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Drawing correct resistance and support-lines

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  • #2,001
  • Jun 5, 2008 9:47am Jun 5, 2008 9:47am
Hey guys,


caught beautiful breakouts on EU and UC.
Attached Image(s) (click to enlarge)
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  • #2,002
  • Jun 5, 2008 9:49am Jun 5, 2008 9:49am
Quoting magictrader
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.
Possible, but I want more evidence first. Or go for a high-risk (short) trade with an 40 pips SL. Tempting for some, not for me
Attached Image (click to enlarge)
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Measure twice, cut once
  • #2,003
  • Jun 5, 2008 9:56am Jun 5, 2008 9:56am
Quoting magictrader
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.
I see 2 trendlines that need to be broken before a MASSIVE sellout.

If price breaks the first stronger LTL, than I will target for pivot at first but it could take us to S1.

Than we shall wait for the second LTL break.

Let's see how it plays out.
Attached Image (click to enlarge)
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  • #2,004
  • Jun 5, 2008 9:56am Jun 5, 2008 9:56am
Quoting jupiter_peak
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?
Sorry didn't see this post until now.

Maybe the term fake was wrong. Price closed outside, but didn't rally as much as expected. Although, it should have been possible to exit this trade with minor loss. E/u did look more like broadening bottom than flag.
Attached Image (click to enlarge)
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Measure twice, cut once
  • #2,005
  • Jun 5, 2008 1:07pm Jun 5, 2008 1:07pm
I believe my imagination is starting to "see" things!!!



Does anyone, AND BE HONEST, see an inverted H&S here?
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eur_jpy_d1_5_06_2008_inv_h&s.gif Size: 26 KB
  • #2,006
  • Jun 5, 2008 1:35pm Jun 5, 2008 1:35pm
Hey Aediaz,

First time I might be seeing one of these.

Can we tell this is a diamond formation (diamond tops)???
Attached Image (click to enlarge)
Click to Enlarge Name: eur_jpy_d1_5_06_2008_diamond_tops.gif Size: 26 KB
  • #2,007
  • Jun 5, 2008 2:27pm Jun 5, 2008 2:27pm
Quoting jupiter_peak
Hey Aediaz,

First time I might be seeing one of these.

Can we tell this is a diamond formation (diamond tops)???
Try and visit Igroks cave over here. And post that H&S as well. He knows he's stuff. But no, doesn't look like one.

He have slaughtered most of my tempts to draw diamonds lol.
Measure twice, cut once
  • #2,008
  • Jun 5, 2008 2:33pm Jun 5, 2008 2:33pm
Quoting aediaz1
Try and visit Igroks cave over here. And post that H&S as well. He knows he's stuff. But no, doesn't look like one.

He have slaughtered most of my tempts to draw diamonds lol.
It's very odd,

I am reading Igor's book right now: "Beat The Odds In Forx Trading".

I will post it up on his thread.

What a coincidence.
  • #2,009
  • Edited 3:46pm Jun 5, 2008 3:34pm | Edited 3:46pm
Hi Jupiter,

this time i have to agree with you, i saw this pattern long time ago
but ... EJ took its time to finally climb to fibonacci expansion, or isn't it related to the H&S at all? Well, enough time passed by after the H&S. Someone with experience who knows more?

regards


Quoting jupiter_peak
I believe my imagination is starting to "see" things!!!



Does anyone, AND BE HONEST, see an inverted H&S here?
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY20080605.png Size: 19 KB
Invincibility lies in the defence, the possibility of victory in the attack
  • #2,010
  • Jun 5, 2008 10:19pm Jun 5, 2008 10:19pm
Hey guys,

In case you want to know what Igrok had to say about the H&S/Diamond:

"I can't make any technical sense of this particular pattern. Besides, you have to know that inverted H&S can only be formed on the very bottom of some range and not on its top. In other words, there must be a "body" under any H&S formation and an inverted H&S still must have a shape of a human standing upside down on his head." - IGROK

At least I tried...

Well back to charts.

This was a non-stop flight up.
Attached Image (click to enlarge)
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  • #2,011
  • Jun 6, 2008 1:41am Jun 6, 2008 1:41am
Good Morning All!

First things first, the weekly:
The weekly candle isnt finished yet, but on friday volatility is low, so i'll take a stab.
On weekly we have a nice touch on a downtrend since 17.06.2007, nearly one year, and on fibonacci retrace 38.2%
you will see similarities on the other lower highs, so next week will be interesting

daily:
whereas on daily the yen is in a nice upwards channel and broke the resistance @ 105.69 lately, closed avove it after confirming the uptrend on 03.06 with a third touch on the LTL.
So if the daily trend continues, we will see a weekly trendline break next week, which could be interesting, if the weekly however holds, it would also lead to a break of the daily channel, and will fall way down (check with the other UTL touches on weekly)

last but not least, hourly:
since its friday i don't believe we will see much action here, not so for the intraday trader but who knows, the week isn't over yet.

regards
Attached Image(s) (click to enlarge)
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Invincibility lies in the defence, the possibility of victory in the attack
  • #2,012
  • Jun 6, 2008 2:29am Jun 6, 2008 2:29am
Quoting silverheat
Good Morning All!

