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Drawing correct resistance and support-lines

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  • #2,341
  • Jul 25, 2008 11:38am Jul 25, 2008 11:38am
Possible diamond formation on 1hr EU.

Heres the chart.

Cheers!
Attached Image (click to enlarge)
Click to Enlarge Name: euro_h1_250708.gif Size: 34 KB
  • #2,342
  • Jul 25, 2008 4:32pm Jul 25, 2008 4:32pm
Quoting jupiter_peak
Hey guys,


I have been trading a whole lot of GJ end EJ. These pair have been moving and last week was a pip frenzy for them!! This week as well. Yesterday and today making shorts and longs... But specially LONGS!!

Now, below I present price channeling up both on H1 and Daily.

I have refrained from making too many trades on pairs like EU and Cable.

Wish u all the best.

JP.
While half of the FF members have screamed "short short, the monthly trend is down" on this pair, I'm very glad to hear you exploit this nice upward trend g/j have given us. Although, currently level and about 100 pips upward have been hard to get above. But this is the forth bullish month after each other, so more bulls in the future shouldn't be too surprising, IMO.
Measure twice, cut once
  • #2,343
  • Jul 25, 2008 4:45pm Jul 25, 2008 4:45pm
Quoting jupiter_peak
Hey Aediaz,

Maybe this weekly chart will add something to uour aussie charts.

Price is about to hit an LTL of an Asc. channel from what I see. Maybe a bounce up?

It looks like a very clear asc. channel to me.

What do u think.

Best,

JP.
Yeah, JP, that's what I'm looking for now. Nothing would be better if we just could ride along with the trend. Would the probability be increased for more bulls if price felt 50-60 pips more? Time will tell. I thought this area looked safe for bulls to load up, but I was wrong for now.
Measure twice, cut once
  • #2,344
  • Jul 25, 2008 4:48pm Jul 25, 2008 4:48pm
Quoting belekas
Hello.

Today ive taken a long position on the touch of the LTL of this ascending 1hr/4hr channel. SL was 10 pips below this swings low. Price started rising nicely and went up ~200 pips. We had news comming, so that made me to bail out quick and so my trade was gone with a little profit. Lesson learned. Plan your trade and trade your plan :-)

Cheers!
Avoid big news when you have a position based on 1h chart at all cost and if you're so lucky to have gains, make sure you take them of the table before they're all gone. I learned it the really hard way like most people does lol.
Measure twice, cut once
  • #2,345
  • Jul 25, 2008 4:49pm Jul 25, 2008 4:49pm
Quoting aediaz1
Avoid big news when you have a position based on 1h chart at all cost and if you're so lucky to have gains, make sure you take them of the table before they're all gone. I learned it the really hard way like most people do lol.
Yes, wont make this same mistake again. Thanks mate ;-)
  • #2,346
  • Jul 25, 2008 4:58pm Jul 25, 2008 4:58pm
aediaz1, whats yor take on geppy right now? a chart would be lovely. thanks!
  • #2,347
  • Jul 25, 2008 5:23pm Jul 25, 2008 5:23pm
Quoting belekas
aediaz1, whats yor take on geppy right now? a chart would be lovely. thanks!
I don't spot anything extraordinary on this pair right now. We are in a upward channel as we can see on daily chart. On 4h chart, I'm looking for a new HH to develop as long as price trade above 211.70 area. So a close above 216 area could provide us with more upside. I might add that the HH? viewable on 4h chart is purely speculation, it's not based on any numbers at all.
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Measure twice, cut once
  • #2,348
  • Jul 26, 2008 12:29am Jul 26, 2008 12:29am
Hey Aediaz What's Up Buddy
Finally You came back... Now this time with Moving averges with you lol....
Nice. Have a good day.
Umair.
  • #2,349
  • Edited 9:37am Jul 26, 2008 9:14am | Edited 9:37am
Quoting aediaz1
While half of the FF members have screamed "short short, the monthly trend is down" on this pair, I'm very glad to hear you exploit this nice upward trend g/j have given us. Although, currently level and about 100 pips upward have been hard to get above. But this is the forth bullish month after each other, so more bulls in the future shouldn't be too surprising, IMO.
Thanks Aediaz!

What made me think about longs was this Triangle/Wedge I might be observing on Monthly.

Also, I see price being withheld by a res. @ 215.50 and also a downtrend line best observed on weekly.

If and when we break these "obstacles", we should have a much better range... Price could probably trend towards the 223.50 level... (NEXT SIGNIFICANT RESISTANCE)

I know it's too soon to tell, but it may happen this year...

Look out for Geppy!!

Cheers.

JP.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbp_jpy_monthly_26_07_2008_triangle_wedge.gif Size: 19 KB
Click to Enlarge Name: gbp_jpy_weekly_26_07_2008_desc_trendline.gif Size: 19 KB
  • #2,350
  • Jul 26, 2008 1:59pm Jul 26, 2008 1:59pm
jupiter_peak,

Silly question - how are you drawing TLs and horizontal lines in MT4 with fixed end points? I didn't see that option anywhere, the default lines are infinite in length.
  • #2,351
  • Jul 27, 2008 9:00am Jul 27, 2008 9:00am
Quoting Trader KGB
jupiter_peak,

Silly question - how are you drawing TLs and horizontal lines in MT4 with fixed end points? I didn't see that option anywhere, the default lines are infinite in length.
Hi there Trader KGB,

No problem. We were all once beginners on MT4!!

