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Drawing correct resistance and support-lines

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  • #2,141
  • Jun 20, 2008 4:12am Jun 20, 2008 4:12am
Triangle on E/U
Attached Image (click to enlarge)
Click to Enlarge Name: 20080620-EURUSD-a.png Size: 15 KB
Invincibility lies in the defence, the possibility of victory in the attack
  • #2,142
  • Jun 20, 2008 5:54am Jun 20, 2008 5:54am
Quoting silverheat
Triangle on E/U
Excellent ! Bulls are in favor on e/u, IMO. Dollar is taking some heat today. 2 quick charts;
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu1.gif Size: 16 KB
Click to Enlarge Name: eu2.gif Size: 12 KB
Measure twice, cut once
  • #2,143
  • Jun 20, 2008 6:14am Jun 20, 2008 6:14am
certainly a weak us!!caught this last nite,really took of this mornin,clasic breakout really with the perfect retrace imo
Attached Image (click to enlarge)
Click to Enlarge Name: update.gif Size: 24 KB
PATIENCE... DISCIPLINE
  • #2,144
  • Jun 20, 2008 6:17am Jun 20, 2008 6:17am
Quoting g_j_hook@yah
certainly a weak us!!caught this last nite,really took of this mornin,clasic breakout really with the perfect retrace imo
Your chart illustrate a perfect example of confluence between TL and support (former resistance)
Measure twice, cut once
  • #2,145
  • Jun 20, 2008 6:43am Jun 20, 2008 6:43am
A few charts for a few trades of mine...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur_usd_h1_20_06_2008_triangle_break.jpg Size: 142 KB
Click to Enlarge Name: usd_chf_h1_20_06_2008_triangle.jpg Size: 152 KB
  • #2,146
  • Jun 20, 2008 7:32am Jun 20, 2008 7:32am
looking for advise on this possible triangle????
legit ???
other chart shows a possible diferent line
Attached Image(s) (click to enlarge)
Click to Enlarge Name: update.gif Size: 41 KB
Click to Enlarge Name: update2.gif Size: 44 KB
PATIENCE... DISCIPLINE
  • #2,147
  • Jun 20, 2008 7:35am Jun 20, 2008 7:35am
Quoting aediaz1
Your chart illustrate a perfect example of confluence between TL and support (former resistance)
in your opinion just how much more powerful are these areas of confluence ??
PATIENCE... DISCIPLINE
  • #2,148
  • Jun 20, 2008 7:52am Jun 20, 2008 7:52am
Quoting g_j_hook@yah
looking for advise on this possible triangle????
legit ???
other chart shows a possible diferent line
Look how unclear trend this pair have showed us lately. Just messy price action. Price haven't even reach out of yesterdays high/low.

This is just me but I would like to see a pair make new HH/HL in a uptrend and LH/LL in a downtrend for the ultimate trade (low risk). And then trade a possible price-pattern. Especially if other TF show different lines as you also mention. IF you're unsure, skip it. Plenty of great setups will reavel itself in the future.
Attached Image (click to enlarge)
Click to Enlarge Name: udschf.jpg Size: 113 KB
Measure twice, cut once
  • #2,149
  • Jun 20, 2008 8:04am Jun 20, 2008 8:04am
cheers,your right these line are not tradeable imo also,
if i understand you correctly your saying you only look for patterns which could mark a reversal\continuation of trend??
PATIENCE... DISCIPLINE
  • #2,150
  • Jun 20, 2008 8:07am Jun 20, 2008 8:07am
Quoting g_j_hook@yah
in your opinion just how much more powerful are these areas of confluence ??
First of all, its rather rare to spot a good confluence between S/R and TL on higher TF. What I can tell you is; if those events are spotted, I will not hesitate to make an trade based upon those two "triggers". Can't remember to have any (significant) losses based upon those trades, but before you say hallelujah, I just take/find a couple of those trades a year where a well-proved support, tested at least three times, meets with a (also at least) three-times tested TL.
Attached Image (click to enlarge)
Click to Enlarge Name: cable.jpg Size: 105 KB
Measure twice, cut once
  • #2,151
  • Jun 20, 2008 8:13am Jun 20, 2008 8:13am
Take a look at u/c charts guys. If previous lower high is broken, what does that tells us about this downtrend ?
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.jpg Size: 113 KB
Measure twice, cut once
  • #2,152
  • Jun 20, 2008 12:27pm Jun 20, 2008 12:27pm
Quoting aediaz1
Take a look at u/c charts guys. If previous lower high is broken, what does that tells us about this downtrend ?

