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Are support and resistance levels predetermined?

  • #321
  • Oct 11, 2013 6:23am Oct 11, 2013 6:23am
Quoting Heaveneze
Wooooow,i am thrilled coming across this thread. I am just newbie trina learn Forex trading so i have develop the attitude researching,reading. I think this strategy of trading will help me a lot so i have subscribed to it. But my biggest problem is i dont understand half of things discussed in here. Please can anybody in here get me the details ? I have read most of the threads from the first page to the last one page trust me , there is i do get. Thanks in advance for your willingness to help me out. We are all here to learn from each other.
I suggest you ask specific questions about things you don't understand and I (and probably others) will help where we can. However, some of us who have been trading for a while are still getting to grips with Bobi's methods and are still working it out for ourselves. For me that involves setting aside some of things I have spent years (and alot of money) learning, like traditional support and resistance and candlestick patterns.

EDIT - If you are still unclear about some of the basics, I suggest you go to babypips.com and spend some time on their free training there - although much of it will not apply to bobi's method, but it may shed some light on something people mention regarding forex.
  • #322
  • Edited 7:09am Oct 11, 2013 6:58am | Edited 7:09am
Quoting Heaveneze
Wooooow,i am thrilled coming across this thread. I am just newbie trina learn Forex trading so i have develop the attitude researching,reading. I think this strategy of trading will help me a lot so i have subscribed to it. But my biggest problem is i dont understand half of things discussed in here. Please can anybody in here get me the details ? I have read most of the threads from the first page to the last one page trust me , there is i do get. Thanks in advance for your willingness to help me out. We are all here to learn from each other.
hi Heaveneze,
Hollowhead has given very good advice and I have replied to your email. I am using Bobis system and holding a small long (protected by a stop at opening price i.e. break even) as discussed in my other posts. My target was 1.3660 as per T5_680 template rule but Bobi has advised care at a lower target of 13645. see below...
Bobi ...""The market (EUR/USD) is going to hit 1.3624 . Be careful about the reversal area at 1.3624+21=1.3645 as the market may reverse there . I have long positions from 1.3500 and 1.3488 and may TPs are set at 1.3624. If the area is broken , then market will hit 1.3705 then 1.3798 and ... you should know better by long-term templates!"""

As far as trading at the moment....News today (see below) could prompt a spike towards this target then it will probably fall back. But it is very dangerous to trade around news events unless you are experienced. I recommend watching at this time to see what happens.

Trading the News: U. of Michigan Confidence
A further decline in the U. of Michigan Confidence survey may prompt a more bearish outlook for the U.S. dollar as it dampens the scope of seeing the Federal Open Market Committee (FOMC) taper the asset-purchase program at the October 29-30 meeting.
What's Expected:
Time of release: 10/11/2013 13:55 GMT, 9:55 EDT
Primary Pair Impact : EURUSD
Expected: 75.7
Previous: 77.5
DailyFX Forecast: 72.0 to 79.0
  • #323
  • Oct 11, 2013 7:01am Oct 11, 2013 7:01am
Quoting hollowhead
{quote} I suggest you ask specific questions about things you don't understand and I (and probably others) will help where we can. However, some of us who have been trading for a while are still getting to grips with Bobi's methods and are still working it out for ourselves. For me that involves setting aside some of things I have spent years (and alot of money) learning, like traditional support and resistance and candlestick patterns. EDIT - If you are still unclear about some of the basics, I suggest you go to babypips.com and spend some time...
Thank you for the suggestion bro, i have been to babypips.com and i am done with there school system but i really need more info on PA before i can go LIVE. I am at the moment trying to work out on which strategy i should be trading with. The main reason i subscribed to this thread is i can see Bobi's strategy has some definitely facts in it. If he should try and get some ebook down on the strategy it be great for us, those of us who have recently subscribing to the thread.
  • #324
  • Edited 12:51pm Oct 11, 2013 7:30am | Edited 12:51pm
Quoting Heaveneze
Wooooow,i am thrilled coming across this thread. I am just newbie trina learn Forex trading so i have develop the attitude researching,reading. I think this strategy of trading will help me a lot so i have subscribed to it. But my biggest problem is i dont understand half of things discussed in here. Please can anybody in here get me the details ? I have read most of the threads from the first page to the last one page trust me , there is i do get. Thanks in advance for your willingness to help me out. We are all here to learn from each other.
Heaveneze, I think the other thing I would say is that there are many ways to trade. All have merits, and all have disadvantages - this site is filled with the majority trying to work out the merits/drawbacks of different methods, approaches. The reality is, that it is trial and error to find what fits you. What works for someone else, won't neccessarily work for you - and no-one is as successful with a method than the person who discovered it. Experience cannt be taught or replaced.

