Taz,
My answers in bold.
few queries for u.
why did u draw a trendline from low of June to high of Oct? (trendlines are supposed to drawn from high to high and from low to low)
Just before the high there were some bar lows in the form of consolidation.
In 1 hourly chart you could see defined lows so i drew TL from low low,not high low.
price hit 1.2168 twice and retraced. is it because the support became a resistance now?
Great question,very simple answer support if broken becomes resistance and resistance to support.
If this flip mentality is there that area is yummy yum great.
between high of early Oct (1.2168) to low of mid Oct (1.8832) price made a channel. so do u suggest going long once price hit the low in mid Oct for a profit target of about 90% of the early Oct resistance (1.2168)?
Well at that time dominant trend was down,so it would be countertrend to take long,but if good confluence i will throw my cash for sure.
how many pips do u consider for a support or resistance breakout?
Say breakout of bar highs and lows above/below round number so buffer would be 18 pips on daily TF ie entry at 18-19 pips above RN.
More volatile pairs should have bigger buffers.
In some cases there is no Roundy so i would just place my order 5 pips above or below nearest Resistance level or Support level,this will ensure that if price can break a good barrier.
Thanks,
Sanjoy
P.S.: I thought I just had one query but ended up asking four
My answers in bold.
few queries for u.
why did u draw a trendline from low of June to high of Oct? (trendlines are supposed to drawn from high to high and from low to low)
Just before the high there were some bar lows in the form of consolidation.
In 1 hourly chart you could see defined lows so i drew TL from low low,not high low.
price hit 1.2168 twice and retraced. is it because the support became a resistance now?
Great question,very simple answer support if broken becomes resistance and resistance to support.
If this flip mentality is there that area is yummy yum great.
between high of early Oct (1.2168) to low of mid Oct (1.8832) price made a channel. so do u suggest going long once price hit the low in mid Oct for a profit target of about 90% of the early Oct resistance (1.2168)?
Well at that time dominant trend was down,so it would be countertrend to take long,but if good confluence i will throw my cash for sure.
how many pips do u consider for a support or resistance breakout?
Say breakout of bar highs and lows above/below round number so buffer would be 18 pips on daily TF ie entry at 18-19 pips above RN.
More volatile pairs should have bigger buffers.
In some cases there is no Roundy so i would just place my order 5 pips above or below nearest Resistance level or Support level,this will ensure that if price can break a good barrier.
Thanks,
Sanjoy
P.S.: I thought I just had one query but ended up asking four