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Drawing correct resistance and support-lines

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  • #2,121
  • Jun 18, 2008 3:50pm Jun 18, 2008 3:50pm
Quoting aediaz1
Congrats ! Just make sure you're feelings don't ruin your plan ! Here is what price struggles with right now;

And btw, this hour(s) is really bad for trading, normally.
Well, the first time is the best time

i thought H1 is like H4 only with a little more information, but i can imagine therefore it also contains more noise.

The problem is, i'm currently in the early development of my plan, so i'm trying things and only trade micro for now but though it's totally different from demo, crazy

however, my view on AUD/USD:
(dotted lines are daily & weekly H, L)
Attached Image (click to enlarge)
Click to Enlarge Name: 20080618-AUDUSD-c.png Size: 13 KB
Invincibility lies in the defence, the possibility of victory in the attack
  • #2,122
  • Jun 18, 2008 3:56pm Jun 18, 2008 3:56pm
Quoting g_j_hook@yah
lol ,well done mate!! must have sweated a bit hangin in there!!
Hi Jonny,

yeah, i decided to go short on daily with S/L about 1/3 below prev. days high so i went to bed, and in the morning it was near the stop, i said to myself, i wont change the S/L, i have to stay with my decision, but i got lucky and now 24 hours later its finally on its way, but it is far from a perfect trade, lol
Invincibility lies in the defence, the possibility of victory in the attack
  • #2,123
  • Jun 18, 2008 7:23pm Jun 18, 2008 7:23pm
Hi Guys,

We waited a little, but we finally broke from the upper (UC) and lower (EU) parts of their ranges.

I would like to register these breaks...

I am long in one of them and short in the other...

Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur_usd_h1_18_06_2008_break.jpg Size: 147 KB
Click to Enlarge Name: usd_chf_h1_18_06_2008_break_1.jpg Size: 153 KB
  • #2,124
  • Jun 18, 2008 7:49pm Jun 18, 2008 7:49pm
I am getting a possible break on UJ too...
Attached Image (click to enlarge)
Click to Enlarge Name: usd_jpy_h1_18_06_2008_break.jpg Size: 140 KB
  • #2,125
  • Jun 18, 2008 11:09pm Jun 18, 2008 11:09pm
Here's my trade from yesterday. 4h trend is up, and the thin red tl pointing down is broken, which states that the uptrend is still on at least for a while, so a pretty safe trade to make some pips.

Good to see that this thread is going strong.

R

Attached Image (click to enlarge)
Click to Enlarge Name: euro.gif Size: 14 KB
  • #2,126
  • Jun 18, 2008 11:23pm Jun 18, 2008 11:23pm
Now that the uptrend is clearly over, why not to play the pair short every time it peaks? Again safe trades, as the pair is ranging, or starting a trend down.

You can use tls to identify sell spots, or also in this case stochs. They work well when price is ranging, but have their limitations during trending.

R

Quoting jupiter_peak
I am getting a possible break on UJ too...
Attached Image (click to enlarge)
Click to Enlarge Name: uj now.gif Size: 14 KB
  • #2,127
  • Jun 19, 2008 2:31am Jun 19, 2008 2:31am
Hi All,

Kiwi started last friday an uptrend with a doji (depends on candle closetime of course) on the LTL (daily)

since then it created a demand TL with 3 touches, now waiting for the 4th, or a fake break (or a real break )

