Thread: Drawing correct resistance and support-lines

Originally Posted by ;

Don't pay too much focus on smaller tf's, but if price breakout from this 15m pennants, we ought to see a drop down to 203.60 place along with a break to the upside might generate more buyings, IMO.


Update: Broken, lets see whether 15m can generate a few pips

Sharp eyes! morever GU is bearish now and UJ is bullish.





Yuna

Originally Posted by ;

Thanks

btw, u mean if 203.50 holds, u will be going long?? Wont't wait for a rest above 205.50 first and determine whether it holds?

Anyway I want ur help here, this can be an hrly chart of USD/CHF does my top trendline appear legitimate? (the bold one in pink) I ask since the points tt connects the line does not seem strong. I drew it since it was evident.



Thank you beforehand,

Yuna

203.50 area is previous low, I'm pretty sure we could see some sort of a bounce from here. But if price is rushing past it without any response I shall of course don't take a longterm.

Usd/chf; Your traces will not seem legitimate (purple). I thing to assess if it had been legitimate if to determine if the price gave any response. Did it? Yes. It took of by 35 pips. Price have broken for the upside on 1h, and also goal could be resistance-line on 4h which is .0455. Notice that trendline on chart isn't drawn from any clear candlestick-pointsbased on drawing.

Thank god I had that S/L on 1! Didn't see this coming. Some GBP news spiked up it by 60 pips in no-time

Originally Posted by ;

Hi Mark, what a great info u had here. U really did notify us, at least for me personally, together with ur avg daily range and connecting it together with breakouts. For breakout trading I just learn how to identify breakout and affirm the validity of breakout. But today I learnt from another aspect of breakout trading, and this will be an estimation of determining the strength/potential of a breakout and it can be implemented to if the breakout is well worth taking Thank you for ur contribution.

Oops, we have 2 Mark here today. .

Gd trading to all
Yuna

Hello Yuna,

Glad to Have the Ability to contribute here, detect you Singaporean also?
Just saw your article, I guess you trade out of office? Considering the timing...

constituting average daily range, remember there isn't any fixed points, just estimations, if you hold transactions anywhere more than 72 hours, taking notice of overhauling weekly range is helpful as well.

Will come back with more charts....


Regards

mARK

Originally Posted by ;

203.50 place is previous low, I'm pretty sure we can see some sort of a bounce out of here. However, if price is racing past it with no reaction I will of course don't take a long.

Usd/chf; Your lines does seem valid (purple). I thing to check if it was valid if to see whether the price gave any reaction. Did it? Yes. It took of by 35 pips. Price have broken for the upside on 1h, and next goal could be resistance-line on 4h which is .0455. Notice that trendline on chart is not drawn from any apparent candlestick-pointsbased on drawing.

Thanks, I will be aware of ur point. Yea, no obvious candlestick points, tt's y I check with u whether my line was valid. What happened to the pound? Was it because of the news? PMI news. Have a peek at GJ and GU.



Yuna

Originally Posted by ;

Thank you, I will take note of ur point. Yea, no obvious candlestick points, tt's y I assess if my line was legitimate. What happened to the pound? Can it be due to the news? PMI news. Have a peek at GJ and GU.



Yuna

Yes, services PMI (Purchasing Manager's Index) in UK

Originally Posted by ;

Hi Yuna,

Glad to have the ability to contribute here, see you Singaporean too?
Just saw your post, I suppose you exchange out of office? Taking into Consideration the time...

Yes, I'm Singaporean. I checked ur profile liao, u Singaporean sia. Singaporeans here lehz. No, I'm on demo. Still learning. .

Constituting average daily range, remember there isn't any fixed points, just estimations, should you maintain transactions anyplace more than 72 hours, taking note of ave weekly range is useful also.

Will be back with more charts....

Yes , look ahead to ur charts.


Regards

mARK

Yuna

,

concerning the charts in post #317, thats when I utilize closed prices.
What do you believe? Workable ? I took the trade to catch a few pips coz it fell back fast.

Regards

mARK

Originally Posted by ;

,

concerning the charts in article #317, thats when I use closed prices.
What do you believe? Workable ? I took the trade to grab a few pips coz it fell back too quickly.

Regards

mARK

I love to add shadows also,as it includes more of those markets swings. However, if you're doing ok with drawing from close-price, then continue

Originally Posted by ;

,

concerning the charts in post #317, thats when I utilize closed prices.
What do you believe? Workable ? I took the subsequent trade, just managed to grab a few pips coz it dropped back too quickly.

Regards

mARK

Haha I noticed we had some coincidence and a few items in common hor?
1st we at island of Lky. 2nd ur ques I also ask b4 lehz. U can refer to post #101 den u noe liao. I'm swur u!

All of the best to u,

Yuna