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Drawing correct resistance and support-lines

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  • #1,821
  • May 27, 2008 5:33am May 27, 2008 5:33am
I bought the E/U and sold the U/C and closed my positions with a small gain before it started retracing its move. As I look at the daily I am questioning that the E/U will continue up and the U/C down. As there is discussion about the U.S. Fed stopping the rate cuts, and inflation gets worse, I believe we may see a strengtening dollar.
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  • #1,822
  • May 27, 2008 5:37am May 27, 2008 5:37am
Here is my E/U daily chart.
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  • #1,823
  • May 27, 2008 6:12am May 27, 2008 6:12am
I shorted EU at 1.5743...LOL against the trend very exciting
  • #1,824
  • May 27, 2008 6:40am May 27, 2008 6:40am
Staying out for now. Rather increase (than trying to catch pips in this market condition) my skills by reading "Trading for a living" by Elder Damn good book so far !
Measure twice, cut once
  • #1,825
  • May 27, 2008 6:47am May 27, 2008 6:47am
GJ 4H
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Trade what you see, not what you think.
  • #1,826
  • May 27, 2008 6:53am May 27, 2008 6:53am
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Gj 4h
  • #1,827
  • May 27, 2008 7:27am May 27, 2008 7:27am
Quoting aediaz1
Staying out for now. Rather increase (than trying to catch pips in this market condition) my skills by reading "Trading for a living" by Elder Damn good book so far !

The guy behind triple screening method ? ... Yeah good stuff psychology and trading
  • #1,828
  • May 27, 2008 8:15am May 27, 2008 8:15am
Quoting SBrickman
Attachment

Gj 4h

I would rather apply a few lines with key-levels (simplicity) and let my brain work with a simple-looking task (chart) compared with many lines without any significant importance and expect my brain to draw valuable info/setups from those lines. Its like shotgunnin' after areas of S/R from 10 miles. Why not put 1-3 lines with deadly effect?

Or could this be an example how totally different human minds operates?
Measure twice, cut once
  • #1,829
  • May 27, 2008 8:18am May 27, 2008 8:18am
Quoting aiyahmarklah
The guy behind triple screening method ? ... Yeah good stuff psychology and trading
Haven't come that far yet, but I remember scrat referred to this book regarding triple screen method so it might pop later in the book.
Measure twice, cut once
  • #1,830
  • May 27, 2008 8:20am May 27, 2008 8:20am
Quoting aediaz1
I would rather apply a few lines with key-levels (simplicity) and let my brain work with a simple-looking task (chart) compared with many lines without any significant importance and expect my brain to draw valuable info/setups from those lines. Its like shotgunnin' after areas of S/R from 10 miles. Why not put 1-3 lines with deadly effect?

Or could this be an example how totally different human minds operates?

Yeah the mentality of a SNIPER...
  • #1,831
  • May 27, 2008 8:22am May 27, 2008 8:22am
Ahh my short trade earlier....

Will it hold ? Well i m out with 30 pips in my pocket

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  • #1,832
  • May 27, 2008 8:25am May 27, 2008 8:25am
Quoting aediaz1
Haven't come that far yet, but I remember scrat referred to this book regarding triple screen method so it might pop later in the book.
You bought "Beat the odds in forex" too right ?

Worth a buy ?
  • #1,833
  • May 27, 2008 8:36am May 27, 2008 8:36am
Quoting aiyahmarklah
Ahh my short trade earlier....

Will it hold ? Well i m out with 30 pips in my pocket

Attachment
Well done. I was looking for long position but stayed away.

Quoting aiyahmarklah

You bought "Beat the odds in forex" too right ?

Worth a buy ?
Read that too, yeah. I think most books have something valuable to offer if the author have the right experience to share and presenting (the book) in an professional way. Igrok have the experience and the success, no doubt.
Measure twice, cut once
  • #1,834
  • May 27, 2008 8:45am May 27, 2008 8:45am
Some breaks are under way...

I'll wait for the news to validate them.
Attached Image(s) (click to enlarge)
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  • #1,835
  • May 27, 2008 8:48am May 27, 2008 8:48am
Indeed...looking to enter again after the data....

All the best !!!
  • #1,836
  • May 27, 2008 8:56am May 27, 2008 8:56am
U/J might go up...

The news!!!
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  • #1,837
  • May 27, 2008 9:02am May 27, 2008 9:02am
Quoting jupiter_peak
U/J might go up...

The news!!!
Seems like a triangle to me. I have same lower TL but upper is a bit different;
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Measure twice, cut once
  • #1,838
  • May 27, 2008 9:03am May 27, 2008 9:03am
Quoting jupiter_peak
U/J might go up...

The news!!!
Seems like a triangle to me. Broken a strong TL;
Measure twice, cut once
  • #1,839
  • May 27, 2008 9:03am May 27, 2008 9:03am
shorted 1.5732
  • #1,840
  • May 27, 2008 9:45am May 27, 2008 9:45am
I might go long if next h4 candle opens above 104.12.

It will validate the break. For me at least.
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