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Drawing correct resistance and support-lines

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  • #1,701
  • May 13, 2008 6:38pm May 13, 2008 6:38pm
I have not been focusing on the U/J, but I did want to see wha I can do with it. I drew an horizontal line at 104.012 which is also the 0.618 fib retacement of the up trend from 102.570 to 104.904. I am expecting the price to move down to 104.012.
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  • #1,702
  • May 13, 2008 6:39pm May 13, 2008 6:39pm
Quoting aediaz1
Be careful trading news. It rarely/(doesn't for me) fits well with TA. If somethings seems too obvious (i.e big rumors that some important US macro-numbers will be superb), be very skeptical. No-one is giving away free money and remember that the probability for the masses of people to be dead wrong is always very high. Don't follow the crowd ! Make your own conclusion or else you will most likely never learn yourself.

And try to figure out what to do when price gets there instead of where price will go. Tell me when you "see the light" understanding that sentence
I believe I wasn't very clear on my thread...

I didn't do any trading using news events. Actually, I only trade after some time after the news. I just mentioned that today the news helped giving a 'push' around some breaks that were about to happen.

Regarding cable, I am not trading it until it's clear.

I like to trade using support and resistance. Inside a trend or a channel, I usually sell when it hits resistance and buy when it hits support. Better chances of achieving good results.

Hope this is the 'light' that you meant.

I also like to trade breaks when they happen to strong trend lines or strong support.
  • #1,703
  • May 13, 2008 6:40pm May 13, 2008 6:40pm
Quoting aediaz1
That's what I'm seeing, too choppy price.

Sorry for not being able to give fresh updates and responses lately. Feel free to skip this few sentence of moaning regarding my "status";

This last few years have been very demanding considering the time I have spent in front of my computer rarely less than 14 hours a day (bu-huu right lol). Unfortunately, not without side-effects regarding my closest friends/girlfriend/family. So increased social time means decreased forex time which feels right for now. Never let any financial markets get above your closest. My rule nr 1
I understand. I let trading hurt my relationships, but I am not going to let that happen again.
  • #1,704
  • May 13, 2008 6:45pm May 13, 2008 6:45pm
Going to play some soccer now...


See ya tomorrow during London session.
  • #1,705
  • May 14, 2008 2:08am May 14, 2008 2:08am
It looks like the U/J wants to go up, possibly the previous highs of 105.583. The E/U is going to test 1.54292.
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  • #1,706
  • May 14, 2008 2:44am May 14, 2008 2:44am
I believe E/U will go down to support 1.53657 and then my target of 1.53125. I still belive the U/J will go to the area of 105.583.
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  • #1,707
  • May 14, 2008 3:03am May 14, 2008 3:03am
The G/U has tested my TL at 1.93925 as we wait for a lot of news in 30 minutes. Will G/U keep moving down?
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  • #1,708
  • May 14, 2008 3:45am May 14, 2008 3:45am
The E/U continues to move down as the U/J moves up. EUR news comes out in 15 minutes, will it move the E/U?
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  • #1,709
  • May 14, 2008 4:28am May 14, 2008 4:28am
I boutht the U/J at 105.131 and decide to exit at 105.320 for a 19 PIP gain. I sold the E/U at 1.54179 and I am holding my short position.
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  • #1,710
  • May 14, 2008 4:37am May 14, 2008 4:37am
Quoting Dcb
The E/U continues to move down as the U/J moves up. EUR news comes out in 15 minutes, will it move the E/U?
Just woke up.

USDJPY just hit Resistance so price should stall. Maybe go short but it would be going against the tend so I am not taking it.

EURUSD just hit support. maybe go long.

Tell me what you think?
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  • #1,711
  • May 14, 2008 5:04am May 14, 2008 5:04am
Quoting jupiter_peak
Just woke up.

USDJPY just hit Resistance so price should stall. Maybe go short but it would be going against the tend so I am not taking it.

EURUSD just hit support. maybe go long.

Tell me what you think?
I was stopped out of my E/U short trade at 1.54179 for a 17 PIP loss. I should had exited before the EUR news came out at 0900 GMT, another lesson learned. I am going to leave the E/U alone right now. I am going to let the U/J alone.
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  • #1,712
  • May 14, 2008 5:14am May 14, 2008 5:14am
The E/U looks like it is going to stay below 1.54292.
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  • #1,713
  • May 14, 2008 5:27am May 14, 2008 5:27am
The E/U wants to go up, but I want it to get above the uptrend TL.
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  • #1,714
  • May 14, 2008 5:43am May 14, 2008 5:43am
Quoting Dcb
The E/U wants to go up, but I want it to get above the uptrend TL.
Watching e/u as well. If price head below .5400 I would be a bearish signal, IMO.
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Measure twice, cut once
  • #1,715
  • May 14, 2008 5:48am May 14, 2008 5:48am
Interesting price on cable;
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Measure twice, cut once
  • #1,716
  • May 14, 2008 7:44am May 14, 2008 7:44am
Hi guys,

actually im confused about most of pairs right now, but here's my chart on usd/chf, i sold it right now, what do u think?
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  • #1,717
  • May 14, 2008 7:46am May 14, 2008 7:46am
Quoting aediaz1
Interesting price on cable;
Seems that cable failed to break this high support level. Hmm., back up?
  • #1,718
  • Edited 9:05am May 14, 2008 7:59am | Edited 9:05am
just wait for break UTL and LTL,i think my S&R is valid .how about you guys

edit=false break out




"Together More Better Than Alone "
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  • #1,719
  • May 14, 2008 8:35am May 14, 2008 8:35am
Quoting sDRs
Hi guys,

actually im confused about most of pairs right now, but here's my chart on usd/chf, i sold it right now, what do u think?

I am a bit 'frozen' right now. got mixed signals.

USD/CHF thought it was going down for pivot but it seems as it it doesn't have the strength. Trend is up... so I don't know.

As for cable, too soon to tell.
I will wait for now
  • #1,720
  • May 14, 2008 8:45am May 14, 2008 8:45am
Quoting sDRs
Hi guys,

actually im confused about most of pairs right now, but here's my chart on usd/chf, i sold it right now, what do u think?

I might have a long signal... Trend is up
Attached Image (click to enlarge)
Click to Enlarge Name: usd_chf_h1_14_05_2008.gif Size: 29 KB
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