Thread: Drawing correct resistance and support-lines

Turned out nicely for a few quick pips.


Edit:See post #48

Took some time before target was reached. Looks like resistance-line will be analyzed. But patience pays off from time to time.

Late upgrade on cad from yesterday, 40 pips

Originally Posted by ;

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

May just been blessed

Produced any pips on the gbp/jpy Mark?

Originally Posted by ;

Hi Mark,

The pattern in my Sticky inventory charts book is called a megaphone. It means disagreement between buyers and vendors and could imply in an uptrend a change to down.
Hope that helps.
Nikki

Thanks for the Info! I will keep that in mind, it is very good to realize that this is really another pattern and it worked like a charm and we are 80pips below today!

Eur/usd.

Originally Posted by ;

Made any pips on the gbp/jpy Mark ?

Yes I got back in time when the breakout happened and I had been gambling on a G/J retracement since yesterday I went in with elevated lot size.
Very very good end of the week! Have a nice weekend everybody!

EDIT:
PS: yet another proof that is a fantastic point to have previous trendlines on your charts for just a tiny bit more. Look how the megaphone service line (cheers nikkipip4 ) acted as a fantastic trendline half a day afterwards, and it later become a resistance line. This happens when nobody has new traces on their charts nevertheless

Originally Posted by ;

Yes fortunately enough I got back in time when the breakout happened and I was betting on a G/J retracement since yesterday so I went with elevated lot dimensions.
Very good ending of the week! Have a wonderful weekend everyone!

EDIT:
PS: another evidence that's a fantastic thing to have previous trendlines in your charts for a tiny bit more. Look how the megaphone service line (cheers nikkipip4 ) acted as a fantastic trendline half a day afterwards, and it afterwards turned into a resistance line. This occurs when nobody has new lines in their charts yet

Well done! Almost magic how accurate S/R lines can be.

Gont concentrate more on gbp/jpy and gbp/usd for your next weeks. Tho trading pairs can repay, I feel that enough attention is needed by gbp.

Have a wonderful weekend too!

Fantastic assistance, thanks