Are support and resistance levels predetermined? | Page 39 | Forex Factory

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Are support and resistance levels predetermined?

  • #761
  • Jan 6, 2014 1:39am Jan 6, 2014 1:39am
Dear Hollowhead,

How I can get the templates?

Thanks

Karina
  • #762
  • Jan 6, 2014 5:24am Jan 6, 2014 5:24am
Quoting hollowhead
{quote} Thanks Gisela, appreciate the response. Steve
date is mmddyyyy? or ddmmyyyy?
The Market pays you to be disciplined
  • #763
  • Jan 6, 2014 5:29am Jan 6, 2014 5:29am
Quoting mima
{quote} date is mmddyyyy? or ddmmyyyy?

mima

Date is ddmmyyyy

Steve
  • #764
  • Jan 6, 2014 5:31am Jan 6, 2014 5:31am
Quoting karinhak
Dear Hollowhead, How I can get the templates? Thanks Karina
Hi karinhak

The template to use is attached to post number 204.

Steve
  • #765
  • Jan 6, 2014 5:33am Jan 6, 2014 5:33am
Quoting hollowhead
{quote} mima Date is ddmmyyyy Steve
hollowhead... question about T1130 i don't understand what bobi means by this:

We can say 23.6% is broken when price is traveling from 100%-59 pips of the phase and rises 42 pips above 23.6% level of current phase.
We can say 61.8% is broken when price is traveling from 0%+59 of upper phase and falls 42 pips below 76.4% level of current phase.


on the same template he talks about breaks being 23.6 and 76.4... then types the above statements.. does it make any sense to you ?
  • #766
  • Jan 6, 2014 5:37am Jan 6, 2014 5:37am
Quoting jaylovin
{quote} hollowhead... question about T1130 i don't understand what bobi means by this: We can say 23.6% is broken when price is traveling from 100%-59 pips of the phase and rises 42 pips above 23.6% level of current phase. We can say 61.8% is broken when price is traveling from 0%+59 of upper phase and falls 42 pips below 76.4% level of current phase. on the same template he talks about breaks being 23.6 and 76.4... then types the above statements.. does it make any sense to you ?
Hi jaylovin

the 61.8% is wrong, it should read 76.4%. Bobi corrects it here
Quoting aebab
{quote} I am so sorry . I made a mistake in typing. Its edited now as follow: RULE: Break of 23.6% Level -------> Target 50% , Break is 14 pips. Profit=180 pips. Break of 50% Level -------> Target 76.4 , Break is 59 pips. Profit=120 pips. We can say 23.6% is broken when price is traveling from 100%-59 pips of the phase and rises 14 pips above 23.6% level of current phase. We can say 76.4% is broken when price is traveling from 0%+59 of upper phase and falls 14 pips below 76.4% level of current phase.
Steve
  • #767
  • Jan 6, 2014 5:41am Jan 6, 2014 5:41am
Quoting prraj
Hi hollowhead Please clarify what is the difference between T5_1_103 & T5_103F . If T5_1_103 have any special rule from T5_103F, pl post here. Thankyou
Good question - which I don't know the answer for I am afraid. Previously Bobi has stated that if the template name has an 'f' in it, then it can 'fail'. It may well be that bobi has increased his confidence in the T5_103 template and that his latest testing shows it does not fail (like 680, 1130 etc). This is just my assumption and we will need bobi to clarify himself to be certain.

Steve
  • #768
  • Jan 6, 2014 5:46am Jan 6, 2014 5:46am
Was anyone else in the GU T5_103 short - with my broker it missed the target by 0.2 pips!! Still, if the T4Y_680 signal is valid (which I believe it is, it should hit there again. I think there is also a T4Y_1130 signal long (depending on whether we count last years PA for signal validity, if so) I am expecting/hoping for a good drop down before price reinstates it upward trend.
  • #769
  • Jan 6, 2014 5:47am Jan 6, 2014 5:47am
Quoting hollowhead
{quote} Hi jaylovin the 61.8% is wrong, it should read 76.4%. Bobi corrects it here {quote} Steve

cool got that part thanks but why does it matter if reaches 100%-59... is that the limit for the price NOT to exceed then bounce back and break 23.6%? thats the only thing i can make sense of but not sure if this is what he means
  • #770
  • Jan 6, 2014 5:54am Jan 6, 2014 5:54am
Quoting jaylovin
{quote} cool got that part thanks but why does it matter if reaches 100%-59... is that the limit for the price NOT to exceed then bounce back and break 23.6%? thats the only thing i can make sense of but not sure if this is what he means
Sorry, misunderstood the question. I take it to mean that for a...
Long - price needs to have come from 59pips below the 0%/100% line and crossed above the 23.6% by 42 pips.
Short - price needs to have come from 59pips above the 0%/100% line and crossed below the 76.4% by42 pips.

