Thread: Drawing correct resistance and support-lines

Originally Posted by ;

I am often using trendlines, which give you an alert, when price comes near the line. The distance once the alarm triggers is 2-3 pips (if I remember right, the distance can adjusted?) .

In any case, these tls are like indiors, and you just insert them in to indiors folder of your mt4. These are useful if you for instance do not want to place SL, you can set an alarming tl.

R

Attachment 88708

Attachment 88709

Good thing there's indior for this I am currently setting up Alerts (builtin for current MT4s) with this particular job.

What do you think about this one? Seems to be fine by me. Valid also... On GBP/JPY we're already on the way up...

It appears to me that UJ is ranging between 107.50 - 108.30. So long at 107.60 is likely ok. The range is fairly tight, so I wonder how long that is going to hold before breakout? A few days more? Any news ahead?

Originally Posted by ;

What do you believe about this one? Appears to be fine by me. Valid also... On GBP/JPY we're already on the way up...

hi all, jus wanna sharez my trade. The trigger was pulled by I jus not long past. Initially the price awakened the upper trendline and rallied upward, at ard. Then it retraces a bit and found support at my SR line of 212.67, and the upper trendline it formerly broke behave as a support too. I entered when stoc had been ovsold and when it was abt to cross up @210.80. I did not wait until it cross totally. I set very tight sl @ 210.45 that is 35pips and my 1st tp is my second sr line of 211.21, and if it gets there 2nd tp is 211.50

Gd transactions for u too!

Originally Posted by ;

hello, jus wanna sharez my trade. The trigger was pulled by I jus . Initially the price awakened the top trendline and rallied upward, at ard somewhere near 212 it confronts res and confusion. Then it retraces a bit and found support in my SR line of 212.67, along with the top trendline it formerly broke behave as a support too. I entered when stoc had been ovsold and when it was abt to cross up @210.80. I used to not wait till it cross up totally. I set very tight sl @ 210.45 which is 35pips and my 1st tp is my next sr line of 211.21, also if it gets there 2nd tp is 211.50

Gd trades for u too!

Sharp eyes, excellent analysis! It payed you quite well as I see! Keep it up!

Edit:
ps: I believe you do not require any indiors to trade this way, they just take some valuable screen space off the sooner you learn to trade w/o them will be the better.

Originally Posted by ;

I see some traders are shorting chf today, but be very careful! At closer look its not, although In the beginning eye-look it seems fine! Price have established outside resistance and price action is ticking for the upside. Also find that eur/usd don't violate our upper goal and have just broken a support aiming downward (good to know since they go opposite way). I see a possibility here usd/chf. But keep in mind, there is a chance of failure in my tests!

Technically speaking what do you believe today, and how would you describe (if possible) this movement? To be fair I don't have a clue Shorting CHF at upper resistance after neglected BO is OK but I didn't expect it to drop so much...:-/

Originally Posted by ;

The trade you turned out a victory! Price is moving down to this 50 fib line (it seems my fib is bigger than yours and 50 line thus lower), and it likely bounces back up from supporting tl. Good job!

Be Prepared to go long at the tl!

Late answer, my internet-connection felt down out of the blue!

This retracement didn't pay too much attention to fib levels. The strange thing, taking a look at the 4h, it struck almost into the pip on 61.8 And look at usd/jpy!

I'm not taking this long men, price action seems so suspicious and, as mentioned previously, price felt tougher than I'd anticipated. If you have longs open make sure to lock profit, looks like anything could happen. Also I just don't enjoy having transactions available following london close. That is just my rules

Originally Posted by ;

Sharp eyes, good analysis! It already payed you! Keep it up!

Edit:
ps: I believe you do not need any indiors to trade this manner, they just take some precious screen distance away the sooner you learn how to trade w/o them will be the better.

Thank you for the compliment Mark! But I do not really deserve it I'm still new and green.

Yea, that is what I eventually want to perform: jus using just price action to trade. But that comes with experience. I currently use ind to define entrance. I still dunno how to define a gd entrance without the help of ind..

Any hints about the best way best to define a gd entrance without ind? I know this question depends on the circumstance, but generally?

Thanks,
Yuna

Originally Posted by ;

I am often using trendlines, that give you an alert, when price comes close to the line. The distance once the alarm activates is 2-3 pips (if I remember right, the distance can corrected?) .

In any case, these tls are like indiors, and you merely insert them into indiors folder of your mt4. These are helpful if you for instance don't want to place SL, you may set an tl.

R

Attachment 88708

Attachment 88709

Thanks,those could help out! Gonna give them a go!

Originally Posted by ;

Technically speaking what would you believe today, and just how would you explain (if possible) this movement? To be honest I don't have a hint Shorting CHF at upper resistance after neglected BO is OK but I really did not expect it to fall this much...:-/

Well the dollar had a sellings following this US data indicate recession again.

And the eur/usd eventually broke through the resistance-line I had attracted, but thanks to my net connection I couldn't trade it. Have a peek at eur now seems like this resistance-line is legitimate and that may make chf return up again if eur reverses. Price landed on 100% fibo on chf, so technically speaking, again, price should reverse. But market seems crazy like today, trade with caution!

As we speak, chf is falling more. I'm staying outside