Thread: Drawing correct resistance and support-lines

Another verifiion how profitable fibs and correctly drawn lines may be. Bears seems quite powerful today, I still have my short open from 50% (209.98) retracement. I'd profit-target in 209.08 but the other trader made my adapt target further down (207.77) We might observe a break-out from the future to the downside. IMO

Posted the first pic at s ribbon.


Edit: Stopped out @ 1. Didn't NY market open and twist everything up lol

I had the exact same service line as you went long at 209.45 and have stopped out at 1 and... Gggrrr everything seemed to be fine in mid-london session!
Now more ppl dumping gbp than I think... Luckily I'm one of them still holding on at 50 Though I'm thinking now of closing it... I have set a S/L to 35pips just in case.

Not many expected cable to collapse like a huge rock now but price action is überalles. As always. You don't need news and indiors along with other tactics to fill your charts with useless BS just look at the charts, draw on a maximum of 2 lines (correctly) and one or maximum two fibs.
I offered in the blue circled area due to the breakout, SL was up in the resistance line and it's still riding at 73 pips and god knows how much we could take.
I hope you guys sold in exactly the same level or even before.

Originally Posted by ;

Few expected cable to fall like a massive rock now but price action is überalles. As always. You don't want news and indiors and other tactics to fill your charts with futile BS just examine the charts, draw on a maximum of 2 lines (properly ) and one or maximum two fibs.
I sold at the darkened area due to the breakout, SL was up at the resistance line and it's still riding at 73 pips and god knows how much more we could take.
I expect you guys sold at the same level or even before.

Speaking of cable. . Was short targeting a fall in the but got stopped out where you see my S/L goal @ the chart. may be a small spike or something different, feels awful tbh. And looking at the fall makes it worse. Anyway, was enticed to brief 50% but market seemed choppy that I did not. Could have been some quick pips, but can't always expect to acquire each pip.

Also have a very strong S/R station for gbp/jpy. Have a look

Originally Posted by ;

Few anticipated cable to collapse like a huge rock today but price action is überalles. As always. You do not need news and indiors along with other tactics to fill your charts with futile BS just examine the charts, draw a maximum of 2 lines (correctly) and one or maximum 2 fibs.
I sold in the blue circled area due to the breakout, SL was up in the resistance line and now it's still riding at 73 pips and god knows how much more we can take.
I expect you guys sold in the exact same level or even before.

Easy as it gets, profitable too!

EDITING FOR IMPROVEMENTS:

If possible, this thread could enhance abit when we had some different people posting pairs. As I feel we've demonstrated how efficient drawing on lines can/have been.

Like myself, I've gbp/jpy covered, and Mark is good at submitting update on gbp/usd. Traders with 1 year of market experience will be chosen to keep analyzes most. For those who have less experience don't hold back with your charts should you feel it might give a perspective or to learn improving your S/R drawing. Do not hesitate off observing pairs, because I'm far from perfect!

A heads-up at either London beginning of NY start would be eduional.

Give your responds with PM or just submitting your chart with a small notice.

Hi,
I've a question if a person could help.I was wondering that which Trendline here is more dependable?

TL NO.2 the horizental Green 1 or NO.1(Orange)that is drawn from left low to high?

Thanks
Mike

Originally Posted by ;

Hi,
I have a question if a person can help.I was wondering that which Trendline here is more reliable?

TL NO.2 the horizental Green one or NO.1(Orange)which is drawn from left to right high?

Due
Mike

If you just started out, I'd advice you to remove any indior you don't 100% fully comprehend. It is going to only mess your mind up and make you less focused on important issues (at start). Do not worry you will have tons of time doing experimentation with indiors. However, you have to understand things first.

Secondly; if you browse at the beginning of this thread, then I utilize a effortless way of applying correct trend-lines, simply with confirmations from candlestick patterns. Read it up, draw and post again and I'll be more than glad to assist you

And btw, if 2 trend-line face each other such as your nr 1 and 2 does , you have a solid support (or resistance)

Did anyone commerce euro now? There was a short setup that is nice, and also the movement was just as expected.

Note that this was a countertrend trade. If you wish to minimize risk, don't take trades contrary to the trend. In this case you could have ignored the brief trade, and gone long when the price bounced from encouraging trendline.

R

Originally Posted by ;

Can anyone commerce euro now? There was a wonderful setup that is short, and the move was just as anticipated.

Notice that this was a countertrend trade. If you wish to reduce risk, do not take trades against the tendency. In this situation you could have ignored the trade, and gone when the price bounced from encouraging trendline.

R

Unfortunately not, I mostly look on gbp/jpy and cable. According to post #1 please don't hesitate to keep us updated on additional pairs like eur/usd.

That lineup could have payed off if you moved long when price hit down onto it. Your also right about trading with the trend. When I look at other pairs I take position with the currently trend.