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Are support and resistance levels predetermined?

  • #1,021
  • Jan 24, 2014 7:21am Jan 24, 2014 7:21am
It looks like a bearish pinbar on the 4hr eurusd. Maybe this will be the beginning of the
move down to 1.33980 for the T4Y_680 eurusd
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  • #1,022
  • Jan 24, 2014 8:55am Jan 24, 2014 8:55am
Quoting hollowhead
{quote} - Nice job. I missed that one.
Thank you for all Hollo
armyda
  • #1,023
  • Jan 24, 2014 9:38am Jan 24, 2014 9:38am
GBP-USD, has given sell signal
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  • #1,024
  • Jan 24, 2014 4:03pm Jan 24, 2014 4:03pm
I've just done a little chain reaction research on AU. If you look at the current bear trades and then follow the trades it triggers, and then follow that and keep going across all the templates, then we have a bearish 'chain reaction' all the way down to 0.8005 (I can't see the T5_103 down there, so it may go even further).

Just something to 'bear' in mind.
  • #1,025
  • Jan 24, 2014 4:40pm Jan 24, 2014 4:40pm

Quoting hollowhead
{quote} Fantastic. I'm so pleased for you. Steve ps stay humble. The market can punish you hardest after a good run.


Hollowhead.....Thank you for that very good advice yesterday. I was happy enough for the week that I sat back and watched the massacre today. Perfect timing!!! If you hadn't said that, I probably would have been caught in the "cross hairs"








Zo
Staircase down to ride the elevator up.....wait..wait..wait for it
  • #1,026
  • Jan 25, 2014 2:10am Jan 25, 2014 2:10am
Quoting hollowhead
I've just done a little chain reaction research on AU. If you look at the current bear trades and then follow the trades it triggers, and then follow that and keep going across all the templates, then we have a bearish 'chain reaction' all the way down to 0.8005 (I can't see the T5_103 down there, so it may go even further). Just something to 'bear' in mind.
yes i did this with eurusd as well... it goes down some to the 1.30 region... i think just sub 1.30 is bigger probability area for it to reverse higher
  • #1,027
  • Jan 25, 2014 5:51am Jan 25, 2014 5:51am
Quoting jaylovin
{quote} yes i did this with eurusd as well... it goes down some to the 1.30 region... i think just sub 1.30 is bigger probability area for it to reverse higher
Useful to know - I'm going to analyse where I think the range could go in a chain reaction up and down for all pairs - it will be interesting to see what the range might be. Really would like the 594 reversal areas like last year.
  • #1,028
  • Jan 25, 2014 5:53am Jan 25, 2014 5:53am
It's been a busy end to the week. Here's my weekend analysis - I think I have got most of them, but please let me know if I've missed anything.

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  • #1,029
  • Jan 25, 2014 8:28am Jan 25, 2014 8:28am
thanks Steve for the update,also thanks to jmss59 for the daily charts
  • #1,030
  • Jan 25, 2014 2:16pm Jan 25, 2014 2:16pm
JUST AN IDEA - HOPE IT WAS NOT MENTIONED BEFORE------
Pick one template lets say 680 ----- establish trend with it and it only---follow rules for it and place a trade
accordingly--------THEN------
Drop down to the 103 template and trade only in the direction of the 680 trend.
Any thoughts? Looks like it might control number of trades in a year for each Currency pair but give a lot of pips per
trade as there would be multiple trades per currency pair all heading in same direction with just one TP based on the
680 rules. (You could start with the 965 or 1130 template and do the same thing)
  • #1,031
  • Jan 25, 2014 2:31pm Jan 25, 2014 2:31pm
Quoting tomthepoppop
JUST AN IDEA - ...

Time frame ?
The Market pays you to be disciplined
  • #1,032
  • Jan 25, 2014 2:35pm Jan 25, 2014 2:35pm
Quoting tomthepoppop
JUST AN IDEA - HOPE IT WAS NOT MENTIONED BEFORE------ Pick one template lets say 680 ----- establish trend with it and it only---follow rules for it and place a trade accordingly--------THEN------ Drop down to the 103 template and trade only in the direction of the 680 trend. Any thoughts? Looks like it might control number of trades in a year for each Currency pair but give a lot of pips per trade as there would be multiple trades per currency pair all heading in same direction with just one TP based on the 680 rules. (You could start with the...

so what would you suggest for the eurusd pair? up or down first? if people shorted at 1.3550 area for its t680 target of 1.3409 they would be badly stung right about now... and upside is also violated targetting 1.3919..
  • #1,033
  • Jan 25, 2014 2:52pm Jan 25, 2014 2:52pm
Quoting mima
{quote} Time frame ?
Daily on 680 ---- H1 or H4 on 103 ------still trying to figure it out ----- all of us together will make it happen.
  • #1,034
  • Jan 25, 2014 2:57pm Jan 25, 2014 2:57pm
Quoting jaylovin
{quote} so what would you suggest for the eurusd pair? up or down first? if people shorted at 1.3550 area for its t680 target of 1.3409 they would be badly stung right about now... and upside is also violated targetting 1.3919..
Yes i agree -- there would be significant DD ----- but knowing that and knowing it would eventually hit TP we could plan for it by lowering our risk per trade.
  • #1,035
  • Jan 25, 2014 3:06pm Jan 25, 2014 3:06pm
Quoting tomthepoppop
{quote} Yes i agree -- there would be significant DD ----- but knowing that and knowing it would eventually hit TP we could plan for it by lowering our risk per trade.

