Are support and resistance levels predetermined? | Page 29 | Forex Factory

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Are support and resistance levels predetermined?

  • #561
  • Nov 21, 2013 4:21am Nov 21, 2013 4:21am
Hollowhead, I understand that if the price breaks the 38.2 level ( 1.34715 ) + 10 pips, go to the 76.4 level ( 1.35556 )??
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  • #562
  • Nov 21, 2013 4:43am Nov 21, 2013 4:43am
Quoting jmss59
Hollowhead, I understand that if the price breaks the 38.2 level ( 1.34715 ) + 10 pips, go to the 76.4 level ( 1.35556 )?? {image}
Bobi's rules for 220 require price to have come from the 76% of the lower phase (23% of upper phase if going short).

This seems to be be the norm for most templates - I use it as an entry rule - I think it helps getting stuck in a range.
  • #563
  • Nov 21, 2013 7:26am Nov 21, 2013 7:26am
EUR-CAD
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  • #564
  • Nov 21, 2013 10:43am Nov 21, 2013 10:43am
The NZD - USD , finally reached his goal of 47 pips
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  • #565
  • Nov 21, 2013 11:32am Nov 21, 2013 11:32am
HI GANG - Is anyone using the 680 template and if so what timeframe are you trading with it? Bobi said it was his most accurate so I think I will use it. I have had 4 trades so far on the 965 template and all were closed out positive. One went for over 90 pips the others I closed early but they were positive.
Tom
  • #566
  • Nov 21, 2013 11:47am Nov 21, 2013 11:47am
Quoting tomthepoppop
HI GANG - Is anyone using the 680 template and if so what timeframe are you trading with it? Bobi said it was his most accurate so I think I will use it. I have had 4 trades so far on the 965 template and all were closed out positive. One went for over 90 pips the others I closed early but they were positive. Tom
Hi tomthepoppop

To be honest I don't think the timeframes make any difference. If we are setting out entries at levels and targets at certain prices - then it doesn't matter whether you are looking at day candles or 1 min candles.

Having said that, if I want to see the phase of a template on one screen then I tend to use daily charts for everything except, 220 which I look at with 4h charts and 103 which tend to be 1h or 15 min.
  • #567
  • Nov 21, 2013 11:51am Nov 21, 2013 11:51am
Quoting hollowhead
{quote} Hi tomthepoppop To be honest I don't think the timeframes make any difference. If we are setting out entries at levels and targets at certain prices - then it doesn't matter whether you are looking at day candles or 1 min candles. Having said that, if I want to see the phase of a template on one screen then I tend to use daily charts for everything except, 220 which I look at with 4h charts and 103 which tend to be 1h or 15 min.
OK - thanks for the input
  • #568
  • Edited 1:40pm Nov 21, 2013 12:20pm | Edited 1:40pm
Quoting hollowhead
I am currently long on EJ and GU. Both dropped a lot last week due to to news (I nearly had kittens when it went), but I caught a couple of short trades to take the edge of the DD. EJ found support right in the middle of at two bullish TL crosses - might retest again, but am trading it to reach it's upper targets.
FOr those interested I am now finally flat on EJ - total of 7 trades (mixture of T5_103F and TF4_220). Hopefully the image shows how I traded up and down the DDs, hedging my position and then releasing it.

Image is on the 220 chart, but I have tried to include where I entered and exited.

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  • #569
  • Nov 21, 2013 1:25pm Nov 21, 2013 1:25pm
The EUR - CAD, finally reached his goal of 47 pips .
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  • #570
  • Nov 21, 2013 11:32pm Nov 21, 2013 11:32pm
Summary open trades . MM: I do not like big DD support , so I use the traditional system : Entry - objective - stop , and apply in my operations RR 1:2 , ie 24 pips stop by 47 pips profit .
Result of operations :

AUD-USD: +47
EUR-USD: -24
GBP-USD: -24
NZD-USD: +47
EUR-CAD: +47

TOTAL: +93

Keep open the operation of the: USD-JPY
  • #571
  • Nov 22, 2013 1:05am Nov 22, 2013 1:05am
EUR-CAD


May have more relevance this entry, if we consider that the template 220, is also in bullish phase development
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  • #572
  • Nov 22, 2013 1:19am Nov 22, 2013 1:19am
EUR-USD
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  • #573
  • Nov 22, 2013 1:46am Nov 22, 2013 1:46am
Hi to all
I am a new member & found this so interesting.
I found 2 threads "Aboonacci System - for EUR/USD prediction " & "Are support and resistance levels predetermined?"