Just draw any given TL. Double click on it with the left button to highlight it. Once you have highlighted it, click on it with your right button and choose trendline properties. Go to the PARAMETERS tab and you will see a small box saying (RAY or LIGHTING) (since mine is in portuguese i am not sure in english) and uncheck it.

There u have it. Trendlines not being rays...

Hope this helps.

Wish u al the best.
JP.
  • #2,352
  • Jul 27, 2008 5:24pm Jul 27, 2008 5:24pm
Quoting Umairs2004
Hey Aediaz What's Up Buddy
Finally You came back... Now this time with Moving averges with you lol....
Nice. Have a good day.
Umair.
Hi Umairs, not much bud, hope you're good too. Haha yeah, I see some value in them now, after some "knowledge-hunting"

I rambled over this potential set-up on eur/chf. Flag breakout on daily chart, with possible target around 1.6650 area. Also a double bottom (continuation) pattern which stakes the possibility for an correct outcome in our favour. If you have trouble noticing it, switch to line chart.

Needless to say, all patterns can fail so please bear that in mind if you place any position based on this analyze.

See you tomorrow.
Attached Image (click to enlarge)
Click to Enlarge Name: eurchf.jpg Size: 115 KB
Measure twice, cut once
  • #2,353
  • Jul 27, 2008 8:22pm Jul 27, 2008 8:22pm
Quoting aediaz1
Hi Umairs, not much bud, hope you're good too. Haha yeah, I see some value in them now, after some "knowledge-hunting"

I rambled over this potential set-up on eur/chf. Flag breakout on daily chart, with possible target around 1.6650 area. Also a double bottom (continuation) pattern which stakes the possibility for an correct outcome in our favour. If you have trouble noticing it, switch to line chart.

Needless to say, all patterns can fail so please bear that in mind if you place any position based on this analyze.

See you tomorrow.

Nice Flag Aediaz!! Had not spotted that one. Actually, I had never followed this pair before. Nice moves on it???

I see 2 possible resistances before your target.

1st @1.6286
2nd @ 1.6340

But yes, price is inside a wedge like formation and is headed up.

Cheers.
JP.
Attached Image (click to enlarge)
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  • #2,354
  • Jul 28, 2008 3:51am Jul 28, 2008 3:51am
Quoting jupiter_peak
Nice Flag Aediaz!! Had not spotted that one. Actually, I had never followed this pair before. Nice moves on it???

I see 2 possible resistances before your target.

1st @1.6286
2nd @ 1.6340

But yes, price is inside a wedge like formation and is headed up.

Cheers.
JP.
It has an average daily range around 85 pips (compared to 113 on eur/usd).

I agree on your 2nd possible resistance, which seems like a very logical area for orders to hit, nice spotted. But I still have confidence (so far) in this trade
Measure twice, cut once
  • #2,355
  • Jul 28, 2008 4:38am Jul 28, 2008 4:38am
Hello eadiaz1,

Im long on aususd on this triangle break. still 20mins till 1hr close but we do have 30m close already. what you think about aussy right now?
Attached Image (click to enlarge)
Click to Enlarge Name: audusd_h1_triangle_280708.gif Size: 22 KB
  • #2,356
  • Jul 28, 2008 5:01am Jul 28, 2008 5:01am
Quoting belekas
Hello eadiaz1,

Im long on aususd on this triangle break. still 20mins till 1hr close but we do have 30m close already. what you think about aussy right now?
Hi, I think we're seeing what was mentioned in a earlier post; currently area bear the potential to attract buyers, IMO. If this should happen (saw some bulls entering the field today but too early to say until todays bar is closed, at currently level or higher) we could face some bullish days this coming week.

But guys, always remember to lock in profits, close half position or S/L at +1 i.e. When you're trading of 1h chart, we all should know how fast the market can turn.
Measure twice, cut once
  • #2,357
  • Jul 28, 2008 6:13am Jul 28, 2008 6:13am
Possible flag on Swissey
Attached Image (click to enlarge)
Click to Enlarge Name: swissey_m30_flag_280708.gif Size: 28 KB
  • #2,358
  • Jul 28, 2008 6:37am Jul 28, 2008 6:37am
Maybe a possible Big M chart pattern by Thomas N. Bulkowski in development on UJ
Attached Image (click to enlarge)
Click to Enlarge Name: usdyen_h1_uptrend_280708.gif Size: 27 KB
  • #2,359
  • Jul 28, 2008 7:45pm Jul 28, 2008 7:45pm
I might be observing a MACD divergence on weekly.

I spotted this just yesterday since I usually don't trade this pair.

Would you agree with this divergence? Possible reversal coming?

1) I see it has been very bullish for a long time;
2) I see as oil has come down; stronger USD indication across the board.

The two reasons above make me think a reversal is coming up.

Cheers and happy hunting.

JP.
Attached Image (click to enlarge)
Click to Enlarge Name: aud_usd_wk_28_07_2008_up_channel_divergence.gif Size: 18 KB
  • #2,360
  • Edited 6:46am Jul 29, 2008 2:05am | Edited 6:46am
Anyone trading this breakout on the geppy 1hr?

Was good for a few pips
Attached Image (click to enlarge)
Click to Enlarge Name: geppy_h1_trianglebreak_290708.gif Size: 29 KB
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