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Drawing correct resistance and support-lines

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  • #1,581
  • May 6, 2008 4:37am May 6, 2008 4:37am
Quoting aediaz1
Difficult market today, technically speaking. Kick me in leg if I'm missing something. I spot few good reasons to trade right now.
The G/U pulled back and is now regrouping. The E/U does not have the strength to continue its move up, but I do not want to sell it. I am on the sideline watching.
Attached Image (click to enlarge)
Click to Enlarge Name: E.U6.png Size: 23 KB
  • #1,582
  • May 6, 2008 4:43am May 6, 2008 4:43am
The E/U looks like it has decided to move, so I am buying.
  • #1,583
  • May 6, 2008 4:55am May 6, 2008 4:55am
Quoting aediaz1
Difficult market today, technically speaking. Kick me in leg if I'm missing something. I spot few good reasons to trade right now.
I agree, there is no point in "punting" Patience and Discipline, the sun can't shine every day, take only the trades the jump out at you.

Paj
  • #1,584
  • May 6, 2008 5:08am May 6, 2008 5:08am
Quoting itechdev

support/resistance and fibo are the main techy indicators used.

draw them from close prices, not candle stick high/lows...
Hi, i've seen some traders do this, their reason is becoz it does not reflect true value, those wicks suggest price at that level was rejected.

But one could argue that market did get there in the first place, proly due to irrationalism.

regards
  • #1,585
  • May 6, 2008 5:09am May 6, 2008 5:09am
Quoting Paj
I agree, there is no point in "punting" Patience and Discipline, the sun can't shine every day, take only the trades the jump out at you.

Paj
I excited my long E/U position with only a 10 pip gain. Tomorrow is another opportunity.
  • #1,586
  • May 6, 2008 5:42am May 6, 2008 5:42am
Quoting Paj
I agree, there is no point in "punting" Patience and Discipline, the sun can't shine every day, take only the trades the jump out at you.

Paj
Well said, a risk-saving strategy.
Measure twice, cut once
  • #1,587
  • May 6, 2008 6:07am May 6, 2008 6:07am
Nice 70 pip bounce...

R

Quoting Dcb
I had looked at the Daily G/U, but it is so ugly, to volatile, so I focused on H1. I am watching how the E/U does not have the strength to move up.
Attached Image (click to enlarge)
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  • #1,588
  • May 6, 2008 6:45am May 6, 2008 6:45am
Quoting Rocroy
Nice 70 pip bounce...

R



Attachment
Pretty much the same line on 4h;
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 20 KB
Measure twice, cut once
  • #1,589
  • May 6, 2008 6:50am May 6, 2008 6:50am
it is the same line, my mt4 just could not show the starting point on 4h tf...

euro started to move, targeting to 50 fib retracement, near 1.57

Quoting aediaz1
Pretty much the same line on 4h;
  • #1,590
  • May 6, 2008 6:55am May 6, 2008 6:55am
Quoting Rocroy
it is the same line, my mt4 just could not show the starting point on 4h tf...

euro started to move, targeting to 50 fib retracement, near 1.57
Possible, but looking at the confluence between daily range and last previous high/support I'm targeting .5650 area.
Measure twice, cut once
  • #1,591
  • May 6, 2008 7:01am May 6, 2008 7:01am
hey there aediaz, long time no see.

i've spotted today a very good trade on usd/cad and i will share with u my thoughts.

the news are getting soon so wait for them as a breakout tool, wait for the correction then pull the trigger and ride it well at least for a the end of the week.

gl.

http://i28.tinypic.com/4h9ruf.gif
  • #1,592
  • May 6, 2008 7:20am May 6, 2008 7:20am
Quoting eye4spot
hey there aediaz, long time no see.

i've spotted today a very good trade on usd/cad and i will share with u my thoughts.

the news are getting soon so wait for them as a breakout tool, wait for the correction then pull the trigger and ride it well at least for a the end of the week.

gl.
Hi there. Looks like you have triangle forming on daily. Don't got anything else on that pair. Not even some easy S/R areas. Starting to miss those days when trends where so clear. Gbp/usd, eur/usd and aussy dollar up.
Usd/chf, usd/jpy and usd/cad down. Check. Never take position against the main trend. Check. Profits. Check. Now I need to use my brain again
Measure twice, cut once
  • #1,593
  • May 6, 2008 8:46am May 6, 2008 8:46am
Hi there Aediaz & Guy's ...
Well im back again... Actually I was busy with my some new projects & totally out of the game...Hope so everyone have experienced with some good Breakout's...
  • #1,594
  • May 6, 2008 10:07am May 6, 2008 10:07am
Quoting Umairs2004
Hi there Aediaz & Guy's ...
Well im back again... Actually I was busy with my some new projects & totally out of the game...Hope so everyone have experienced with some good Breakout's...
Hi Umairs and welcome back Let's see if we can bank some pips again !
Measure twice, cut once
  • #1,595
  • May 6, 2008 10:25am May 6, 2008 10:25am
Quoting aediaz1
Hi Umairs and welcome back Let's see if we can bank some pips again !
Thank's Best of Luck...
  • #1,596
  • May 7, 2008 1:27am May 7, 2008 1:27am
,nice break out eu H1
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  • #1,597
  • May 7, 2008 3:26am May 7, 2008 3:26am
Quoting juang
,nice break out eu H1
I agree. E/U looks like it is about to move down. The G/U has already broken down, but I am waiting for the news to come out.
Attached Image(s) (click to enlarge)
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  • #1,598
  • May 7, 2008 4:47am May 7, 2008 4:47am
I sold the E/U and exited with a 21 pip gain. I trade the first 3 hours of the London session, and my daily goal is 20 - 30 minimum. I used the 5 min chart to set some targets. The red line on the 5 min chart was the level where I thought the pair would have some trouble. I drew a horizontal line on the H1 chart where I thought it ultimately go. I exited at the red line of my 5 min chart, but it did go down the the horizontal line I drew.
Attached Image(s) (click to enlarge)
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  • #1,599
  • May 7, 2008 5:14am May 7, 2008 5:14am
I sold the E/U after German factory orders came out. I moved target (red line on 5 min chart) to 1.54240. I have to admit that I did not wait to exit, but closed a little early. I had a 26 pip gain.
Attached Image(s) (click to enlarge)
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  • #1,600
  • May 7, 2008 8:41am May 7, 2008 8:41am
Nice pippin guys. Not at home so don't got any charts to post. Happy trading.
Measure twice, cut once
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