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Drawing correct resistance and support-lines

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  • #2,441
  • Aug 16, 2008 10:29am Aug 16, 2008 10:29am
Quoting aediaz1
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.
Yes, cant agree more about small tf's. lets see what this week have for us mate.

Cheers!
  • #2,442
  • Aug 17, 2008 3:18pm Aug 17, 2008 3:18pm
Quoting rod30
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
Sorry for the late reply.

I'm unfamiliar with that book so I can't explain what the author is trying to tell you.

There is a book for almost everything in this world, just make sure you find something that you can understand and make any difference for you, and you only. People will always tell you that this is the only/real deal of how things work. Be sceptical to most theory's presented to you unless otherwise is proven by you.
Measure twice, cut once
  • #2,443
  • Aug 18, 2008 7:39am Aug 18, 2008 7:39am
Quoting aediaz1
I assume that you followed the selling ?
err no! I only get so much time on the PC and missed the move anyway, I hope you caught it.

Paj
  • #2,444
  • Aug 18, 2008 12:16pm Aug 18, 2008 12:16pm
Mirror mirror on the wall is this a diamond in the Oil? Lets see if this formation can reverse the price. Comments appriceated. Thanks
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  • #2,445
  • Aug 18, 2008 12:55pm Aug 18, 2008 12:55pm
Also on 1 hour cable. Check it out guys
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  • #2,446
  • Aug 19, 2008 7:02am Aug 19, 2008 7:02am
GD.

Im watching this nice triangle on aussy. Anyone else thinking of going short on the break? I should have sold yesterday on the touch of the utl but ive missed it. Now let the USD news settle down and lets see what we have.
Attached Image (click to enlarge)
Click to Enlarge Name: aussy_h1_triangle2_190808.jpg Size: 72 KB
  • #2,447
  • Aug 19, 2008 9:55am Aug 19, 2008 9:55am
Quoting belekas
GD.

Im watching this nice triangle on aussy. Anyone else thinking of going short on the break? I should have sold yesterday on the touch of the utl but ive missed it. Now let the USD news settle down and lets see what we have.
Hard to tell what's next with the dollar. On the eur/usd price have made LH LL for almost 1 month now and I'm ready to grab whatever the market gives me, both ways. So I'm looking for a close above LH or below LL on 4h chart;
Attached Image (click to enlarge)
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Measure twice, cut once
  • #2,448
  • Aug 19, 2008 10:01am Aug 19, 2008 10:01am
can i draw a down chanal on NZDUSD daily? what do you think? will it be reliable?
lol
  • #2,449
  • Aug 19, 2008 10:18am Aug 19, 2008 10:18am
Quoting aediaz1
Hard to tell what's next with the dollar. On the eur/usd price have made LH LL for almost 1 month now and I'm ready to grab whatever the market gives me, both ways. So I'm looking for a close above LH or below LL on 4h chart;
Hello mate. Yes its hard to tell. You are waiting on 4hr close right?
  • #2,450
  • Aug 19, 2008 10:19am Aug 19, 2008 10:19am
Quoting lossa
can i draw a down chanal on NZDUSD daily? what do you think? will it be reliable?
I have upward channel on 4h nzd/usd which makes more sense to me;
Attached Image (click to enlarge)
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Measure twice, cut once
  • #2,451
  • Aug 19, 2008 10:24am Aug 19, 2008 10:24am
Quoting lossa
can i draw a down chanal on NZDUSD daily? what do you think? will it be reliable?
My uptrend channel looks alot like eadiaz, im posting 1hr screenshot for you.
Attached Image (click to enlarge)
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  • #2,452
  • Aug 19, 2008 10:29am Aug 19, 2008 10:29am
Quoting belekas
Hello mate. Yes its hard to tell. You are waiting on 4hr close right?
I am. This pair loves to give fake spikes around critical areas. Might also keep an eye on 1h chart too.
Measure twice, cut once
  • #2,453
  • Edited 10:34am Aug 19, 2008 10:31am | Edited 10:34am
Quoting aediaz1
I am. This pair loves to give fake spikes around critical areas. Might also keep an eye on 1h chart too.
Thank you for your answer buddy When we miss the best entry later for me to spot a tight setup is not an easy thing hehe. You in any trades bro?
  • #2,454
  • Aug 19, 2008 10:41am Aug 19, 2008 10:41am
Im also watching swissey as it mooves in an uptrend channel i have drawn on1hr chart here, as we know euro and swissey has inverted corellation.
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  • #2,455
  • Aug 19, 2008 1:47pm Aug 19, 2008 1:47pm
Quoting belekas
Thank you for your answer buddy When we miss the best entry later for me to spot a tight setup is not an easy thing hehe. You in any trades bro?
No problem.

