Thread: Drawing correct resistance and support-lines

... and an other fib station

Originally Posted by ;

No panic yet. 1h getting heavily analyzed. 4h rock solid so far

Be aware, only 10 minutes till chart close currently bar, if it belove support-line we need to begin trying to find a bearish strategy.

The market is moving really choppy right now so entering 20-30 pips stop/losses now would be too risky.

Some1 obtained steel-gloves on? This falling knife may be really showy.

It's not just enough to see price retest broken service, we will need to view it hold, so see PA while price going to examine this broken support-line (soon resistance?)

Return of the dollar ? Any1 wanna discuss own views? Could the dollar raise?

Hello,

maybe some type of bearish wedge on EUR/USD??

To draw appropriate ressitance and encourage lines
1. Line charts should be used
2. Time frames like 1hr,4hr and daily are best because traces attracted frm these time frames can be permanent and they've found to reoccur most. However, if the market is in a period time frames can be used for this type of circumstance.
3. For resistance regions chek for comparable shirts (conect them wit a line) and corelate those regions using 2 or more time frames and for supports chek for comparable botoms, conect them with a lineup and also corelate using two or more time frames.
4. At length, ensure the truth of these lines by swiching to candlestik chart and looking if u hav those candlestiks there, hammer, inverted hammer, shooting star, any doji bullish engulfing, bearish engulfing. Always draw the lines in the start of the candlestik.

Originally Posted by ;

Hello,

perhaps some type of bearish wedge on EUR/USD??

Technically, yes. But with the slow market we've .
I would not dare shorting eur right now, this pair have proven a very strong uptrend. But ofcourse, remember that anything could happen, it's just not mine type of setup tho it could seem. Buying on dips here could be risky IMO. It's probably just me but I receive discomforted moving against such a strong tendency. :

Have a fantastic weekend all, I am gonna take rest of the afternoon of and enjoy a whole day for a change.

UJ is approaching encouraging tl on 4H chart. This is very likely to provide a upside down push for GJ if the tl holds.

So possible long UJ in 106.85, goal 100 pips.

Nice weekend all.

R

That's a great set up, I have the tls on my chart. Note though that the brief transaction is countertrend trade, if you take it, be cautious.

Originally Posted by ;

Hello,

maybe some kind of bearish wedge on EUR/USD??