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Technical Analysis; S/R, Trendlines, MA's, Useful Indicators and Price-patterns

  • #121
  • Sep 29, 2008 12:43pm Sep 29, 2008 12:43pm
Back from Egypt, Hurgada, after 14 days. I'll respond to mails and posts sometime tomorrow along with some pictures
Measure twice, cut once
  • #122
  • Sep 30, 2008 8:56am Sep 30, 2008 8:56am
Quoting aediaz1
Back from Egypt, Hurgada, after 14 days. I'll respond to mails and posts sometime tomorrow along with some pictures
welcome back aediaz,hope your feelin refreshed and ready for the market madness!!??
PATIENCE... DISCIPLINE
  • #123
  • Oct 1, 2008 12:57am Oct 1, 2008 12:57am
On request, here is the daily high/low indicator I use on 1h chart;
Attached File(s)
File Type: mq4 day High-Low.mq4   3 KB | 628 downloads
Measure twice, cut once
  • #124
  • Oct 1, 2008 12:57am Oct 1, 2008 12:57am
Quoting g_j_hook@yah
welcome back aediaz,hope your feelin refreshed and ready for the market madness!!??
Thanks, and yes I'm ready for some madness lol.
Measure twice, cut once
  • #125
  • Edited 1:16am Oct 1, 2008 1:05am | Edited 1:16am
Gbp/jpy; Price closed above potential support. Blue dotted line is 0.5% above support. A bounce from here is in favour, according to my charts, and no resistance until previous LH on daily chart but that doesn't mean it's forced to visit previous LH.
Attached Image (click to enlarge)
Click to Enlarge Name: gjdaily.jpg Size: 128 KB
Measure twice, cut once
  • #126
  • Oct 1, 2008 1:56am Oct 1, 2008 1:56am
Quoting aediaz1
Gbp/jpy; Price closed above potential support. Blue dotted line is 0.5% above support. A bounce from here is in favour, according to my charts, and no resistance until previous LH on daily chart but that doesn't mean it's forced to visit previous LH.
Welcome back mate, hope you enjoyed your stay. Now lets get back to bussines. We have 4hr bullish divergence on GBP/JPY as well as other two main JPY crosses. RSI divergence is present and we still need a crossover on MACD, that we will get quite soon i guess. Divergence is targeting previous LH as well, priced in @ 197.417
  • #127
  • Oct 1, 2008 2:07am Oct 1, 2008 2:07am
Quoting belekas
Welcome back mate, hope you enjoyed your stay. Now lets get back to bussines. We have 4hr bullish divergence on GBP/JPY as well as other two main JPY crosses. RSI divergence is present and we still need a crossover on MACD, that we will get quite soon i guess. Divergence is targeting previous LH as well, priced in @ 197.417
Thanks. I missed my charts down in Egypt more than I miss back to Egypt in Norway but I had a great time

It seems like the odds for bulls is starting to stack up. Have a look at weekly chart and see how quickly this area got bought up.
Measure twice, cut once
  • #128
  • Oct 1, 2008 2:11am Oct 1, 2008 2:11am
Quoting aediaz1
Thanks. I missed my charts down in Egypt more than I miss back to Egypt in Norway but I had a great time

It seems like the odds for bulls is starting to stack up. Have a look at weekly chart and see how quickly this area got bought up.
Yes indeed. Check Igroks cave, as yesterday i posted there a dayly diamond on GBP/JPY and had a debate with him.
  • #129
  • Oct 1, 2008 2:12am Oct 1, 2008 2:12am
Quoting belekas
Yes indeed. Check Igroks cave, as yesterday i posted there a dayly diamond on GBP/JPY and had a debate with him.
Yes, I saw it. Let's see what the market gives us.
Measure twice, cut once
  • #130
  • Oct 1, 2008 4:14am Oct 1, 2008 4:14am
This are the 2 trades I took tonight ...I am currently short in the usdjpy and long in the NZDUSD...I used the trendlines as rejection from them...

I am long
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd.gif Size: 30 KB


I am short
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.gif Size: 29 KB
  • #131
  • Oct 2, 2008 3:04am Oct 2, 2008 3:04am
Hello aediaz1

It's my first post on your thread and first i want to tell you thanks for your explanations ABC trading

I'm newbies and I need to learn these materials "perfectly" before other steps but that seems hard for me to understand correctly i post my study chart if you have time can you tell me if i'm in the rigth way ?
Thanks
Regards
Attached Image (click to enlarge)
Click to Enlarge Name: study.gif Size: 29 KB
  • #132
  • Oct 2, 2008 4:25am Oct 2, 2008 4:25am
You r awesome, all I can say!
Thank you!
Isaac
  • #133
  • Oct 2, 2008 4:49am Oct 2, 2008 4:49am
Quoting Shermenator
This are the 2 trades I took tonight ...I am currently short in the usdjpy and long in the NZDUSD...I used the trendlines as rejection from them...

