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Are support and resistance levels predetermined?

  • #421
  • Oct 31, 2013 10:52pm Oct 31, 2013 10:52pm
Quoting hollowhead
Hi It's nothing complicated - here is a screen grab for GU. You can see that currently I am bullish targeting 1.64 with probable support at 1.585. It just helps me get an overall view, so I can develop a trade plan for the week. At the weekend I will go though it again, see if anything has changed... rinse and repeat. {image} PS - should have edited it last night - the T4F has completed a short phase from 61.8% to 23.6%
Hi
I like your analysis. It is definitely helping us on how to use Bobi's templates. Would appreciate if you could continue to share your analysis on other pairs.
  • #422
  • Nov 1, 2013 12:49pm Nov 1, 2013 12:49pm
Quoting chrisngch
{quote} Hi I like your analysis. It is definitely helping us on how to use Bobi's templates. Would appreciate if you could continue to share your analysis on other pairs.
Hi chrisngch - thanks - I appreciate you saying so. It was a slow start to the week, but things picked up yesterday and today. I will post how I traded this week (and updates on previous trades) and how I see things at the moment, but please understand I am no expert on bobi's methods, I can only say what I think and how I've interpreted what bobi's shared, I would so love his input to test whether I am seeing it right and what I can improve on.

Will post later this eveing.

Steve
  • #423
  • Nov 1, 2013 5:09pm Nov 1, 2013 5:09pm
1.3480 was a level coming on template 680... which we've hit... we are now entering a zone where bearish can get more bearish... 1.3421 is the support for this... looks like euro want's to keep going but we didn't break 3480 yet... as far as I can see, no other templates have unfinished business lower down but yes we do still have a gap at 3292.

we may now see some retrace 3537 again... break of that +7 pips will lead to 3585
Attached Image (click to enlarge)
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  • #424
  • Nov 1, 2013 5:31pm Nov 1, 2013 5:31pm
Hi guys,
Does anyone here know, where bobi is?
  • #425
  • Edited 5:46pm Nov 1, 2013 5:40pm | Edited 5:46pm
Quoting hollowhead
Here as a chart to show how I could trade out of my EJ lock. This is my live chart which doesn't show the abonacci/fib lines {image}
Just an update on my EJ trade. I was locked in a hedge position. I had gone short on the T4F with no SL and it reversed, so I entered long when it broke 100% expecting it to go to the opposite target. It reversed again and was hanging in a locked position - kind of no-mans land. So, I need to trade my way out of it. See pic below.
Attached Image (click to enlarge)
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So, it went short again - I added to the short position on the T4F (and threw in a small T5_103 on the way down) and both hit target. Now, I have a long in drawdown that I could close out now for near BE. But, I am going to hold. I feel good that price is going to reach the long target eventually. Plus there is a strong trendline price is bouncing off - if that gets breached I may reconsider my position. Hopefully the image shows what I did, and what I plan to do.

Attached Image (click to enlarge)
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  • #426
  • Nov 1, 2013 9:06pm Nov 1, 2013 9:06pm
Here's two AU trades I took with another broker using MT4 to trade (I usually take trades on another platform)
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  • #427
  • Nov 1, 2013 9:11pm Nov 1, 2013 9:11pm
And another on Oil
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  • #428
  • Nov 1, 2013 9:50pm Nov 1, 2013 9:50pm
Now for my GU trades - this has been quite confusing and frustrating. None of these were using a SL, but rather using opposing signals to hedge. Sorry there are no charts at the moment - I will post an analysis once it is all played out, but the trades are on several templates and will take a while for me to annotate etc.

Trade 1. On 16 Oct I had a successful T5_103 short from 1.5968

Trade 2. I then went short on a T4F at 1.5895 through a pending order being triggered by 2 pips and then reversing (I should have checked this better first as the target is in the middle of a reversal Zone and as this template could fail I should have stayed out)

Trade 3. On 17 Oct I then had a successful T4F Buy from 1.6005 (but price still rising against my original short).

Trade 4. On 18 Oct there was confluence aroung 1.6189 to short on the T5_680, TF4 (plus a pin bar rejection from a previous high) - so I took the short. (now I have two trades short)

Trade 5. On 22 Oct there was a strong signal at 1.6237 to go long on the T5_2_2 (965) so I took it.

Price bounced around the place, but I was fairly well hedged both long and short. I had one more trade short than long.

So yesterday/today price dropped. allowing me to bank profits from Trade 4 and close Trade 2 out at about BE.

So all shorts are closed and I am now Long (Trade 5) on the GU, with current DD of about 300 pips.

But I am going to stick with it. If it goes further south we will hit the reversal area (plus we are at major historical resistance) and I am looking for the target on the T5_680 long with is about 1.64.

As you might know, alot of retail traders have been saying to short the GU for weeks - it can't go higher etc - but if bobi is right we have further upside to go. All the signs say the opposite and I can find a thousand reasons to short - but I am going to hold out. If it does drop, I will trade signals down, and wait for it to come back up (of course I will trade signals up as well adding to my existing long.)

