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Drawing correct resistance and support-lines

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  • #2,161
  • Jun 20, 2008 2:11pm Jun 20, 2008 2:11pm
Quoting silverheat
well, how do you call them?
or are the uppercase letters not an emotional understatement, as i read it
I just call them majors... uppercase letters or not.. They are majors or MAJORS or MaJoRs or M-A-J-O-R-S...

It doesn't really make a difference. It's just that, like you said, they have the lowest spreads and run "faster" on a daily basis.

The rest, like EJ, GJ, EG are all crosses from the majors and they are lower on my trade rank.

  • #2,162
  • Jun 23, 2008 4:09am Jun 23, 2008 4:09am
no more higher lows
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Invincibility lies in the defence, the possibility of victory in the attack
  • #2,163
  • Jun 23, 2008 6:02pm Jun 23, 2008 6:02pm
Quoting silverheat
no more higher lows
Correct, weakening trend is due.

I'm not so much around this days, posting charts that is. Going for a 3-week trip around Europe next week so need to plan and sort things out.

Apart from that, I'm trying to teach my girlfriend how to trade. Fun, but very time-consuming.

I'm wishing all you guys and girls a good summer ! Make sure you get some tan from the sun too.
Measure twice, cut once
  • #2,164
  • Jun 23, 2008 7:36pm Jun 23, 2008 7:36pm
Still a strong uptrend towards res. @0.9640.
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  • #2,165
  • Jun 24, 2008 3:50am Jun 24, 2008 3:50am
Quoting jupiter_peak
Still a strong uptrend.
No doubt. Plotted a possible resistance on 4h chart for this rate;
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Measure twice, cut once
  • #2,166
  • Jun 24, 2008 3:52am Jun 24, 2008 3:52am
looks like when it hits that resistance it could range up around there, with time given it looks like it will play into the Fed Funds decision weds afternoon. possible drop or breakup we shall see.
"Diversification is an excuse for a lack of talent" ~FXC
  • #2,167
  • Jun 24, 2008 9:33am Jun 24, 2008 9:33am
This was my trade from yesterday.

I exited it at this "hold" area. will wait to see if it breaks and will go LONG again.
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  • #2,168
  • Jun 24, 2008 9:53am Jun 24, 2008 9:53am
Lets hope it keeps channeling down towards the LTL.

My "educated" guess tells me this pair could break the resistance @1.0855 sometime this month.

I see a triangle @ the Montlhy chart that is closing its gap. Price has touched the LTL of this triangle recently... so I might say that price could hit that daily LTL and head back up.

Lets see what happens.

For now, I am short.
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  • #2,169
  • Jun 24, 2008 10:58am Jun 24, 2008 10:58am
a "go" for gold tomorrow ?

lets see...
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  • #2,170
  • Jun 24, 2008 11:30am Jun 24, 2008 11:30am
try not to think too much about trading
i dont know your girlfriend, but if im thinking about mine leaving her alone with my account i would be worried the whole time , no, if she has u as a teacher, im sure she will be fine, but i guess she's with u anyway.

I wish you much fun then & have a nice trip

Quoting aediaz1
Correct, weakening trend is due.

I'm not so much around this days, posting charts that is. Going for a 3-week trip around Europe next week so need to plan and sort things out.

Apart from that, I'm trying to teach my girlfriend how to trade. Fun, but very time-consuming.

I'm wishing all you guys and girls a good summer ! Make sure you get some tan from the sun too.
Invincibility lies in the defence, the possibility of victory in the attack
  • #2,171
  • Jun 24, 2008 3:14pm Jun 24, 2008 3:14pm
USDCAD

Channeling down with possible hold area @ 1.0105.
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  • #2,172
  • Jun 24, 2008 3:18pm Jun 24, 2008 3:18pm
Quoting jupiter_peak
This was my trade from yesterday.

I exited it at this "hold" area. will wait to see if it breaks and will go LONG again.
Nice-one, I didn't have that TL on e/u. Seems like you got some good entries on usd/jpy too, well done !

