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Drawing correct resistance and support-lines

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  • #2,241
  • Jun 30, 2008 1:37pm Jun 30, 2008 1:37pm
Quoting Umairs2004
Remember My this strategy is only suitable to 30-Minutes chart.
I,ll post the detail about S/R Lines on Higher timeframes later

Hi,
can you please direct me to the post that has your strategy.

Also, where do you place your sl and tp. I believe the success of trendline systems is on the ratio between sl/tp.

Thank you.
  • #2,242
  • Jun 30, 2008 1:51pm Jun 30, 2008 1:51pm
Quoting eagle_eye
Hi,
can you please direct me to the post that has your strategy.

Also, where do you place your sl and tp. I believe the success of trendline systems is on the ratio between sl/tp.

Thank you.
Well SL Was in Past just -40 Pip's & target for just +30-Pip's but now a days i have changed my strategy ...
My SL is -70 Pip's fixed & Target is +30 ---to---+60 Pip's depends on certain condition's.
visit post No# 2236 of this thread in this same page...with three posted screenshot's.
Also Visit this Post No # 561 of this thread...
http://www.forexfactory.com/showthre...42#post1896842
GoodLuck!!!
  • #2,243
  • Jun 30, 2008 3:23pm Jun 30, 2008 3:23pm
Hey guys, made a good rally today on USDCAD.

+111 pips so far.

What a day this has been.
Attached Image (click to enlarge)
Click to Enlarge Name: usd_cad_30_06_2008_up.gif Size: 24 KB
  • #2,244
  • Jul 1, 2008 2:38am Jul 1, 2008 2:38am
Quoting Umairs2004
Here it is !!!
what settings do u use default???
  • #2,245
  • Jul 1, 2008 4:06am Jul 1, 2008 4:06am
Good morning from sunny Oslo.

Some discussion regarding TL. There is a couple of ways to draw them but remember; try at least to include highest high/lowest low. Thats what you will see from Umairs charts too, when he trade breakouts from 30m chart.

TL are here to tell you something about currently trend. When in this example of u/j, price have broken downward channel on 1h chart, the first thing that tells you is; selling have decreased it's strength for now. It doesn't tell you (yet) that we are in a upward trend. If 106.46 area is broken on u/j, it would be favoring more bulls, as described on the chart.

Right now we don't know what's next. That's why you see [?] below HL on the chart. It's not an HL yet. In other terms, a long position would be way to risky right now based on what 1h chart tells us.
Attached Image (click to enlarge)
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Measure twice, cut once
  • #2,246
  • Jul 1, 2008 4:11am Jul 1, 2008 4:11am
here's my drawing of the trendline sometime back
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  • #2,247
  • Jul 1, 2008 5:38am Jul 1, 2008 5:38am
Welcome back bulls ?
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Measure twice, cut once
  • #2,248
  • Edited 6:41am Jul 1, 2008 6:30am | Edited 6:41am
Hi Guy's
See this Euro/Usd Perfect breakUp & My Today's Stuff.
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  • #2,249
  • Jul 1, 2008 6:30am Jul 1, 2008 6:30am
Quoting aediaz1
Welcome back bulls ?

I am getting resistance @ 2.0010.

Also, see an uptrend line coming fro May 2006. Last bounce from that uptrend line was this last June (month ended yesterday).

Cheers.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp_usd__w1_01_07_2008_up_channel.gif Size: 19 KB
  • #2,250
  • Jul 1, 2008 6:45am Jul 1, 2008 6:45am
Quoting bksujal
what settings do u use default???
QQE = 4 , Stoch = default
  • #2,251
  • Jul 1, 2008 6:53am Jul 1, 2008 6:53am
hey umair can you show your chart with a stochastic on it pls and what are your default settings pls tell that also
  • #2,252
  • Jul 1, 2008 8:34am Jul 1, 2008 8:34am
Quoting aediaz1
Good morning from sunny Oslo.

Some discussion regarding TL. There is a couple of ways to draw them but remember; try at least to include highest high/lowest low. Thats what you will see from Umairs charts too, when he trade breakouts from 30m chart.

TL are here to tell you something about currently trend. When in this example of u/j, price have broken downward channel on 1h chart, the first thing that tells you is; selling have decreased it's strength for now. It doesn't tell you (yet) that we are in a upward trend. If 106.46 area is broken on u/j, it would be favoring more bulls, as described on the chart.

Right now we don't know what's next. That's why you see [?] below HL on the chart. It's not an HL yet. In other terms, a long position would be way to risky right now based on what 1h chart tells us.
Looks like a flag to me.

Have look here: http://www.tradingpricepatterns.com/bearish-flag/

What do you think?

It was broken. A Bearish continuation pattern.

Lets see what happens.
It was just broken.
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  • #2,253
  • Jul 1, 2008 8:41am Jul 1, 2008 8:41am
Quoting jupiter_peak
Looks like a flag to me.

Have look here: http://www.tradingpricepatterns.com/bearish-flag/

What do you think?

It was broken. A Bearish continuation pattern.

Lets see what happens.
It was just broken.
To have flag we need price to touch upper/lower TL at least 2 times. But I'm bearish (short-term) if we can get below 105, also previous LL.

Take a look at weekly eur/usd with old-school line chart (also viewable on candle-chart but clearer with line) for a perfect bullish flag;
Attached Image (click to enlarge)
Click to Enlarge Name: eu.jpg Size: 88 KB
Measure twice, cut once
  • #2,254
  • Jul 1, 2008 8:47am Jul 1, 2008 8:47am
Quoting aediaz1
To have flag we need price to touch upper/lower TL at least 2 times. But I'm bearish (short-term) if we can get below 105, also previous LL.

Take a look at weekly eur/usd with old-school line chart (also viewable on candle-chart but clearer with line) for a perfect bullish flag;

Well at least, am getting an asc. channel. with tentative TLs.

Price is not quite breaking that LTL...
Attached Image (click to enlarge)
Click to Enlarge Name: usd_jpy__h1_01_07_2008_flag.gif Size: 19 KB
  • #2,255
  • Jul 1, 2008 10:34am Jul 1, 2008 10:34am
Quoting jupiter_peak
I am getting resistance @ 2.0010.

Also, see an uptrend line coming fro May 2006. Last bounce from that uptrend line was this last June (month ended yesterday).

Cheers.
I guess price hit resistance and bounced back down inside the channel.

Res. confirmed.

Cheers.
  • #2,256
  • Jul 1, 2008 10:37am Jul 1, 2008 10:37am
hey jupiter which broker do u use???
  • #2,257
  • Jul 1, 2008 10:39am Jul 1, 2008 10:39am
Quoting bksujal
hey jupiter which broker do u use???
I use Ikon Royal GM.

They have nice low spreads and you can deal with the closest price towards closing or opening positions.
  • #2,258
  • Jul 1, 2008 10:46am Jul 1, 2008 10:46am
Quoting jupiter_peak
I use Ikon Royal GM.

They have nice low spreads and you can deal with the closest price towards closing or opening positions.
are they in the spot market or future market??? And are they ecn??
  • #2,259
  • Jul 1, 2008 11:45am Jul 1, 2008 11:45am
Quoting bksujal
are they in the spot market or future market??? And are they ecn??
They are spot market.
  • #2,260
  • Jul 1, 2008 12:14pm Jul 1, 2008 12:14pm
I am observing a bearish formation on EU.

Not sure if it's a triangle or a channel. Looks like a bearish triangle.
Attached Image (click to enlarge)
Click to Enlarge Name: eur_usd__h1_01_07_2008_desc_triangle.gif Size: 19 KB
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