Measure twice, cut once
Drawing correct resistance and support-lines
- #2,582
- Sep 30, 2009 5:18pm Sep 30, 2009 5:18pm
- Joined Apr 2007 | Status: Trader | 1,842 Posts
Igrok's and my journal
- #2,583
- Sep 30, 2009 5:19pm Sep 30, 2009 5:19pm
- Joined Apr 2007 | Status: Trader | 1,842 Posts
There you had it. Those are some of the reasons and I do not feel I have to excuse my decision more than I already did. My estimates getting this on-foot are a month or two. Meanwhile, I’ll try to post some more charts while I have the time.
- #2,584
- Sep 30, 2009 9:44pm Sep 30, 2009 9:44pm
- Joined Feb 2009 | Status: Commercial Member <- Don't trust me | 2,976 Posts
- #2,586
- Oct 1, 2009 12:36pm Oct 1, 2009 12:36pm
- Joined Aug 2007 | Status: Trader | 3,135 Posts
Thank you guys
Charts;
Charts;
Measure twice, cut once
- #2,587
- Oct 1, 2009 1:04pm Oct 1, 2009 1:04pm
- Joined Sep 2007 | Status: gone fishing | 5,782 Posts
Thank you guys
Charts;
- #2,589
- Edited 7:57pm Oct 1, 2009 7:11pm | Edited 7:57pm
- Joined Feb 2009 | Status: Commercial Member <- Don't trust me | 2,976 Posts
Hi Ehrek,
I saw your sell order on this chart. Would you mind telling how did you know it was not a false breakout? Your sell level is also look like a horizontal S/R, and price may rebound from there?
Thanks.
KK
I saw your sell order on this chart. Would you mind telling how did you know it was not a false breakout? Your sell level is also look like a horizontal S/R, and price may rebound from there?
Thanks.
KK
30+ pips
- #2,590
- Oct 1, 2009 7:27pm Oct 1, 2009 7:27pm
(Got your PM btw.. I guess i will reply here)
Indeed it did break my horizontal support, and my lower trendline, therefor indicated a short sell.
How did I know? I didn't, nobody does! we are nothing more then speculators taking risks and guesses.. other then my stochastics supporting the idea and pointing downwards below the 50.
Forex is all about high probability setups, you either take the risks, or you don't and watch it happen and wish you did... right? Take whatever $ figure you are good with, or risk letting it run.. and always cut your losses short. I scalp on the 15/30/1hr chart.. my trades aren't any longer then 1 hour on most.. 80-100 pip daily target.
In this case, I took $600 (200kcontract) before closing my trade.. I wasn't being greedy, and it was enough for me.. esp on a crappy asian session..plus the price stalled
PS - Wait for it to hit that level again and bounce off, or pierce right through and take off like a bullet. Support turns resistance, resistances turns support.
Indeed it did break my horizontal support, and my lower trendline, therefor indicated a short sell.
How did I know? I didn't, nobody does! we are nothing more then speculators taking risks and guesses.. other then my stochastics supporting the idea and pointing downwards below the 50.
Forex is all about high probability setups, you either take the risks, or you don't and watch it happen and wish you did... right?
Take whatever $ figure you are good with, or risk letting it run.. and always cut your losses short. I scalp on the 15/30/1hr chart.. my trades aren't any longer then 1 hour on most.. 80-100 pip daily target.In this case, I took $600 (200kcontract) before closing my trade.. I wasn't being greedy, and it was enough for me.. esp on a crappy asian session..plus the price stalled
PS - Wait for it to hit that level again and bounce off, or pierce right through and take off like a bullet. Support turns resistance, resistances turns support.
lowest draw down possible please.
- #2,591
- Oct 1, 2009 7:35pm Oct 1, 2009 7:35pm
- Joined Feb 2009 | Status: Commercial Member <- Don't trust me | 2,976 Posts
Great. Well Done. Hope you keep on the performance!
(Got your PM btw.. I guess i will reply here)
Indeed it did break my horizontal support, and my lower trendline, therefor indicated a short sell.
How did I know? I didn't, nobody does! we are nothing more then speculators taking risks and guesses.. other then my stochastics supporting the idea and pointing downwards below the 50.
Forex is all about high probability setups, you either take the risks, or you don't and watch it happen and wish you did... right?
- #2,592
- Oct 1, 2009 7:40pm Oct 1, 2009 7:40pm
Do alot of back testing my friend.. esp focus on the session that you tend to trade.. whether its US/ European, (hope its not asian.. 