FXCapitalist: We'll see tomorrow after the FED announcement, indeed.

Peaches: I haven't seen on gold chart yet. I'll post a chart if I find anything particular to share.

Silverheat: Thank you, appreciate it.

Hard to "turn off" forex in my head, I must admit. But I'm looking forward to it. First time in almost a year I'm more than 2 days away from my charts lol.

[The first great challenge in learning people to trade, is the psychological aspect of it. You can hand them them a system with 70% accuracy and they will fail because of wrong mental attitude. So my first step is to learn her to accept losses as part of trading. It's very hard ! The worst part of any system is the actual trader. Think about that
Measure twice, cut once
  • #2,173
  • Jun 24, 2008 3:28pm Jun 24, 2008 3:28pm
Quoting jupiter_peak
USDCAD

Channeling down with possible hold area @ 1.0105.
The break of our downward channel gave minor appetite for more upside. I'm personally looking for a close below 1.0100 area for a possible short position.
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Measure twice, cut once
  • #2,174
  • Jun 24, 2008 3:44pm Jun 24, 2008 3:44pm
Hi Aediaz,

I am "seeing" USDCAD a bit different than you are.

As a matter of fact, I entered a short trade today based on a bounce from the UTL of a channel I am geting...
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  • #2,175
  • Jun 24, 2008 3:53pm Jun 24, 2008 3:53pm
Quoting jupiter_peak
Hi Aediaz,

I am "seeing" USDCAD a bit different than you are.

As a matter of fact, I entered a short trade today based on a bounce from the UTL of a channel I am geting...

USDCAD
Actually we are "seeing"the same thing from different perspective.

Yes definetly a break for the support @ +-1.0100 would be a nice confirmation for the downtrend.

Well, I opened a short position today. Since I am not in a "HUGE" profit as of now, will hold with it 'till breakeven. I it indeed breaks.. Well I could be looking into some nice pips.

Got to keep my fingers crossed.
  • #2,176
  • Jun 24, 2008 4:28pm Jun 24, 2008 4:28pm
Quoting jupiter_peak
USDCAD
Actually we are "seeing"the same thing from different perspective.

Yes definetly a break for the support @ +-1.0100 would be a nice confirmation for the downtrend.

Well, I opened a short position today. Since I am not in a "HUGE" profit as of now, will hold with it 'till breakeven. I it indeed breaks.. Well I could be looking into some nice pips.

Got to keep my fingers crossed.
Different perspective is mostly healthy Remember rate announcement tomorrow ! I'm holding my fingers away until then.

Calling it a night here, best-off with your trades.
Measure twice, cut once
  • #2,177
  • Jun 25, 2008 1:43am Jun 25, 2008 1:43am
Hi Guy's... I am keeping an eye on Both these Pair's on higher timeframes... Let's see !!!
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  • #2,178
  • Jun 25, 2008 4:11am Jun 25, 2008 4:11am
Quoting Umairs2004
Hi Guy's... I am keeping an eye on Both these Pair's on higher timeframes... Let's see !!!
Hi Umairs. I can't stand news-day like this, but lets see if you guys can bank some profits anyway
Measure twice, cut once
  • #2,179
  • Jun 25, 2008 4:22am Jun 25, 2008 4:22am
Quoting aediaz1
Hi Umairs. I can't stand news-day like this, but lets see if you guys can bank some profits anyway
Hi Addy!!!
Yepp!!! Now this is the Important Gbd Fundamental
GBPhttp://www.forexfactory.com/images/m...act_medium.gifCBI Distributive Trades Realized

Let's see in which direction it will Push Gbd related Pair's ...
  • #2,180
  • Jun 25, 2008 6:03am Jun 25, 2008 6:03am
well, news most have not that impact, that i thought. Sometimes they work
as an impulse, but most time it hasnīt an effect (trading daily).

gbpjpy has made a four times classical bearish divergence (see arrows on MACD), so will it make a fifth ? Donīt think so, but lets see...

A bit OT, sorry. So resistance for me is 213.240 (light blue dashed line).
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