A few people will stumble on what works for them early on, normally by a combination of good luck and sound advice - but for most of us it is a life-long process. We see something that seems to work - the principle is there, then we have to decide whether we can trade that way, we test, we try out, we discover it's not as easy as we first thought - there's more to it than the person who is teaching first explains. But this is good, you learn something, you take note, you learn, you apply.

I think for most people who successfully trade they have several methods - they are flexible, they know which method works for which market condition (trending or not), they have taught themselves to be disciplined, they are patient and most importantly, they are able to be wrong and it doesn't change them or the next trade htey take.

The challenge with Bobi's method and his opening post is that it goes against all that - it states that the market flow is pre-determined. That is massive - almost impossible to believe and if true, it changes everything. And so far, my limited testing on live trades has proved it does follow the phases and levels in an uncanny way - the trades have been mostly correct and profitable, the one fail is looking like it will do just what Bobi said, and profit the other way, more than comepensating for the loss. - go figure...
  • #325
  • Edited 1:20pm Oct 11, 2013 12:08pm | Edited 1:20pm
Great post Hollowhead
I've been in the game now for 12 years, and i couldn't of put it better than your above post.

Aebab,
Thank you, for all of the work that you are putting in here...Its very much appreciated, and certainly a fresh way to look at things

Heaveneze, I have sent you a PM regarding PA.

Regards, and many pips to all,
Paul.
  • #326
  • Oct 11, 2013 12:55pm Oct 11, 2013 12:55pm
Quoting aebab
{quote} No. As you know I have named the template as F and you know it may fail. But the difference between T4F and T5_103F is that in 90% of the times missed targets are filled. If you want to be a successful trader you should be able to know where the market is heading for in long-term or medium term.
Dear Bobi,

Thank you for providing such an interesting concept for us to explore. I have been experimenting with the T5_103F template and was wondering if you can please provide the T5_103F baseline for more currency pairs, such as USD/JPY?

Thanks again for your generosity.
  • #327
  • Oct 11, 2013 1:08pm Oct 11, 2013 1:08pm
Quoting liamg4x
Great post Hollowhead I've been in the game now for 12 years, and i couldn't of put it better than your above post. Aebab, Thank you, for all of the work that you are putting in here...Its very much appreciated, and certainly a fresh way to look at things Regards, and many pips to all, Paul.

Thanks Paul - I've only been trading 3 years - so a mere baby compared to you. But in my three years, I have spent a ridiculous amount of time and money (blown accounts) on my 'education', and finally feel like I am making some sense out if it all - or more importantly, getting a handle on myself. Knowing yourself is the key. The markets will do what they want, we have no control over them at all. But only I can control how I respond.

Have a great weekend.
  • #328
  • Edited Oct 12, 2013 10:17am Oct 11, 2013 1:45pm | Edited Oct 12, 2013 10:17am
Hi Bobi, can you please share rules for T5_5. Also, if you could share baseline for T4F on #CLX3 that would be great. Thanks in advance! God Bless you!
  • #329
  • Oct 11, 2013 2:12pm Oct 11, 2013 2:12pm
Quoting Ratson
Hi Bobi, can you please share rules for T5_5. Thank you!
Hi Ratson, T5_5 ???? This sounds like a template from another thread. Only 5 pips in the phase? Surely not. Can you tell us more?

BTW my tiny .1 long was stopped at break even while I was out. Will leave re-entry till Monday now.

Good luck all.
  • #330
  • Oct 11, 2013 2:16pm Oct 11, 2013 2:16pm
Quoting taypot
{quote} Hi Ratson, T5_5 ???? This sounds like a template from another thread. Only 5 pips in the phase? Surely not. Can you tell us more? BTW my tiny .1 long was stopped at break even while I was out. Will leave re-entry till Monday now. Good luck all.
Bobi does mention T5_5 in the oil numbers, but 386 doesn't tally with anything else...
T5_5: Phase Length=386 pips , Baseline=60
  • #331
  • Oct 11, 2013 2:19pm Oct 11, 2013 2:19pm
Quoting taypot
{quote} Hi Ratson, T5_5 ???? This sounds like a template from another thread. Only 5 pips in the phase? Surely not. Can you tell us more? BTW my tiny .1 long was stopped at break even while I was out. Will leave re-entry till Monday now. Good luck all.
Hi taypot - out of interest what are you using for SL/BE rules? I'm struggling to find a way that allows the room, but doesn't leave me with a 2:1 RR or a massive hedge as bobi does.
  • #332
  • Oct 11, 2013 4:16pm Oct 11, 2013 4:16pm
Quoting taypot
{quote} Hi Ratson, T5_5 ???? This sounds like a template from another thread. Only 5 pips in the phase? Surely not. Can you tell us more? BTW my tiny .1 long was stopped at break even while I was out. Will leave re-entry till Monday now. Good luck all.

Hi Taypot. Nice that you are playing safe for a possible weekend gap.

Please see Page 13, Post#255. Bobi did give the Baseline but not the rules. It does seem intriguing given the length of the phase.

