Thread: Drawing correct resistance and support-lines

I had too much time after my eur/usd brief closed out on s/l (might have been too tight s/l however, the position was so light that I don't care about it at all, usually counter trend trading is not my style. . And it appears today isn't gonna change that ) so that I checked out a few different charts too. A very risky but 60-70% okay entry is developing on the H1 charts.
Notice the continuous breaks of the tls so be careful. The strong red horizontal line is your daily R1 for now, so we've got a dual res. At current area... It may give us a few extra pips tomorrow

I had been wrong before short eur/usd since buyers still had too much power and that I was eager to jump in and did not wait for any correct confirmation.
From the safety of myself I must tell it had been a _quite _ light place I had because I am not that new to FX but I still do dumb things

It can be the ideal time to enter some shorts. London went home hours before, NY session over, things are calming down. There is the 1-2-3 pattern on EUR/USD M5 combined with a busted (small ) resistance then support line so maybe someone else will have a few pips immediately from a little sell pos. I am too afraid right now

GL

Originally Posted by ;

I was wrong before short eur/usd since buyers had too much energy and that I was excited to jump in and did not wait for any correct confirmation.
From the safety of myself I need to tell it was a _very_ light position I had because I'm not that new to FX but I do stupid things

It may be the right time to enter some shorts. London went home hours ago, NY session over, things are calming down. There is the 1-2-3 pattern on EUR/USD M5 combined with a broken (little) resistance then encourage line so perhaps somebody else will have a few pips immediately from a tiny sell pos. I'm too scared right now

GL

Can't see your charts Mark, ill try make comment when FF is back up

Originally Posted by ;

Can't see your charts Mark, ill try make comment when FF is back up

Yep there is something wrong with FF right now I expect the guys will solve it soon. If it's okay I will repost pictures

Originally Posted by ;

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

Be Prepared to go long at the tl!

Only came back, and now I can now see where I went wrong with my fib drawing
I will wiat for tomorrow and see whether we could rack in some more pip.
Additionally thank for the tl alerts.
cheers

Originally Posted by ;

Yep there's something wrong with FF right now I hope the guys will solve it soon. I will repost pictures when it is okay

Ok. Meantime a indior regarding volumes'm trying out. Since we can not post it I'll give you a link to your thread, it is on page .
May be a nice addon to quantify trend-strength

https://forexintuitive.com/cryptocur...notifiion.html

Rocroy forgot to say fine alarm-lines you posted, thx!

Originally Posted by ;

Ok. Meantime I am trying a indior regarding volumes out. Since we can not post it I'll give you a link for the thread, it's on page 2 by.
May be a nice addon to measure trend-strength

https://forexintuitive.com/forex-tra...-weakness.html

I am sorry to say this but I believe it's useless. You may only find the amount of those transactions at your broker... Disregards institutional players, banks, etc.. . And much more there can be 10,000 buyers with 0.01 lots and only 1 vendor with 101.0 regular lots and price is gone south... Of course it's a childish comparison and explanation but if do it this late hour...

Originally Posted by ;

I am sorry to say this but I believe it's useless. You can only see the number of those transactions at your broker... Disregards institutional players, banks, etc.. . And much more there could be 10,000 buyers with 0.01 lots and only 1 seller with 101.0 standard lots and price is gone south... Of course it is a childish comparison and explanation but should do it this late hour...

You may be right, believe they attempted to explain how it compute those amounts, but my head provides me blue-screen (such as windows mistake ) when matters get overly scripty.

Also trying to use a plain quantity indior seeking to read if trend is weakening, but I must admit indiors is not my strong side even easy ones such as quantity, with pure logical significance. To my defense, It doesn't appear to be my logical way of understanding market moves, dumb as it seems Largely, an indior doesn't tell my head anything that candlestick hand in hand with S/R can not tell.

Just need to accept that traders have different means of trading this market (cliché sentence I know!)

I will stick to my way of knowing the market with my cave-man drawing with no much fuzz

Originally Posted by ;

You might be right, believe they tried to describe how it calculate those numbers, but my head gives me blue-screen (like windows mistake ) when things get overly scripty.

Also attempting to use a plain quantity indior trying to see if trend is weakening, but I must admit indiors isn't my strong side even easy ones like quantity, with pure plausible meaning. In my defense, It does not seem to be my plausible method of understanding market movements, stupid as it sounds Mostly, an indior does not tell my head anything that candlestick hand in hand with S/R can not tell.

Just need to accept that traders have distinct method of trading this market (cliché sentence I understand!)

I'll stick to my way of understanding the market with my cave-man drawing to much fuzz

You're speaking of my own heart.

Also I must add that I can see you are pretty sophisticated in drawing why can you attempt anything else? We should concentrate on what we're doing at this time, I think that the 6,557 views of this topic in a couple of days imply that a lot of indior traders keep a watch out for the cave paintings I strongly believe mastering price action techniques is the most best method available right now and everything apart comes after... lagging...

Tomorrow is a new day, more pips, more cash, more fun! Have!