It tells us that the trend is over....



What a pitty!!
Attached Image (click to enlarge)
Click to Enlarge Name: usd_cad_h1_20_06_2008_break.jpg Size: 141 KB
  • #2,153
  • Jun 20, 2008 12:31pm Jun 20, 2008 12:31pm
Quoting jupiter_peak
It tells us that the trend is over....



What a pitty!!
Yes, signs of weakening trend. No worries, we should always manage to get our hands on a new trend

Enjoy your weekend, boys and girls !
Measure twice, cut once
  • #2,154
  • Jun 20, 2008 12:41pm Jun 20, 2008 12:41pm
Quoting g_j_hook@yah
cheers,your right these line are not tradeable imo also,
if i understand you correctly your saying you only look for patterns which could mark a reversal\continuation of trend??
Yes, correct. I try to follow the big money (trend) as good as I can. Fighin' against is too hard for me.

What is tradeable or not is up to each and own to verify. I don't wish to tell you what to trade (or not) which I'm sure you understand. I just try to bring a little light upon what scenarios you should recognize as high-probability events. And make your own experience upon those events
Measure twice, cut once
  • #2,155
  • Jun 20, 2008 12:52pm Jun 20, 2008 12:52pm
Quoting g_j_hook@yah
looking for advise on this possible triangle????
legit ???
other chart shows a possible diferent line

I am a good follower of Mr Toshchakovs ideas and I, like him, find that triangles are pretty safe to trade in.

Having that in mind, I took some good trades inside the triangles of both EU and UC.

I made 139 pips of one trade and 109 off of another trade.

Now, for me, I see a very clear trends on these pairs.

A very strong uptrend in EU and a very strong downtrent in UC.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur_usd_1h_20_06_2008_uptrend.jpg Size: 113 KB
Click to Enlarge Name: usd_chf_1h_20_06_2008_downtrend.jpg Size: 121 KB
  • #2,156
  • Jun 20, 2008 1:01pm Jun 20, 2008 1:01pm
I never usually look into these Crosses.

But someone, yesterday, called my attention to this pair and I made a LONG trade before price hit the Daily LTL (actually it's a triangle as well!!!) and now I am currently in good profit. Price is channeling, although a bit slowly, upwards.

Check this out.
Attached Image (click to enlarge)
Click to Enlarge Name: eur_gbp_1h_20_06_2008_up_channel.jpg Size: 131 KB
  • #2,157
  • Jun 20, 2008 1:28pm Jun 20, 2008 1:28pm
in addition i have to say its better to just trade the majors, because

1. lower spreads
2. more money, more players -> stronger moves

what do you get out of a good setup in a weak pair over the long run, and a medium setup in a strong pair over the long run?

today, b/c i had my "available" money in kiwi & U/J, made only half of the pips of E/U & swissy moves, but the system just allowed me swissy (unfortunately i was too late) and not E/U (though i saw the breakout, but MM didnt allow it), therefore nice setups on both kiwi & U/J a few hours earlier but missed the "better" moves on the majors.

lesson learned, i'd say
Invincibility lies in the defence, the possibility of victory in the attack
  • #2,158
  • Jun 20, 2008 1:50pm Jun 20, 2008 1:50pm
So that I don't losse sight of som of the MAJORS...

Here's Cable that played me like a fool this week but the uptrend finally made the break and is currently channeling upwards.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbp_usd_d1_20_06_2008_break.jpg Size: 112 KB
Click to Enlarge Name: gbp_usd_h4_20_06_2008_break.jpg Size: 135 KB
  • #2,159
  • Jun 20, 2008 2:02pm Jun 20, 2008 2:02pm
well, how do you call them?
or are the uppercase letters not an emotional understatement, as i read it

Quoting jupiter_peak
So that I don't losse sight of som of the MAJORS...

Here's Cable that played me like a fool this week but the uptrend finally made the break and is currently channeling upwards.
Invincibility lies in the defence, the possibility of victory in the attack
  • #2,160
  • Jun 20, 2008 2:07pm Jun 20, 2008 2:07pm
Hi guys,

And completing the Majors "series" ...

Here I present UJ to you...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usd_jpy_h1_20_06_2008_channel_down.jpg Size: 108 KB
Click to Enlarge Name: usd_jpy_h4_20_06_2008_break.gif Size: 22 KB
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