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Are support and resistance levels predetermined?

  • #921
  • Jan 17, 2014 10:06am Jan 17, 2014 10:06am
Quoting jmss59
Finally reached the expected tp {image}
Nice one . You held on longer than me
  • #922
  • Jan 17, 2014 10:20am Jan 17, 2014 10:20am
Quoting biganc
{quote} Thanks for the input and observation. I am short the eurusd based on the 680 template.
  • #923
  • Jan 17, 2014 11:54am Jan 17, 2014 11:54am
Still prevalent trend template 680, SELL, hopefully reach the next level of SELL 1364957
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  • #924
  • Jan 18, 2014 1:40am Jan 18, 2014 1:40am
hollowhead-thanks for you weekly analisis-please keep up the good job!!!
thank you Bobi I am so glad have found You
looking forward to try the promised calculator
As for the news it can volatile the market shortly but can not change the market direction!!
  • #925
  • Jan 18, 2014 5:06am Jan 18, 2014 5:06am
Weekend analysis (as I see it) - as always post if you think I've missed anything/got anything wrong.

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Have a great weekend
Steve
  • #926
  • Jan 18, 2014 5:27am Jan 18, 2014 5:27am
Thanks Steve!!
Have a great weekend too!!!
  • #927
  • Jan 18, 2014 3:59pm Jan 18, 2014 3:59pm
Thanks again Steve for your input - very helpful. I must admit that even though I have been very successful with the Abonacci templates it has not been without significant drawdown -- up to 250 pips. I actually re-enter each 100 pips
of drawdown so the payoff is eventually GREAT. BUT---- your charts and JMSS59 charts are beginning to get me thinking about different entry points - never been good at using multiple charts or timeframes to enter but your way of doing it by checking charts above and below the 680 might be the ticket. If I ever get it right I'll let you know --- Practice, practice, practice. Right now i am --- AUD/USD +62.9, EUR/USD +44.9, +17.3, GBP/USD -70.9, -110.1 All still open.
My TP are set at almost the same point as you have stated here. Still aways to go.
  • #928
  • Jan 19, 2014 12:28pm Jan 19, 2014 12:28pm
Quoting hollowhead
Weekend analysis (as I see it) - as always post if you think I've missed anything/got anything wrong. {image} {image} {image} Have a great weekend Steve
Thanks Hollow,

It is nice to be able to check my numbers against your weekend analysis.

Alan
  • #929
  • Jan 20, 2014 2:11pm Jan 20, 2014 2:11pm
Quoting tomthepoppop
Thanks again Steve for your input - very helpful. I must admit that even though I have been very successful with the Abonacci templates it has not been without significant drawdown -- up to 250 pips. I actually re-enter each 100 pips of drawdown so the payoff is eventually GREAT. BUT---- your charts and JMSS59 charts are beginning to get me thinking about different entry points - never been good at using multiple charts or timeframes to enter but your way of doing it by checking charts above and below the 680 might be the ticket. If I ever get it...
Hi Tom - slow day on the markets today - hope you had a good bank holiday though. I guess there are many ways to trade abonacci signals. I think trading with the bias of the larger templates is sensible. It may be better to not actually trade the larger (680, 1130) signals, but use them as a bias guides. I am quite aggressive in my trading so I tend to put trades on alot of the signals I see, but I size them according to the template. Bigger template, bigger potential DD, smaller lot size. Some people will want to be more selective with their trades and combine the levels with another system.

I have traded ichimoku quite a lot and still like to check where things are in relation to the cloud and what the kijun-sen, tenkan-sen and chinkou are doing (especially when we could trade EJ). Also if I see an obvious trend line, flag of reversal/rejection candle near an abonacci level - it gives me a little bit more confidence to load the trade or stick out the DD.
  • #930
  • Jan 20, 2014 2:45pm Jan 20, 2014 2:45pm
Quoting hollowhead
{quote} Hi Tom - slow day on the markets today - hope you had a good bank holiday though. I guess there are many ways to trade abonacci signals. I think trading with the bias of the larger templates is sensible. It may be better to not actually trade the larger (680, 1130) signals, but use them as a bias guides. I am quite aggressive in my trading so I tend to put trades on alot of the signals I see, but I size them according to the template. Bigger template, bigger potential DD, smaller lot size. Some people will want to be more selective with...
Thanks Steve - Good input and valued much. Tom
BTW I have always liked the Ichimoku but haven't looked at it much in the past 6 months - think I will look at it again in conjunction with Abonacci. Speaking of DD - Today has been a bad one but I am going to let them run until they hit my TP.
  • #931
  • Jan 21, 2014 8:55am Jan 21, 2014 8:55am
Gbp-usd given a buy signal
remember that in the upper template 680 gave sell signal
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  • #932
  • Jan 21, 2014 9:13am Jan 21, 2014 9:13am
Quoting jmss59
Gbp-usd given a buy signal remember that in the upper template 680 gave sell signal {image} {image}

