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Drawing correct resistance and support-lines

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  • #2,401
  • Edited 6:13am Aug 6, 2008 6:01am | Edited 6:13am
Quoting Umairs2004
Hey Aediaz I Just noticed your thread got, Infact our thread got 5-Star rating ...Many Cong. Specially to you For that Buddy...
Yeah I just saw It wasn't cheap lol. I give you guys those stars, would have been a pretty dead thread without any of you. Did that come out with a hint of sentimental feelings ?

BACK TO TRADING

Potential flag on gbp/jpy on 4h chart. lets see how it goes
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.jpg Size: 113 KB
Measure twice, cut once
  • #2,402
  • Aug 6, 2008 6:03am Aug 6, 2008 6:03am
Quoting jupiter_peak
Hi Aediaz,

USDCAD was another of those divergences I had previously posted here.

Actually 3 divergences caught my attention: aussie, cable and loonie.

I have been long on loonie since the triangle break.

Also being short on cable and aussie too. I am keeping an eye for a potential break on cable to the downside perhaps targeting 1.70 or so.

Cheers,
JP.
Hi. Nice catch ! Gimme a hint when you've made your first million on forex ! I'm looking for short position on aud/usd when price allows it.
Measure twice, cut once
  • #2,403
  • Aug 6, 2008 6:12am Aug 6, 2008 6:12am
Quoting jupiter_peak
I see a consolidation pattern on EURCHF H4 right now. Not sure if it's a desc. channel or a desc. broadening triangle.

Price is "trapped" between support and resistance.

Price failed to reach the UTL of the asc. channel which always is a strong indication of a correction/trend change.

I might be observing a divergence on H4 and another possibly developing on daily.

If price fails to reach the LTL of this desc. formation, than it's just a consolidation which indicates trend continuation. Kind of doubtful right now.

In other words, indication of a reversal (diverence) X continuation (consolidation pattern).

Notice how price bounced of from a desc. tentative tendline observed on daily.

I am not very sure about this one... kind of undecided?????

Potential down trend/correction target is 1.6225.
Yeah after those news, price have headed down. I'm giving this trade some patience. Daily TL and MA is my last defense.
Measure twice, cut once
  • #2,404
  • Aug 6, 2008 6:13am Aug 6, 2008 6:13am
Am I seeing possible negative Divergence??

sonic

http://forexfactory.com/attachment.p...1&d=1218019504
  • #2,405
  • Aug 6, 2008 6:56am Aug 6, 2008 6:56am
this is a cool thread
  • #2,406
  • Aug 6, 2008 7:16am Aug 6, 2008 7:16am
Quoting aediaz1
Yeah I just saw It wasn't cheap lol. I give you guys those stars, would have been a pretty dead thread without any of you. Did that come out with a hint of sentimental feelings ?

BACK TO TRADING

Potential flag on gbp/jpy on 4h chart. lets see how it goes
I see that desc. channel on H4. I am not sure yet if it's a flag. I see price failed to go back to the UTL of that asc. channel on daily. so this one might be headed down too. Kind of strange situation with cable going down and uj going up. Since this is a cross pair... Something to think about.

On the other hand, I might be observing a diamond on daily. It it's one, trend should reverse. I also might have spotted divergence on daily targeting 208.00. Maybe a small correction before price heads up again.

Cheers to all.
JP.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbp_jpy_d1_06_08_2008_diamond_divergence.gif Size: 18 KB
Click to Enlarge Name: gbp_jpy_h4_06_08_2008_price_respecting_old_tl.gif Size: 24 KB
  • #2,407
  • Aug 6, 2008 8:26am Aug 6, 2008 8:26am
Current situation on aussie.

Price inside a very vertical channel. Price approaching possible support @ 0.9068.

Free falling indeed.
Attached Image (click to enlarge)
Click to Enlarge Name: aud_usd_h4_06_08_2008_desc_vertical_channel.gif Size: 20 KB
  • #2,408
  • Aug 6, 2008 8:46am Aug 6, 2008 8:46am
Both are in opposite situations.

One (CABLE) is inside a very vertical desc. channel going towards the LTL of a triangle observed on daily.