Enjoy the weekend
  • #333
  • Oct 12, 2013 6:35am Oct 12, 2013 6:35am
Quoting hollowhead
{quote} Heaveneze, I think the other thing I would say is that there are many ways to trade. All have merits, and all have disadvantages - this site is filled with the majority trying to work out the merits/drawbacks of different methods, approaches. The reality is, that it is trial and error to find what fits you. What works for someone else, won't neccessarily work for you - and no-one is as successful with a method than the person who discovered it. Experience cannt be taught or replaced. A few people will stumble on what works for them early...
Hi, hollowhead can you tell me which template that you usually use for trade ? ( mostly correct and profitable - like you said in your post ). Hope this will help me and others, cause I'm confusing which template for intraday trade. Thank you.
  • #334
  • Oct 12, 2013 11:35am Oct 12, 2013 11:35am
Quoting aebab
Abonacci Templates for EUR/JPY T4F, Phase Length=220 pips Baseline=125.8 T5_2_2, Phase Length=965 pips Baseline=549 T5_1_103, Phase Length=103 pips Baseline=131 Note: Please use the new Abonacci indicator to be able to generate more phases {file}
hi bobi

base line T5_2_2, Phase Length=965 pips for eur/jpy is 149 or 549 ?!

thanks
  • #335
  • Oct 12, 2013 2:19pm Oct 12, 2013 2:19pm
Hi AEBAB,

Please kindly post an INTRA DAY template for GBP/JPY

WELLDONE
  • #336
  • Oct 12, 2013 4:41pm Oct 12, 2013 4:41pm
Quoting hollowhead
{quote} Hi taypot - out of interest what are you using for SL/BE rules? I'm struggling to find a way that allows the room, but doesn't leave me with a 2:1 RR or a massive hedge as bobi does.
Hi Hollowhead, as we take trades when the price breaks a level I think the the best stop or hedge would be at entry less the break level figure which is specific to the template you are using. I'm too new to this system to say any more than that really but it makes sense to me. I prefer hedges to stops myself as I've had plenty of experience of 'getting it wrong' and hedging my way out of trouble until price reverses. A stop just crystalizes a loss.

I traded for real for the first time on Friday using abonacci levels and T5_680 template and on noticing a strong break out. Most of my my indicators were screaming and telling me to sell but I ignored them and bought according to Abonacci rules. It was a real success. It was interesting to see which other indicators agreed and I want to look closer at those that did. I have a lot of work to do on this system but it ties in with others I have been looking at that concentrate on price action and supply and demand levels rather than lagging indicators. In most cases stops or hedges are placed on the other side of the level that has been broken.
  • #337
  • Oct 12, 2013 5:18pm Oct 12, 2013 5:18pm
Quoting Ratson
{quote} Hi Taypot. Nice that you are playing safe for a possible weekend gap. Please see Page 13, Post#255. Bobi did give the Baseline but not the rules. It does seem intriguing given the length of the phase. Enjoy the weekend
Hi Ratson, thanks missed that template as its for oil and i'm only EURUSD at the mo.

Yeah, (get the cool language - I'm watching the Rolling stones), getting stopped at 0.1 bet is ok if at entry as profit locked in on 0.9 !!!
Capital preserved ready for next breakout, bring it on baby! (Sorry, Stones speak, )
  • #338
  • Oct 13, 2013 5:38pm Oct 13, 2013 5:38pm
Quoting Tonynewbie
{quote} Hi, hollowhead can you tell me which template that you usually use for trade ? ( mostly correct and profitable - like you said in your post ). Hope this will help me and others, cause I'm confusing which template for intraday trade. Thank you.
Hi Tonynewbie

I've generally been using the 103 and t4f templates.
  • #339
  • Edited 4:26am Oct 14, 2013 4:15am | Edited 4:26am
Well what do you know - on Friday I was looking for opportunities in oil - I too two trades on the T5_103, 1 win, 1 loss. I also had a missed opportunity which would have won, but I screwed up the pending order and it didn't trigger.

The loser was a late in the day long, which I closed at a small loss because I wasn't prepared to hold it over the weekend (shouldn't have taken it really if I wasn't prepared to hold it.). It gapped down over the weekend which would have taken out the SL I had, but what do you know, it the climbed and would have hit the TP.

The more I see of this, the more I am drawn to hedging and seeing why Bobi is so sure targets will be met eventually...

EDIT - FWIW I am look for shorts on oil as I think the T5_1030 has a target to reach at 98.77, and is toward the top of a bearish channel.

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  • #340
  • Oct 14, 2013 6:45am Oct 14, 2013 6:45am
Quoting hollowhead
{quote} Hi Tonynewbie I've generally been using the 103 and t4f templates.
Thanks for this info, its helped me find the missing template that Aebab must have been using. i queried it a few posts back. Its the t4y_220.
I've found some rules and popped it into my spreadsheet...
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