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Drawing correct resistance and support-lines

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  • #1,641
  • May 12, 2008 6:04am May 12, 2008 6:04am
It is time for me to sign off. Have a good day trading, and I will see you tomorrow for the London open.
  • #1,642
  • May 12, 2008 6:30am May 12, 2008 6:30am
Hey Guys,

Check this one out!! How would you call this one?

Long if it closes above UTL or Short if it closes below R1?

Any clues? An ascending triangle in a down wedge? maybe an indication? A descending wedge in an uptrend?

Jupiter
Attached Image(s) (click to enlarge)
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  • #1,643
  • May 12, 2008 7:49am May 12, 2008 7:49am
Interesting thoughts Jupiter, so far seems that u/c will get out of triangle to downward direction..
  • #1,644
  • May 12, 2008 9:20am May 12, 2008 9:20am
Quoting sDRs
Interesting thoughts Jupiter, so far seems that u/c will get out of triangle to downward direction..

Made easy 20 pips off of it.

Could of gone further and it should hit Pivot at 1.0436.

But I settle for my 20 pips...

Best,

Jupiter.
Attached Image (click to enlarge)
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  • #1,645
  • May 12, 2008 9:23am May 12, 2008 9:23am
i took 15 pips, but it was stupid, becouse u/c is moving to pivot very clear.
  • #1,646
  • May 12, 2008 9:39am May 12, 2008 9:39am
Will it break UTL or LTL?


Your thoughts...
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gbp_usd_4h_12_05_2008_2.gif Size: 30 KB
  • #1,647
  • May 12, 2008 9:44am May 12, 2008 9:44am
Quoting jupiter_peak
Will it break UTL or LTL?


Your thoughts...
Only time could answer to yours question. Below you will find EU chart, look at highlighted lines, maybe now its not fake and finally eu will head up?
Attached Image (click to enlarge)
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  • #1,648
  • May 12, 2008 10:10am May 12, 2008 10:10am
First Target hit at 1.5504 (R1).

Lets wait until a next bullish candle closes above 1.5504 and maybe we could have another pip round.
Attached Image (click to enlarge)
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  • #1,649
  • May 12, 2008 11:09am May 12, 2008 11:09am
Target 2 reached : 1.5542.
  • #1,650
  • May 12, 2008 11:22am May 12, 2008 11:22am
Thanks Buddy!

This exchange of info. was great. Lets keep up the good job!!


Wish you a great week!

Best,

Jupiter.
  • #1,651
  • May 12, 2008 1:05pm May 12, 2008 1:05pm
What a day of trading this has been so far...

Check it out!!!

Jupiter.
Attached Image (click to enlarge)
Click to Enlarge Name: eur_gbp_1h_12_05_2008_2.gif Size: 30 KB
  • #1,652
  • May 12, 2008 1:53pm May 12, 2008 1:53pm
Quoting jupiter_peak
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.
Understand your English perfect, no worries.

Hope you're able to benefit from your readings.
Measure twice, cut once
  • #1,653
  • May 12, 2008 2:07pm May 12, 2008 2:07pm
Quoting Paj
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.
Nice trade !
Measure twice, cut once
  • #1,654
  • May 12, 2008 2:18pm May 12, 2008 2:18pm
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.
Important to keep an eye on those levels as you spotted here, and especially when it confluences with other TA like pivots, TL etc.
Measure twice, cut once
  • #1,655
  • May 12, 2008 2:37pm May 12, 2008 2:37pm
eu finally got out from its downtren, im thinking about gold, any ideas? level 900 must come IMO
  • #1,656
  • May 12, 2008 2:46pm May 12, 2008 2:46pm
Quoting sDRs
eu finally got out from its downtren, im thinking about gold, any ideas? level 900 must come IMO
apologies for my ignorance, but what did you mean?
  • #1,657
  • May 12, 2008 3:36pm May 12, 2008 3:36pm
Quoting sDRs
eu finally got out from its downtren, im thinking about gold, any ideas? level 900 must come IMO
Nothing special, IMO. As long as we trade above daily TL, bulls are in favor on daily;
Attached Image (click to enlarge)
Click to Enlarge Name: gold.jpg Size: 75 KB
Measure twice, cut once
  • #1,658
  • May 12, 2008 7:18pm May 12, 2008 7:18pm
Quoting jupiter_peak
Made easy 20 pips off of it.

Could of gone further and it should hit Pivot at 1.0436.

But I settle for my 20 pips...

Best,

Jupiter.
The U/C went down as you an sDRs predicted. I hope you left something for me tomorrow morning.
  • #1,659
  • May 12, 2008 7:22pm May 12, 2008 7:22pm
Quoting sDRs
i took 15 pips, but it was stupid, becouse u/c is moving to pivot very clear.
Nice trades today. I will see tomorrow at the London open.
  • #1,660
  • May 12, 2008 7:28pm May 12, 2008 7:28pm
Quoting aediaz1
Important to keep an eye on those levels as you spotted here, and especially when it confluences with other TA like pivots, TL etc.
I am becoming a better and consistent trader because of your comments and this thread.
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