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Draw line with predetermined pip distance from the origin line 5 replies

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Are support and resistance levels predetermined?

Quoting jmss59
eur-usd {image}
I don't know Jmss - I think 1.3913/5 might be a really heavily guarded level. It is the open and close of two large templates, we are also coming up to the intersection of two large trendlines - one descending, one rising. That's why I stayed out of this trade - price will have to break those trend lines into another phase for me to trade further north. Then again, could easily poke up to hit your TP and then drop. But I am expecting a big drop before another leg up.
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finally the price reached the desired goal
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Quoting jmss59
eur-usd {image}
aud-usd, has opened an operation bull
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Quoting hollowhead
{quote}
thanks hellowhead, I'm with you that this area is complicated 1.3905-14, calculator Bobi (which I have to) this area determines the upward trend to reach 1.44.
Although it has been broken I guess you must score a determined amount pips ¿51? to validate the break.
just change a purchase on the gbp-usd pair. I have entered the dual position as the previous operation this proved unsuccessful and must be recovered.
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3995 and 4145 are places where it might hold. If not maybe it goes to 1.4450
Quoting hollowhead
{quote} No problem. I think you may be over thinking it. Bobi's post is a little confusing and I remember what he meant by it. I take a simple approach. If I have a long signal I take it. If it doesn't reach target and drops so far I to give a short signal, I take it. Each signal is triggered 7 pips above/below the 38.2%/61.8% level and target is 40 pips. I'm not at my computer at the moment so can't post a chart to help, but will try later.
Sorry to bother you with this question but i am trying to put my head around all this new trading approach.
For the template T5_103F, it is activated when price is coming from lower phase rising above 38.2% + 7 pips or falling form upper phase to 61.8% - 7 pips.
BUT in case of failure, does the level of opposite signal you are talking about is located in the current phase or in the initial phase ?
By the way, do we call a failure of this template a breach of the 100% level it is coming from ? It would make sense...

Thank for the help to a newbie.
Quoting Symphoenix
{quote} Sorry to bother you with this question but i am trying to put my head around all this new trading approach. For the template T5_103F, it is activated when price is coming from lower phase rising above 38.2% + 7 pips or falling form upper phase to 61.8% - 7 pips. BUT in case of failure, does the level of opposite signal you are talking about is located in the current phase or in the initial phase ? By the way, do we call a failure of this template a breach of the 100% level it is coming from ? It would make sense... Thank for the help to...
No bother at all. I think the chart will show how I trade it.

You will see there is a long signal which 'failed'. now the definition of 'failed' may be different for others but for me it is a 'fail', when there is a signal in the opposite direction (as you can see at the end of the arrow). There was then another long signal, after which the original completed - so if didn't really 'fail' - but rather wasn't met straight away. Bit for those trading with a SL, it would be considered a fail. Where people decide it has gone far enough away to be a fail comes down to personal preference. It looks like JMSS is using just above the 100% (which probably makes it a RR 1:1), BigAl - waits for a pullback so he gets a better entry.

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Thank you very much hollowhead.
Everything is clear now.
I have some trades similar to yours so i think i'm on the right path...
Quoting Symphoenix
Thank you very much hollowhead. Everything is clear now. I have some trades similar to yours so i think i'm on the right path...
Great
gbp-usd finally reaches its target, recovering lost prior to use twice the 1 lot
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aud-usd also reached the target this pair
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Weekly analysis - I think I covered it all, but let me know if I missed something

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Thanks steve as always.. I am still out of town so this helps me out as my setup is back home
Random Abonacci phases: Here's a chart of GBPUSd using a 122 pip phase based on Murrey Math Lines. Could you make money from this chart using the rules from the 103 pip phase with a stop size the same as the target and doubling you steak size per pip either when you re-enter or reverse the trade?

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Quoting ubenders
Random Abonacci phases: Here's a chart of GBPUSd using a 122 pip phase based on Murrey Math Lines. Could you make money from this chart using the rules from the 103 pip phase with a stop size the same as the target and doubling you steak size per pip either when you re-enter or reverse the trade? {image}
Sounds interesting ubenders (that sounds all wrong!!)

I don't know much about Murrey Maths, but looking at it it looks like with clear rules, there is a flow which could be profitable. Back testing would tell.

I guess the ultimate question for me is where is the baseline calculated from and how does it work when price is in and Extreme Overshoot area on a template of 122 size, but has another 200 pips to go on another abonacci template? Would the 122 baseline be recalculated at some stage? I guess it would based on a Murrey Math rule, but if so, how objective/subjective is that? Is it like wave counting - which is easy to do in hindsight, but very hard to do live. Would we all have different baselines, based on how we see it?

Just a few questions that would help me see it clearer.
Quoting hollowhead
{quote} Would the 122 baseline be recalculated at some stage? I guess it would based on a Murrey Math rule, but if so, how objective/subjective is that? Is it like wave counting - which is easy to do in hindsight, but very hard to do live. Would we all have different baselines, based on how we see it? Just a few questions that would help me see it clearer.
On a pair such as Cable or Euro the lines will hardly ever shift and if they do the phase could double to 244 pips based on the high and low of the range in the lookback period. So we have phases with baselines that don't change every year. You have a ruleset with the 103 pip Abonacci phase that with good money management could be applied to any currency pair/index/metal etc with evenly spaced phases.
OK - excuse my ignorance - how did you arrive at 1.66016 as the GU baseline in the example posted?
Quoting hollowhead
OK - excuse my ignorance - how did you arrive at 1.66016 as the GU baseline in the example posted?
It is the 8/8 Murrey Math Line - you could have picked any of the Murrey lines shown on the chart and entered a 122 pip phase on the Abonacci template. Lot of MM indicators for MT4 will draw the lines for you.
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