Thread: Drawing correct resistance and support-lines

It is also important to explore the patterns before they're broken since you get a lot of good trading points and overall opinion from them.
Attached is a M5 GBP/JPY chart. A lot of also the channel/wedge, fib-pivots along with pivots itself.
Have fun.

IMWO it's also important to keep aged trendlines for a while just in case... They can come handy in the future, this might well be the case currently on GBP/USD H1 charts.
Don't forget, you have to wait for a candle till it's closed to be able to judge but it's also very important to see along.
The price is currently at D1 pivot line and this old trendline is in the way. Maybe a strong(er) service is forming? We'll see.

Originally Posted by ;

It is also important to learn more about the patterns before they're broken since you get a lot of good trading points and overall opinion from them.
Attached is a M5 GBP/JPY chart. A lot of also the channel/wedge, fib-pivots and pivots itself.
Have fun.

I like your charts Mark,

Your right about pivots, they can be useful guie and magnets to the price. I utilize London session pivots in my 15m charts.

Anyhow, I am holding any examines until Trade Balance news from US is over.
Doubt we will see too much activity until then. Have Bernanke talking in 2Â 1/2 hours, often affect the market too.

Update on eur/usd;


Edit: Powerful price-action for the upside IMO, just look how the price ticks

Look in the usd/cad, we had a bogus breakout brought on by the news from the cad and US. Notice how price postponed at resistance-line and S1 chart.

Originally Posted by ;

Update on eur/usd;
Edit: Powerful price-action for your upside IMO, just look how the price ticks

Really good believing I hope you made some pips on this one.
In the meantime the GBP/JPY broke from the channel/wedge I submitted a few hours earlier and I think that it's actually gonna require a deep breath of 2-300 pips into the downside before resuming. I will post charts later.

This is genuinely a fantastic thread you mirror precisely my preferred trading style (everything based on pure PA is welcome by me) I shall do my best to help spread the word

Ok, a query to everyone who came across this earlier: recently I have seen so many of the pattern and I'm sure it means something (if not I will come up with something ) but I simply don't understand how to use it (besides viewing the S R traces of course).
Thank you Beforehand.

Hi Mark,

The pattern in my Sticky inventory charts publication is called a megaphone. It means debate between buyers and sellers and could imply in an uptrend an alteration to down.
Hope that helps.
Nikki

Originally Posted by ;

Very good thinking I hope you left some pips on this one.
In the meantime the GBP/JPY broke from this channel/wedge I posted a couple of hours before and I think it's really gonna take a deep breath of 2-300 pips into the disadvantage before resuming. I'll post charts afterwards.

That is truly a fantastic thread you mirror precisely my preferred trading style (everything based on pure PA is welcome by me personally ) I will do my very best to help spread the word

Eur/usd and usd/cad both payed off, because of our lines. Hope you got some pips from gbp/jpy, was away from my computer for a couple of hours so missed it. I believe we have more downside potential, take a peek at this 4h chart.

Would show a nice place for short if gbp/jpy pulled back up into the broken 15m chart. Truth told, I trust more in greater time-frames charts take this with a pinch of salt.

Glad to find some1 with the Exact Same style. And glad your dropping by and posting your charts and comments Hope you stay along.

Only have support to your cable currently on 1h, and replicated the angle of the line to a weak stage as you see highlighted with a blue ring. Tomorrow @ London beginning could be a interesting day. Let us keep lines and our eyes open!