Thread: Drawing correct resistance and support-lines

Originally Posted by ;

Potential, but seems like we have more fuzz about the The Northern Rock scandal coming up tomorrow, in that case, it is going to pull both usd/jpy down.

Aediaz1 the moment it crosses the tendency line I am targeting the 50%fib at 211.31.
I work on 4H however my entrance is normally 1H or reduced. And re-asses from there.

GM men )

Let us have a look at the guppy. Why didn't I take this brief? Simply because we had a breakout from this bearish wedge. Not a lot of action, but it could give a hint in which the market is going. Starting to look bullish on 1h with lows that are high and higher highs. A break of high on 211 would induce me to take a long position.

A retest of (currently ) support-line on 4h @ 210 (additionally london pivot) before we proceed upward is potential

Originally Posted by ;

, can u update for GU? I had trendlines on my chart.

Which is the correct one? The dotted or the other?

My 4h chart did not make any sense, and so I shifted to 1h. Have a bullish channel. We are beginning to see bullish hints on gbp so be ready.

Originally Posted by ;

Noticed that you're using channels also... Fibo channels are nice, esp on longer tfs, and you may easily modify them as you like.

Nice fibo channels, have not used them but guess it could be worth a shot trying them. Entrance that is Fantastic on gbp/usd you in?

Originally Posted by ;

Aediaz1 When it crosses the trend line I'm targeting the 50%fib in 211.31.
I work on 4H however my entrance is generally 1H or lower. And re-asses from that point.

See the 1h article on cable, I just couldn't draw any perfect lines on 4h so that I just jumped down to 1h. You might be right about the 50% level around 211.30 today. Let's see where the market takes us.

Do not trade gu much, so that was just an example. Long on geppy, small though, watching for second entry that is good.

Originally Posted by ;

Nice fibo channels, haven't used them but guess it could be worth a shot . Entrance on gbp/usd you are still in?

Originally Posted by ;

Do not trade gu that far, so that was just an example. Long on geppy watching for entry that is good.

Same Rocroy, went long from lnd pivot level, price is struggling with 1h, but based on PA we would have a break quite soon.

Usd/jpy didn't turn out too bad, did you have some position on it Mark?

Will start searching for buys on eur/usd when yesterdays high is taken out. Price just refuses to return, so we're at a strong uptrend IMO.

Also, to encourage the euro (and gbp), many large stocks are up 1% - 2% approximately Europe, COULD be a bullish day.

Possible second goal. Still riding with us? This is where you can utilize stochs to observe when price will get OB in TF's. It's not even OB @ 15m chart so this have great potential.