Are support and resistance levels predetermined? | Page 30 | Forex Factory

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Are support and resistance levels predetermined?

  • #581
  • Nov 23, 2013 4:07am Nov 23, 2013 4:07am
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.
Hey b.bayatc - I think Taypot summed it up well - I would go through the whole thread - (it's not too long), make a note of all the baselines and rules for each template (indicator on first page) and develop a plan/method of how you want to trade what you discover...
  • #582
  • Nov 23, 2013 6:12am Nov 23, 2013 6:12am
Here's my w/end analysis and what I see for the pairs. Let me know if you think I've missed something...

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  • #583
  • Edited 9:11am Nov 23, 2013 8:38am | Edited 9:11am
hollowhead,

Honestly I do not know where you take these level for eur/usd 220 template.
Base line is 1.3401
and TP is 1.3270 ??? or 1.3233 ?
and FYI no need to reach that point, as I mentioned few pages before, target was 1.3569 and it met few days ago.
So, 1.3233 was not a target.

"As you know , T4F is not to point a specific target . Its duty comes to play when price breaks 38.2% (61.8%) and can not continue to reach 76.4%(23.6%) and reverses and breaks 100% level. then we expect to reach opposite target level."
  • #584
  • Nov 23, 2013 9:04am Nov 23, 2013 9:04am
Quoting krishelis
hollowhead, Honestly I do not know where you take these level for eur/usd 220 template. Base line is 1.3401 and TP is 1.3270 ??? or 1.3233 ? and FYI no need to reach that point, as I mentioned few pages before, target was 1.3589 and it met few days ago. So, 1.3233 was not a target. "As you know , T4F is not to point a specific target . Its duty comes to play when price breaks 38.2% (61.8%) and can not continue to reach 76.4%(23.6%) and reverses and breaks 100% level. then we expect to reach opposite target level."
Not sure what you mean by T4Y is not to point to a specific target...

Quoting aebab
Introduction of T4F template ... Rule: When price falls below 61.8% , or rises above 38.2% , it should continue to reach 23.6% or 76.4% respectively and to happen this scenario , it should not fall below 100% level. If happens , trend is changed and it will reach to opposite target. See the picture to instil. {image} {image} {image}
Price has fallen below 61.8% by 10 pips and should reach 23.6% (80 pip target) as long as it doesn't pullback past 100%.

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  • #585
  • Nov 23, 2013 9:18am Nov 23, 2013 9:18am
Yes, it broke, but went again above 100%, so no need to reach below target.
And look at your picture, what you wrote about F4T:

"bearish - broke 1.3310 needs to complete 1.3270" ??

Why you are referring it as bearish, that it already broke 100% ?
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  • #586
  • Nov 23, 2013 9:38am Nov 23, 2013 9:38am
Quoting krishelis
Yes, it broke, but went again above 100%, so no need to reach below target. And look at your picture, what you wrote about F4T: "bearish - broke 1.3310 needs to complete 1.3270" ?? Why you are referring it as bearish, that it already broke 100% ? {image}
I understand what you're saying. But, bobi describes that he hedges his trades knowing that even is there is a reversal the target will be met. Yes there is a trend reversal when the 100% is crossed, but that doesn't mean the original target is invalidated - price does not move that way - it never has. For me if a target has been set then I expect proce to get there, and I hedge or trade my way away from it and then back to it until it is met.

I really don't think there are hard and fast rules with the templates that have F - so this is how I trade them and so far it's worked out well.

As far as the number I pointed out, tbh it was a rough target - bobi states the target is 80 pips, but I'm not sure whether that includes the 10pips. So it was an estimated target.
  • #587
  • Nov 23, 2013 9:57am Nov 23, 2013 9:57am
Dear abab,

Does that apply to any type of trade including currency pairs? Thanks in advance for your help. I am a beginner but have been trading a number of years.
  • #588
  • Nov 23, 2013 5:54pm Nov 23, 2013 5:54pm
I really love the discussion you guys have - It is really educational. Hollowhead the info you post is OUTSTANDING - THANKS AND
Krishelis I appreciate your challenge of his info. Both of you Please keep it up. GOOD JOB!!
Tom
  • #589
  • Nov 23, 2013 5:59pm Nov 23, 2013 5:59pm
Quoting jmss59
{quote} 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.
Thanks for your valuable input. It is appreciated.
  • #590
  • Nov 23, 2013 6:01pm Nov 23, 2013 6:01pm
Quoting hollowhead
{quote} 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...
Steve - thanks for taking the time - I appreciate your response.
  • #591
  • Nov 24, 2013 2:14am Nov 24, 2013 2:14am
Quoting tomthepoppop
I really love the discussion you guys have - It is really educational. Hollowhead the info you post is OUTSTANDING - THANKS AND Krishelis I appreciate your challenge of his info. Both of you Please keep it up. GOOD JOB!! Tom
Thanks Tom. I don't think there are any real 'pros' (as you referred to them in a previous post) here except bobi, which means we are all working out how to apply the rules for ourselves - and as you'd expect we can all have slightly different interpretations of those rules.

