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Drawing correct resistance and support-lines

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  • #2,221
  • Jun 30, 2008 3:22am Jun 30, 2008 3:22am
Quoting bksujal
so you prefer 2 points for a trendline umair? Unfortunately my analysis would not have got me those pips as I believe in 3 or more points for trading.
Well it's not the matter of two or three Point's or candles wick. It's the matter of perfection and your ability to draw valid trendlines.
Anyway's i,ll publish the detail about drawing valid trendlines in lower and higher timeframes with S/R Line's with excat entry and also with detail about how to avoide from fakeout's according to my own experience. You can also find detail in this thread when i start posting here.
  • #2,222
  • Jun 30, 2008 3:23am Jun 30, 2008 3:23am
Quoting jupiter_peak
I am in south UJ and EJ.


+90 for UJ and + 101 for EJ so far...

yahoooo!!
Good Great Job. Cong.
  • #2,223
  • Jun 30, 2008 3:30am Jun 30, 2008 3:30am
Quoting Umairs2004
Well it's not the matter of two or three Point's or candles wick. It's the matter of perfection and your ability to draw valid trendlines.
Anyway's i,ll publish the detail about drawing valid trendlines in lower and higher timeframes with S/R Line's with excat entry and also with detail about how to avoide from fakeout's according to my own experience. You can also find detail in this thread when i start posting here.
i am sorry not to be harsh on u at all my mistake
  • #2,224
  • Jun 30, 2008 3:33am Jun 30, 2008 3:33am
Quoting bksujal
i am sorry not to be harsh on u at all my mistake
Hey Come On.
Sorry for what?
TakeCare , CheerUp & Happy Trading.
  • #2,225
  • Jun 30, 2008 5:53am Jun 30, 2008 5:53am
looks like a nice break on gold but runnin into the first line of defence! any further rise would be v.bullish imo
Attached Image (click to enlarge)
Click to Enlarge Name: update.gif Size: 33 KB
PATIENCE... DISCIPLINE
  • #2,226
  • Jun 30, 2008 5:58am Jun 30, 2008 5:58am
Quoting g_j_hook@yah
looks like a nice break on gold but runnin into the first line of defence! any further rise would be v.bullish imo
Yepp But see this with different Angle. It was an excellent breakup for some great Pip's
Attached Image (click to enlarge)
Click to Enlarge Name: gold daily.gif Size: 36 KB
  • #2,227
  • Jun 30, 2008 7:34am Jun 30, 2008 7:34am
Quoting Umairs2004
Well it's not the matter of two or three Point's or candles wick. It's the matter of perfection and your ability to draw valid trendlines.
Anyway's i,ll publish the detail about drawing valid trendlines in lower and higher timeframes with S/R Line's with excat entry and also with detail about how to avoide from fakeout's according to my own experience. You can also find detail in this thread when i start posting here.
According to many authors and my own experience a line that has 2 points is a tentative trendline. A line that has 3 touches is a valid TL.

I prefer to draw lines with 2 touches anyway. A tentative trendline has higher percentage of becoming a valid trendline than a line that isn't drawn at all.

  • #2,228
  • Jun 30, 2008 7:40am Jun 30, 2008 7:40am
yeah i saw that move but from a slightly different angle.i had an acsending triangle drawn of the 4h chart.
Attached Image (click to enlarge)
Click to Enlarge Name: update.gif Size: 44 KB
PATIENCE... DISCIPLINE
  • #2,229
  • Jun 30, 2008 7:42am Jun 30, 2008 7:42am
Quote
I prefer to draw lines with 2 touches anyway. A tentative trendline has higher percentage of becoming a valid trendline than a line that isn't drawn at all.

love that!!!!! nice one
the thing about trend lines is to enter after the 3rd bounce/break,thats when everyone is onto it
PATIENCE... DISCIPLINE
  • #2,230
  • Jun 30, 2008 7:58am Jun 30, 2008 7:58am
missed this one,dont know how long it will go??!!
Attached Image (click to enlarge)
Click to Enlarge Name: update.gif Size: 39 KB
PATIENCE... DISCIPLINE
  • #2,231
  • Jun 30, 2008 9:16am Jun 30, 2008 9:16am
Quoting g_j_hook@yah
missed this one,dont know how long it will go??!!
WellDone seems you have drawn this one as a valid trendline on hourly chart. See the same i have drawn in a 30-Minute chart
Attached Image (click to enlarge)
Click to Enlarge Name: usdcadf.gif Size: 34 KB
  • #2,232
  • Jun 30, 2008 9:18am Jun 30, 2008 9:18am
hey umair do you only use qqe as a confirmation indicator anything else do you consider such as news?
  • #2,233
  • Jun 30, 2008 9:25am Jun 30, 2008 9:25am
Quoting jupiter_peak
According to many authors and my own experience a line that has 2 points is a tentative trendline. A line that has 3 touches is a valid TL.

I prefer to draw lines with 2 touches anyway. A tentative trendline has higher percentage of becoming a valid trendline than a line that isn't drawn at all.

