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Drawing correct resistance and support-lines

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  • #2,421
  • Aug 10, 2008 2:25am Aug 10, 2008 2:25am
Quoting aediaz1
Beautiful indeed. My experience is limited or close to zero with diamonds but it does seem logical.
Thanks. And looks like this diamond has worked. Price broke south after bouncing hard from the dayly descending UTL. I see support @ ~164.10. Lets see how far will it go.

Cheers and good trading everybody
  • #2,422
  • Aug 10, 2008 9:26pm Aug 10, 2008 9:26pm
Hi guys,

I see that you keep em coming!

Fortunetly enough, I am on vacations. I will be here in Chile snowboarding for the next two weeks.


I will stay away for a while to get some well a deserved rest. My wife thanx me very much for this time away from the office and from my trading station...

But as any mortal, I do have flaws... Brought a few TA books with me and might come back with a few new ideas.

I will try to keep away.

I'll see you soon.

Best,
JP.
  • #2,423
  • Aug 11, 2008 1:41am Aug 11, 2008 1:41am
Have a nice time mate!

Cheers!

Quoting jupiter_peak
Hi guys,

I see that you keep em coming!

Fortunetly enough, I am on vacations. I will be here in Chile snowboarding for the next two weeks.


I will stay away for a while to get some well a deserved rest. My wife thanx me very much for this time away from the office and from my trading station...

But as any mortal, I do have flaws... Brought a few TA books with me and might come back with a few new ideas.

I will try to keep away.

I'll see you soon.

Best,
JP.
  • #2,424
  • Aug 11, 2008 6:29am Aug 11, 2008 6:29am
Quoting jupiter_peak
Hi guys,

I see that you keep em coming!

Fortunetly enough, I am on vacations. I will be here in Chile snowboarding for the next two weeks.


I will stay away for a while to get some well a deserved rest. My wife thanx me very much for this time away from the office and from my trading station...

But as any mortal, I do have flaws... Brought a few TA books with me and might come back with a few new ideas.

I will try to keep away.

I'll see you soon.

Best,
JP.
Enjoy your trip ! Didn't know people from Brazil handled a snowboard
Measure twice, cut once
  • #2,425
  • Aug 11, 2008 12:32pm Aug 11, 2008 12:32pm
Sold aussy today on the touch of the descending 1hr UTL + DP confluence. 100 pips in profit and letting it ride
Attached Image (click to enlarge)
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  • #2,426
  • Aug 11, 2008 12:58pm Aug 11, 2008 12:58pm
Quoting belekas
Sold aussy today on the touch of the descending 1hr UTL + DP confluence. 100 pips in profit and letting it ride
Well done. Nice and easy. Not able to post any charts atm, but check out 4h cable chart, close-price. Good example of flag pattern. Targeting 1.8990.
Measure twice, cut once
  • #2,427
  • Aug 11, 2008 1:01pm Aug 11, 2008 1:01pm
Quoting aediaz1
Well done. Nice and easy. Not able to post any charts atm, but check out 4h cable chart, close-price. Good example of flag pattern. Targeting 1.8990.
Thanx mate. Ok let me check. Im waiting for the best price to sell cable and fiber as well...
  • #2,428
  • Aug 11, 2008 1:11pm Aug 11, 2008 1:11pm
Quoting aediaz1
Well done. Nice and easy. Not able to post any charts atm, but check out 4h cable chart, close-price. Good example of flag pattern. Targeting 1.8990.
Not sure i see the flag like you buddy When you have oportunity please post a chart on this issue with cable. I might be observing a downtrend channel forming on 1hr tf but its still early to say. Im waiting for the break of weekly ascending channels LTL and then ill be shorting for sure. Could have entered a little earlier but was busy with my aussy trade so i missed the early entry. Hope cable and fiber will be nice to us and let us enter and the best price.

Cheers
  • #2,429
  • Aug 11, 2008 1:36pm Aug 11, 2008 1:36pm
Lets see how this nice diamond on geppy will play out. As we know diamonds are reversal patterns, so basically it has to come down south. Also there is a downtrend channel better seen on 4hr tf that i have marked here with firebrick colour. Support @ ~ 209.90. If price makes up to the descending channels UTL ill be looking for shorts, also there is resistance @ ~ 213, that would be a perfect confluence with this descending UTL for a short position if touched. Not taking any position yet. TWT
Attached Image (click to enlarge)
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  • #2,430
  • Aug 11, 2008 4:23pm Aug 11, 2008 4:23pm
Quoting belekas
Not sure i see the flag like you buddy When you have oportunity please post a chart on this issue with cable. I might be observing a downtrend channel forming on 1hr tf but its still early to say. Im waiting for the break of weekly ascending channels LTL and then ill be shorting for sure. Could have entered a little earlier but was busy with my aussy trade so i missed the early entry. Hope cable and fiber will be nice to us and let us enter and the best price.