I skipped the eur/usd trade. I don't care if price pops 100 pips up from now, but there was two things that made me let this particulair trade go;

1. Awefull time at the day to enter (short-time) trades, IMO.

2. Price didn't close above LH, it closed exactly on it.

Being picky about every trade you make will pay off. I can't stand to be caught in any trades and think back of that trade, if it turned out to be a loser, and see how easily it could have been excluded. Look for excuses for not making any trade rather than the opposite.

Can't remember if I shared eur/nzd trade in this thread ? Double top on 4h chart. I have half the position left, and its viewable on the chart where rest of the trade is locked in profit. The reason I still hold it, was because of the close below TL. So I don't really care what's next on this pair, all I know is that profits is saved/safe
Attached Image (click to enlarge)
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Measure twice, cut once
  • #2,456
  • Edited 3:02pm Aug 19, 2008 2:18pm | Edited 3:02pm
Congrats with your eurnzd trade mate I have taken long euro and sold swissey as it broke of that channel ive posted before, though i know they are countertrend trades... Can you show me what you ment by price didnt close above LH. I see 4hr close above it nicely.

ps. bailed out from long fiber @ BE. not worth the risk.

Cheers

Quoting aediaz1
No problem.

I skipped the eur/usd trade. I don't care if price pops 100 pips up from now, but there was two things that made me let this particulair trade go;

1. Awefull time at the day to enter (short-time) trades, IMO.

2. Price didn't close above LH, it closed exactly on it.

Being picky about every trade you make will pay off. I can't stand to be caught in any trades and think back of that trade, if it turned out to be a loser, and see how easily it could have been excluded. Look for excuses for not making any trade rather than the opposite.

Can't remember if I shared eur/nzd trade in this thread ? Double top on 4h chart. I have half the position left, and its viewable on the chart where rest of the trade is locked in profit. The reason I still hold it, was because of the close below TL. So I don't really care what's next on this pair, all I know is that profits is saved/safe
  • #2,457
  • Aug 19, 2008 5:15pm Aug 19, 2008 5:15pm
Quoting belekas
Congrats with your eurnzd trade mate I have taken long euro and sold swissey as it broke of that channel ive posted before, though i know they are countertrend trades... Can you show me what you ment by price didnt close above LH. I see 4hr close above it nicely.

ps. bailed out from long fiber @ BE. not worth the risk.

Cheers
Had mine closing-bar at .4763 (4h). Different from yours ? Anyway, we closed above on this 4h bar. Targeting .4900 if price heads above 4800.
Measure twice, cut once
  • #2,458
  • Aug 20, 2008 12:16am Aug 20, 2008 12:16am
Quoting aediaz1
Had mine closing-bar at .4763 (4h). Different from yours ? Anyway, we closed above on this 4h bar. Targeting .4900 if price heads above 4800.
I had mine closed @ .4782 (4hr) very strange...but i closed the trade yesterday @ be as market was not mooving
  • #2,459
  • Aug 20, 2008 4:05am Aug 20, 2008 4:05am
Hola.

I took a look @ EURAUD and heres what i saw:

On montlhy chart we have a massive triangle formation and we could have sold from the touch of the utl on the 13th this month. this would had been a perfect selllimit order. going on weekly/dayly i see a possible new uptrend channel forming. on 4hr hmm might be a H&S formation in progress with key level around .6830-40. The target would be around ~530 pips once the neckline/keylevel is broken so its nearly the same as dayly ascending ltl of the new possible uptrend channel i have mentioned before.

eadiaz when you get a chance take a look this might be worth it

cheers!
Attached Image (click to enlarge)
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  • #2,460
  • Aug 20, 2008 4:15am Aug 20, 2008 4:15am
Also a descending triangle on 4hr GBPAUD. EUR/GBP-AUD if broken south smells really nice pips. what you think eadiaz? thanx
Attached Image (click to enlarge)
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