Are support and resistance levels predetermined? | Page 53 | Forex Factory

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Are support and resistance levels predetermined?

  • #1,041
  • Jan 25, 2014 2:54pm Jan 25, 2014 2:54pm
Quoting tomthepoppop
{quote} 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...
Ah, I see - I hadn't got that you were suggesting not closing the 103 trades - I like that idea a lot. Its the same as finding places to scale into a swing position - great thinking and definately worth some backtesting. I don't normally like backtesting as it often doesn't show a true representation, but with this it would be quite accurate (apart from occassional slippage). There is probably a method you could employ to bring trades to BE and lock in profit. If it reverses, you just start again becase you know the higher template target will be met eventually. The more I think about it, the better it sounds - you could have a monster close!! I might have a play with this on the AU short, with all those chain reaction trades I mentioned earlier down to 0.8005 - it could be massive!!

Great thinking - bedtime now!!
  • #1,042
  • Jan 25, 2014 9:19pm Jan 25, 2014 9:19pm
Quoting hollowhead
{quote} 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.
Doesn't make seance to look 680 on M5.
The Market pays you to be disciplined
  • #1,043
  • Jan 25, 2014 11:59pm Jan 25, 2014 11:59pm
Quoting mima
{quote} Doesn't make seance to look 680 on M5.
What I am trying to explain is that it makes no difference - we trade levels, not timeframes - it does not matter what timeframe you are looking at - it's personal preference.

Quoting hollowhead
{quote} Abonacci templates use any timeframes and none. Jmss59 posts charts that are on the 1h timeframe - I suspect simply because it is easier to see the levels for that template. If you want to be able to see 2 or 3 phases then you need to look at the 1 hour. If you only want to see the phase the trade is in on the 103 then you could look at a 15m chart. It is really only personal preference as to how you like to see the charts for each template. If you view the 1130 on a 15m chart you have no idea where you are because the phase is so big. In...

It really only depends on the size of your monitor and how good you eyesight is.
  • #1,044
  • Jan 26, 2014 12:38am Jan 26, 2014 12:38am
Quoting hollowhead
...... It really only depends on the size of your monitor and how good you eyesight is.
Really?
The Market pays you to be disciplined
  • #1,045
  • Jan 26, 2014 12:51am Jan 26, 2014 12:51am
Quoting mima
{quote} Really?
Put a template on a chart, turn the candles off so you can't see them and look at the levels. Then change the TF. Have the levels changed (the actual numbers). No. A level is a level. So, lets say if on the T5_103 a break of 38% by 7 pips is 1.3500, it doesn't matter whether you are looking at a 1h or 15m chart. 1.3500 is the level. As we don't use PA or require a candle close it does not matter which timeframe you are looking at.

The reason I say about montor size is that if you look at the 103 on the daily timeframe the levels look very bunched up. If you have a bigger monitor they are easier to see. In the same way if you look at the 1130 template on a 15m chart the levels spread so far that you may not see any levels at all. BUT, the levels have not moved - 1.3500 is still 1.3500 - it just isn't visible on your screen.

All you have to do is adjust the TF and zoom in and out so you can see what price is doing in relation to the levels. Has it come from X and where does it need to break. Set your order and it's done - you don't even need a chart, all you need to know is where price is in relation to the price of the levels and when price has reached the level to trigger a trade.
  • #1,046
  • Jan 26, 2014 2:37am Jan 26, 2014 2:37am
Quoting hollowhead
.....it does not matter which timeframe you are looking at. The reason I say about montor size is that if you look at the 103 on the daily timeframe the levels look very bunched up. If you have a bigger monitor they are easier to see. In the same way if you look at the 1130 template on a 15m chart the levels spread so far that you may not see any levels at all. BUT, the levels have not moved - 1.3500 is still 1.3500 - it just isn't visible on your screen. .....
It seems that time frame matters. with wrong time levels are either bunched up or you don't see them at all. I am sure you have right size of monitor.