templates are a small portion of bobi's system... that guy could calculate every bounce if he wanted to - i have seen him make such ridiculous calls in the past for them to only be true. once or twice is coincidental but time and time again - he is onto something... my point is we can use this system successfully with minimal drawdown but are missing a portion to abonacci...

luckily for me i did not trade as this year i am practising my patience in order to swing trade... now yesterday i also took a short at 3735 but cashed in before NY session opened thinking we might retrace there... maybe just lost my swing opportunity or we go back once more next week... but looks like we will fall from here now.. lets see..
  • #1,036
  • Jan 25, 2014 3:26pm Jan 25, 2014 3:26pm
Quoting tomthepoppop
JUST AN IDEA - HOPE IT WAS NOT MENTIONED BEFORE------ Pick one template lets say 680 ----- establish trend with it and it only---follow rules for it and place a trade accordingly--------THEN------ Drop down to the 103 template and trade only in the direction of the 680 trend. Any thoughts? Looks like it might control number of trades in a year for each Currency pair but give a lot of pips per trade as there would be multiple trades per currency pair all heading in same direction with just one TP based on the 680 rules. (You could start with the...
Hey Tom, it is certainly one way to trade this, and something jmss59 and I have advocated. However, when I look at a phase of 103 pips, in the context of the phase of 1130 pips, then a 'counter' template trade on the 103 amounts to nothing more than trading a small part of a technical correction/pullback/consolidation on the larger template. After all a 40 pip trade in the middle of a 600+pip move is a fraction. So we could miss out on alot of profitable trades...

The way I do it is by adjusting my lot size relative to the template to allow for DD. So if I go long on the 680, I will use a small lot size, but I will trade 103s up and down the journey to the TP at bigger lot sizes - I sometimes go bigger lot size for 103s in line with the 680 trend and smaller for the counters.

In the end, I don't see there be a hard and fast way - I think it will always come down to personal preference, risk appetite and conviction about the higher template targets.
  • #1,037
  • Jan 25, 2014 3:28pm Jan 25, 2014 3:28pm
Quoting jaylovin
{quote} so what would you suggest for the eurusd pair? up or down first? if people shorted at 1.3550 area for its t680 target of 1.3409 they would be badly stung right about now... and upside is also violated targetting 1.3919..
That's true, but zooming out, you could see that the 680 is still in the realms of a just being the target for a pullback before the higher target gets hit. I tend to more weight on the 680 and 1130 targets (as opposed to the 965) as gobi says they are hi most accurate.
  • #1,038
  • Jan 25, 2014 3:30pm Jan 25, 2014 3:30pm
Quoting mima
{quote} Time frame ?
As has been said here often. Timeframe means nothing within this system. It is all about price levels - makes no difference if you are looking at a 1m or monthly chart. A price level is a price level.
  • #1,039
  • Jan 25, 2014 3:31pm Jan 25, 2014 3:31pm
Quoting jaylovin
{quote} templates are a small portion of bobi's system... that guy could calculate every bounce if he wanted to - i have seen him make such ridiculous calls in the past for them to only be true. once or twice is coincidental but time and time again - he is onto something... my point is we can use this system successfully with minimal drawdown but are missing a portion to abonacci... luckily for me i did not trade as this year i am practising my patience in order to swing trade... now yesterday i also took a short at 3735 but cashed in before NY...
It would be great to get an insight into what else bobi 'sees'. But, we can only work with what we have...

Pips to all

Steve
  • #1,040
  • Jan 25, 2014 4:09pm Jan 25, 2014 4:09pm
Quoting hollowhead
{quote} Hey Tom, it is certainly one way to trade this, and something jmss59 and I have advocated. However, when I look at a phase of 103 pips, in the context of the phase of 1130 pips, then a 'counter' template trade on the 103 amounts to nothing more than trading a small part of a technical correction/pullback/consolidation on the larger template. After all a 40 pip trade in the middle of a 600+pip move is a fraction. So we could miss out on alot of profitable trades... The way I do it is by adjusting my lot size relative to the template to allow...
You actually hit my point beter than I did. Since i cannot hedge (trade short in the middle of a long) thne i was saying take the 40 pip long trades but leave them active, don't get out ---- untill the 680 or 1130 TP is hit. So all those 40 pip trades turn out to be hundreds of pips unto themselves. You no longer have one trade active but you have all those 103 template DD trades back into the longer term trend---- so at the end when TP is hit you may have the one big 600 or 1100 pip initial TP plus you have all those other what started out as 40 pip trades and are now hundreds of pips.
Remember this is just for conversation --- it could work but it would take someone with a lot of patience and good enough money management to trade small enough trades that they could handle the DD's.
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