Thread: Drawing correct resistance and support-lines

Originally Posted by ;

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


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

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


Any comments appreciated

You're right about the 4h chart, especially the yellow resistance-line you'd attracted, it could provide with a few short-trades with low-risk entries IMO.

I wan na na attempt trading these traces more vigorously weekly. Take position every time price is neglecting to break those lines, considering PA.. I have been mostly searching for setups walking with the daily trend, its yet to define if trading these traces against daily trend would be profitable in the long run? This week it would, but would it supply constantly % on my account over a 3 months? More trades = more risk. And I attempt to keep risk at the minimum, but that is just me. Only 1 way, well.

Any ideas?

Originally Posted by ;

Not just if you are new, if you've been trading for awhile and something is missing on your trading and you have not incorporated some type of a variation of this to your trading, then THIS IS THAT! It is almost a guarentee!

LOL, easy with the warranty dude.

UJ commerce is nicely moving into right direction. Move your SL into 107.10 and watch out that encouraging tl.

... struck 100 pip tp.

Good commerce.

Originally Posted by ;

UJ is coming supporting tl on 4H chart. In case the tl retains, this is likely to provide a push for GJ.

So possible long UJ at 106.85, target 100 pips.

Originally Posted by ;

and many others, please continue the fantastic work. For me personally with no tl and flat-line s/r levels, I do not even consider a trade. For me personally I exchange with s/r drawn with flat-horizontal lines and tl's. Just like u I fib for goals and use pf's.

Thanks for this eye opening thread in the factory...

Glad to listen, and good luck farther along with your trading!

Looks like GJ is struggling with currently resistance @ 4h. We should see a fall if it retains.

Originally Posted by ;

and many others, please keep up the great work. For me personally without flat-line and tl s/r levels, I don't even think about a trade. With s/r drawn with flat-horizontal lines and tl's I trade for me personally. Much like u I also use pf's and fib for goals.

Thanks for this eye opening thread in the mill...

Glad to listen to, and good luck farther with your trading!

Originally Posted by ;

Really, I believe, current resistance should decide whether gbp/jpy shall go back to 206.90....here are my opinion for today. . ,

Targeting 213 if 4h resistance fails. It is still rejecting GJ to proceed above. Price have been channeling for some times in 1h as you can see on the chart.

Second scenario, and most likely too since 4h resistance retains.

Yep, I agree, seems like she is heading south...

Occasionally EW counting makes it easier to determine moves and goals... I'm still practicing with EW, so please comment if there is something not quite right...

Originally Posted by ;

Second scenario, and probably too since 4h resistance retains.

Originally Posted by ;

Yep, I agree, seems like she's heading south...

Occasionally EW counting makes it easier to determine moves and targets... I'm still practicing with EW, so please comment if there is something not quite right...

Have completed some EW counting myself, however only with AB=CD pattern and on 1h-4h chart encouraged by Fibonacci drawing. So my remarks on a chart would be worthless.

As we talk, price is pushing stronger for north. I'm not taking any positions unless this burst around 213 (short position) or going down to 210.70 area. And of course if price break 4h resistance, re-testing it, and keep its trend.