Thread: Drawing correct resistance and support-lines

Originally Posted by ;

Careful ! I have closed mine shorts (yes I could not lay off), look how price reacted to 1h (currently ) support. Do not forgot to lock in your profits! Especial when trading from daily tendency.

Have a look a my chart there we have just crossed a trend line starting (4H) about the 27/12/07 228.40. I believe maybe ret to 50 percent 211.00 afterward if people do cross over this tendency line maybe aim 213.60 and re-asses from there. We also have a res lineup at 213.60
will apreciate you man's comments

Originally Posted by ;

have a look a my own chart there we've only crossed a trend line starting (4H) about the 27/12/07 228.40. I think maybe ret to 50% 211.00 afterward if people do cross over this trend line maybe aim 213.60 and re-asses from there. In addition, we have a res lineup at 213.60
will apreciate you man's comments

I concur on 211 is a potential target, but I'd only trade with a long position IF price hit down to it, in other words I would not short down to this target.
Trend is strong now, moving against would be too risky.

When I look at my fibs attracted on 15m, it feels like you struck exactly the same with drawing 4h chart. In the future, it might be much easier to define waves on smaller time-frames (because I only draw my fibs from bull/bear runs) if 4h seems abit hard to define the beginning of the bullrun

Your support-line doesn't have any instant confirmation on 4h so that I will suggest drawing them out of lower tf's. Price have broken my 4h bearsh trend-channel so I want a while to draw a new 1.

15m submitted;

Here is currently 4h chart. Price have tested it 3 times before we got this fracture causing a huge movement.

Originally Posted by ;

Here is currently 4h chart. Price have analyzed it 3 times before we got this fracture causing a large motion.

Sorry I submitted the wrong one the trend line I am refering to is about the 1D tf I believe it can play a roll, let me know what you believe
thanks

Originally Posted by ;

Yes Yuana your traces are 100% right! Your lower line (service ) could be adjusted a few pips higher so it hits second candlestick-formation properly. Small details, yes, but long live perfectionism

Thanks! Ok, I will take note of my support line.

Put your 30m chart up and draw some resistance-lines, you should see that gbp/jpy possess a potential short-term reversal around this field. Think I have posted it already. .

pardon me for my dumbness.... I dun understand the HH from ur chart tt I circled. Is not it supposed to function as HL? And the 2nd HH tt I circled I dun
understand how u do it.


Hope u could describe to me why and now it's ur turn to spell out my nick wrongly. revenge? wahaha! : (jk)

Yuna

Originally Posted by ;

pardon me for my dumbness.... I dun really know the HH in ur chart tt I circled. Is not it supposed to function as HL? As well as the 2nd HH tt I circled I dun
know how u get it.


Hope u can explain to me why and it's ur turn to describe out my nick wrongly. revenge? wahaha! : (jk)

Yuna

Obs. . ! Didn't notice that I spelled your name wrong, no sin, I guarantee

First, NY session comes in and destroys my plan, this time on usd/chf. When shall I understand! Stopped out for a little loss.

You're right about the first HH who should be HL, sorry for the typo.

Rest is ok, but do not take it literally as I try put HH HL once I see a new wave forming.

You do not see it? Well see I'm fairly sure it can be seen by you. Nr1 is not 100% perfect however nr 2 is perfect. why? 2 green pubs followed by two bars.

Have a peek at the chart, I hope it explain it in a much easier way.

Possible reentry on gbp/jpy? If 211 holds

gbpjpy update. Lets see if we could test resistance when this service holds.

The transaction you've proposed turned out a success! Price is shifting down to that 50 fib line (it seems that my fib is bigger than yours and 50 line consequently lower), and it probably bounces up from supporting tl. Good job!

Be ready to go long at the tl!

Originally Posted by ;

have a look a my chart that there we've only crossed a trend line starting (4H) about the 27/12/07 228.40. I think maybe ret to 50% 211.00 afterward if we do cross over this tendency line maybe aim 213.60 and re-asses from there. We also have a res line at 213.60
will apreciate you man's comments

I'm often using trendlines, that give you an alarm, when price comes near the line. The distance when the alarm triggers is 2-3 pips (if I recall right, the distance can adjusted?) .

In any case, these tls are like indiors, and you just insert them into indiors folder of your mt4. These are helpful if you for instance do not wish to set SL, you may set an alarming tl instead.

R

https://forexintuitive.com/attachmen...1589288027.mq4

https://forexintuitive.com/attachmen...1389004692.mq4