I am long
Attachment

I am short
Attachment
Seems like you draw your lines with a hybrid version of including shadows and close-price.
Measure twice, cut once
  • #134
  • Oct 2, 2008 5:18am Oct 2, 2008 5:18am
Quoting cmfxmen
Hello aediaz1

It's my first post on your thread and first i want to tell you thanks for your explanations ABC trading

I'm newbies and I need to learn these materials "perfectly" before other steps but that seems hard for me to understand correctly i post my study chart if you have time can you tell me if i'm in the rigth way ?
Thanks
Regards
Hi. Your TL is correct. It should be easier to draw lines if you use closing-price.

Regarding LH etc the easiest way to plot them is by putting them on swings. I'll try to explain with a chart.

I like to plot LH/LL HH/HL on signicficant swings. The first LH/LL you see on the top off posted chart is what I would consider as minimum swings. There nothing anything wrong plotting it on smaller swings, its just a matter of taste and style, IMO. If your still unsure, try and define LH/LL etc with a swing for at least 1%.

Practice your drawings with any backtesting-software. Great way to gain experience and a cheap way to learn too.

Hope this helps
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.jpg Size: 120 KB
Measure twice, cut once
  • #135
  • Oct 2, 2008 5:19am Oct 2, 2008 5:19am
Quoting isaaclin
You r awesome, all I can say!
Thank you!
Isaac

Have you seen the light now?
Measure twice, cut once
  • #136
  • Oct 2, 2008 5:22am Oct 2, 2008 5:22am
Quoting aediaz1
Gbp/jpy; Price closed above potential support. Blue dotted line is 0.5% above support. A bounce from here is in favour, according to my charts, and no resistance until previous LH on daily chart but that doesn't mean it's forced to visit previous LH.
No luck on that pair. Pay attention to my mistake for fighting the trend. As long as no TL's is broken to the upside (in this case) the trend is down and without few if any expectations should you trade against the trends.
Measure twice, cut once
  • #137
  • Oct 2, 2008 5:30am Oct 2, 2008 5:30am
Here is a trade I took yesterday on eur/gbp 4h chart. I was lucky to see price make a pull-back to broken TL and could enter with a SL of 20 pips. The reason I didn't traded this the break, was that price was too close to previous LL. Watch how the momentum indicator and price hold hands on this trade.

If price closes @ .7830 on daily, TL is broken and I'll hold into this short.

What I forgot so say about pull-backs;

Make sure you see price respect the broken line on first test. If you're in any doubt, leave it.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurgbp.jpg Size: 118 KB
Click to Enlarge Name: eurgbpdaily.jpg Size: 128 KB
Measure twice, cut once
  • #138
  • Oct 2, 2008 5:37am Oct 2, 2008 5:37am
Here's another trade I took on eur/nzd. Divergence on both indicators. The next step is to watch for a close below previous LH (for 3 days below) to call this uptrend to an end.
Attached Image (click to enlarge)
Click to Enlarge Name: eurnzd.jpg Size: 135 KB
Measure twice, cut once
  • #139
  • Oct 2, 2008 7:40am Oct 2, 2008 7:40am
Quoting aediaz1
Hi. Your TL is correct. It should be easier to draw lines if you use closing-price.

Regarding LH etc the easiest way to plot them is by putting them on swings. I'll try to explain with a chart.

I like to plot LH/LL HH/HL on signicficant swings. The first LH/LL you see on the top off posted chart is what I would consider as minimum swings. There nothing anything wrong plotting it on smaller swings, its just a matter of taste and style, IMO. If your still unsure, try and define LH/LL etc with a swing for at least 1%.

Practice your drawings with any backtesting-software. Great way to gain experience and a cheap way to learn too.

Hope this helps
Hi aediaz1

I didn't await such a correction thank a lot I don't know if I can ask you more I don't want monopiliser your time you must enlarge your account lol
but if i understood what does it mean "swing" when price move up or down and retrace ? you said try each 1% but for find your signicficant LH/LL HH/HL you can say " each price move and retrace at level ??? fibo retracement you can plot LH/LL HH/HL from high or low ? for find mechanical ?
Thank and sorry for my english
Regards
Attached Image (click to enlarge)
Click to Enlarge Name: studyhl.gif Size: 24 KB
  • #140
  • Oct 3, 2008 1:29am Oct 3, 2008 1:29am
Quoting cmfxmen
Hi aediaz1

I didn't await such a correction thank a lot I don't know if I can ask you more I don't want monopiliser your time you must enlarge your account lol
but if i understood what does it mean "swing" when price move up or down and retrace ? you said try each 1% but for find your signicficant LH/LL HH/HL you can say " each price move and retrace at level ??? fibo retracement you can plot LH/LL HH/HL from high or low ? for find mechanical ?
Thank and sorry for my english
Regards

I don't use fibs for this task. HL/HH and the opposite should only be used when price is trending. If price is not trending it's no point of using them. So if price is trending upward, only look for retracements to plot HH/HL. And remember that this is not a tradeable system, its simply a helping-tool to define a (potential) trend.

On posted chart I've tried to explain what I mean by swings.
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp.jpg Size: 98 KB
Measure twice, cut once
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