 2008 6:48am Apr 28, 2008 6:48am
Quoting aediaz1
It's half the value of the flagpole. So we are targeting 109 pips from this flag;
Cool thanks for that.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #1,511
  • Apr 28, 2008 6:53am Apr 28, 2008 6:53am
Quoting folastevo
i have a question abt pivot point.
1-i want to start using the pivot point not as my entry technique but to gauge resistance point,so i have got auto pivot which automatically plot the pivot for the day.when i checked the result with the pivot point posted at mataf.net,there is a difference of abt 3pips,i feel this is due to the slight difference btw the hloc of diff platform.but i decided to calculate the pivot levels manually,i know the parameters needed for the calculation but i dont know where(time) to start taking the datas.so,my question is the hlc need to calculate this pivot points,where am i going to start taking it,is it from 12-12 of the previous day or 00-00 of the previous day.
2-there is a popular saying that,when market open above daily pivot,there is posibily that it will test it and then continou its journey up,pls how valid is this or does anybody uses this statement as a trigger point.pls i need to be lectured on this.
thanks and happy pipin
You surly asked in the right thread

1.Personally I use 00-00. I assume most traders do. Some calculate London pivots too, but I find the difference rather small.

2. Peoples say a lot. Plot those pivots on your chart and try it out yourself. In my experience, I haven't seen any increased probability for price to be bullish/bearish depending on opening-price is below/above pivot.
Measure twice, cut once
  • #1,512
  • Apr 28, 2008 7:05am Apr 28, 2008 7:05am
I see the probability for price to hit 209 area if we are heading above currently 4h TL;
Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 15 KB
Measure twice, cut once
  • #1,513
  • Apr 28, 2008 7:20am Apr 28, 2008 7:20am
Quoting folastevo
i have a question abt pivot point.
1-i want to start using the pivot point not as my entry technique but to gauge resistance point,so i have got auto pivot which automatically plot the pivot for the day.when i checked the result with the pivot point posted at mataf.net,there is a difference of abt 3pips,i feel this is due to the slight difference btw the hloc of diff platform.but i decided to calculate the pivot levels manually,i know the parameters needed for the calculation but i dont know where(time) to start taking the datas.so,my question is the hlc need to calculate this pivot points,where am i going to start taking it,is it from 12-12 of the previous day or 00-00 of the previous day.
2-there is a popular saying that,when market open above daily pivot,there is posibily that it will test it and then continou its journey up,pls how valid is this or does anybody uses this statement as a trigger point.pls i need to be lectured on this.
thanks and happy pipin

sorry folastevo cannot help you and don't mean to be rude but don't think this is the correct thread for answering this question
joy
  • #1,514
  • Apr 29, 2008 2:32am Apr 29, 2008 2:32am
I lost pips yesterday, the market for me, was not fluid, I should have stayed out, which is another lesson in patience and discipline, 3 or 4 good trades a week are better than 9 or 10 where the bad trades kill all the good ones.

Anyway, I saw a break of a triangle on the Euro, so I entered the trade on the close of the 30 minute candle, (quite a long wick though?) I have moved my stop into profit and am targeting last weeks low, lets see.
Attached Image (click to enlarge)
Click to Enlarge Name: euro 29 apr.gif Size: 16 KB
  • #1,515
  • Apr 29, 2008 2:41am Apr 29, 2008 2:41am
Quoting Paj
I lost pips yesterday, the market for me, was not fluid, I should have stayed out, which is another lesson in patience and discipline, 3 or 4 good trades a week are better than 9 or 10 where the bad trades kill all the good ones.

Anyway, I saw a break of a triangle on the Euro, so I entered the trade on the close of the 30 minute candle, (quite a long wick though?) I have moved my stop into profit and am targeting last weeks low, lets see.

hi paj i just took 23 on euro so congrats to you for staying in
joy
  • #1,516
  • Apr 29, 2008 2:45am Apr 29, 2008 2:45am
Thanks Joypips, I didn't get too greedy took 35 pips.
  • #1,517
  • Apr 29, 2008 3:50am Apr 29, 2008 3:50am
hello,
two of my trades yesterday,after the breakout it eventually throw back and close above my td.first is e/u,second is gj.so,i watched this pair break my tl on 30m(i also used 30m to draw the tl).so,on each pair,as i saw that it has retraced back into my drawn tl i closed the trades with a massive lost.and shutdown my laptop,just to mourn myself.now i decided to trade gain,and i saw the price speedily going my right direction .i also looked at the time and dicov ered that it began to move in my favour not more than 45m after i closed the trades with a loss.remember i closed the trade because price eventually break the tl back into my triangles.
-was i right in closing the trade at that point.
2-what was my mistake.
3-the loss was already great when that happened and i couldnt control myself so i closed the trade,any advise.
4-will anybody do exacly what i did?
thank everyone for the great job in this forum.
and i expecting guys to post chart of trades that are about to break tl so i can join the team.thanks
no more bad trade(amen)
  • #1,518
  • Apr 29, 2008 6:31am Apr 29, 2008 6:31am
Folastevo, I lost out yesterday too as I posted earlier, you can't win them all, IMO if you are still learning like me, and you don't already do so, stick to a demo account, I was trading with real money, but I have decided to change my style and time frame, if I do that how do I know it will work? I don't - so I am keeping a log of each trade, with as much information as possible about the trade, price action, higher TF etc. I am not "allowed" to go back to real money until I have at least 1 profitable month (2 weeks to go so I have to keep up the self control!) Post your charts so we can all help each other.

One other point - you traded "gj" GBPJPY if you are learning? and especially if you are using real money IMHO that is not the best place to start, if you blink you can be down 40 - 50 pips before your brain realises it.

Good luck

Paj
  • #1,519
  • Apr 29, 2008 7:13am Apr 29, 2008 7:13am
Aediaz1,what timeframe u usually use for determine Trend for make Higher HIgh,Higher low ,thanks







"Together More Better Than Alone"
  • #1,520
  • Apr 29, 2008 10:19am Apr 29, 2008 10:19am
Been away all day so missed some nice moves, hence the late reply.

I like 4h chart for making HH, HL etc and 1h as the lowest. I see it as "my" type of MA. It's only to remind me of currently trend, nothing more.

Quoting juang
Aediaz1,what timeframe u usually use for determine Trend for make Higher HIgh,Higher low ,thanks







"Together More Better Than Alone"
Measure twice, cut once
1 trader viewing now