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Drawing correct resistance and support-lines

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  • #2,181
  • Jun 25, 2008 9:50am Jun 25, 2008 9:50am
This pattern works over and over again... What do you need indicators for?

R

Attached Image (click to enlarge)
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  • #2,182
  • Jun 25, 2008 10:02am Jun 25, 2008 10:02am
Hi guys,

I have been wandering about some other threads and have seen guys want to go long in EURUSD.

Let me tell you I am not convinced at all we should go either long or short as of now.

I am seeing a descending channel/triangle on my daily chart which really is the UTL "hold" area on my 4H chart. I don't know if you understand what I am saying, but I'll let my charts speak for me...

Cheers.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur_usd_d1_25_06_2008_up_down_chann.gif Size: 20 KB
Click to Enlarge Name: eur_usd_h4_25_06_2008_up_down_chann_hold.gif Size: 21 KB
  • #2,183
  • Jun 25, 2008 10:04am Jun 25, 2008 10:04am
Another pair but the pattern is the same...

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  • #2,184
  • Jun 25, 2008 10:32am Jun 25, 2008 10:32am
Quoting Rocroy
Another pair but the pattern is the same...

Attachment

This is what I am getting for these pairs.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usd_chf_h4_25_06_2008_triang_hold.gif Size: 24 KB
Click to Enlarge Name: gbp_usd_h1_25_06_2008_triang_hold.gif Size: 19 KB
  • #2,185
  • Edited 11:10am Jun 25, 2008 10:55am | Edited 11:10am
Hi guys,

Just caught this UJ break at the UTL.

Cheers and happy trading to all.
Attached Image (click to enlarge)
Click to Enlarge Name: usd_jpyh1_25_06_2008_break.gif Size: 25 KB
  • #2,186
  • Jun 25, 2008 3:46pm Jun 25, 2008 3:46pm
Quoting peaches
well, news most have not that impact, that i thought. Sometimes they work
as an impulse, but most time it hasn´t an effect (trading daily).

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

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

did you find an answer to the impact of the bonds sellung u mentioned lately?

today was totally crazy, first i had patience because of the many news, but then i thought the worst thing was over and initiated a trade only in E/U, well i was stopped out with the pinbar exactly to the pip @ my S/L so moving my S/L one pip down would have got me into the big move upwards in the evening when Benny had spoken.

well, next time i take a day off

i hope u did well then today? with daily candles i dont see much action lately, waiting for a move with "authority"

nice evening
Invincibility lies in the defence, the possibility of victory in the attack
  • #2,187
  • Jun 25, 2008 4:22pm Jun 25, 2008 4:22pm
I´m that guy who is long,from 1.5516,TP 1.5700 :-D!
Quoting jupiter_peak
Hi guys,

I have been wandering about some other threads and have seen guys want to go long in EURUSD.

Let me tell you I am not convinced at all we should go either long or short as of now.

I am seeing a descending channel/triangle on my daily chart which really is the UTL "hold" area on my 4H chart. I don't know if you understand what I am saying, but I'll let my charts speak for me...

Cheers.
  • #2,188
  • Jun 25, 2008 4:46pm Jun 25, 2008 4:46pm
Quoting silverheat
Hi Peaches,

did you find an answer to the impact of the bonds sellung u mentioned lately?

today was totally crazy, first i had patience because of the many news, but then i thought the worst thing was over and initiated a trade only in E/U, well i was stopped out with the pinbar exactly to the pip @ my S/L so moving my S/L one pip down would have got me into the big move upwards in the evening when Benny had spoken.

well, next time i take a day off

i hope u did well then today? with daily candles i dont see much action lately, waiting for a move with "authority"

nice evening
grüetzi

Well, 50 Billion $ seems to be nothing in the big ocean of forex, so if hussin is back from travelling there might be an answer. I got none yet. I haven´t notice anything special in priceaction because of 50 billion (!) $ bond selling. From my experiance, news rules the 1 hour and maybe 4 hour time frame, but they don´t rule the major trend.

