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Opinion for a newbie

  • #1
  • First Post: Apr 12, 2010 7:00am Apr 12, 2010 7:00am
Hi folks.

I've 2 question to make here..

http://img251.imageshack.us/img251/4396/newsupport.jpg

Is it a good idea thinking that the pair is taking a new support at 1,35686 (yellow line)?
or
I cannot think on that because i'm trying to figure it out to early, the pair had not time yet to show that..

That will be all..for now

Cheers
"Those who fail to prepare, are preparing to fail."
  • #2
  • Apr 12, 2010 9:14am Apr 12, 2010 9:14am
Quoting joaoftd
Hi folks.

I've 2 question to make here..

http://img251.imageshack.us/img251/4396/newsupport.jpg

Is it a good idea thinking that the pair is taking a new support at 1,35686 (yellow line)?
or
I cannot think on that because i'm trying to figure it out to early, the pair had not time yet to show that..

That will be all..for now

Cheers
I can see from your line chart that price has stopped and reversed twice at this point. The time frame you are using is a high time frame as well so any major stop and reverse points can become support and resistance lines in the future. There are no definites on what lines will hold and what ones won't.
Probability Professor
  • #3
  • Apr 12, 2010 9:25am Apr 12, 2010 9:25am
Quoting joaoftd
Hi folks.

I've 2 question to make here..

Is it a good idea thinking that the pair is taking a new support at 1,35686 (yellow line)?
or
I cannot think on that because i'm trying to figure it out to early, the pair had not time yet to show that..

That will be all..for now

Cheers
chart for u mate.did a quick analysis.
Attached Image (click to enlarge)
Click to Enlarge Name: newsupport.jpg Size: 114 KB
  • #4
  • Apr 12, 2010 10:31am Apr 12, 2010 10:31am
Quoting trade price
chart for u mate.did a quick analysis.

thanks dude!.. I saw too what you said in the blue and pink boxes before i made my post. You say it might be a support but however it's not,why?Because it's very early now to know it, right?Because you need a little more from the pair, some progress, right?
"Those who fail to prepare, are preparing to fail."
  • #5
  • Apr 12, 2010 11:18am Apr 12, 2010 11:18am
My personal viewpoint, is that while the double bottom can be classified as support, as price has bounced off it twice (from above), the yellow line has only been rejected from below (twice), so I would say it is resistance which price has broken through, it may become support in the future if price bounces from above off it, might want to look up support to resistance or something, it happens quite often.
  • #6
  • Apr 13, 2010 12:08am Apr 13, 2010 12:08am
Quoting joaoftd
thanks dude!.. I saw too what you said in the blue and pink boxes before i made my post. You say it might be a support but however it's not,why?Because it's very early now to know it, right?Because you need a little more from the pair, some progress, right?
because it has taken out previous orders(advance)
it needs to retest that level before establishing a support area.
if u see longer time prospective than whole area is a undicision zone.(monthly)
its a doji in monthly time frame. on 61% level.
all depend on what time frame u chose to trade.
maintain supply and demand level acordingly to that perticuler time frame.there is lot more things if i explain but no more keep every thing simple as much as possible.
i would not reply any more.

all the best
sho
  • #7
  • Last Post: Apr 13, 2010 6:52am Apr 13, 2010 6:52am
Quoting trade price
because it has taken out previous orders(advance)
it needs to retest that level before establishing a support area.
if u see longer time prospective than whole area is a undicision zone.(monthly)
its a doji in monthly time frame. on 61% level.
all depend on what time frame u chose to trade.
maintain supply and demand level acordingly to that perticuler time frame.there is lot more things if i explain but no more keep every thing simple as much as possible.
i would not reply any more.

all the best
sho
thanks for the time.

Regards
"Those who fail to prepare, are preparing to fail."
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