) You will notice trend lines, support and resistance is all you need in this game..
I was playing around with some CFD's platform buying and selling Microsoft, HP, McDonald's on the same basis/foundation as described here.. totally making a killing on the demo account.
It works...! Price action, along with TA is key..
Heck, take a note pad, and draw squibble lines up and down, sideways.. like a chart, and back test it where you would have bought, or sold! see where you would put your SUPPORT/RESISTANCE, maybe even a channel?? It gives you a good indication where to buy, and where to sell! Its funny how it works..
I do it sometimes when Im hanging out with my wife and we run out of conversations
) You will notice trend lines, support and resistance is all you need in this game..I was playing around with some CFD's platform buying and selling Microsoft, HP, McDonald's on the same basis/foundation as described here.. totally making a killing on the demo account.
It works...! Price action, along with TA is key..
Heck, take a note pad, and draw squibble lines up and down, sideways.. like a chart, and back test it where you would have bought, or sold! see where you would put your SUPPORT/RESISTANCE, maybe even a channel?? It gives you a good indication where to buy, and where to sell!
Its funny how it works.. I do it sometimes when Im hanging out with my wife and we run out of conversations
lowest draw down possible please.
- #2,593
- Oct 1, 2009 7:44pm Oct 1, 2009 7:44pm
- Joined Feb 2009 | Status: Commercial Member <- Don't trust me | 2,976 Posts
Thanks ehrek,
I will keep my testing, my friend. Please keep posting your great charts to benefit other searchers! Those charts showing your orders are mostly great!
You are my role model now!
Best Wishes,
kk007
I will keep my testing, my friend. Please keep posting your great charts to benefit other searchers! Those charts showing your orders are mostly great!
You are my role model now!
Best Wishes,
kk007
Do alot of back testing my friend.. esp focus on the session that you tend to trade.. whether its US/ European, (hope its not asian..
I was playing around with some CFD's platform buying and selling Microsoft, HP, McDonald's on the same basis/foundation as described here.. totally making a killing on the demo account.
It works...! Price action, along with TA is key..
Heck, take a note pad, and draw squibble lines up and down, sideways.. like a chart, and...
- #2,594
- Oct 1, 2009 8:08pm Oct 1, 2009 8:08pm
Thanks ehrek,
I will keep my testing, my friend. Please keep posting your great charts to benefit other searchers! Those charts showing your orders are mostly great!
You are my role model now!
Best Wishes,
kk007
Haha, jeez.. ! Dont know what to say.. im flattered
Listen, why dont you PM me your email address..
I tend to document the majority of my live trades, with my buy and sell orders still in place with screenshots. I can shoot some over for ya and show you a few of my observations if you'd like.
Cheers.
lowest draw down possible please.
Haha, jeez.. ! Dont know what to say.. im flattered
Listen, why dont you PM me your email address..
I tend to document the majority of my live trades, with my buy and sell orders still in place with screenshots. I can shoot some over for ya and show you a few of my observations if you'd like.
Cheers.
I am also a begineer and learning. Can you copy me in when e mail your trade and observation. My e mail is [email protected].
Thanks
Horn
- #2,596
- Oct 2, 2009 8:39am Oct 2, 2009 8:39am
- Joined Aug 2007 | Status: Trader | 3,135 Posts
Measure twice, cut once
- #2,598
- Oct 2, 2009 11:36am Oct 2, 2009 11:36am
- Joined Feb 2009 | Status: Commercial Member <- Don't trust me | 2,976 Posts
- #2,599
- Oct 2, 2009 11:41am Oct 2, 2009 11:41am
Went long on Cable and euro! hit a level of previous support... noticed the 'bounce' and rejection of that level.. plus the Brits are gone and the US is in charge now!
Waiting for it to break the upper trendline, or bounce off it hard.. *edit* ended up close my long positions, since its being rejected.. so I am now waiting for a nice breakout alone, or wait for the support to be played with again.
I don't use SL/Trailing stops.
100 pips with all 3 trades combined this morning
http://img203.imageshack.us/img203/5000/oct22.gif
http://img213.imageshack.us/img213/650/oct23.gif
Waiting for it to break the upper trendline, or bounce off it hard.. *edit* ended up close my long positions, since its being rejected.. so I am now waiting for a nice breakout alone, or wait for the support to be played with again.
I don't use SL/Trailing stops.
100 pips with all 3 trades combined this morning
http://img203.imageshack.us/img203/5000/oct22.gif
http://img213.imageshack.us/img213/650/oct23.gif
lowest draw down possible please.