Are support and resistance levels predetermined? | Page 19 | Forex Factory

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Are support and resistance levels predetermined?

  • #361
  • Oct 18, 2013 10:10am Oct 18, 2013 10:10am
Quoting aebab
{quote} Nice trades . I am so happy . 1- Can you tell me what you prefer for trading on EUR/USD right now? 2- How could we know price would be reversed around 1.2744 from beginning of the year just by using T5_1_103 template for eur/usd?
Hi Bobby
Let me try answering question number 2: After 3 attempts price still could not break 61.8%. short of 6 pips.
  • #362
  • Oct 18, 2013 10:15am Oct 18, 2013 10:15am
Quoting chrisngch
{quote} Hi Bobby Let me try answering question number 2: After 3 attempts price still could not break 61.8%. short of 6 pips.

You'll find Bobi's answer here...

Quoting aebab
Magic of Abonacci Templates New Concept in future analysis Thank you for all replies. Some days ago I replied FX_MANIAC that I will say why I have set 22000 to the gold template. Now its time to show you a new concept of trading. As I said before , I have found 64 different behaviors of the waves (any pairs). It does not matter what the market we are going to analyze. The 64 movements and behaviors can be found in all markets . For example , we can find 220 pips movement in any market. T5_103 as well. I have discovered that any phase length can...
  • #363
  • Oct 18, 2013 11:11am Oct 18, 2013 11:11am
Quoting chrisngch
{quote} Hi Bobby Let me try answering question number 2: After 3 attempts price still could not break 61.8%. short of 6 pips.
Thanks again. I just finish reading through.
  • #364
  • Oct 18, 2013 11:31am Oct 18, 2013 11:31am
Quoting hollowhead
So quick update, I was short on the EJ using the T4F template. Price went above the 100% mark, so I closed at a loss and have opened a long targeting the 23.6%. Hope that's right. I've never hedged before and need to get my head around that before I use it. {image}
UPDATE EJ.

What do you know? It reached target yesterday.
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  • #365
  • Oct 19, 2013 5:56am Oct 19, 2013 5:56am
Hello Mr Bobi

according to T4Y-680 template and rule.


AUD/USD broken 76.4% level but not reach target 50% (0.8743) and reverse to opposite direction.
should AUD/USD reverse and hit target 50% (0.8743)???

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  • #366
  • Oct 19, 2013 10:17pm Oct 19, 2013 10:17pm
Quoting hollowhead
{quote} UPDATE EJ. What do you know? It reached target yesterday. {image} {image}
Forex Live posted EUR/JPY buy/sell levels at 07:30 GMT, which had BUY orders resting @ 131.35. This may not have helped you if you trade the Asian session. Would be nice if Bobi had an explanation why price didn't hit the 23 Fib. You can't rely solely on Forex Live either, since the big boys can remove orders from the orderboards....all you can do is see how price reacts around a buy level. Sometimes, price will just keep going through the 1st buy level & hit the 2nd, 3rd or 4th level before stalling & reversing. If only we could've seen Forex Live's EUR/JPY SELL side (132.00) @ 07:00 GMT, you could've shorted E/J around 131.90....LOL.

October 8th, 2013 07:30:01 GMT
EURJPY orders 8 October
http://0.gravatar.com/avatar/e3b47e9...4&d=retro&r=PGby Mike Paterson
Currently 131.75 Sellers 132.00 132.20 132.50 132.80 133.00 133.20 133.50 Buyers 131.35 131.15 131.00 130.85 130.65 130.50 130.20 130.00

http://www.forexlive.com/forex-orders/page/11/
  • #367
  • Oct 22, 2013 4:57am Oct 22, 2013 4:57am
Just completed a 173 pip trade on oil using T5_103, with size set to 1030. Chart should explain the thinking...

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Have a couple of others open for the past few days I'll update on later.
  • #368
  • Edited 5:49am Oct 22, 2013 5:33am | Edited 5:49am
AUDUSD.

