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Drawing correct resistance and support-lines

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  • #1,541
  • May 1, 2008 12:30pm May 1, 2008 12:30pm
i'm not trade,but still follow gj movement,actually too carefully/too afraid to open new position.but this attitude help me a lot to keep my money add up little by little compared to the 1st few month when i start trading...always crash!dont have enough courage to learn using demo account...
  • #1,542
  • May 1, 2008 12:51pm May 1, 2008 12:51pm
Quoting juang
Yup.my TL from h4,i just want to share with another about the power of TL
Measure twice, cut once
  • #1,543
  • May 1, 2008 12:58pm May 1, 2008 12:58pm
Quoting vitagene
i'm not trade,but still follow gj movement,actually too carefully/too afraid to open new position.but this attitude help me a lot to keep my money add up little by little compared to the 1st few month when i start trading...always crash!dont have enough courage to learn using demo account...
Your doing right by not opening any position then. I would advice demo-account till you got the confidence to trade live. So I think your first step should be to take demo-account serious. This will save you from a lot of pain and money.

Try to be really picky about your trades. Risk as little as 0.5% of your account at start. As your confidence grows, you might start to increase your risk-appetite. Be prepared for a long learning-curve. I haven't seen anyone trade profitable from only 1 year of experience yet. But don't get frightened by that. As long as you like what your doing you should be ok.

No money in the world could motivate me to sit 14-16 hours in front of my screen, only passion combined with interest can.
Measure twice, cut once
  • #1,544
  • May 1, 2008 6:18pm May 1, 2008 6:18pm
Took some time but price hit 206.50. Let's see what's next. Usually we see a retrace to some degree when flag-target is hit but nothing to place any orders on.
Attached Image (click to enlarge)
Click to Enlarge Name: gjflag30m.gif Size: 13 KB
Measure twice, cut once
  • #1,545
  • May 1, 2008 9:18pm May 1, 2008 9:18pm
i think this one a correct TL drawing n the signal is clear ( short ),am i right?
Attached Image (click to enlarge)
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  • #1,546
  • May 1, 2008 11:24pm May 1, 2008 11:24pm
may be it will go to 207.50 at least...i'm learning.
Attached Image (click to enlarge)
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  • #1,547
  • May 2, 2008 2:05am May 2, 2008 2:05am
I was preparing to post the G/U chart I was watching, but G/U broke out my TL sold I sold. I am posting the two charts.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: G.U.2.png Size: 31 KB
  • #1,548
  • May 2, 2008 2:13am May 2, 2008 2:13am
G/U pulled back, so I exited with a 15 pip loss. I will wait now for an opportunity.
  • #1,549
  • May 2, 2008 2:20am May 2, 2008 2:20am
I am watching the E/U to see if it breaks up out of the range.
Attached Image (click to enlarge)
Click to Enlarge Name: E.U.png Size: 21 KB
  • #1,550
  • May 2, 2008 2:48am May 2, 2008 2:48am
Quoting vitagene
i think this one a correct TL drawing n the signal is clear ( short ),am i right?
Seems more like pitchforks. What does the other timeframes tell you ?
Measure twice, cut once
  • #1,551
  • May 2, 2008 2:50am May 2, 2008 2:50am
Quoting vitagene
may be it will go to 207.50 at least...i'm learning.
Spot on. Hope you managed to catch this rally up.
Measure twice, cut once
  • #1,552
  • May 2, 2008 3:04am May 2, 2008 3:04am
Quoting Dcb
I am watching the E/U to see if it breaks up out of the range.
I'm looking at the same setup. Price have formed flag from 30m up to daily. Try to draw them. Needles to say something big is brewing. Daily chart have more of an bullish flag so lets watch and see where price will take us. The possibility for a larger move is due, so better start looking for technical spots to place SL.

I'm targeting 1.5600 for the upside and 1.6350 for the downside.
Attached Image (click to enlarge)
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Measure twice, cut once
  • #1,553
  • May 2, 2008 3:53am May 2, 2008 3:53am
Quoting aediaz1
I'm looking at the same setup. Price have formed flag from 30m up to daily. Try to draw them. Needles to say something big is brewing. Daily chart have more of an bullish flag so lets watch and see where price will take us. The possibility for a larger move is due, so better start looking for technical spots to place SL.

