Are support and resistance levels predetermined? | Page 45 | Forex Factory

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Are support and resistance levels predetermined?

  • #881
  • Jan 13, 2014 10:26am Jan 13, 2014 10:26am
Quoting hollowhead
{quote} You are right, bobi doesn't specify it in the rules about that post - if you read on a few pages I ask him several times about where price should have come from on the T4F and his response is {quote} He is referencing the rule of 23.8/76.4 of the previous phase - I've decided to apply that rule to all templates.
I have my doubts on the operation of this template 220. At that price the operation fails, it is not from the level of 23.6 the previous phase. Creating doubts whether the entry is valid at level 100, or expect to level 38.2.
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  • #882
  • Jan 13, 2014 10:44am Jan 13, 2014 10:44am
Ah I see what you mean. In the original rules bobi doesn't state where price needs to have come from. Although I do question him about this template and where price needs to have come from his answer was '90% of templates the rule is the same'. Which coupled with my misunderstanding of the template at the time, and my unclear question, leads me to wonder what rule he is referring and how it fits this - no other template uses a failed signal as its trigger, and therefore I am not sure how his response fits. Regardless, if the price now breaks below the 100%, we could always close out for a small loss and take that break as a T4F. Will be interesting to see how this one works out.
  • #883
  • Jan 13, 2014 11:29am Jan 13, 2014 11:29am
Quoting hollowhead
Ah I see what you mean. In the original rules bobi doesn't state where price needs to have come from. Although I do question him about this template and where price needs to have come from his answer was '90% of templates the rule is the same'. Which coupled with my misunderstanding of the template at the time, and my unclear question, leads me to wonder what rule he is referring and how it fits this - no other template uses a failed signal as its trigger, and therefore I am not sure how his response fits. Regardless, if the price now breaks below...


hollowhead.. tell me if my thinking is off?? According to the rules on page 3. I took it as a good trade in the beginning of the month where 38.2 reached 76.4 and topped out at 100% and then retraced back down to break thru 61.8 but did not reach 23.6 therefore it went back above 100% on it's way to the upper phase of 23.6 which is where we are now???
Staircase down to ride the elevator up.....wait..wait..wait for it
  • #884
  • Jan 13, 2014 11:31am Jan 13, 2014 11:31am
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Staircase down to ride the elevator up.....wait..wait..wait for it
  • #885
  • Jan 13, 2014 11:34am Jan 13, 2014 11:34am
Ok Ok, I see what jmss59 is talking about.
Staircase down to ride the elevator up.....wait..wait..wait for it
  • #886
  • Jan 13, 2014 1:46pm Jan 13, 2014 1:46pm
Quoting eurozo
Ok Ok, I see what jmss59 is talking about.
Glad you see it - as I said before Bobi didn't specify where price must have come from for the 'setup break' to validate the fail signal on this template. Interesting to me the TP for this trade is a retest of 0.9166, which was resistance in late Nov and early Dec. I wouldn't be surprised if there are alot of sell orders there as its a natural place for stops and the market makers to push price to to get short orders filled. But if you are in doubt you can always TP now or move your stop to BE and see how it goes.

BTW, we have a short signal on the T5_2_2 indicating a target of 0.8700 and the trend has been clearly down for along time. So our long trades here are clearly counter to the long term trend.
  • #887
  • Jan 13, 2014 2:29pm Jan 13, 2014 2:29pm
Nor do I see the signal in short T5_2_2 template aud-usd
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  • #888
  • Jan 13, 2014 2:34pm Jan 13, 2014 2:34pm
Quoting hollowhead
{quote} Glad you see it - as I said before Bobi didn't specify where price must have come from for the 'setup break' to validate the fail signal on this template. Interesting to me the TP for this trade is a retest of 0.9166, which was resistance in late Nov and early Dec. I wouldn't be surprised if there are alot of sell orders there as its a natural place for stops and the market makers to push price to to get short orders filled. But if you are in doubt you can always TP now or move your stop to BE and see how it goes.

BTW, we have a short...

hollowhead.. yes I would agree that there is probably very strong resistance awaiting at that level and the fact the long term trend has been clearly down for some time now as well as everything I've seen is pointing towards 0.8700, which is probably what made me take profit at 0.9075.