Took trade on break on reversal area on T5_594, set target (120pips) by T4Y_680 50% break confluence. EDIT - Please ignore any buy/sell lines on the charts - they are from another system I am testing on demo - I am trading Abonacci live on a non MT4 platform, but using MT4 to show charts.

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  • #369
  • Oct 22, 2013 6:39am Oct 22, 2013 6:39am
Bobi/anyone else
Was wondering what people's current thoughts on EURUSD are.

T4Y_1130 - Has reached 50% break target
T5_965 - Bullish
T4Y_680 - Has reached 50% break target
T5_594 (Reversal) - Has reached reversal area break target
TF4 (220)- Couldn't break 38.2%
T5_1_1030 - 38.2% Broken - should reach 13997
T5_1_103- No signal

The only real signals I can see are that the 965 is bullish, and the T5_103 (x10) has broken the 38.2%.

Does anyone see anything else?
  • #370
  • Oct 22, 2013 7:36am Oct 22, 2013 7:36am
HI AABAB,


Can you please share your discoveries on the 64 BEHAVIOURS OF WAVES in the markets.


thanks for your contributions.
  • #371
  • Oct 22, 2013 8:17am Oct 22, 2013 8:17am
Quoting dewiseman
HI AABAB, Can you please share your discoveries on the 64 BEHAVIOURS OF WAVES in the markets. thanks for your contributions.
With all due respect, I am not sure how anyone will handle 64 patterns per instrument. bobi has kindly shared 5 templates (across 6 instruments), including the insight that you can multiply the size for each template by 10,100 or 1000 - by my calculations that makes 30 or so 'behaviours or waves' he has shared already. ie 220, 2200, 22000, 220000, 103, 1030, 10300, 103000 etc. What is in this thread is massive already - more than enough to make a decent profit week in/week out.
  • #372
  • Oct 22, 2013 8:36am Oct 22, 2013 8:36am
Quoting hollowhead
{quote} With all due respect, I am not sure how anyone will handle 64 patterns per instrument. bobi has kindly shared 5 templates (across 6 instruments), including the insight that you can multiply the size for each template by 10,100 or 1000 - by my calculations that makes 30 or so 'behaviours or waves' he has shared already. ie 220, 2200, 22000, 220000, 103, 1030, 10300, 103000 etc. What is in this thread is massive already - more than enough to make a decent profit week in/week out.
We should focus on interpreting the results from the various templates for the few instruments rather than having more templates. More does not mean better as it only cause more confusion. I hope Bobi can continue to guide us by showing more charts and examples.
  • #373
  • Oct 22, 2013 8:52am Oct 22, 2013 8:52am
Agreed . There is more than enough here to be profitable. All I hope is that Bobi will provide baselines for next year - everything else needed I think is contained in the thread.

To encourage those reading and wondering if this works I have traded on a live account what Bobi has taught from the beginning of the thread - I have taken trades that go against all other instinct (and systems) and blindly followed trusting that price will reach the targets according to the rules. I have currently completed 21 trades with this system, won 18 and lost 3 (manly due to silly first time errors) with about 890 pips in realised profit.

I have 3 trades open which are currently in about 300 pips drawdown, but even if I closed them out (which I won't as I expect them to reach target eventually), this has still been among the most profitable and fascinating few weeks of trading I have experienced.
  • #374
  • Oct 22, 2013 9:21am Oct 22, 2013 9:21am
Quoting hollowhead
Bobi/anyone else Was wondering what people's current thoughts on EURUSD are. T4Y_1130 - Has reached 50% break target T5_965 - Bullish T4Y_680 - Has reached 50% break target T5_594 (Reversal) - Has reached reversal area break target TF4 (220)- Couldn't break 38.2% T5_1_1030 - 38.2% Broken - should reach 13997 T5_1_103- No signal The only real signals I can see are that the 965 is bullish, and the T5_103 (x10) has broken the 38.2%. Does anyone see anything else?
Just my thoughts:
T4Y_1130 Has broken 50%. Should reach 50% +220 pips. Target met
T5_965 Has entered into the upper phase. Too early to say whether it will continue to be bullish
TY4_680 Has reached 76.4%
T5_594 Has entered upper phase. No where where near reversal areas
T4F_220 Has broken 38.2%. Should reach 76.4%
T5_1030 Has broken 38.2%. Should reach 1.3705+470
T5_103F 38.2% broken. target 38.2% + 47 pips

