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Drawing correct resistance and support-lines

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  • #2,461
  • Aug 20, 2008 7:26pm Aug 20, 2008 7:26pm
Quoting belekas
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!
Yeah, I'm watching this par (head and shoulders) too. It seems like aussie dollar could strengthen the next days.
Measure twice, cut once
  • #2,462
  • Aug 21, 2008 3:59am Aug 21, 2008 3:59am
GBPCHF- possible bearish flag on 4hr timeframe. Price bounced from ascending ltl and support. TWT
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf_h4_bearflag_210808.jpg Size: 80 KB
  • #2,463
  • Aug 25, 2008 4:56am Aug 25, 2008 4:56am
long time no see aediaz. had a long vacantion

i see a possible reversal pattern on u/j (daimond)



http://img361.imageshack.us/img361/1...5082008gc8.gif

enjoy.
  • #2,464
  • Aug 25, 2008 5:11am Aug 25, 2008 5:11am
I posted this one only on 4hr in Igroks cave, link is here. According to Igrok 80-90% of diamond formations are continuation patterns not reversals. I asked him why and he replied with like: the inside formation sequence. Do you know how to spot reversal/continuation diamond?

thanks
  • #2,465
  • Aug 25, 2008 12:08pm Aug 25, 2008 12:08pm
Quoting belekas
GBPCHF- possible bearish flag on 4hr timeframe. Price bounced from ascending ltl and support. TWT
And price is fighting at LL as we speak. A close below would be interesting.
Measure twice, cut once
  • #2,466
  • Aug 25, 2008 12:13pm Aug 25, 2008 12:13pm
Quoting eye4spot
long time no see aediaz. had a long vacantion

i see a possible reversal pattern on u/j (daimond)


enjoy.

Hope you enjoyed your vacation, eye4spot

Diamonds is one of those patterns I haven't focused hard enough on. I just simply fail to see the logic behind it. Don't misunderstand me, it can be very profitable, Igrok have shown us that, but I can't make any logic out of those diamonds pattern, so I stick to what I know. Maybe one day it will became "logical" to my brain.
Measure twice, cut once
  • #2,467
  • Aug 25, 2008 12:14pm Aug 25, 2008 12:14pm
Quoting aediaz1
And price is fighting at LL as we speak. A close below would be interesting.
Hello eadiaz. Yes indeed. Lets wait and see. You in any trades buddy?
  • #2,468
  • Aug 25, 2008 12:56pm Aug 25, 2008 12:56pm
Quoting belekas
Hello eadiaz. Yes indeed. Lets wait and see. You in any trades buddy?
Hi, I'll share one trade this trade I made on nzd/usd, since you ask.

Price formed LH on 1-months MA (21) and a TL break on 4h which triggered this trade. Profits is already secured and I'm holding this position down to previous LL, if price allows me. SL is, of course, placed at an technical level (on 4h chart, above LH)

A question-mark may be raised on why I have locked it in profit so fast. As you can view on weekly-chart, price is caught at an unpleasant level for short position, @ TL drawn from the start of this bull-run.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: nzdusd4h.jpg Size: 126 KB
Click to Enlarge Name: nzdusddaily.jpg Size: 134 KB
Click to Enlarge Name: nzdusdweekyl.jpg Size: 116 KB
Measure twice, cut once
  • #2,469
  • Aug 25, 2008 2:05pm Aug 25, 2008 2:05pm
Quoting aediaz1
Hi, I'll share one trade this trade I made on nzd/usd, since you ask.

Price formed LH on 1-months MA (21) and a TL break on 4h which triggered this trade. Profits is already secured and I'm holding this position down to previous LL, if price allows me. SL is, of course, placed at an technical level (on 4h chart, above LH)

A question-mark may be raised on why I have locked it in profit so fast. As you can view on weekly-chart, price is caught at an unpleasant level for short position, @ TL drawn from the start of this bull-run.
Very nice trade and chart as well. Thanks for your time mate. Appreciate it
  • #2,470
  • Aug 25, 2008 2:33pm Aug 25, 2008 2:33pm
Im still watching that H&S pattern on 4hr EURAUD. The right shoulder has retraced 50% to .7090 I wonder if this pattern will play out We are far away from the neckline and price seems to be channeling up. TWT
  • #2,471
  • Aug 25, 2008 8:06pm Aug 25, 2008 8:06pm
Hey guys,

Long time no see!! Had wonderful vacations in Chile! Great snow + great friends = Lots of fun!!!

Yes indeed, we Brazilians can handle a snowboard with some competence...

Lovely time on the Andes mountains. One hack of a boarding season.
  • #2,472
  • Aug 25, 2008 8:15pm Aug 25, 2008 8:15pm
I see target one is about to be hit on AUDUSD.

Those of you who keep up with this thread should observe that target one on this weekly divergence was/is around 0.8513 which also is the 38.2 fibo retrace/correction.

Watch out for this level. If we get a break below it, than we shall see a 100% correction towards 0.7673 before price starts to head up once again.

