Are support and resistance levels predetermined? | Page 26 | Forex Factory

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Are support and resistance levels predetermined?

  • #501
  • Nov 12, 2013 2:20am Nov 12, 2013 2:20am
Hi Hallowhead

on T5 103 F have you a possible buy eur\usd 1.34414 and TP at 1.34900?
i ask you in order to help each other to see the possible entry
  • #502
  • Nov 12, 2013 2:26am Nov 12, 2013 2:26am
T5 103 F AUD USD

sell stop at 0.92750 TP 0.9224?
  • #503
  • Nov 12, 2013 4:09am Nov 12, 2013 4:09am
Quoting armyda
Hi Hallowhead on T5 103 F have you a possible buy eurusd 1.34414 and TP at 1.34900? i ask you in order to help each other to see the possible entry
Hi armyda

I have decided to stay out of AU for a while - the direction to me isn't clear and as I mentioned in a previous post it has two targets 700 pips apart - I don't know which way it will go first, and as I hedge my trades I want to try and avoid a 700 pip hedge if I can...

As far as EU is concerned, I favour the bull side as there are signals on the T5_1030 that need to complete - then again there is T5_103 sell that didn't complete on the 8 Nov, and the trade you suggest will be a second go at that. However, on the 7 Nov, it did the same phase and completed. I am not sure what bobi thinks about repeating the trades in a consolidation/flag pattern or whether we should wait for a full trade in another phase.
  • #504
  • Nov 12, 2013 4:24am Nov 12, 2013 4:24am
but do you follow every template?for me it's too complicate
i think that T4 680 and 1130 and T5 reversal
what do you think about it?
  • #505
  • Nov 12, 2013 4:45am Nov 12, 2013 4:45am
I do as much as I can - but obviously yesterday I demonstrated that one baseline wrong can change everything!!

If you look at post no. 473, I uploaded screen shots of the spreadsheet I use. For each template I note what I think is happening - then that gives me an idea of direction to trade (according the 680, 1130 etc), where price may reverse (594). I can then get an overall picture and develop my trade plan for the week. For me it's important to have a plan - where I will enter and TP (plan1), where I will hedge (TP) and where I will panic - actually I know where I will pull the plug.

For me, trading abonacci is about a set of trades - not picking isolated ones. Since I have started trading this way I have not been out of a trade, as soon as one opens, I may end up with a hedge, trade that down, trade it back up, wait fro the original trade to complete and in the meantime I am into another pair. It's very full-on.
  • #506
  • Nov 12, 2013 4:45am Nov 12, 2013 4:45am
Quoting armyda
but do you follow every template?for me it's too complicate i think that T4 680 and 1130 and T5 reversal what do you think about it?

PS - I think the T5_1030 is very powerful.
  • #507
  • Nov 12, 2013 5:11am Nov 12, 2013 5:11am
sorry i'm very confused but where is the T5 1030 post?
  • #508
  • Nov 12, 2013 5:24am Nov 12, 2013 5:24am
Quoting armyda
sorry i'm very confused but where is the T5 1030 post?
Post 283 - basically multiply the T5_103 length by 10, follow the same rules as T5_103 but do break 70 pips and TP 400 pips (everything except baseline x10)
  • #509
  • Nov 12, 2013 5:54am Nov 12, 2013 5:54am
Bobi says:
We can say 38.2% is broken when price is traveling from 76.4% of lower phase and rises 70 pips above 38.2% level of current phase
I SAY: SO LONG with TP 470 pips?
We can say 61.8% is broken when price is traveling from 23.6% of upper phase and falls 70 pips below 61.8% level of current phase.
I SAY: SO SHORT with TP 470 pips?
  • #510
  • Nov 12, 2013 6:05am Nov 12, 2013 6:05am
Quoting armyda
Bobi says: We can say 38.2% is broken when price is traveling from 76.4% of lower phase and rises 70 pips above 38.2% level of current phase I SAY: SO LONG with TP 470 pips? We can say 61.8% is broken when price is traveling from 23.6% of upper phase and falls 70 pips below 61.8% level of current phase. I SAY: SO SHORT with TP 470 pips?
Not sure what you saying - but on T5_103 TP is 40 pips after trade signal which is 7 pips beyond 38.2%/61.8% = 47pips beyond 38.2%/61.8%. Therefore x10 is 400 pips after trade signal which is 70 pips beyond 38.2%/61.8% = 470pips beyond those levels.

Not sure if bobi factors in spread on his trades.
  • #511
  • Nov 12, 2013 6:11am Nov 12, 2013 6:11am
i dont unterdestand if i have to go long or short after broken 38.2 and rise of 70pips above level 38.2
thank for your patience
  • #512
  • Nov 12, 2013 6:32am Nov 12, 2013 6:32am
Quoting armyda
i dont unterdestand if i have to go long or short after broken 38.2 and rise of 70pips above level 38.2 thank for your patience
This might help - also look at bobi's first posts especially the charts - it's all there

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-trade example.png Size: 75 KB
  • #513
  • Nov 12, 2013 8:11am Nov 12, 2013 8:11am
Thakyou so much now is very clear!!
An ansewer ...but have we lost Bobi?
He must explan many thinghs
  • #514
  • Nov 12, 2013 8:32am Nov 12, 2013 8:32am
Quoting armyda
Thakyou so much now is very clear!! An ansewer ...but have we lost Bobi? He must explan many thinghs

I'm afraid bobi doesn't have to do anything. It would be great if he came in from time to time - as Jaylovin said, there are things he knows and can share which would help - but he is under no obligation to at all. From what I have seen and experienced what is in this thread is enough to give an edge to anyone's trading. But you have to be able to trust the levels/phases/templates.

People can either trade the templates on their own, or use them with another system to give direction, targets and trouble areas.

I have traded the way I described to you earlier. The current stats 28 wins, 3 losses and 3 trades in play with a current total of 1163 pips realised. But I have to say it is not an easy way to trade - trading using a hedge takes a lot of focus and balls of steel (as well as a disaster protection strategy) when you go into a big DD. I am very aware that it could go drastically wrong if I have misread something in the charts or I am not concentrating.
  • #515
  • Nov 12, 2013 9:01am Nov 12, 2013 9:01am
I undestand what you say
But nothing new under the sun
It's simple in general trading?
I think no
  • #516
  • Nov 12, 2013 9:09am Nov 12, 2013 9:09am
Quoting armyda
I undestand what you say But nothing new under the sun It's simple in general trading? I think no
Trading is simple - but the hardest thing I have ever done.
  • #517
  • Nov 12, 2013 9:10am Nov 12, 2013 9:10am
Quoting hollowhead
{quote} Trading is simple - but the hardest thing I have ever done.

Actually trading isn't hard - being consistently profitable is...
  • #518
  • Nov 14, 2013 10:15am Nov 14, 2013 10:15am
Hi, Do you have baseline of USDCAD and USDJPY for T103 template?
  • #519
  • Nov 14, 2013 10:15am Nov 14, 2013 10:15am
Oil has now completed its bear trade on T4F at circa 92.72.

It still has two bull trades to complete to reach 95.13 and 114.57.

Price is entering a major historial S/R area between 91.20 and 92.50 - it could be a very interesting area to enter long for relatively small risk for a sizeable TP.

Just a thought...
  • #520
  • Nov 14, 2013 10:17am Nov 14, 2013 10:17am
Quoting chrjtm
Hi, Do you have baseline of USDCAD and USDJPY for T103 template?
I'm afraid there are no baselines for either of those pairs only EU, GU, AU, EJ and a few for oil and couple for gold.
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