Good shout. I took that trade as I believe there is a T4Y_1130 long signal (TP circa. 1.6830) in play as well as the T4Y_680 short (although I think I remember you saying you don't see it as a valid trade)
  • #933
  • Jan 21, 2014 9:43am Jan 21, 2014 9:43am
Quoting hollowhead
{quote} Good shout. I took that trade as I believe there is a T4Y_1130 long signal (TP circa. 1.6830) in play as well as the T4Y_680 short (although I think I remember you saying you don't see it as a valid trade)
I have my doubts that the signal template 1130 is valid, as in this 2014 price not broken the 23.6 level. Should I ask to Bobi
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  • #934
  • Jan 21, 2014 9:57am Jan 21, 2014 9:57am
Quoting jmss59
{quote} I have my doubts that the signal template 1130 is valid, as in this 2014 price not broken the 23.6 level. Should I ask to Bobi {image}
The way I see it, price opened in 2014 above the signal. As 2014 baselines are based on 2013 price action it would make sense to me to take into account the 2013 price leading up to 2014 signal. I asked the users of the T3 and T4Y template from the other thread what they do when the baseline changes each month (I figure the same principle probably applies), and the only answer I got was that they do use the last months PA to validate the current months signals.

I could well be wrong and I am not tied to the opinion - I just think its logical. My feeling outside of abonacci is that GU has further north to go) and I don't see any strong reversal signs other than the 680 - which on the grand scheme of things could easily be a correction or pullback in what is a substantial up trend.

Lots of green pips to you.
  • #935
  • Jan 21, 2014 10:22am Jan 21, 2014 10:22am
Quoting hollowhead
{quote} The way I see it, price opened in 2014 above the signal. As 2014 baselines are based on 2013 price action it would make sense to me to take into account the 2013 price leading up to 2014 signal. I asked the users of the T3 and T4Y template from the other thread what they do when the baseline changes each month (I figure the same principle probably applies), and the only answer I got was that they do use the last months PA to validate the current months signals. I could well be wrong and I am not tied to the opinion - I just think its logical....
ok hollowhead, take note
  • #936
  • Jan 21, 2014 4:01pm Jan 21, 2014 4:01pm
Quoting hollowhead
{quote} Hi Tom - slow day on the markets today - hope you had a good bank holiday though. I have traded ichimoku quite a lot and still like to check where things are in relation to the cloud and what the kijun-sen, tenkan-sen and chinkou are doing (especially when we could trade EJ). Also if I see an obvious trend line, flag of reversal/rejection candle near an abonacci level - it gives me a little bit more confidence to load the trade or stick out the DD.


Hi Hollowhead.... I agree with your opinion that GU has more room to run. I have a question regarding (EJ). Are you using the 2013 templates for EJ or did I miss 2014?



Have a good one Zo
Staircase down to ride the elevator up.....wait..wait..wait for it
  • #937
  • Jan 21, 2014 4:07pm Jan 21, 2014 4:07pm
Jmss59.... Great call earlier on the GU






Zo
Staircase down to ride the elevator up.....wait..wait..wait for it
  • #938
  • Jan 21, 2014 4:15pm Jan 21, 2014 4:15pm
Quoting eurozo
{quote} Hi Hollowhead.... I agree with your opinion that GU has more room to run. I have a question regarding (EJ). Are you using the 2013 templates for EJ or did I miss 2014? Have a good one Zo
Hi Zo

I'm not trading EJ using abonacci as bobi hasn't given the 2014 baselines for it - you haven't missed anything - in fact I haven't traded EJ this year at all (I do have some GJ trades on the go with other strategies).
  • #939
  • Jan 21, 2014 4:30pm Jan 21, 2014 4:30pm
Quoting eurozo
Jmss59.... Great call earlier on the GU Zo
Thanks Zo
  • #940
  • Jan 21, 2014 10:04pm Jan 21, 2014 10:04pm
Folks,

I am a novice, so please go easy on me if this has already been answered elsewhere.

Question:

When analyzing for support and resistance, trends and cyclicity, how many candles should we have visible on any given timescale?


Reason for the question: If, for example, I am condensing my chart and have about 200 bars showing, I would definitely determine trends, cyclicity and S/R differently than on a smaller range of candles, say around 72.

Is there anything in the way of best practice, when it comes to determining this?

Kindest regards,
Bill Girimonti
Auckland, New Zealand
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