Cheers to all.

JP.
Attached Image (click to enlarge)
Click to Enlarge Name: aud_usd_wk_25_08_2008_divergence_target_valley_1.gif Size: 21 KB
  • #2,473
  • Aug 26, 2008 12:38am Aug 26, 2008 12:38am
Quoting jupiter_peak
Hey guys,

Long time no see!! Had wonderful vacations in Chile! Great snow + great friends = Lots of fun!!!

Yes indeed, we Brazilians can handle a snowboard with some competence...

Lovely time on the Andes mountains. One hack of a boarding season.
Welcome back mate.

Cheers!
  • #2,474
  • Aug 26, 2008 3:28am Aug 26, 2008 3:28am
Quoting jupiter_peak
Hey guys,

Long time no see!! Had wonderful vacations in Chile! Great snow + great friends = Lots of fun!!!

Yes indeed, we Brazilians can handle a snowboard with some competence...

Lovely time on the Andes mountains. One hack of a boarding season.
Hi, and welcome back. Sounds like a wonderful time. Haha I had no idea Brazilians did snowboarding, thought you lucky guys was too busy on your sunny beaches


Quoting jupiter_peak
Those of you who keep up with this thread should observe that target one on this weekly divergence was/is around 0.8513 which also is the 38.2 fibo retrace/correction.

Watch out for this level. If we get a break below it, than we shall see a 100% correction towards 0.7673 before price starts to head up once again.

Cheers to all.

JP.
Yeah, that was an incredible call by you/Igrok ! What an drop this have been.

I'm all out on the nzd/usd trade. Wouldn't we all be millionaires if every trade worked out that easy
Measure twice, cut once
  • #2,475
  • Aug 26, 2008 3:31am Aug 26, 2008 3:31am
Quoting belekas
Im still watching that H&S pattern on 4hr EURAUD. The right shoulder has retraced 50% to .7090 I wonder if this pattern will play out We are far away from the neckline and price seems to be channeling up. TWT
Ironically, I had a long position (around 1.6900) based on S/R at this pair but got stopped out around BE, lol. Potential HS made be too careful.
Measure twice, cut once
  • #2,476
  • Aug 26, 2008 3:50am Aug 26, 2008 3:50am
Quoting aediaz1
Ironically, I had a long position (around 1.6900) based on S/R at this pair but got stopped out around BE, lol. Potential HS made be too careful.
Well it happens mate. Better trade around the corner :-) As i was busy with another pair analysis, this diamond on EURJPY broke down and the trend is continuing. These must be those continuation diamonds as Igrok would call them of some internal sequence i have no idea about. Anyway im posting a chart for you to see. Too bad im not in this short trade.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy_h4_diamond_260808.jpg Size: 115 KB
  • #2,477
  • Aug 26, 2008 6:07am Aug 26, 2008 6:07am
Quoting belekas
Well it happens mate. Better trade around the corner :-) As i was busy with another pair analysis, this diamond on EURJPY broke down and the trend is continuing. These must be those continuation diamonds as Igrok would call them of some internal sequence i have no idea about. Anyway im posting a chart for you to see. Too bad im not in this short trade.
Absolutely

Here is a trade I'm watching right now. Eur/cad have had some interesting development on weekly chart (price formed double top, TL breakout and a potential close below HL). I'm going to close half the position if we head back above lowest TL and close rest if we head above LH.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurcadweekly.jpg Size: 119 KB
Click to Enlarge Name: eurcad4h.jpg Size: 123 KB
Measure twice, cut once
  • #2,478
  • Aug 26, 2008 6:15am Aug 26, 2008 6:15am
Quoting aediaz1
Absolutely

Here is a trade I'm watching right now. Eur/cad have had some interesting development on weekly chart (price formed double top, TL breakout and a potential close below HL). I'm going to close half the position if we head back above lowest TL and close rest if we head above LH.
Looks nice I wasnt watching this pair somehow i dont know why lol. I notice that you are using tl's drawn on indicators, do they help you mate?
  • #2,479
  • Aug 26, 2008 6:46am Aug 26, 2008 6:46am
Quoting belekas
Looks nice I wasnt watching this pair somehow i dont know why lol. I notice that you are using tl's drawn on indicators, do they help you mate?
It's mostly to keep an eye to divergences and what happen when price breaks below/above that line on the indicator. But, in my experience, it stacks the odds in your favour if you're making a trade based on TL breakout if the indicator have a breakout too. I would never base any trades only on any indicator, just to clarify.
Measure twice, cut once
  • #2,480
  • Aug 26, 2008 6:52am Aug 26, 2008 6:52am
Quoting aediaz1
It's mostly to keep an eye to divergences and what happen when price breaks below/above that line on the indicator. But, in my experience, it stacks the odds in your favour if you're making a trade based on TL breakout if the indicator have a breakout too. I would never base any trades only on any indicator, just to clarify.
Alright, understood mate. As i was reading thru your thread i noticed that you prefer wait for the pullback after the tl break and only then enter the trade, correct?
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