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Drawing correct resistance and support-lines

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  • #1,981
  • Jun 4, 2008 9:25pm Jun 4, 2008 9:25pm
Perfect bullish flag. Trend resumption formation.

Some good examples this week as well.
Attached Image (click to enlarge)
Click to Enlarge Name: usd_chf_h4_04_06_2008_flag.gif Size: 25 KB
  • #1,982
  • Jun 5, 2008 12:21am Jun 5, 2008 12:21am
Hi all

I am short now in AUDUSD at 0.9534, TP: 0.9510 or 0.9445
Attached Image (click to enlarge)
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  • #1,983
  • Jun 5, 2008 2:14am Jun 5, 2008 2:14am
Hi All,

here my waiting-for-the-right-moment-trades
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDUSD20080605.png Size: 20 KB
Click to Enlarge Name: GBPUSD20080605.png Size: 21 KB
Click to Enlarge Name: USDCHF20080605.png Size: 20 KB
Click to Enlarge Name: USDJPY20080605.png Size: 28 KB
Invincibility lies in the defence, the possibility of victory in the attack
  • #1,984
  • Jun 5, 2008 2:31am Jun 5, 2008 2:31am
Quoting jupiter_peak
Perfect bullish flag. Trend resumption formation.

Some good examples this week as well.
Your second last drawing could have been flag. Your last flag on e/c is not an flag since you miss the flagpole. Hope you got guys got some pips out of e/u before it reversed. This is very typical e/u. This was not the first fake breakout nor the last.
Measure twice, cut once
  • #1,985
  • Jun 5, 2008 4:30am Jun 5, 2008 4:30am
Hi all

Is this good moment for SELL USDCAD?
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad20080605.gif Size: 23 KB
  • #1,986
  • Jun 5, 2008 4:37am Jun 5, 2008 4:37am
Quoting daniel2
Hi all

Is this good moment for SELL USDCAD?

Try to define your potential risk before profit. What makes this an risky trade?

  1. Strong upward trend
  2. No sign of reversal
  3. A lot of news ahead (today)

Use your lower TL as guidance. As long as price is trading above it, we are in uptrend. I'm not saying you shouldn't trade it, I'm just trying to guide you to see price in perspective.

IF you want good returns, try to pick trades where you have increased probabilities. Try to ask yourself why not to trade instead of why. If you're out of excuses for not taking a trade, you should have a good trade.

Thinking opposite of all those people wasting their accounts = gold.

Measure twice, cut once
  • #1,987
  • Jun 5, 2008 4:41am Jun 5, 2008 4:41am
Quoting daniel2
Hi all

Is this good moment for SELL USDCAD?

Try to define your potential risk before profit. What makes this an risky trade?

 

  1. Strong upward trend
  2. No sign of reversal
  3. A lot of news ahead (today)

Use your lower TL as guidance. As long as price is trading above it, we are in uptrend. I'm not saying you shouldn't trade it, I'm just trying to guide you to see price in perspective.

IF you want good returns, try to pick trades where you have increased probabilities. Try to ask yourself why not to trade instead of why. If you're out of excuses for not taking a trade, you should have a good trade.

Measure twice, cut once
  • #1,988
  • Edited 5:17am Jun 5, 2008 4:56am | Edited 5:17am
Thank You very much for Your answer aediaz1!
It is very usefull to me ;-)


Quoting aediaz1
Try to define your potential risk before profit. What makes this an risky trade?

  1. Strong upward trend
  2. No sign of reversal
  3. A lot of news ahead (today)

Use your lower TL as guidance. As long as price is trading above it, we are in uptrend. I'm not saying you shouldn't trade it, I'm just trying to guide you to see price in perspective.

IF you want good returns, try to pick trades where you have increased probabilities. Try to ask yourself why not to trade instead of why. If you're out of excuses for not taking a trade, you should have a good trade.

Thinking opposite of all those people wasting their accounts = gold.

  • #1,989
  • Jun 5, 2008 5:27am Jun 5, 2008 5:27am
hi silver,

Remember the h&s on EU?

Went down for a break for some good pips and than back up @ support.
  • #1,990
  • Jun 5, 2008 5:39am Jun 5, 2008 5:39am
I'm glad for you ,
dont let anyone dissuade you from your first thought, even if it is yourself

All of u have a nice trading day, i have to go to work now

cu later

Quoting jupiter_peak
hi silver,

Remember the h&s on EU?

Went down for a break for some good pips and than back up @ support.
Invincibility lies in the defence, the possibility of victory in the attack
  • #1,991
  • Jun 5, 2008 5:48am Jun 5, 2008 5:48am
Quoting aediaz1
Your second last drawing could have been flag. Your last flag on e/c is not an flag since you miss the flagpole. Hope you got guys got some pips out of e/u before it reversed. This is very typical e/u. This was not the first fake breakout nor the last.

