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Are support and resistance levels predetermined?

  • #661
  • Dec 9, 2013 1:05am Dec 9, 2013 1:05am
Quoting krishelis
{quote} Hi hollowhead again, EUR/USD: For me T4F is bullish till 1.3789, It failed to reach 1.3452 again and went above 100% (1.3612), that means it should reach 1.3789. BUT T594, broke 50-38.2% area and didn't complete cycle (137pips), so, I would say we are bearish on this template. T103 confirms it as well, because it failed to reach 1.3514
Hi Krishells. Good spot, I'll factor those in.

Steve
  • #662
  • Dec 9, 2013 1:27am Dec 9, 2013 1:27am
Quoting krishelis
{quote} Hi hollowhead again, EUR/USD: For me T4F is bullish till 1.3789, It failed to reach 1.3452 again and went above 100% (1.3612), that means it should reach 1.3789. BUT T594, broke 50-38.2% area and didn't complete cycle (137pips), so, I would say we are bearish on this template. T103 confirms it as well, because it failed to reach 1.3514
Hi krishelis - I'm wondering if T4Y is a trend reversal signal, and it doesn't complete its target, does it remain valid or has the trend changed back. Would it be the equivelent of a bear trap or fakey of some kind? Would value your opinion.
  • #663
  • Dec 9, 2013 1:28am Dec 9, 2013 1:28am
Quoting agssy007
{quote} This is my chart looking {image}
Hi agssy007 - it looks like you haven't entered a template length into the indicator - it says 0 at the moment. You need to put the length adn the baseline in.

Steve
  • #664
  • Dec 9, 2013 2:57am Dec 9, 2013 2:57am
Quoting hollowhead
{quote} Hi agssy007 - it looks like you haven't entered a template length into the indicator - it says 0 at the moment. You need to put the length adn the baseline in. Steve
Ok Steve. Yes, i didn't enter a length on template.

How to enter a template length?
  • #665
  • Dec 9, 2013 4:49am Dec 9, 2013 4:49am
Quoting hollowhead
{quote} Hi Alan, Yours is right - I had the 1103 as the length on mine, not 1130. I had a computer crash and had to redo the templates and typed it in wrong on all 4 pairs. That could have been bad!! Regarding the trade setup, change to a daily chart and look at the 17 Oct - the 50% was broken then - that's what I was referring to. It's nowhere near now, but it still should complete. Have a good week trading.
OK. I'm with you now. I see how you are looking at the chart. Thanks for the input.
  • #666
  • Dec 9, 2013 7:38am Dec 9, 2013 7:38am
Quoting Batavier
Fascinating material. I am subscribed and look forward to developing understanding. Seems that there is a secret formula in calculating base level??? I do hope that will be revealed. Thank you.
Betavier, actually it is not a secret to find out those important levels where market stalls and makes support or resistance levels. There are several ways to find those levels out. Let me tell you what they are.

The most widely used tool to find potential support, resistance levels is Fibonacci retracement. Once you have drawn a Fibonacci retracement you get several lines marked with 23.6, 38.2, 61.8, 76.4, 100, etc. You can assume that price is going to find its support or resistance on those levels.

If you are trading from an Android device, then you might have to find those levels by calculation since most trading platforms do not have the option to draw Fibonacci retracement on Android. However, you can use this tool http://www.forexrazor.com/en-us/tools/resources/fibonacci-calculator.aspx

This calculates and helps you find those levels where market most likely reacts and shows us its future direction in most cases. At least, we can find out the point where we should take entry with maximum reward and minimum risk. At the end of the day this is what trading is all about.
  • #667
  • Dec 9, 2013 12:03pm Dec 9, 2013 12:03pm
Quoting NetEffect
{quote} Betavier, actually it is not a secret to find out those important levels where market stalls and makes support or resistance levels. There are several ways to find those levels out. Let me tell you what they are. The most widely used tool to find potential support, resistance levels is Fibonacci retracement. Once you have drawn a Fibonacci retracement you get several lines marked with 23.6, 38.2, 61.8, 76.4, 100, etc. You can assume that price is going to find its support or resistance on those levels. If you are trading from an Android...
NetEffect - what you say is true, but this system doesn't use fibs in the typical way. They are not drawn according to a past price action move for retracement or extension, which is very subjective. Abonacci draws fibs to break up phases or rooms within a preset phase (length) according to a baseline that is set from the beginning of the year. They are drawn once for the whole year.
  • #668
  • Dec 11, 2013 7:37am Dec 11, 2013 7:37am
Hi everybody
Very interesting thread
I am new
  • #669
  • Dec 11, 2013 7:50am Dec 11, 2013 7:50am
Quoting prraj
Hi everybody Very interesting thread I am new

Hey prraj - welcome to the thread.
  • #670
  • Dec 11, 2013 10:12am Dec 11, 2013 10:12am
Quoting hollowhead
{quote} Here you go You will need to read the thread for the rules of each template {image}
thank you Bobi and Steve. please share , phase and baseline for EUR/NZD, EUR/AUD and USD/JPY and GBP/JPY as well. thank you
  • #671
  • Dec 11, 2013 2:43pm Dec 11, 2013 2:43pm
It is just amazing how some things just jump out at you and you are able to trade them really well. I have taken
12 trades so far since joining this thread and every one has been 50+ pips to the good - no loses so far. The
interesting thing is how clear the picture as to whether to trade or not to trade is with these templates --as long
as you review the rules. But---- I have found that i have been fortunate because I have only used the 965, 1130 and 680 templates to trade. Mostly the 680 -- I have two open trades currently and I should have checked the 594 template but did not and sure enough these trades are not positive as yet. They will eventually get there but I could have saved myself some time and money by checking the 594 for reversal areas first. I think that if I trade the 680 with review of the 594 I should be good. I don't know if I should be checking all templates or not. Maybe someone could provide their opinion --- I know Hollowhead and I think JMSS59 check multiple templates.