Well I,ll Publish My Own thread based on My Own thought's and experience soon. I,ll publish it with detail. Anyway's according to me you just have to find the highs to start the line & than connect it with other Upcoming Highs on your chart's. Dosent matter if there are two or three highs in the way. The thing which matter's is the validitiy of your line & Vice versa. Many author's says that the line with three touches in a line with a strong Impact. Yes they are right but there are different circumstances for different lines. I,ll post the detail with screenshot's soon.
  • #2,234
  • Jun 30, 2008 9:31am Jun 30, 2008 9:31am
Quoting bksujal
hey umair do you only use qqe as a confirmation indicator anything else do you consider such as news?
I use QQE , Stoch & P-Sar Dot's also but here in the screenshot's you may see my charts only with QQE. The main reason is screenshot's clarity.So that viewers may see clear screenshot's with lines also.
  • #2,235
  • Jun 30, 2008 11:25am Jun 30, 2008 11:25am
Quoting Umairs2004
Well I,ll Publish My Own thread based on My Own thought's and experience soon. I,ll publish it with detail. Anyway's according to me you just have to find the highs to start the line & than connect it with other Upcoming Highs on your chart's. Dosent matter if there are two or three highs in the way. The thing which matter's is the validitiy of your line & Vice versa. Many author's says that the line with three touches in a line with a strong Impact. Yes they are right but there are different circumstances for different lines. I,ll post the detail with screenshot's soon.
So how do you validate your line without the HH or LL or HL or LH touches? I would love to understand that.

You are talking about the "validity and vice-versa"?????

Can you be more specific on that?
  • #2,236
  • Jun 30, 2008 12:04pm Jun 30, 2008 12:04pm
Quoting jupiter_peak
So how do you validate your line without the HH or LL or HL or LH touches? I would love to understand that.

You are talking about the "validity and vice-versa"?????

Can you be more specific on that?
Remember I always Use 30-Minutes chart for Trendlines and Also Use 4-Hour chart for S/R Lines + Trendlines also.
Now The best possible way to avoide from fakeOut's in a 30-Minutes chart is this that!!!
1) Dont Enter in a same candle which break the trendline line in a 30-minutes chart. Enter's alway's in a next canlde.
2) But the main Question is this that how to avoide from fakeout's and how we can know that our plotted line is valid....???
Answer is that Remember in lower time frame alway's consider that break valid in which candle breaks the line from it's body ...For Example if the canlde which breaks the Upperline of a trendline and we are aiming to go long than You have to noticed two major important thing's...
A) When candle which breaks the Upperline of a trendline must formed a Bullish shape at the end & line must have to break it from any part of it's body not any of candles wick.
B) Candle must have to formed a bullish shape at the end ... & Vice-Versa when you wana go for short.
See the screenshot's you will know about valaditiy and how to avoide from fakeout's. Backtest my method after that
(To Be Continued) detail about S/R Line and exact entry
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ujk2.gif Size: 38 KB
Click to Enlarge Name: gbd[1]a.gif Size: 38 KB
Click to Enlarge Name: usdcadf.gif Size: 36 KB
  • #2,237
  • Jun 30, 2008 12:46pm Jun 30, 2008 12:46pm
Quoting Umairs2004
Remember I always Use 30-Minutes chart for Trendlines and Also Use 4-Hour chart for S/R Lines + Trendlines also.
Now The best possible way to avoide from fakeOut's in a 30-Minutes chart is this that!!!
1) Dont Enter in a same candle which break the trendline line in a 30-minutes chart. Enter's alway's in a next canlde.
2) But the main Question is this that how to avoide from fakeout's and how we can know that our plotted line is valid....???
Answer is that Remember in lower time frame alway's consider that break valid in which candle breaks the line from it's body ...For Example if the canlde which breaks the Upperline of a trendline and we are aiming to go long than You have to noticed two major important thing's...
A) When candle which breaks the Upperline of a trendline must formed a Bullish shape at the end & line must have to break it from any part of it's body not any of candles wick.
B) Candle must have to formed a bullish shape at the end ... & Vice-Versa when you wana go for short.
See the screenshot's you will know about valaditiy and how to avoide from fakeout's. Backtest my method after that
(To Be Continued) detail about S/R Line and exact entry
Can you post the QQE.MQ4 indicator? I don't have it in my MT4.

Thanks very much for the explanation.
  • #2,238
  • Jun 30, 2008 12:49pm Jun 30, 2008 12:49pm
Quoting Umairs2004
Remember I always Use 30-Minutes chart for Trendlines and Also Use 4-Hour chart for S/R Lines + Trendlines also.
Now The best possible way to avoide from fakeOut's in a 30-Minutes chart is this that!!!
1) Dont Enter in a same candle which break the trendline line in a 30-minutes chart. Enter's alway's in a next canlde.
2) But the main Question is this that how to avoide from fakeout's and how we can know that our plotted line is valid....???
Answer is that Remember in lower time frame alway's consider that break valid in which candle breaks the line from it's body ...For Example if the canlde which breaks the Upperline of a trendline and we are aiming to go long than You have to noticed two major important thing's...
A) When candle which breaks the Upperline of a trendline must formed a Bullish shape at the end & line must have to break it from any part of it's body not any of candles wick.
B) Candle must have to formed a bullish shape at the end ... & Vice-Versa when you wana go for short.
See the screenshot's you will know about valaditiy and how to avoide from fakeout's. Backtest my method after that
(To Be Continued) detail about S/R Line and exact entry
now i get it thanks so much for the info i always used to wonder when do I go short or long at the break
  • #2,239
  • Jun 30, 2008 1:03pm Jun 30, 2008 1:03pm
Quoting jupiter_peak
Can you post the QQE.MQ4 indicator? I don't have it in my MT4.

Thanks very much for the explanation.
Here it is !!!
Attached File(s)
File Type: mq4 QQE.mq4   3 KB | 417 downloads
  • #2,240
  • Jun 30, 2008 1:06pm Jun 30, 2008 1:06pm
Quoting bksujal
now i get it thanks so much for the info i always used to wonder when do I go short or long at the break
Remember My this strategy is only suitable to 30-Minutes chart.
I,ll post the detail about S/R Lines on Higher timeframes later
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