Following Krishelis' comments I went back and reveiwed my understanding about 220 and his interpretation may well be better than mine (I'm always open to being wrong). On the T5_103F post, bobi states that an original target will be met in future and so it still stands even when price reverses. He doesn't specifically mention the same for 220, but when I questioned him about another rule he states that some rules apply to most of the templates - problem is we don't know whether this is one of them!!

It would be good to know, but in the end as long as we are all making pips it doesn't really matter...
  • #592
  • Nov 24, 2013 5:20am Nov 24, 2013 5:20am
Why I don't see any of lines ? What am I supposed to do exactly in order to see lines on chart by using that indicator?
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The Market pays you to be disciplined
  • #593
  • Nov 24, 2013 5:29am Nov 24, 2013 5:29am
Quoting mima
Why I don't see any of lines ? What am I supposed to do exactly in order to see lines on chart by using that indicator? {image}
Hey mima

Have you entered the template length and baseline on the indicator? Check post 7 for description.
  • #594
  • Nov 24, 2013 5:58am Nov 24, 2013 5:58am
Quoting hollowhead
{quote} Not sure what you mean by T4Y is not to point to a specific target... {quote} Price has fallen below 61.8% by 10 pips and should reach 23.6% (80 pip target) as long as it doesn't pullback past 100%. {image}
Hi Hollowhead. Seeing your entry level 38.2 + 10, I'll give my opinion. In my view, this template ought to have entered, breaking the 100 + level 10 is what I understand the rules of the template 220. Bobi saying that if the price breaks the level 100 +10, assumes that the price should reach 61.8 that phase, giving validity to this entry at this point.
  • #595
  • Nov 24, 2013 6:39am Nov 24, 2013 6:39am
Quoting jmss59
{quote} Hi Hollowhead. Seeing your entry level 38.2 + 10, I'll give my opinion. In my view, this template ought to have entered, breaking the 100 + level 10 is what I understand the rules of the template 220. Bobi saying that if the price breaks the level 100 +10, assumes that the price should reach 61.8 that phase, giving validity to this entry at this point.
Hi jmss59 - thanks for the input. I agee that the 100%+10 is a vaild trade. The question I have for bobi is whether, like on T5_103F, the original short trade is still active, or whether the trend reversal invalidates it. I've been working on the basis that the rules is the same as T5_103F so I have been using the reversal as a hedge on the original trade. Its worked out well several times on GU and EJ for me and all original targets were met eventually.

In terms of specific EU trades, I am not in any positions on that - I don't particularly like the pair and have been very active with the EJ and GU, with the odd AU and oil trades.

Thanks for the input - Steve
  • #596
  • Nov 24, 2013 7:09am Nov 24, 2013 7:09am
So, have I got T4F completley wrong - I think I might have - call me Captain Thicky.

When bobi says price breaks 61 or 38 and should reach a target he doesn't actually trade those breaks he only trade the reversal break of 100% - is that right?

Apoligies to those who have been trying to help me, but I couldn't understand what was being said.
  • #597
  • Nov 24, 2013 7:43am Nov 24, 2013 7:43am
Quoting hollowhead
So, have I got T4F completley wrong - I think I might have - call me Captain Thicky. When bobi says price breaks 61 or 38 and should reach a target he doesn't actually trade those breaks he only trade the reversal break of 100% - is that right? Apoligies to those who have been trying to help me, but I couldn't understand what was being said.
I'm doing a parallel study , I call open phases , based precisely on the subject, which happens when a level is broken and the price is rotated. The price should go back for the purpose of this level broken ?
I know you do not like to add variants to Bobi system in this thread, but in this case I think you may be interested .
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  • #598
  • Edited 8:08am Nov 24, 2013 7:56am | Edited 8:08am
here is what I have:

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The Market pays you to be disciplined
  • #599
  • Nov 24, 2013 8:46am Nov 24, 2013 8:46am
Quoting mima
here is what I have: {image} {image}
Ok - now you need to match the length you have entered on these to the templates and baselines decribed in the thread.
  • #600
  • Nov 24, 2013 8:50am Nov 24, 2013 8:50am
Quoting hollowhead
{quote} Ok - now you need to match the length you have entered on these to the templates and baselines decribed in the thread.

OK hep me on this one too. Which base line and which length ?
The Market pays you to be disciplined
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