agressive buy on TL bounce
conservative buy on daily high breakout

as you can see on the daily, it is better to buy on the daily high breakout, because todays candle is yet bearish.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20080619-NZDUSD-a.png Size: 14 KB
Click to Enlarge Name: 20080619-NZDUSD-b.png Size: 13 KB
Invincibility lies in the defence, the possibility of victory in the attack
  • #2,128
  • Jun 19, 2008 4:56am Jun 19, 2008 4:56am
I am watching to see what happens with E/U now that it is at the LTL. I am expecting it to gone down. I also am watching the USD/CHF as it approaches the UTL. I am watching to see if if breaks through to move up.
Attached Image (click to enlarge)
Click to Enlarge Name: U.C.png Size: 30 KB
Attached Image
  • #2,129
  • Jun 19, 2008 5:23am Jun 19, 2008 5:23am
The USD/CHF is stalling at the UTL. Will the UTL hold and the U/C go back down? The E/U is stalling at the LTL. We will have to wait to see what it wants to do.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: E.U.png Size: 21 KB
Click to Enlarge Name: U.C.png Size: 33 KB
  • #2,130
  • Jun 19, 2008 6:42am Jun 19, 2008 6:42am
anyone catch this e\gb break? broke the longer term lower trendline also.seems to have hit some support for now,will wait n see
Attached Image (click to enlarge)
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PATIENCE... DISCIPLINE
  • #2,131
  • Jun 19, 2008 9:32am Jun 19, 2008 9:32am
Quoting g_j_hook@yah
anyone catch this e\gb break? broke the longer term lower trendline also.seems to have hit some support for now,will wait n see
I didn't catch this one, but I caught a downdtrend break on USDCAD.
Attached Image (click to enlarge)
Click to Enlarge Name: usd_cad_h1_19_06_2008_break.jpg Size: 139 KB
  • #2,132
  • Jun 19, 2008 9:52am Jun 19, 2008 9:52am
Hi guys,

This looks like a very good and safe trade to me. Cable has hit the UTL of a descending channel seen on daily.

I believe it's a good opportunity. I am taking it.

Short on cable.

Cheers.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp_usd_d1_19_06_2008_downtrend.jpg Size: 113 KB
  • #2,133
  • Jun 19, 2008 10:19am Jun 19, 2008 10:19am
Good evenin' everyone. Hope you all captured a piece of todays market.

If someone remember the nzd/usd chart from yesterday, we have now broken previous lower high, and upside is favorable if price stays above 4h TL;
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd.gif Size: 13 KB
Measure twice, cut once
  • #2,134
  • Jun 19, 2008 10:26am Jun 19, 2008 10:26am
Hi Aediaz, I am long too on kiwi

Quoting aediaz1
Good evenin' everyone. Hope you all captured a piece of todays market.

If someone remember the nzd/usd chart from yesterday, we have now broken previous lower high, and upside is favorable if price stays above 4h TL;
  • #2,135
  • Jun 19, 2008 10:28am Jun 19, 2008 10:28am
Hi Jupiter :-)

Very good, personally I am waited for better price - maybe 1.9735 and then SELL...


Quoting jupiter_peak
Hi guys,

This looks like a very good and safe trade to me. Cable has hit the UTL of a descending channel seen on daily.

I believe it's a good opportunity. I am taking it.

Short on cable.

Cheers.
  • #2,136
  • Jun 19, 2008 10:39am Jun 19, 2008 10:39am
Quoting daniel2
Hi Jupiter :-)

Very good, personally I am waited for better price - maybe 1.9735 and then SELL...

Daniel,

Quite frankly, I don't think price will make it to 1.9735. Besides, my strategy is to sell before the trendline, never at it.
  • #2,137
  • Jun 19, 2008 10:49am Jun 19, 2008 10:49am
Thank You for info of Your strategy Jupiter!

Regards :-)



Quoting jupiter_peak
Daniel,

Quite frankly, I don't think price will make it to 1.9735. Besides, my strategy is to sell before the trendline, never at it.
  • #2,138
  • Jun 19, 2008 11:22am Jun 19, 2008 11:22am
Quoting jupiter_peak
Hi guys,

This looks like a very good and safe trade to me. Cable has hit the UTL of a descending channel seen on daily.

I believe it's a good opportunity. I am taking it.

Short on cable.

Cheers.
Did your trade got caught by those spikes ? What an trading-day this have been.
Measure twice, cut once
  • #2,139
  • Jun 19, 2008 12:55pm Jun 19, 2008 12:55pm
Quoting aediaz1
Did your trade got caught by those spikes ? What an trading-day this have been.
Actually this "safe" trade hit my stop loss and now it reversed to a buy. I have to hope it doesn't go down again and hit my stop loss and reverse (sell) again...
  • #2,140
  • Jun 19, 2008 1:27pm Jun 19, 2008 1:27pm
Quoting Rocroy
Here's my trade from yesterday. 4h trend is up, and the thin red tl pointing down is broken, which states that the uptrend is still on at least for a while, so a pretty safe trade to make some pips.

Good to see that this thread is going strong.

R

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Hi Rocroy, and welcome "back" !
Measure twice, cut once
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