UJ is headed up inside a channel of its own. Next res. @110.00.

s OIL is inside a descending channel, I would not be surprised if it breaks another support @ 116.52. This is avery CRUCIAL moment for OIL. If we break this resistance than we should all see a 100% correction from the previous asc. channel. We might see OIL reaching the 97.90 mark by the end of the year. But first, we have to see a break of this crucial level. So lets not put our charriots before our horses just now.

Keep a CLOSE eye on oil.

Really looks like USD is strengthening across the board.

Lets wait and see.
JP.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbp_usd_h4_06_08_2008_desc_channel.gif Size: 20 KB
Click to Enlarge Name: usd_jpy_h4_06_08_2008_desc_asc_channel.gif Size: 23 KB
  • #2,409
  • Aug 6, 2008 9:03am Aug 6, 2008 9:03am
Quoting jupiter_peak
Both are in opposite situations.

One (CABLE) is inside a very vertical desc. channel going towards the LTL of a triangle observed on daily.

UJ is headed up inside a channel of its own. Next res. @110.00.

s OIL is inside a descending channel, I would not be surprised if it breaks another support @ 116.52. This is avery CRUCIAL moment for OIL. If we break this resistance than we should all see a 100% correction from the previous asc. channel. We might see OIL reaching the 97.90 mark by the end of the year. But first, we have to see a break of this crucial level. So lets not put our charriots before our horses just now.

Keep a CLOSE eye on oil.

Really looks like USD is strengthening across the board.

Lets wait and see.
JP.
Here are my charts for OIL.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: oil_d1_06_08_2008_382_res.gif Size: 18 KB
Click to Enlarge Name: oil_h4_06_08_2008_channel.gif Size: 20 KB
  • #2,410
  • Aug 6, 2008 2:10pm Aug 6, 2008 2:10pm
Quoting aediaz1
Hi. Nice catch ! Gimme a hint when you've made your first million on forex ! I'm looking for short position on aud/usd when price allows it.
Hi Aediaz,


I would like to publicly thank you for your kind remarks both here and on my personal profile.

Thank you for your vouch as well.

I am so glad I found this thread which completely opened my eyes to trading. Aediaz, your thread is just wonderful and you are a very helpful, kind trader.

I wish I could make more people come here and learn. I see a truck load of "lost" ones throughout the many threads here @ FF. This would be the greatest contribution I could make to your thread.

Keep up with your EXCELLENT trading abilities. Hope we can keep exchanging info. for a long and prosperous time.

I will not give up. Nothing in my life ever came easy. Everything I earned, even my health I got it through work. Nothing ever came easy. I am very determined to become a professional trader and a DAMN good one. If I have to read 1000 books and view 1MM webages to become one, I simply will. This is no exageration. That's my life.

Now, about that first 1MM, I will have a bank note dedicated to you for sure. Will put it on my wall!!

Many thanks and God bless you.
JP.
  • #2,411
  • Aug 7, 2008 2:49am Aug 7, 2008 2:49am
Hey,

Spotted a possible bullish flag on m15. Nice ~240 pips pole. Outcome if played out would be ~240/2=120 pips if im right.

Any comments guys?

Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: gj_m15_bullflag.jpg Size: 86 KB
  • #2,412
  • Aug 7, 2008 3:23am Aug 7, 2008 3:23am
Quoting jupiter_peak
Both are in opposite situations.

One (CABLE) is inside a very vertical desc. channel going towards the LTL of a triangle observed on daily.

UJ is headed up inside a channel of its own. Next res. @110.00.

s OIL is inside a descending channel, I would not be surprised if it breaks another support @ 116.52. This is avery CRUCIAL moment for OIL. If we break this resistance than we should all see a 100% correction from the previous asc. channel. We might see OIL reaching the 97.90 mark by the end of the year. But first, we have to see a break of this crucial level. So lets not put our charriots before our horses just now.

Keep a CLOSE eye on oil.

Really looks like USD is strengthening across the board.

Lets wait and see.
JP.
I can agree this by the viewpoint of candlestick pattern.

very good thread, keep up your work, I learn a lot here
  • #2,413
  • Aug 7, 2008 7:18am Aug 7, 2008 7:18am
I might be observing a possible H&S formation on 4hr gbpchf. The red neckline seems to be holding the price from falling down. Also to the right notice a possible bearish flag formation better see on 1hr tf with a long pole upto the Head of the H&S pattern.

I would like to hear comments from eadiaz and the traders familiar with these formations.

