Thread: Drawing correct resistance and support-lines

Originally Posted by ;

Well done, simple pips? S/L at BE you state. Remember how fast market can turn around make sure that you don't give it all away!

ya SL to BE. Karmo says there's res at 2.0055, which price did pause there currently. .



Yuna

EU retests. .

Yuna

Originally Posted by ;

EU retests. .

Yuna

Yeah that he was spot on with this resistance.

Not carrying any position prior to 1h chart is secure;


With this lines we have ascending triangle. So, searching for a break .


Edit: Hoped this fracture would occur before London session shut, so, not carrying this setup. I am avoiding most positions after 16.00GMT. Not saying this have turned out to get a bad installation , only more risky due to lower volatility, IMO.

Hello men,

Hope eveybody created some pips now. Since I need to attend to some things I managed one trade today.

Above is your chart


mARK

,

Do you differentiate about the bullish/bearish type of triangles, wedges etc? Personally, I don't.

Due

mARK

Originally Posted by ;

,

Do you distinguish about the bullish/bearish type of triangles, wedges etc? Personally, I do not.

Thanks

mARK

Looks like your sole trade was rather successful afterward!

I mostly look at what level/price different patterns could occur. But some patterns favors breakout to the downside/upside based on statistic. Exp; if you're a formation at a bull-market, you will be favoring a break to the upside and also at a bear-market, the opposite. Statistic viewed.

Furthermore, if you get diamond pattern following a significant bull-move you'd favor a break to the downside.

Hope I answered you question understandable.

I would recommend Thomas Bulkowski as mentor on patterns. He's no less than a master on this field with many many years practice using patterns.

Look the excellent example of fibonacci on weekly charts.More than 200 pips and wait to break 23.6.

Originally Posted by ;

Look the excellent illustration of fibonacci on weekly charts.More than 200 pips and I wait to violate 23.6.

Good luck on your trade !

I will article gbpusd chart tomorrow at london open. Good night.

Originally Posted by ;

Yeah that he was spot on with this resistance.

Not carrying any position prior to 1h chart is secure;


With this particular lines we've ascending triangle. So, looking for a break .


Edit: Hoped this break would occur before London session closed, therefore, not carrying this particular setup. I'm avoiding most places after 16.00GMT. Not saying that this have turned out to get a bad setup, only more risky IMO, due to lower volatility.

Yea and it occurred prior to london close. So u made some pips ? Like I fell asleep lol, I did not take this EU trade! And I can fall asleep when I needed a position open .

Originally Posted by ;

I'm lookin to get 2.0115 area which is my fib 50. , do u think it's logical to change my sl into BE now?

Fortunately I saw my tp reach at my fibo 50 2.0115 area when I woke up



Yuna

Originally Posted by ;

Hello guys,

Hope eveybody Created some pips today. I managed one trade early today since I need to attend to some things.

Above is your chart


mARK

Hey Mark, a nice trade u !