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Drawing correct resistance and support-lines

Sep 13, 2016
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Sep 13, 2016
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Quoting aediaz1
This could of course go both ways, but I will follow 1h chart to might get a clue on where/how the next leg in this pair develop. If 1h triangle breaks we might see price head down to 4h TL. I saw you had s/r levels on your charts so I only post mine with some TL if it helps;
Hello Aediaz,
Thank you for your comments. I appreciate your insight. Friday, the market just could not really move any direction for any distance. So as we start a new week, I will step back and take a fresh look at my charts. Thank you for your advice.
Quoting jupiter_peak
Cable:
I could be wrong, but this is my GBP/USD analysis:

D1 - Broke resistance this last week and just rebounded from th 4H LTL. Should go up for today. Down for tomorrow.... It should be limited by a strong LTL for this week that should bring it back up(support).

H4 - Got falling wedge but there's still room to go down. It should go down for a few more candles and then back up. Limited by Daily Strong LTL (support).

H1 - Falling wedge with still some room to go down. It should go up some time during this week.

Lets see how it plays out.

Jupiter.
H4: Possible. D1: What resistance ?

Don't spend too much energy figuring out where price is going, but rather what to do when price gets there.
Measure twice, cut once
Quoting jupiter_peak
Hi Aediaz, DCB and every one else,

Can any one tell if there is a rule of thumb for fake breaks? Is there any indication? Perhaps Stochastics being at its limit while at the breaking point?

One other thing dcb, I am not sure, but the break might of have pulled back due to the news???? (not sure, because it would not make much sense...)

Wish you all the best.

Jupiter.
Hello Jupiter_peak,
I do believe the news did not help the continuation of the break. I used to use the RSI, but I have watched price action entirely now. I know there will be pull backs and false breakouts, that is why I will get out when I do not like what I am seeing. Now, I tend to watch the increasing intensity of the price changes toward the direction of where I expect it to break, if that makes any sense. Thank you for your comments. Good luck to our trading this week.
Quoting Dcb
Hello Aediaz,
Thank you for your comments. I appreciate your insight. Friday, the market just could not really move any direction for any distance. So as we start a new week, I will step back and take a fresh look at my charts. Thank you for your advice.
Evening.

In my experience, Fridays is "always" a strange day to trade on. Let's see what this week reveals
Measure twice, cut once
Quoting aediaz1
Hi

On 4h TL we still got some space for the upside. For the long-term, as long as we stay above daily support, longs are in favor, IMO.

EUR/USD

D1 - Strong support during this week. Down triangle. Rebounded from support and if it breaks UTL it should rise to 1.5682. Also, a possibility of testing, and indeed breaking support. If it does, good pip round! Uncertain trend... (new LTL).If it breaks the UTL a possible target : 1.5682.

H4 - Down wedge. Just hit UTL. Should go down and test daily support this week again. If it breaks UTL : target : 1.5720.

H1 - Overall trend is down (down wedge). Although I have an up triangle (for recent TLs), double tops indicate it is going down. Falling to LTL maybe. Targets: first 1.5361 and second 1.5275 (support line).

Jupiter.
Quoting aediaz1
H4: Possible. D1: What resistance ?

Don't spend too much energy figuring out where price is going, but rather what to do when price gets there.

Sorry, meant strong support... (LTL at 1.9631)

Jupiter.
Aediaz and everybody else,

I have done a lot of reading on TA and on this thread especifically.

I have read all the pages on this thread and now am trying my best to analyse and actually trade according to my findings from this thread.

Hope I am writting stuff that makes sense to you guys. Sometimes, due to my poor english, will get confused with few words. Just joted down resistance instead of support (for example).

Please correct me at will.

Good week fo everyone.

Jupiter.
USD/CHF

D1 - Descending Triangle in an uptrend. Not sure.

H4 - Ascending wedge. Just bounced off the LTL. Broke the downwards channel UTL and will eventually go up for now. Main trend is up. Should become an ascending triangle.

H1 - Descending triangle inside an uptrend. Bounced off the H4 LTL. Just broke UTL in a descending channel (maybe a wedge???). Should go up to 38.2 (fibonacci).

Jupiter.
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Morning, guys,

seems that cable is steady for awhile, interesting day should be
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Quoting sDRs
Morning, guys,

seems that cable is steady for awhile, interesting day should be
Let's see how it acts in 10 minutes when news comes out.
Up, up and one more time up ! I havent seen such news for some time
Quoting sDRs
Up, up and one more time up ! I havent seen such news for some time
Are you buying G/U?
I am bought G/U at 1.95334. I wanted to wait a little after the news for the market to settle down.
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im already closed one position with 40 pips gain. Now waiting to see if cable cross 9576 level
Wow Cable!

Morning all, I have been test EFX ECN platform, so put in an order for Euro earlier at 1.5413. I was seeing hourly hammer off very strong support 1.5364 Res up at 1.5480.
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I closed my G/U position at 1.95770. I pulled back a little, and I did not how the price was stalling. My minimum daily goal is 20 - 30 pips so I happy.
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Closed second position with 11 pips gain. I dont believe, that cable will get back to its previous range above 1.9620
Quoting sDRs
Closed second position with 11 pips gain. I dont believe, that cable will get back to its previous range above 1.9620
I believe G/U will get to 1.9600, but I do not know how it will go from there. Aediaz has talked many times about major numbers like 1.9600 so I believe it will test it. The price went up since I closed my position, but I have left it alone. I want it to decide what it wants to do once it hits 1.9600.
Quoting Dcb
I believe G/U will get to 1.9600, but I do not know how it will go from there. Aediaz has talked many times about major numbers like 1.9600 so I believe it will test it. The price went up since I closed my position, but I have left it alone. I want it to decide what it wants to do once it hits 1.9600.
Cable can touch 1.96 area of course, but if he will get back to its previous range, we can expect move to 1.97, then 98. I think, that now we have too much bears for that and 1.96 level will be great to sell it again and wait till 93 lvl will come, this yrs lowest low.
Another scenario, now we could range for a while in 1.96 - 1.94 levels. Im still bearish
Quoting sDRs
Cable can touch 1.96 area of course, but if he will get back to its previous range, we can expect move to 1.97, then 98. I think, that now we have too much bears for that and 1.96 level will be great to sell it again and wait till 93 lvl will come, this yrs lowest low.
Another scenario, now we could range for a while in 1.96 - 1.94 levels. Im still bearish
I agree with your thoughts. 1.9600 will be a nice level to sell. I took am bearish, but I am waiting for new patterns to develop.
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