More importend are trendlines, for example a view to broken trendlines from gbp/usd to the upside (light blue lines). So, this would makes moves higher, witch would correlate with loss of yen-crosses.

Keep in mind for your trade, 1 PIP locked in +, is better then losses...
I move SL sometimes, but i made BIG mistakes two times, moving my SL to much. This never will happen to me again.
Attached Image (click to enlarge)
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  • #2,189
  • Jun 25, 2008 6:09pm Jun 25, 2008 6:09pm
just want to get some input on drawing s/r line with heikin/ashi charts. I have been lately drawing them using the bodies on 4hr and 1hr charts. not using the wicks for levels but using the bodies. I then switch over to regular candlesticks for traditional entry/exit chart patterns. Anybody else been drawn to this tactic??
  • #2,190
  • Jun 25, 2008 6:53pm Jun 25, 2008 6:53pm
Quoting PipRippy
just want to get some input on drawing s/r line with heikin/ashi charts. I have been lately drawing them using the bodies on 4hr and 1hr charts. not using the wicks for levels but using the bodies. I then switch over to regular candlesticks for traditional entry/exit chart patterns. Anybody else been drawn to this tactic??
Not familiar with that approach myself. As we are all here to learn, feel free to share some of your charts with us.
Measure twice, cut once
  • #2,191
  • Jun 25, 2008 7:59pm Jun 25, 2008 7:59pm
Am I reading this right?
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  • #2,192
  • Edited 12:20am Jun 26, 2008 12:05am | Edited 12:20am
Hi all

EURCHF sell?
USDCHF sell or buy?
NZDUSD sell?
GBPUSD sell?

:-)
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Click to Enlarge Name: usdchf_2008_06_26.jpg Size: 115 KB
Click to Enlarge Name: nzdusd_2008_06_26.jpg Size: 86 KB
Click to Enlarge Name: gbpusd_2008_06_26.jpg Size: 101 KB
  • #2,193
  • Jun 26, 2008 2:46am Jun 26, 2008 2:46am
check out this chart guys do you see the same thing which i see?
Attached Image (click to enlarge)
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  • #2,194
  • Jun 26, 2008 3:11am Jun 26, 2008 3:11am
Hi Guy's Gbd/Jpy break's the Major resistance level which was 213.27 wow so far looks good i,ll post the screenshot's later
  • #2,195
  • Jun 26, 2008 3:15am Jun 26, 2008 3:15am
Quoting Vfforexlee
Am I reading this right?
Price is channeling between S/R, and you plotted those lines where it seems logical. Just think of support and resistance of places price doesn't like and draw lines from the places price spend least time at.
Measure twice, cut once
  • #2,196
  • Jun 26, 2008 3:20am Jun 26, 2008 3:20am
Quoting daniel2
Hi all

EURCHF sell?
USDCHF sell or buy?
NZDUSD sell?
GBPUSD sell?

:-)
Just remember to keep an eye on todays news


bksujal; Absolutely. A clear and strong uptrend.
Measure twice, cut once
  • #2,197
  • Jun 26, 2008 3:22am Jun 26, 2008 3:22am
Quoting Umairs2004
Hi Guy's Gbd/Jpy break's the Major resistance level which was 213.27 wow so far looks good i,ll post the screenshot's later
I have 213.50 resistance on daily chart. But still, bulls look strong so far.
Measure twice, cut once
  • #2,198
  • Jun 26, 2008 3:23am Jun 26, 2008 3:23am
Quoting aediaz1
I have 213.50 resistance on daily chart. But still, bulls look strong so far.
yes mate. lets wait and see if it breaks short term resistance.
  • #2,199
  • Jun 26, 2008 3:53am Jun 26, 2008 3:53am
Yes, news... On EUR or CHF is not news today ->> now buy?


Quoting aediaz1
Just remember to keep an eye on todays news


bksujal; Absolutely. A clear and strong uptrend.
Attached Image (click to enlarge)
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  • #2,200
  • Jun 26, 2008 7:20am Jun 26, 2008 7:20am
Quoting daniel2
Yes, news... On EUR or CHF is not news today ->> now buy?
confirm with indicators like macd psar and rsi
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