First things first, the weekly:
The weekly candle isnt finished yet, but on friday volatility is low, so i'll take a stab.
On weekly we have a nice touch on a downtrend since 17.06.2007, nearly one year, and on fibonacci retrace 38.2%
you will see similarities on the other lower highs, so next week will be interesting

daily:
whereas on daily the yen is in a nice upwards channel and broke the resistance @ 105.69 lately, closed avove it after confirming the uptrend on 03.06 with a third touch on the LTL.
So if the daily trend continues, we will see a weekly trendline break next week, which could be interesting, if the weekly however holds, it would also lead to a break of the daily channel, and will fall way down (check with the other UTL touches on weekly)

last but not least, hourly:
since its friday i don't believe we will see much action here, not so for the intraday trader but who knows, the week isn't over yet.

regards
Nice, plane and easy

Be careful not giving back your weeks profit on a Friday. I'm taking the day off, enjoy your weekend, guys.
Measure twice, cut once
  • #2,013
  • Jun 6, 2008 11:13am Jun 6, 2008 11:13am
Hi guys,

I have a bearish wedge on weekly and a bearish channel on daily for cable.

Let's see if this bearish continuation pattern holds up.

Have a nice weekend.
Attached Image(s) (click to enlarge)
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  • #2,014
  • Jun 8, 2008 6:59pm Jun 8, 2008 6:59pm
Hi guys,

UJ Weekly - Descending Channel
UJ Daily - Ascending Channel/Ascending Triangle
UJ H4 - Ascending Triangle

I opened a long position above the LTL and will take profit before the UTL (bump & run)> reverse and set buy/sell limit orders for above/below the triangle's TL's.

It looks like a very safe trade to me.

Lets see if I can get a good pip round.

Presently @ +- 30 pips profit.
Attached Image (click to enlarge)
Click to Enlarge Name: usd_jpy_h4_8_06_2008_asc_triangle.gif Size: 21 KB
  • #2,015
  • Jun 9, 2008 1:51am Jun 9, 2008 1:51am
Hi all :-)

Long on GBPJPY?
Attached Image(s) (click to enlarge)
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  • #2,016
  • Jun 9, 2008 2:35am Jun 9, 2008 2:35am
USDCHF -> breakout -> DOWN?
Attached Image(s) (click to enlarge)
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  • #2,017
  • Jun 9, 2008 2:43am Jun 9, 2008 2:43am
Quoting daniel2
USDCHF -> breakout -> DOWN?
Good morning Daniel,
I do believe the USD/CHF is headed down. I am selling the U/C and I am buying the EUR/USD.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: E.U.png Size: 46 KB
  • #2,018
  • Jun 9, 2008 2:49am Jun 9, 2008 2:49am
Quoting jupiter_peak
Hi guys,

UJ Weekly - Descending Channel
UJ Daily - Ascending Channel/Ascending Triangle
UJ H4 - Ascending Triangle

I opened a long position above the LTL and will take profit before the UTL (bump & run)> reverse and set buy/sell limit orders for above/below the triangle's TL's.

It looks like a very safe trade to me.

Lets see if I can get a good pip round.

Presently @ +- 30 pips profit.
I am watching to see if the USD/JPY goes down.
Attached Image (click to enlarge)
Click to Enlarge Name: U.J.png Size: 28 KB
  • #2,019
  • Jun 9, 2008 3:03am Jun 9, 2008 3:03am
Quoting jupiter_peak
Hi guys,

UJ Weekly - Descending Channel
UJ Daily - Ascending Channel/Ascending Triangle
UJ H4 - Ascending Triangle

I opened a long position above the LTL and will take profit before the UTL (bump & run)> reverse and set buy/sell limit orders for above/below the triangle's TL's.

It looks like a very safe trade to me.

Lets see if I can get a good pip round.

Presently @ +- 30 pips profit.
Nice start on your week. Price is channeling steady upward;
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpo.gif Size: 14 KB
Measure twice, cut once
  • #2,020
  • Jun 9, 2008 3:03am Jun 9, 2008 3:03am
The EUR/USD and the USD/CHF are not moving that much, but as I look at the dailies I do believe I am on the right side of the trade.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: U.C.D.png Size: 21 KB
Click to Enlarge Name: E.U.D.png Size: 25 KB
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