Can anybody guide me how to start?
shall I need to read all the pages of the above threads or there is a manual or pdf to read?
My last question is from where I can download the required updated tools ? I mean the indicator, calculator, templates, ....

thanks.
  • #574
  • Nov 22, 2013 2:44am Nov 22, 2013 2:44am
The EUR-CAD finally reached its target of 47 pips.
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  • #575
  • Nov 22, 2013 3:40am Nov 22, 2013 3:40am
UDS - JPY .I do not like this pair, it is very slow, change the eur-jpy. I close the operation that had open + 22
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  • #576
  • Nov 22, 2013 7:31am Nov 22, 2013 7:31am
Close the operation EUR-USD. Are weekend and we think the market will not move much . When the weekend comes I close all operations.
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  • #577
  • Nov 22, 2013 12:10pm Nov 22, 2013 12:10pm
A question for the thread pros ----- Right now in eastern US the AUD/USD is 0.91636 which is about 74 pips below
the 23.6% area. It is coming down from above the 76.4 area. I plan on putting an order in on the T4Y 680 template
at 14 pips above the 23.6 level with a TP at the 76.4 area. What do you think. Am I on target or not reading
anything right? I do not know how to upload pic of trading screen.
  • #578
  • Nov 22, 2013 1:39pm Nov 22, 2013 1:39pm
Quoting tomthepoppop
A question for the thread pros ----- Right now in eastern US the AUD/USD is 0.91636 which is about 74 pips below the 23.6% area. It is coming down from above the 76.4 area. I plan on putting an order in on the T4Y 680 template at 14 pips above the 23.6 level with a TP at the 76.4 area. What do you think. Am I on target or not reading anything right? I do not know how to upload pic of trading screen.
23.6 The level is considered broken when the price is rising from - 59 pips lower level 100. That is, the price should come from 0.9024 and break in + 14 pips the level 23.6.
  • #579
  • Nov 22, 2013 1:50pm Nov 22, 2013 1:50pm
Quoting b.bayatc
Hi to all I am a new member & found this so interesting. I found 2 threads "Aboonacci System - for EUR/USD prediction " & "Are support and resistance levels predetermined?" Can anybody guide me how to start? shall I need to read all the pages of the above threads or there is a manual or pdf to read? My last question is from where I can download the required updated tools ? I mean the indicator, calculator, templates, .... thanks.
Hi Bayatac, I think the other thread is rather too long now. I have concentrated on this one and found enough information to build a spreadsheet with relevant levels for each template. Hollowhead has told me that the baselines given are for the year so not to worry about monthly baselines. You will find templates on this thead but need to manually enter baselines and length when setting them up. The calculator is not needed here. Sometimes people talk about levels on the templates on the other thread which is confusing. Hollowhead is following the rules as set by Aebab and giving accurate, helpful guidelines and you can check your understanding of the rules against his figures. Jmss59 is presenting additional help on the levels and trading according to his method of trading with ideas for baselines according to magic levels. Its fascinating and certainly worth reading this thread and setting up the templates.
  • #580
  • Nov 23, 2013 2:01am Nov 23, 2013 2:01am
Quoting tomthepoppop
A question for the thread pros ----- Right now in eastern US the AUD/USD is 0.91636 which is about 74 pips below the 23.6% area. It is coming down from above the 76.4 area. I plan on putting an order in on the T4Y 680 template at 14 pips above the 23.6 level with a TP at the 76.4 area. What do you think. Am I on target or not reading anything right? I do not know how to upload pic of trading screen.
Hey tomthepoppop - according to Bobi's rules price needs to have come from 59 pips below the 0%/100% and then broken the 23% line by 14 pips (you can check the rules for T4Y_680 on post no. 207 (note the 68.3% on the short rule should read 76.4% which bobi corrects later in the thread).

If you look at post no. 496 I noted that AU had two contrary signals on different templates. One was a short signal on T5_2_2 (965) with a short target of 0.91387. Price has just been within a few pips of hitting that target. The other signal is long on T5_1030 (T5_103 x10) which has a target of about 1.0.

FWIW I entered a small long on the AU targetting that level. However, price could easily drop further (as most are expecting) before going up.

But I don't think the T4Y_680 order is valid (according to the rules) unless we have a pullback to at least circa 0.9024.

Hope that helps.

Steve

PS - Please don't take my response as me considering myself a pro with this system - only bobi could be considered that.
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