Hope that helps - if not I'll post a chart when I get a chance

Steve
  • #771
  • Jan 6, 2014 5:55am Jan 6, 2014 5:55am
Quoting mima
{quote} date is mmddyyyy? or ddmmyyyy?
Just noticed that on the indicator you need to enter 2014.01.02 08:00 (YYYY.MM.DD HH:MM)

Steve
  • #772
  • Jan 6, 2014 5:57am Jan 6, 2014 5:57am
Quoting hollowhead
{quote} Sorry, misunderstood the question. I take it to mean that for a... Long - price needs to have come from 59pips below the 0%/100% line and crossed above the 23.6% by 42 pips. Short - price needs to have come from 59pips above the 0%/100% line and crossed below the 76.4% by42 pips. Hope that helps - if not I'll post a chart when I get a chance Steve

ah so he means price has to come from more than 59 pips past 0% to be a valid signal and vice versa? I thought it was within.. thanks..
  • #773
  • Jan 6, 2014 6:12am Jan 6, 2014 6:12am
Quoting jaylovin
{quote} ah so he means price has to come from more than 59 pips past 0% to be a valid signal and vice versa? I thought it was within.. thanks..
That's the way I understand it.
  • #774
  • Jan 6, 2014 8:44am Jan 6, 2014 8:44am
Quoting prraj
Hi hollowhead Please clarify what is the difference between T5_1_103 & T5_103F . If T5_1_103 have any special rule from T5_103F, pl post here. Thankyou


Quoting hollowhead
Good question - which I don't know the answer for I am afraid. Previously Bobi has stated that if the template name has an 'f' in it, then it can 'fail'. It may well be that bobi has increased his confidence in the T5_103 template and that his latest testing shows it does not fail (like 680, 1130 etc). This is just my assumption and we will need bobi to clarify himself to be certain. Steve



Hi Please clarify what is the difference between T5_1_103 & T5_103F .
If T5_1_103 have any special rule from T5_103F, pl post here.

Thankyou
prraj
  • #775
  • Jan 6, 2014 9:35am Jan 6, 2014 9:35am
Quoting prraj
Quoting prraj Hi hollowhead Please clarify what is the difference between T5_1_103 & T5_103F . If T5_1_103 have any special rule from T5_103F, pl post here. Thankyou Quoting hollowhead Good question - which I don't know the answer for I am afraid. Previously Bobi has stated that if the template name has an 'f' in it, then it can 'fail'. It may well be that bobi has increased his confidence in the...
As I said in my post you quoted - I don't know what the difference is - I can only guess, which is U explained in the post regarding what 'f' in a template name means. I assume the rules as the same, but bobi would need to confirm that.

Steve
  • #776
  • Jan 6, 2014 12:58pm Jan 6, 2014 12:58pm
I find this thread very interesting. I tried something and am unsure of it's validity. True, it is not totally in line with the premise of this thread and I do not want to distract from it, but I am curious if anyone has any thoughts on this.
Just using the fib as one normally would, but if one used just a 1 minute or whatever TF and used much the same rules as prescribed in this thread (but without the influence or concern of previous highs or lows from the begining of the year) and that is, once the price breaks the 50% of a fib movement, take take a buy (or sell) depending on the movement and it seems, invariably it too will hit either the 76.4% on a buy or the 23.6 on a short. Does it work that way too? Thoughts, input or am I waaay off base?
  • #777
  • Jan 6, 2014 1:56pm Jan 6, 2014 1:56pm
Quoting Stan
I find this thread very interesting. I tried something and am unsure of it's validity. True, it is not totally in line with the premise of this thread and I do not want to distract from it, but I am curious if anyone has any thoughts on this. Just using the fib as one normally would, but if one used just a 1 minute or whatever TF and used much the same rules as prescribed in this thread (but without the influence or concern of previous highs or lows from the begining of the year) and that is, once the price breaks the 50% of a fib movement, take...
Hi Stan - I hear what you are saying - and I guess if statiscally a cross of a 50% fib is more likely to hit 76% than reverse then you have an edge and should be profitable - I've not tested it, but it figures that you are would be taking a chunk out of a move you have already spotted - so I see no reason why it shouldn't give you something.

Trading fibs in the usual manner has often been described as a self-fulling prophecy - if the market movers are looking at a fib retracement and decide to buy or sell at the 50%, and you do the same then you will make money. But, not everyone draws fibs the same or on the same TF. For me the power of this system is that it to clearly defines S/R resistance areas way ahead of time - the fib breakdown and rules within abonacci are a way to trade those S/R areas.

I do think there is a huge psychological advantage to this method. How many times do people close early or bail out trades after they enter? - they get cold feet when there is a pulback and lose out. Or the price goes against their position straight away and they take a small loss - this keeps happening and the account suffers death by a thousand cuts. With abonacci we have the conviction that price will reach its target, and it does - sometimes it has DD, but it gets there. It gives me a confidence to hold on (many 'gurus' would say I'm playing with fire) but for me that confidence translates into an edge (I know many will say it's not an edge and I don't want to get into the semantics etc) - I've held trades for weeks but they have got to their targets and I've added to them and hedged them up and down along the way.

BTW, I've sometimes wondered whether bobi is going to turn round one day and say that he just made up the numbers to teach us a lesson in physocology and the need to follow your trade idea - whatever it it. But then I look at the charts with the abonacci levels on it and I can't deny that there is something very strange, beautiful and almost magical in how price reacts to those levels.

I know this probably doesn't address what you posted but I guess there is no single correct way to trade (but this is the best one )
  • #778
  • Jan 6, 2014 7:00pm Jan 6, 2014 7:00pm
Actually you gave a very good appraisal of what you are doing and open minded to the concepts. I have not fully grasped what or how you all are doing the abonacci way, but I will keep watching.
  • #779
  • Jan 7, 2014 5:08am Jan 7, 2014 5:08am
Hello hollowhead
I pleased you to explore the picture and give me advice.
Have I wait to reach the target of 47 pips level 68 +7 pips or not?
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 12 KB
  • #780
  • Jan 7, 2014 6:54am Jan 7, 2014 6:54am
Quoting lyubo
Hello hollowhead I pleased you to explore the picture and give me advice. Have I wait to reach the target of 47 pips level 68 +7 pips or not? {image}
I think trend is going to change.
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