Have a great weekend all.
  • #429
  • Nov 2, 2013 8:47am Nov 2, 2013 8:47am
Quoting chrisngch
{quote} Hi I like your analysis. It is definitely helping us on how to use Bobi's templates. Would appreciate if you could continue to share your analysis on other pairs.
Here is my analysis for the week across GU, EU, EJ, AU and Oil (don't have enough Gold baselines to really develop a full picture). What are other people's thoughts? Have I missed anything? Have I got anything wrong? Is there another way to see it? etc

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  • #430
  • Nov 2, 2013 9:02am Nov 2, 2013 9:02am
Hollowhead.. this is really good what you've done for analysis collation... I will start to do the same... I never saw a template 1030 here for EU on the thread.. could you please give rules and baseline for this template?

also your 220 pip template - T4.. is that for this month or last month (oct)?

thanks
  • #431
  • Nov 2, 2013 1:40pm Nov 2, 2013 1:40pm
Quoting jaylovin
Hollowhead.. this is really good what you've done for analysis collation... I will start to do the same... I never saw a template 1030 here for EU on the thread.. could you please give rules and baseline for this template? also your 220 pip template - T4.. is that for this month or last month (oct)? thanks
Thanks Jaylovin

The rules and baseline for 1030 are the same as T5_103. Change the size from 103, to 1030. Bobi says you can multiply the sizes by 10, 100 or 1000 and the principles still work. It seems on looking at the current pairs we have baselines for that 1030 is particularly powerful (and its not too big).

Check out posts no. 256 & 264 and then no. 283

The T4F template is for the year. Baseline for EU is 1.3401, size is 220.
  • #432
  • Nov 2, 2013 2:05pm Nov 2, 2013 2:05pm
Quoting hollowhead
{quote} Thanks Jaylovin The rules and baseline for 1030 are the same as T5_103. Change the size from 103, to 1030. Bobi says you can multiply the sizes by 10, 100 or 1000 and the principles still work. It seems on looking at the current pairs we have baselines for that 1030 is particularly powerful (and its not too big). Check out posts no. 256 & 264 and then no. 283 The T4F template is for the year. Baseline for EU is 1.3401, size is 220.

Cool thanks.. I had t4f confused with t4y where t4y is monthly. Thanks.. So technically speaking we can 103.. 10300 and get a if picture of euro's path..not at
home yet but it may show the 4431 path for eu.
  • #433
  • Nov 3, 2013 1:37am Nov 3, 2013 1:37am
hi bobi ,
please share template 3 and template 4y baseline for november
thanks
  • #434
  • Nov 3, 2013 1:54am Nov 3, 2013 1:54am
Bobi, what size of SL we should use for T5-1030 template?
  • #435
  • Nov 3, 2013 5:55am Nov 3, 2013 5:55am
Quoting Magnat
Bobi, what size of SL we should use for T5-1030 template?
Bobi indicated he doesn't use a sl - instead he hedges as price can reverse to meet the opposite target first but then will come back to meet its target
  • #436
  • Nov 3, 2013 7:13am Nov 3, 2013 7:13am
Quoting Magnat
Bobi, what size of SL we should use for T5-1030 template?
Hey Magnat. If you do us a SL the obvious place to put it on the 103 template is either the 100% or the opposite trade entry point. To do that on 1030 (which use same same rules as T5_103) would mean a massive SL and require a huge account using good MM. (Which you may have). Can I suggest using the large templates to give you a direction and target and then trade using the lower ones (t4f or t5_103).
  • #437
  • Nov 3, 2013 5:19pm Nov 3, 2013 5:19pm
Quoting hollowhead
{quote} Here is my analysis for the week across GU, EU, EJ, AU and Oil (don't have enough Gold baselines to really develop a full picture). What are other people's thoughts? Have I missed anything? Have I got anything wrong? Is there another way to see it? etc {image} {image} {image} {image} {image}
Hi Hollowhead,
Can I just check with your records. EURUSD is 13491 at the moment. If it drops to f5 on T4Y_680 which is 13480 and then falls a further 59 pips to 13421 which is a break of f5, that is when we short for a target of 120 pips down to f2 which is 13300. ???
  • #438
  • Nov 4, 2013 12:00am Nov 4, 2013 12:00am
hi boby
how many pips is called breaks for this template T4F?
  • #439
  • Nov 4, 2013 12:55am Nov 4, 2013 12:55am
Quoting Gisela
Hi Bobi, hope you can continue sharing T3 baseline as after 3 years is a really great guide to trade for every month. Of course now is much easier with annual templates. Thank you so much! BTW, in agreement with T3 Im waiting price can see 1.3441 (next week at the most according my experience). Regards!
Great Gisela


Regards,

Ben
  • #440
  • Nov 4, 2013 1:02am Nov 4, 2013 1:02am
Quoting hollowhead
{quote} Hey Magnat. If you do us a SL the obvious place to put it on the 103 template is either the 100% or the opposite trade entry point. To do that on 1030 (which use same same rules as T5_103) would mean a massive SL and require a huge account using good MM. (Which you may have). Can I suggest using the large templates to give you a direction and target and then trade using the lower ones (t4f or t5_103).
I think that templates should work together. I have experience with T4 and T3 since the Bobi begin posting them. And I see, that the main turning point take place then both levels in both templates was important according rules. Now I think price must touch 3149-7pips on T5-103 and 3189-47pips last time price reversed on T5-1030 at 61,8-47 pips.
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