I'm keeping an eye on euro's stand at 61.8
Staircase down to ride the elevator up.....wait..wait..wait for it
  • #889
  • Jan 13, 2014 2:42pm Jan 13, 2014 2:42pm
Quoting jmss59
Nor do I see the signal in short T5_2_2 template aud-usd {image} {image}
I am using last year's price action as being part of this year's setup (after all this year's baselines are based on last year's PA). It broke past the 76.4% in Nov and is now below the 50%, so I'm taking it as a valid trade. I know others are not using last years PA to validate early signals in 2014, but I see no reason not to.
  • #890
  • Jan 13, 2014 5:23pm Jan 13, 2014 5:23pm
What hollowhead in this way shows many things |
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  • #891
  • Jan 13, 2014 11:45pm Jan 13, 2014 11:45pm
Quoting tarekfa100
What hollowhead in this way shows many things | {image}
Wow - that looks messy. It doesn't show me anything I'm afraid. Keeping the templates on different screens would be clearer. I can just make out that you have template 3 and T4Y in there. I don't use Template 3 so can't help with that at all.
  • #892
  • Jan 14, 2014 12:29am Jan 14, 2014 12:29am
Quoting aebab
After 3 years of introduction of Abonacci System (Sep 15, 2010) , many things have been changed in the concept . My Idea caused many people to try to achieve a way or a formula to create a template based trading system. They tried to create templates to generate support and resistance levels and along with a strategy to find the breakout levels and targets in the beginning day of the month as I did and introduced Template 3 (T3) and Template 4(T4) and recently T4Y. Some of them contacted me and talked about what they are doing and spoke about their...
Great thread you've got here... subscribed!

Thanks

PS: It will take me some time to get all caught up...
Please check out my blog at https://from-zero-to-hero . net
  • #893
  • Jan 14, 2014 12:36am Jan 14, 2014 12:36am
Quoting tarekfa100
What hollowhead in this way shows many things | {image}
Very impressive chart...but I think that you are missing 2 important trend lines in order to complete picture.
The Market pays you to be disciplined
  • #894
  • Jan 14, 2014 2:37am Jan 14, 2014 2:37am
Buy signal on eur-usd
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  • #895
  • Jan 14, 2014 4:17am Jan 14, 2014 4:17am
Hi jmss59
what is the baseline for your 103 template?
thanks
  • #896
  • Jan 14, 2014 4:27am Jan 14, 2014 4:27am
Quoting cemfx
Hi jmss59 what is the baseline for your 103 template? thanks
Hi cemfx, the base line 103, is the same as Bobi said 1.3851
  • #897
  • Jan 14, 2014 7:41am Jan 14, 2014 7:41am
Hello Hollowhead..... just wondering if you stayed in your Aussie trade yesterday??












Zo
Staircase down to ride the elevator up.....wait..wait..wait for it
  • #898
  • Jan 14, 2014 9:24am Jan 14, 2014 9:24am
Quoting eurozo
Hello Hollowhead..... just wondering if you stayed in your Aussie trade yesterday?? Zo
Hi Zo

Yes I'm still in it. I've been in meetings today, so not been able to see any charts, so I'm a little blind at the moment. I've got it hedged so I will look later on and see what's what.

Steve
  • #899
  • Jan 15, 2014 3:13am Jan 15, 2014 3:13am
Quoting hollowhead
{quote} Hi Zo Yes I'm still in it. I've been in meetings today, so not been able to see any charts, so I'm a little blind at the moment. I've got it hedged so I will look later on and see what's what. Steve
Hi hollowhead:
According you say, you have an open purchase now given sell signal in the template 220. How do you manage this?
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  • #900
  • Jan 15, 2014 4:00am Jan 15, 2014 4:00am
Quoting jmss59
{quote} Hi hollowhead: According you say, you have an open purchase now given sell signal in the template 220. How do you manage this? {image}
Morning - a couple of things in response. I still have the long open, and will probably leave it until it reaches TP - I have the position hedged by a previous short I had taken - so I'm quite comfortable with it doing what it wants.

If I am being a purist with T4F the trade you point out on the chart is not a trade signal - it is a setup signal - T4F is triggered by a fail and a sign on a trend reverse. In this situation you could use that short signal as your stoploss or if your being aggressive reverse the trade to the target you point out. However, I am leaning towards seeing at it as a retest of resistance turning support. if it fails again and crosses the 100% it confirms the long trade.
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