Thread: Drawing correct resistance and support-lines

Originally Posted by ;

personnally I was always told that a TL should touch in 3 places, such as this.



however, it is also about what may happen, which means that your TL may have found support and a 3rd candle creates the touch. I try to discover the 3 candles first as this tends to give itself to support or resistance.

Today if we also look at the two lowest candles and then draw a line using these two we'll discover that price is only a few pips out of this and it may act as support.

Ty for the response! much apprecited! This makes sense.... It is not how demark looks at it . . .but I like it!

Originally Posted by ;

ty for your response! much apprecited! This makes sense.... It's not the way demark appears at it . . .but I like it!

when we did it the exact same way, we would be stinking rich or broke, thats the great thing about Forex - each to his own.

along with also the great thing about FF is we all expect to see the others perspectives and learn new things.

Originally Posted by ;

I'd like to keep the listing's of the screenshots of all my transactions winning/losing Inside My Trading folder. As I observed lot of intresting things in my spare time via them..so I love to save them through Paint choice as I have to indie and write lot of stuff in my personal chart's screenshot's throuh paint options... As Mt4 isn't providing some pointor's and options that I want and also like paint. . .that's why if I save them through paint then I place the exact same here also...
But thank's for your favor...

thats cool, just sometimes you see traders that don't fully know there platforms and also invest a lot of time sorting charts for submitting.

Originally Posted by ;

Hi ,

Here a char of both H1 and H4 eur..right currently the price about the crucial price I think.I brake and observing a close beneath the service will activate the down movement, according to the 4H the price currently split the support and now waiting to close beneath the service.2 cents

Keep em coming

Originally Posted by ;

I'd like to maintain the record's of this screenshots of all my transactions winning/losing Inside My Trading folder. As I discovered lot of intresting things in my spare time via them..so I like to save them through Paint choice like I must indie and compose lot of things in my personal chart's screenshot's throuh paint alternatives... As Mt4 is not supplying some pointor's and alternatives that I want and like paint. . .that's why when I save them through paint then I post the exact same here too...
But thank you for your favor...

Great idea! 1 excellent way to boost your trading. I have gained the valuable knowledge when I did bad transactions. In the start, when you lose cash the feeling is awefull. This really is the positive feeling within this market and among the few feelings you can draw progress out of, since when you first have had that feeling, you wanna discover how to prevent that feeling. Hence, you get the best research.

Originally Posted by ;

As Tom Demark indior shows on 1H interval there were brake of down line. But what you will say about 4H chart? Take a look there is candle testing down trend line. What you boys will say about it?
Sorry I write like this questios. But big mistake was made by me in my entire life. Whole year when I started trading this market I was always lurking every forum finding some systems and testeng testing testing, but in the end I loosed loosed I never stick to easy trading strategies like this very simple trend lines or Fibo levels I can't understand how to draw them
So whole year I dropped of my entire life and did not got a penny only was loosing testing afterward dropped one egy run to another and so on, finally I found my road broken.
Now I dont know exactly what I'll do leave this market and live not well or struggle and learn professional easy yet powerfull tools

Hello stace, should u've read the last post in the early pages, among the post suggest not using the demark indior to draw trendlines and agree with that trader. Because with all the indior u are dependant on it and it prevents u from aquiring for drawing trendline yourself the points to be spotted by the abilities.
So just how do u draw a trendline? B4 knowing how to draw a trendline, u must know what is a trendline. A trendline is exactly like a support and resistance line except that it's diagonal. And of course as its name says, it informs the trend. In order to have a support or res line, it is set by the rejection from that line when price reaches it or near to it. In short a solid SR lineup is when
1) price analyzed it many times but it retains
2) the rejection force from the lineup
3)time required for your rejection, in ways tt the more pips movement at the lesser quantity of time
4)change candlesticks appear when price rolls or near tt lineup, eg doji, spinning top etc

it is simple, u just want some exercise. 1 way to know whether u draw it correctly is by simply drawing a tl first(taking the above points into consideration) then u see how price reacts to it if it breaks it or if price finds SR in the line again.

Below is an illustration. .

Hope that this helps just my 2 cents

Yuna

and UJ;

On GJ now we had 2 breakouts on 2 different TF's. On 1h chart, then a few hours afterwards on 4h.

How to play this breakouts; on 1h chart price analyzed supportline, and turned it into resistance (even though it just got analyzed after, nevertheless great enough to trade IMO). Then correlating with 4h chart we saw that GJ had beginning to push supportline, which had shut worth to 1h supportline, only a different angle.

When checking on usd/jpy daily chart, price had broken it which gave even more credibility for this break-out installment.

Originally Posted by ;

Great thought! 1 excellent way to improve your trading. I've gained the most valuable knowledge when I did trades. In the start, when you eliminate cash the atmosphere is awefull. This most be the positive feeling in this market and among the feelings you can draw advance from, because when you first have experienced that feeling, you wanna find out how to avoid that feeling . Hence, you get the best research.

Couldnt agree over tt. When u experience tt kind of annoyance b4, your subconscious will automatically do all it is best to prevent u from your trades enhancing ur cautiousness/judgement/decision and making the identical mistake . .

Yuna

Originally Posted by ;

On GJ now we had two breakouts on two distinct TF's. First on 1h chart, then some couple of hours later on 4h.

The best way to play this breakouts; on 1h chart price tested supportline, and turned it into resistance (although it just got tested once, still great enough to trade IMO). Then correlating with 4h chart we saw that GJ had beginning to push through supportline, which had shut value to 1h supportline, only a different angle.

When assessing on usd/jpy daily chart, price had broken it which gave even more credibility for this break-out installment.

Oh boy I am already done on this pair. Pretty pleasant slide
Makes me wonder. . .will BOJ step in ?