Thread: Drawing correct resistance and support-lines

I'll wait for monday.
Have a fantastic weekend .

Looks like dollar have begun to turn, eventually. Look how price touched on 161.8 fib and take up.

GL with your eur/usd guys it shows potential at the moment, as chf is beginning to turn.

You need to wait around to split, don't go short before that happens!

Originally Posted by ;

I'll wait for monday.
Have a fantastic weekend .

Originally Posted by ;

UJ is approaching supporting tl on 4H chart. This is very likely to provide a push for GJ well if the tl retains.

So potential long UJ in 106.85, target 100 pips.

Nice weekend all.

R

Good examine, your entrance was spot-on. Price went off after touching 161.8 fib here too.

GJ: Looking for a quick reversal from london pivot if price action permits it;

About 20 pips, and we'll have some strong resistance on E/U.

Can't wait for breakout of that massive triangle...

GJ trade out @ 210.20, you got that EJ trade magical?

hi roc.... Tracked down to here! Lol


anyhow this has been a great gj chart 4 hour to operate out of if were a trendline guy....

Those triangle seem to provide some fine trades....


any comments appreciated

Originally Posted by ;

to draw appropriate ressitance and encourage lines
1. Line charts should be used
2. Higher time frames such as 1hr,4hr and daily are greatest since lines frm these time frames can be permanent and they've discovered to reoccur. But when the market is sideways in a period, lower time frames can be used for this type of circumstance.
3. For resistance areas chek for comparable tops(conect them wit a line) and corelate those areas using 2 or more time frames and for supports chek for comparable botoms, conect them using a lineup and also corelate using 2 or more time frames.
4. At length, ensure the truth of those traces by swiching into candlestik chart and appearing if u hav these candlestiks there, hammer, inverted hammer any doji bullish engulfing, bearish engulfing. Constantly draw on the lines in the start of this candlestik.

Please elaborate and illue using a chart...

Hi, nice to see you here

some of those tls on your chart are only nice, some I don't quite know...

I know that you have been playing with fibs, so a comment on that...

the gap between tls and fibs is that' and Skunny's idea is based on breakouts, tls on the other hand can be exchanged if there's a breakout, and even if there is no breakout = trendline stays legitimate, price bounces...

so perhaps tls provide you more trading opportunities than fib breakouts? And it's simpler to use pyramid type of entries to boost profitability?

Only my two pennies - after a couple of beers on friday ev you can remark almost anything

R

Originally Posted by ;

hi roc.... U down to here! Lol

anyhow this has been a wonderful gj chart 4 hour to operate from if had been a trendline guy....

Those triangle appear to provide some fine trades....

Any comments appreciated