Cheers
Here's the chart, sorry for the late post. 2 touches, both upper/lower TL with a close below (lowest low inside) the pattern.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.jpg Size: 94 KB
Measure twice, cut once
  • #2,431
  • Aug 11, 2008 4:36pm Aug 11, 2008 4:36pm
Weekly chart. I saw I forgot to hide my trades on the first chart I posted so thought it would be appropriate to reveal what the earliest trade was based on;

Double bottom continuation on weekly chart was my original "hunt". And a close above this pattern (above red arrow) would have been my trigger. As seen, the opposite happened. So the term double bottom continuation cannot be used, only double bottom.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdweekly.jpg Size: 98 KB
Measure twice, cut once
  • #2,432
  • Aug 12, 2008 12:09am Aug 12, 2008 12:09am
Quoting aediaz1
Here's the chart, sorry for the late post. 2 touches, both upper/lower TL with a close below (lowest low inside) the pattern.
No such pattern on my data feed
  • #2,433
  • Aug 13, 2008 5:41am Aug 13, 2008 5:41am
Quoting belekas
No such pattern on my data feed
Strange. What broker do you use?

Well, its about 170 pips away from weekly target. 400 pips so far.

Just caught DT (double top) on gbp/chf 4h chart. Opened position when price closed below LL. Target, which is the distance from DT down to LL is around 2.0300.

Stop/loss: Going to close half the position if we head above 2.0535 and rest if we close above that area. Note that this is not the correct way, its only a hybrid of my style. This pattern aborts when price closes above DT.
Attached Image (click to enlarge)
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Measure twice, cut once
  • #2,434
  • Aug 13, 2008 7:39am Aug 13, 2008 7:39am
Some traders have been talking about head and shoulder pattern on gbp/usd but I've failed to see it until my girlfriend showed it to me. I must be completely blind. Have a look. The RS is a bit lower than LS which is idealistic according to old-school TA. Target calculated from this pattern (close to 1500 pips) is 1.7550.

BTW, this pattern made more sense than the previous pattern I posted.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdweekly hns.jpg Size: 91 KB
Measure twice, cut once
  • #2,435
  • Aug 13, 2008 9:16am Aug 13, 2008 9:16am
gbp/chf update. Price target almost achieved;
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf.jpg Size: 117 KB
Measure twice, cut once
  • #2,436
  • Aug 14, 2008 2:33am Aug 14, 2008 2:33am
Morning, I am looking for a close above/below to give a better indication of whats next.
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  • #2,437
  • Aug 14, 2008 4:52am Aug 14, 2008 4:52am
Quoting aediaz1
Strange. What broker do you use?

Well, its about 170 pips away from weekly target. 400 pips so far.

Just caught DT (double top) on gbp/chf 4h chart. Opened position when price closed below LL. Target, which is the distance from DT down to LL is around 2.0300.

Stop/loss: Going to close half the position if we head above 2.0535 and rest if we close above that area. Note that this is not the correct way, its only a hybrid of my style. This pattern aborts when price closes above DT.
sorry for not replying instantly as i am away near the lake, chillin' and having a brew with my cousin "vaflis". today during the nighttime i was observing gbpchf. ive posted before what ive been waiting for- the ltl's break on 4hr ascending channel and was planning to sell if that break happens. So it did, we had 1hr close below the ltl and i sold with sl around 50 pips above the tl. price came inside the channel again and i took a loss... though i was believing the price was going down based on the larger tf's and looked into the chart later...and that was it, the price was down ~300pips... so my congrats for taking this nice but not so easy trade as me believs )))

i like ure trading style and the tread no doubt and hope this will evolve into something bigger hehe...keep up the good work and dont stop, the possibilities is endless

cheers!!!
  • #2,438
  • Aug 14, 2008 6:10pm Aug 14, 2008 6:10pm
Quoting Paj
Morning, I am looking for a close above/below to give a better indication of whats next.
I assume that you followed the selling ?
Measure twice, cut once
  • #2,439
  • Edited 7:49pm Aug 14, 2008 6:17pm | Edited 7:49pm
Quoting belekas
sorry for not replying instantly as i am away near the lake, chillin' and having a brew with my cousin "vaflis". today during the nighttime i was observing gbpchf. ive posted before what ive been waiting for- the ltl's break on 4hr ascending channel and was planning to sell if that break happens. So it did, we had 1hr close below the ltl and i sold with sl around 50 pips above the tl. price came inside the channel again and i took a loss... though i was believing the price was going down based on the larger tf's and looked into the chart later...and that was it, the price was down ~300pips... so my congrats for taking this nice but not so easy trade as me believs )))

i like ure trading style and the tread no doubt and hope this will evolve into something bigger hehe...keep up the good work and dont stop, the possibilities is endless

cheers!!!
Sounds quite nice, tbh.

I would advice you to have an eye on larger TF. I've been staring too long on those damn 1h chart and when I switch back now, after mainly focusing on weekly, daily and 4h (mostly to adjust entries/SL's), I get sick when I see how noisy 1h is/was.

To raid along (successful) on smaller TF's, be damn sure you can handle larger TF's very good. Playing along on 15m chart is like playing any arcade-game at level 10, in most cases without any practice.

I'll be away until late night Friday so apologies for any late responds during that time.
Measure twice, cut once
  • #2,440
  • Aug 15, 2008 2:41am Aug 15, 2008 2:41am
great thread im reading a book the utime trading guide
but i ve got a problem i cant understand this: markets have 4 stages
accumulation run up distribution run down
if was like this trading was very simple but there is another setup
reaccumulation = if market is on run up and after you have reaccumulation
market continue to go up i think there is another set up redistribution = continue to go down
i cant understand the diference between accumulation supply demand zone and reaccumulation supply demand zone
thanks about your explanation about how to trace trend line
rod
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