Thank you.
Attached Image (click to enlarge)
Click to Enlarge Name: gc_possiblecompltedh&s_h4_2.jpg Size: 93 KB
  • #2,414
  • Aug 8, 2008 1:40am Aug 8, 2008 1:40am
GM all,

Belekas, u have spotted nice ltl-neckline out there
watchin it closely!
  • #2,415
  • Aug 8, 2008 1:48am Aug 8, 2008 1:48am
Quoting vaflis
GM all,

Belekas, u have spotted nice ltl-neckline out there
watchin it closely!
GM.

Thanks for you comments
  • #2,416
  • Aug 8, 2008 3:15am Aug 8, 2008 3:15am
This was mentioned by Igrok, but ive decided to make my own drawing on this beautifull EJ diamond.

Check it out guys
Attached Image (click to enlarge)
Click to Enlarge Name: ej_dayly_diamond.gif Size: 22 KB
  • #2,417
  • Aug 8, 2008 3:36pm Aug 8, 2008 3:36pm
Quoting jupiter_peak
I see that desc. channel on H4. I am not sure yet if it's a flag. I see price failed to go back to the UTL of that asc. channel on daily. so this one might be headed down too. Kind of strange situation with cable going down and uj going up. Since this is a cross pair... Something to think about.

On the other hand, I might be observing a diamond on daily. It it's one, trend should reverse. I also might have spotted divergence on daily targeting 208.00. Maybe a small correction before price heads up again.

Cheers to all.
JP.
Good analyze. I need to keep an eye on those divergence again. Remember that this pair moves with usd/jpy if dollar or yen getting stronger/weaker or with cable if; pound is getting stronger/weaker.
Measure twice, cut once
  • #2,418
  • Aug 8, 2008 4:02pm Aug 8, 2008 4:02pm
Quoting jupiter_peak
Hi Aediaz,


I would like to publicly thank you for your kind remarks both here and on my personal profile.

Thank you for your vouch as well.

I am so glad I found this thread which completely opened my eyes to trading. Aediaz, your thread is just wonderful and you are a very helpful, kind trader.

I wish I could make more people come here and learn. I see a truck load of "lost" ones throughout the many threads here @ FF. This would be the greatest contribution I could make to your thread.

Keep up with your EXCELLENT trading abilities. Hope we can keep exchanging info. for a long and prosperous time.

I will not give up. Nothing in my life ever came easy. Everything I earned, even my health I got it through work. Nothing ever came easy. I am very determined to become a professional trader and a DAMN good one. If I have to read 1000 books and view 1MM webages to become one, I simply will. This is no exageration. That's my life.

Now, about that first 1MM, I will have a bank note dedicated to you for sure. Will put it on my wall!!

Many thanks and God bless you.
JP.
Well deserved, JP !

Now that is an attitude of a real winner ! Where would our society be without those few people who never gave up on great ideas which seemed nearly impossible to manage, like Thomas Edison ideas i.e. Trading is peanuts compared to what those great inventors went through. We don't have to invent something new to be profitable, we just have to adjust an "simple" system that fits our personality and prepare our minds to be fearless, roughly speaking.

If you see great potential in something, no matter what it should be, give everything you got and don't let anything stop you. That's my motto but I'm sure it wouldn't fit anyone.

When you said that nothing came easy in your life, you're already one step ahead. I'm sure it's understandable why this "asset" of an persons ability's is always good.

If you continue this path, there will be no question "if", only "when".

All the best forward and do stay along
Measure twice, cut once
  • #2,419
  • Aug 8, 2008 4:04pm Aug 8, 2008 4:04pm
Quoting belekas
Hey,

Spotted a possible bullish flag on m15. Nice ~240 pips pole. Outcome if played out would be ~240/2=120 pips if im right.

Any comments guys?

Cheers

In my experience with flags, they have a higher tendency to fail on lower TF's. Your calculation of potential target is correct. A flag should have 2 touches on both lines.
Measure twice, cut once
  • #2,420
  • Aug 8, 2008 4:05pm Aug 8, 2008 4:05pm
Quoting belekas
This was mentioned by Igrok, but ive decided to make my own drawing on this beautifull EJ diamond.

Check it out guys
Beautiful indeed. My experience is limited or close to zero with diamonds but it does seem logical.
Measure twice, cut once
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