By the way -- Welcome Big AL from NC. You are a real asset to any forum as you are a quick learner and always ask good questions and provide good insight. ---TOM---
  • #672
  • Dec 11, 2013 2:56pm Dec 11, 2013 2:56pm
Quoting tomthepoppop
It is just amazing how some things just jump out at you and you are able to trade them really well. I have taken 12 trades so far since joining this thread and every one has been 50+ pips to the good - no loses so far. The interesting thing is how clear the picture as to whether to trade or not to trade is with these templates --as long as you review the rules. But---- I have found that i have been fortunate because I have only used the 965, 1130 and 680 templates to trade. Mostly the 680 -- I have two open trades currently and I should have checked...
Well traded Tom!! It's great to see your having success with Abonacci.

I assume you're talking about GU and the reversal area. I am in the same 680 trade, I also have a longer one on that pair with the 1030 (103 x10). I do try and look across all the templates. Like with most other trading whether a system with indicators or price action with S/R confluence adds to the confidence. So, if I see that most of the templates have prior signals heading one way (and some of them could be weeks back), then I look for an entry on a shorter template. I saw the 594 reversal, and figured that because bobi's statement that war, famine, pestilence and armegeddon can't stop and 680 or 1130, I figured I will take it knowing it it would probably struggle to get through that area and may take a few pullbacks and attempts, but like you I figured it will get there eventually.

It would be great to have Bobi around for a bit to ask what he would do in a situation like that, so we can only test and see - which I think is a great way to learn anyway.

Steve
  • #673
  • Dec 11, 2013 4:51pm Dec 11, 2013 4:51pm
I am a new Member and I would like to thank aebab and steve on this wonderful effort and follow-up with you
  • #674
  • Dec 12, 2013 2:24pm Dec 12, 2013 2:24pm
This looks very interesting could I get the baselines for the following Eur/Usd Gbp/Usd Aud/Usd Nzd/Usd Cad/Jpy Aud/Jpy Usd/Cad Usd/Chf Eur/Jpy Gbp/Jpy Usd/Jpy Gbp/Chf for the T5-965 setup for 2014 calender year. Thanks
  • #675
  • Dec 12, 2013 2:40pm Dec 12, 2013 2:40pm
Quoting Mclaren
This looks very interesting could I get the baselines for the following Eur/Usd Gbp/Usd Aud/Usd Nzd/Usd Cad/Jpy Aud/Jpy Usd/Cad Usd/Chf Eur/Jpy Gbp/Jpy Usd/Jpy Gbp/Chf for the T5-965 setup for 2014 calender year. Thanks
Hi Mclaren

Baselines are set on the 2 Jan each year - bobi may post them in Jan - the only baselines available in this thread are 2013 EU, GU, AU, EJ and some oil and gold.

Steve
  • #676
  • Dec 12, 2013 3:31pm Dec 12, 2013 3:31pm
I just luv this system. Its classic.
Im a new member and reading through everything, ive gotten a deeper understanding of the markets.
Thanks Bobi, hallowhead
  • #677
  • Edited 5:36pm Dec 12, 2013 3:47pm | Edited 5:36pm

  1. Post 672
  2. Quote

Thanks Tom for introducing me to the abonnacci. This is getting fun. By the way, what made you
focus for the most part on the 680?

Alan

  • #678
  • Dec 12, 2013 5:15pm Dec 12, 2013 5:15pm
So I'm now starting to think about the end of the year and the start of a new one. I wonder what happens with existing trades if/when we get new baselines.

As I see it, we could be in a trade, then change the baselines for the coming year and price would suddenly appear to be in no-mans land - do we keep the trades open assuming the original targets are still valid and then trade the next signals on the new templates? Or do we shut up shop for the holidays and come back fresh in the new year? One thing about this system for me is I have been in trades since I took the first one. If we need to wind them up before the holidays, then I need to start thinking about that now.

What do you guys think? How are you going to handle the holidays and new (or no) baselines?
  • #679
  • Dec 12, 2013 5:33pm Dec 12, 2013 5:33pm
Quoting hollowhead
So I'm now starting to think about the end of the year and the start of a new one. I wonder what happens with existing trades if/when we get new baselines. As I see it, we could be in a trade, then change the baselines for the coming year and price would suddenly appear to be in no-mans land - do we keep the trades open assuming the original targets are still valid and then trade the next signals on the new templates? Or do we shut up shop for the holidays and come back fresh in the new year? One thing about this system for me is I have been in...

I have been considering this as well. My plans are to be out of any open trades before the end of the year good or bad.
  • #680
  • Dec 12, 2013 5:50pm Dec 12, 2013 5:50pm
Quoting biganc
{quote} I have been considering this as well. My plans are to be out of any open trades before the end of the year good or bad.
I think that's probably the right thing to do.

BTW Alan, not wanting to speak for Tom, but I think several people favour the 680 and 1130, because Bobi describes them as the most accurate templates he had created, and looking back they certainly seem to be very accurate.

Best, Steve
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