Drawing correct resistance and support-lines

Welcome.

A complete set of indicator will come.


Here is a channel on gbpchf

Hi

Can anyone code or direct me to an indicator that shows when the KG support resistance lines are actualy drawn.
For 4hr and 1day lines only.

many thanks

Good morning to all. I'm a fairly new trader, and this forum has proven its value to me just by the grace of this particular thread. I can see that this thread has pretty much died with the last post being months ago, but as the thread was helpful to me as a novice trader I figured it doesn't hurt to bump it up.

Besides that, I'm posting an image of some trendlining I've done just now.

The horizontal support on my chart depicts the previous LL on march 16th.

I have a couple of questions about it:

1. I had trouble finding the correct support line to draw until I noticed that it was much easier on the resistance side of things. I could draw a line with four well spaced touches, copy that and move it upwards to act as support. Now, from my understanding this support line is not looking so perfect. It does have three touches, but they are really close together.

Does the fact that the direction of my support is confirmed by this resistance line make it more viable?

2. Determining an entry is a challenge. I'm not sure when to get in. In this scenario, I'm thinking that going short once the price breaks through the small upward angling trendline would be a good bet.

Is it smart to wait for that break or would I be just as well off if I simply waited for the bounce off of the downtrend's support?

This what I am looking at tonight. I will look at them again 0700 GMT about an hour before the London open.

I am looking at the EUR/USD this morning, and will give it some time to develop.

I am also looking at the USD/CHF, and giving it some time.

Nice to see you again Dcb

Thanks Aediaez1. It is nice to see you as well. I did not know if you monitor this thread or not, but I have not changed my methods. I still keep things simple and use TLs. This thread was so helpful to mein the past , I decided to just post here. It helps give me accountability.

I bought the EUR/USD at 1.48432 and I have moved my stop loss to 1.48497. I have a limit order at 1.48794. Since this is Friday, I may close the position if it does not hit my limit or stop order in the next 1 hour or hour and a half.

I also added the USD/CHF H4 chart. I should had placed a sell order, but I didn't.

The EUR/USD is stalled, so I moved my stop loss to 1.48623. I added a chart using 15 min.

My EUR/USD position was closed. I had moved my SL to 1.48623, and I was closed out at 1.48622 with a 19 PIP gain. I attached a 15 min chart.

This is how I trade. I trade to make money, so I move my SL once I have moved into the black so if my SL is hit, I do not have a loss. I continue to move my SL loss under the 15 min bars to increase my potential profit.

I will continue to trade for a living on August 6, 2012, so my goal is to make money. I try not to over trade. I have a small PIP goal each goal, but use the trade size by lots to make the required amount of money.

The last sentence of my last post did not make sense. I meant to say that I will start to trade for a living effective August 6, 2012. I have a small PIP goal each week, but make the monetary goal by the size of the trade in lots.

I now have to go to my current job. See you next week.

I am watching the USD/CHF.

got my eye on this...


jon

g_j_hook, You are right. It is only a matter of time.

well for better or worse....
wont be over staying my welcome here...


jon

g_j_hook,
I agreed with your assessment of not over staying your welcome. I followed what the charts were telling me, but I was concerned the U.S. dollar would strengthen because of what is in the news this morning. I want the U.S. dollar to strengthen, but not when I am selling it.

I sold the USD/CHF at 0.86891 and exited at 0.86719 with a 17.20 PIP gain.

I bought the EUR/USD at 1.48245 and exited at 1.48446 with a 20.10 PIP gain.

I do not see anything to cause me to place an order. I am just waiting. The EUR/USD is testing the 1.4774 level. I may have to wait awhile to see what it does at that level. Will that support hold and will it go up from there? Time will tell.

The USD/CHF has a long tell on the current H2 candle, and the price is at the trend line I have drawn.

I am still looking at the EUR/USD and the USD/CHF. I drew an additional trend line on the EUR/USD. I will wait for this pattern to develop. The same for the USD/CHF.

I have not considered the GBP/USD because of the pattern. The price had moved down before I turned on my screen, and I knew a report was coming. I do not want to chase after the market.