Hi Aediaz,

Thank you so much for your comments. They always help a lot!

Just to clarify... Isn't this a flag and a flagpole?
Attached Image (click to enlarge)
Click to Enlarge Name: usd_chf_h4_5_06_2008_flag.gif Size: 26 KB
  • #1,992
  • Jun 5, 2008 5:55am Jun 5, 2008 5:55am
Quoting aediaz1
Your second last drawing could have been flag. Your last flag on e/c is not an flag since you miss the flagpole. Hope you got guys got some pips out of e/u before it reversed. This is very typical e/u. This was not the first fake breakout nor the last.

Hey Aediaz,

I could be wrong, but I wouldn't quite qualify the breakout on EU a fake one.

Could it be for the fact that there are two consecutive supports in such a short area/space?
Attached Image (click to enlarge)
Click to Enlarge Name: eur_usd_h1_5_06_2008_fake_break.gif Size: 22 KB
  • #1,993
  • Jun 5, 2008 6:04am Jun 5, 2008 6:04am
Quoting aediaz1
Try to define your potential risk before profit. What makes this an risky trade?

  1. Strong upward trend
  2. No sign of reversal
  3. A lot of news ahead (today)

Use your lower TL as guidance. As long as price is trading above it, we are in uptrend. I'm not saying you shouldn't trade it, I'm just trying to guide you to see price in perspective.

IF you want good returns, try to pick trades where you have increased probabilities. Try to ask yourself why not to trade instead of why. If you're out of excuses for not taking a trade, you should have a good trade.

I agree.

This is what I see for USDCAD.

I closed my position yesterday and now it's around support area. let's see if it has the power to keep going up.
Attached Image (click to enlarge)
Click to Enlarge Name: usd_cad_h1_5_06_2008_uptrend.gif Size: 19 KB
  • #1,994
  • Jun 5, 2008 6:06am Jun 5, 2008 6:06am
Quoting jupiter_peak
Hi Aediaz,

Thank you so much for your comments. They always help a lot!

Just to clarify... Isn't this a flag and a flagpole?
I'll try and answer with an explanation on what flag really is.

Flags is small rectangles appearing after big price-movements.
So if you don't have a straight-line movement (bearish/bullish flag-pole) on your chart, you don't have flag.

Flags are short-lasting patterns too. What you have drawn in those examples, is most likely channels. And they don't appear after every big price-movements.

If a flag points downward, many will look for long position. If the flag is pointing upward, many favor short. In many cases, price will follow the same road as flag-pole.

Remember, you measure potential targets based on flagpoles (half of flag-poles length) added to breakout-level.

A less risker way to enter is when price closes outside pattern.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.jpg Size: 120 KB
Measure twice, cut once
  • #1,995
  • Jun 5, 2008 6:09am Jun 5, 2008 6:09am
Hi jupiter_peak, please, where i download your indicator for drawing pivot, S,R levels?

Thank You


Quoting jupiter_peak
I agree.

This is what I see for USDCAD.

I closed my position yesterday and now it's around support area. let's see if it has the power to keep going up.
  • #1,996
  • Jun 5, 2008 6:21am Jun 5, 2008 6:21am
Quoting daniel2
Hi jupiter_peak, please, where i download your indicator for drawing pivot, S,R levels?

Thank You

Hi Daniel,

I have this one and firmly believe it's a good one:

MultiplePivotsV2.mq4

You can find it here:

http://www.forexfactory.com/attachme...1&d=1199670102

Hope this helps.
  • #1,997
  • Jun 5, 2008 6:33am Jun 5, 2008 6:33am
Thank You very much jupiter_peak :-)


Quoting jupiter_peak
Hi Daniel,

I have this one and firmly believe it's a good one:

MultiplePivotsV2.mq4

You can find it here:

http://www.forexfactory.com/attachme...1&d=1199670102

Hope this helps.
  • #1,998
  • Jun 5, 2008 6:46am Jun 5, 2008 6:46am
Did anyone catch this one?


I was sleeping zzz.
Attached Image (click to enlarge)
Click to Enlarge Name: usd_jpy_h1_5_06_2008_breakout.gif Size: 21 KB
  • #1,999
  • Edited 9:14am Jun 5, 2008 8:26am | Edited 9:14am
I am long in EURJPY, Weekly breakout?
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy20080605.gif Size: 19 KB
  • #2,000
  • Jun 5, 2008 9:26am Jun 5, 2008 9:26am
Quoting daniel2
Hi all

Is this good moment for SELL USDCAD?
I think that now is good moment to short it, we've got TL, good news for CAD, weak Dollar and jumping prices of oil.
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