I'm targeting 1.5600 for the upside and 1.6350 for the downside.
I am targeting 1.55241. You probably are correct with 1.5600 on the upside, but I am thinking conservatively.
Attached Image (click to enlarge)
Click to Enlarge Name: E.U.2.png Size: 24 KB
  • #1,554
  • May 2, 2008 3:59am May 2, 2008 3:59am
Quoting Dcb
I am targeting 1.55241. You probably are correct with 1.5600 on the upside, but I am thinking conservatively.
Correct thinking. My target was based on flag (half of flagpoles length). Wherever price is going, it can go far. Looks like we're pushing higher as we speak. Even 200 pips wouldn't surprise me. Would be an "typical" Friday.
Measure twice, cut once
  • #1,555
  • May 2, 2008 4:02am May 2, 2008 4:02am
Quoting aediaz1
Correct thinking. My target was based on flag (half of flagpoles length). Wherever price is going, it can go far. Looks like we're pushing higher as we speak. Even 200 pips wouldn't surprise me. Would be an "typical" Friday.
We could always move a SL to protect gains as it moves up.
  • #1,556
  • May 2, 2008 4:17am May 2, 2008 4:17am
I decided to buy the E/U when it broke out of the upside of the range. My thinking is everyone expects the U.S. payroll numbers will be down, and they are buying the E/U.
Attached Image (click to enlarge)
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  • #1,557
  • May 2, 2008 4:27am May 2, 2008 4:27am
Quoting Dcb
We could always move a SL to protect gains as it moves up.
Both yes and no. If you're moving SL when your in profit, you should move it to an technical level and not based on i.e +1 after +20 pips. I have done some +1-at-profit-trading myself but it really doesn't work well with this approach. One approach I find more profitable is closing i.e 50-80% of your position on reached target and let rest run on +1 or close-by. But this may be an personal issue. Each have to find out himself what feels more comfortable to them. I can't tell you that locking in +1 is wrong, when it fits you well.

Same goes for a SL as 50 pips on every trade. Putting standard number on your SL is dangerous when you're trading technical, IMO.

Position seizing is an very important part of trading. If your SL is bigger than your last trade, you can't buy same the amount of units.
Measure twice, cut once
  • #1,558
  • May 2, 2008 4:33am May 2, 2008 4:33am
Quoting aediaz1
Both yes and no. If you're moving SL when your in profit, you should move it to an technical level and not based on i.e +1 after +20 pips. I have done some +1-at-profit-trading myself but it really doesn't work well with this approach. One approach I find more profitable is closing i.e 50-80% of your position on reached target and let rest run on +1 or close-by. But this may be an personal issue. Each have to find out himself what feels more comfortable to them. I can't tell you that locking in +1 is wrong, when it fits you well.

Same goes for a SL as 50 pips on every trade. Putting standard number on your SL is dangerous when you're trading technical, IMO.

Position seizing is an very important part of trading. If your SL is bigger than your last trade, you can't buy same the amount of units.
Good advise. I appreciate you wise counsel.
  • #1,559
  • May 2, 2008 4:57am May 2, 2008 4:57am
Quoting Dcb
Good advise. I appreciate you wise counsel.

hi DCB have to agree with you, appreciate aediaz and his wise counsel may have to rename him wise one. thought this thread was starting to die due to lack of action so upset just love logging in here wish i could particiapate more but due to day job and other committments don't have a lot of time. appreciate everyones input and will get back to posting soon (it is so time consuming the way i do it)
joy
  • #1,560
  • May 2, 2008 5:06am May 2, 2008 5:06am
Quoting joypips
hi DCB have to agree with you, appreciate aediaz and his wise counsel may have to rename him wise one. thought this thread was starting to die due to lack of action so upset just love logging in here wish i could particiapate more but due to day job and other committments don't have a lot of time. appreciate everyones input and will get back to posting soon (it is so time consuming the way i do it)
joy
HI joypips, This is a great thread, but it is up to us to make sure it does not die. Aediaz gives good advice and instruction. I enjoy the traders' insight and alerts. The traders here are supportive and encouraging. I also have a job I will have to go to. I closed my E/U position with a 10 pip loss. I should had known better than to enter before the U.S. payroll number coming out. Here is my last chart for the day. Have a great weekend.
Attached Image (click to enlarge)
Click to Enlarge Name: E.U.4.png Size: 20 KB
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