Hope Bobi will make corrections
  • #375
  • Oct 22, 2013 11:19am Oct 22, 2013 11:19am
Quoting chrisngch
{quote} Just my thoughts: T4Y_1130 Has broken 50%. Should reach 50% +220 pips. Target met T5_965 Has entered into the upper phase. Too early to say whether it will continue to be bullish TY4_680 Has reached 76.4% T5_594 Has entered upper phase. No where where near reversal areas T4F_220 Has broken 38.2%. Should reach 76.4% T5_1030 Has broken 38.2%. Should reach 1.3705+470 T5_103F 38.2% broken. target 38.2% + 47 pips Hope Bobi will make corrections
I think that's pretty much how I see it.

I took the trade on T4F - but got slipped 17 pips, and TP a little early.
Attached Image (click to enlarge)
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I had spotted that it should reach 1.314 according to T5_1030, but I'm not sure if it will on this leg, or whether there will be a correction allowinga better entry. Also, not sure whether T5_1030 is bound by the year, or whether that taregt will remain in place for a longer future - I presume it does becuase multiplying by 100 or 1000 would never be reached within a year!!
  • #376
  • Oct 22, 2013 8:26pm Oct 22, 2013 8:26pm
Quoting hollowhead
{quote} I think that's pretty much how I see it. I took the trade on T4F - but got slipped 17 pips, and TP a little early. {image} I had spotted that it should reach 1.314 according to T5_1030, but I'm not sure if it will on this leg, or whether there will be a correction allowinga better entry. Also, not sure whether T5_1030 is bound by the year, or whether that taregt will remain in place for a longer future - I presume it does becuase multiplying by 100 or 1000 would never be reached within a year!!
I am sorry I do not understand how you arrive at the number 1.314 according to T5_1030. Would you please explain. Thank you.
  • #377
  • Oct 22, 2013 9:32pm Oct 22, 2013 9:32pm
Quoting chrisngch
{quote} I am sorry I do not understand how you arrive at the number 1.314 according to T5_1030. Would you please explain. Thank you.
I am sorry. i made a mistake in my earlier post. It should be 38.2% +470 pip = 1.3582+470 =1.4052
  • #378
  • Oct 22, 2013 10:29pm Oct 22, 2013 10:29pm
All this math and charts definitely show dedication to the markets. I spent 5 mins on 2 of your guy's levels. lol

US Dollar sell off upon bad (delayed) NFP numbers were released at 1230GMT. Any of us monkeys that shorted the dollar should keep holding. Bullish Aud & Bearish Nzd a little bit ago.
  • #379
  • Oct 23, 2013 1:47am Oct 23, 2013 1:47am
Quoting chrisngch
{quote} I am sorry. i made a mistake in my earlier post. It should be 38.2% +470 pip = 1.3582+470 =1.4052
No problem - I have been tending to roundup/down TPs, so numbers are not always exact - especially near a BRN. I've missed too many TPs by a small number of pips in the past, I am still a little paranoid about it getting into a region, and then reversing.
  • #380
  • Oct 23, 2013 1:49am Oct 23, 2013 1:49am
Quoting EmeraldEyes
All this math and charts definitely show dedication to the markets. I spent 5 mins on 2 of your guy's levels. lol US Dollar sell off upon bad (delayed) NFP numbers were released at 1230GMT. Any of us monkeys that shorted the dollar should keep holding. Bullish Aud & Bearish Nzd a little bit ago.
Agree - I will hold my GU shorts (but I think it may going higher first (1.633ish).
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