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Drawing correct resistance and support-lines

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  • #2,301
  • Jul 5, 2008 8:39am Jul 5, 2008 8:39am
Quoting emda
this one is different... the other one was only a level price sensor..
this one is called Market Profile
it can also help to determine support and resistance areas...
How is the best way to yse this to determine support/resistance?
  • #2,302
  • Jul 5, 2008 8:59am Jul 5, 2008 8:59am
Quoting RickW00716
How is the best way to yse this to determine support/resistance?
look at the average white lines... define levels where more orders are... you have to asume that some traders would try to keep orders at those levels. And there are more probabilities to find those traders in leveles of many orders. I'm not sure if this could be exact.

all of those levels of "a" I tihnk have been hunted or stopped and now "b" and "c" levels are in play in my opinion.
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  • #2,303
  • Jul 5, 2008 11:09am Jul 5, 2008 11:09am
eur/usd should be down 1.5511
  • #2,304
  • Jul 5, 2008 11:26am Jul 5, 2008 11:26am
hey emda,can you post the indicator,cheers
PATIENCE... DISCIPLINE
  • #2,305
  • Jul 7, 2008 5:35am Jul 7, 2008 5:35am
Quoting g_j_hook@yah
this looks promising,bouncing off support in a recently form uptrend
did anyone catch this???seems to be trying to break the next level??
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PATIENCE... DISCIPLINE
  • #2,306
  • Jul 7, 2008 5:44am Jul 7, 2008 5:44am
Quoting g_j_hook@yah
did anyone catch this???seems to be trying to break the next level??
Been long since 105.86....

Price channeling steadly towards resistance @ +/- 108.30.

  • #2,307
  • Jul 7, 2008 6:51am Jul 7, 2008 6:51am
PATIENCE... DISCIPLINE
  • #2,308
  • Jul 7, 2008 8:27am Jul 7, 2008 8:27am
Quoting g_j_hook@yah
hey emda,can you post the indicator,cheers
here it is. but this thread is more about supoprt and resistance trendlines I think.
Attached File(s)
File Type: mq4 marketprofile.mq4   5 KB | 478 downloads
  • #2,309
  • Jul 7, 2008 10:38am Jul 7, 2008 10:38am
I might be getting lucky...

Got to check this one... Looks very much like one...

Observed on h1 and h4.


Cheers to all.
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  • #2,310
  • Jul 9, 2008 9:57am Jul 9, 2008 9:57am
Quoting jupiter_peak
I have drawn it even better. Looks like it's ready to break on the upside.

I am already long on this one.
Yeah I confirm, I think it broke upsde a few hours ago. Grats. Thats a rare one. *Diamonds are Forever* no pun intended.
"Diversification is an excuse for a lack of talent" ~FXC
  • #2,311
  • Jul 10, 2008 8:26am Jul 10, 2008 8:26am
DTL was broken and price took of nicely, hit the target at the UTL @ .5800.

Lovely trade

ps. for the knowledge thanks to my man J.P. he knows who he is

Cheers!
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  • #2,312
  • Jul 13, 2008 1:50pm Jul 13, 2008 1:50pm
Hello guys
I folow this thread with great interes and i was thinking to give you some view of trend line trading.
For trendline breack i like to have 2 retracement before trendline breack then i waithing for another retracement (pulback) to curent swing low or high for entry in trend.....also keep in mind to look at candlestick pattern for better entry.

Regards
Catalin
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  • #2,313
  • Edited 1:36am Jul 14, 2008 12:54am | Edited 1:36am
Hello...I see a falling wedge pattern on 30min chart and its breaking to the upside. If i get a clear break i might go long, but just after the news.

edit: corrected my utl and still the wedge havent been broken on 1hr nor 30min...waiting.
Attached Image (click to enlarge)
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  • #2,314
  • Jul 14, 2008 7:46am Jul 14, 2008 7:46am
Bought on the break from the falling wedge. Locked in 56points of profit @ UTL of accending channel and leaving 1lot to run with stop @ b/e
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  • #2,315
  • Jul 14, 2008 8:49am Jul 14, 2008 8:49am
Hello belekas
you did a great job but look also at what i said yesterday and you can have better entry and good R:R
This is my chart with GBP/USD....this is great pattern and you can find more in pitchfork strategy.
Geep your good work i keep watching this thread.
Regards
Catalin
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  • #2,316
  • Jul 14, 2008 9:44am Jul 14, 2008 9:44am
Closed @ 9950 on the touch of dayly tl...Out with +80
  • #2,317
  • Jul 14, 2008 1:03pm Jul 14, 2008 1:03pm
Quoting justcatalin
Hello belekas
you did a great job but look also at what i said yesterday and you can have better entry and good R:R
This is my chart with GBP/USD....this is great pattern and you can find more in pitchfork strategy.
Geep your good work i keep watching this thread.
Regards
Catalin

Hello Catalin,

Let me say I like your drawing style and your approach. I also believe you might be overcomplicating stuff just a little bit.

I would suggest that you look into higher TFs to look for major "S/Rs". Let me say that S/Rs (horizontal) work as pivot lines or as I call, CRITICAL lines just as trendlines are as well.

Let me expose my technique for finding these CRITICAL lines.

I usually switch to a TF that is good for my trading style (usually D1) and switch to the LINE CHART (old school). I look for peaks and valleys. The more coinciding peaks/valleys, the more valid a S/R is.

I saw your trade on cable today, and I believe you could have antecipated a bounce up for a trade even before. There's support @ 1.9815 area.

Also, I see that you placed your S/L at the support. I would recommend that you placed your S/L below the support line altogether with a reverse order (SHORT) @ S/L level. Not above it, not below it. Many trades could end prematurely due to wrong S/L placing. I usually place stops based on critical levels (LINES).

Below I provide an example.

Cheers.
Attached Image(s) (click to enlarge)
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  • #2,318
  • Jul 15, 2008 5:07pm Jul 15, 2008 5:07pm
Since there's no one posting...

Lets have FUN.

What would be your approach for the chart below!?!??!

...since many traders observe that price can move 'sideways'???

Cheers and happy trading to all!!

Great example of 'sideways' price...

JP.

Attached Image (click to enlarge)
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  • #2,319
  • Jul 15, 2008 10:54pm Jul 15, 2008 10:54pm
Quoting jupiter_peak
Since there's no one posting...

Lets have FUN.

What would be your approach for the chart below!?!??!

...since many traders observe that price can move 'sideways'???

Cheers and happy trading to all!!

Great example of 'sideways' price...

JP.


hehehe
  • #2,320
  • Jul 16, 2008 2:06pm Jul 16, 2008 2:06pm


I`ll back up this.


Quoting jupiter_peak
Since there's no one posting...

Lets have FUN.

What would be your approach for the chart below!?!??!

...since many traders observe that price can move 'sideways'???

Cheers and happy trading to all!!

Great example of 'sideways' price...

JP.

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