So I just asked guy which time frame he use and you commented on several posts with no reason. Did I commented about changing level numbers by changing time frame? No...I did not.
The Market pays you to be disciplined
  • #1,047
  • Jan 26, 2014 2:53am Jan 26, 2014 2:53am
TF means nothing but Time itself can mean everything - its another obstacle for us to overcome in our trading by testing our patience.. i haven't yet come across anyone that can predict time for price to hit but you have an edge if you can tell where price will reverse...

either way, price is price - if its not meant to break, it won't no matter how hard market tries...
  • #1,048
  • Jan 26, 2014 3:36am Jan 26, 2014 3:36am
Quoting mima
{quote} It seems that time frame matters. with wrong time levels are either bunched up or you don't see them at all. I am sure you have right size of monitor. So I just asked guy which time frame he use and you commented on several posts with no reason. Did I commented about changing level numbers by changing time frame? No...I did not.
Fact still remains the same. You did not ask which timeframe he is using to view the template (as he was referring to several templates). You simply posted 'Time frame?', so there was no context or further descriptionto your 'question'. I was simply trying to help by describing why TF doesn't matter to trade these templates - a level is a level. I apologise for posting with no reason.
  • #1,049
  • Jan 27, 2014 6:37am Jan 27, 2014 6:37am
gbp-usd and aud-usd , have given buy signals
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  • #1,050
  • Jan 27, 2014 7:19am Jan 27, 2014 7:19am
Sorry at all but T5 594(reversal) we hane the last year(2013) template only
is it correct to do it in 2014?
armyda
  • #1,051
  • Jan 27, 2014 11:59pm Jan 27, 2014 11:59pm
gbp-usd has reached the target of an operation but leaves open sell
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  • #1,052
  • Jan 28, 2014 12:19am Jan 28, 2014 12:19am
happy day hollowhead: in uk there are good brokers, how you work for you?
  • #1,053
  • Jan 28, 2014 12:30am Jan 28, 2014 12:30am
aud-usd finally reached his goal, leaving 3 open operations
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  • #1,054
  • Jan 28, 2014 5:09am Jan 28, 2014 5:09am
Hi , Friends

Special thanks to hollowhead / jmss59 for information

I have a problem , I'm grateful that you help please :

where you got the Stop loss in template 103 ?

thanks
  • #1,055
  • Jan 28, 2014 5:15am Jan 28, 2014 5:15am
Hi Currency

As far as I know, no-one has actually said where they put the SL and bobi hasn't made any recommendations. But he are some options.

1. 20 pips - that gives you a 1:2 RR, but you will have a number of loses.
2. 40 pips - 1:1 - less losses, but smaller stake
3. a place of historical S/R (but they often get taken out on retests and liquidity searches.

Apart from that I don't know what people do. I don't use them as I hedge (that's not a recommendation).

Steve
  • #1,056
  • Jan 28, 2014 5:17am Jan 28, 2014 5:17am
Quoting armyda
Sorry at all but T5 594(reversal) we hane the last year(2013) template only is it correct to do it in 2014? armyda
Armyda

Bobi hasn't given any T5_594 baselines for 2014. I would not use last years.

Steve
  • #1,057
  • Jan 28, 2014 6:08am Jan 28, 2014 6:08am
Quoting aebab
Hi Baseline of T3 (EUR/USD)=1.3797 Baseline of T4Y (EUR/USD)=1.3648
Hello Bobby
I want to ask you to share baseline EUR/JPY for 2014.
Many thanks
  • #1,058
  • Jan 28, 2014 7:07am Jan 28, 2014 7:07am
Quoting hollowhead
{quote} Armyda Bobi hasn't given any T5_594 baselines for 2014. I would not use last years. Steve
Bibi can't leave us in this way.We need his data.Do you belive?
what do you think about ?
for example i need baseline stoxx 50 and then he should give us the baseline calculator i saw it in the first Bobi's sistem
armyda
  • #1,059
  • Jan 28, 2014 7:21am Jan 28, 2014 7:21am
Quoting armyda
{quote} Bibi can't leave us in this way.We need his data.Do you belive? what do you think about ? for example i need baseline stoxx 50 and then he should give us the baseline calculator i saw it in the first Bobi's sistem armyda
I'm afraid Bobi can leave us any way he wants . I think we could all say which baselines we would like, but it is unreasonable to expect him to calculate baselines for whatever we ask (and no-one should expect access to his company's proprietry data/calculations). He has said he will try and work on a calculator for us for setting SLs etc. I am not sure what that will include, but I don't expect it will include a baseline calculator for all instruments. From what I understand from the other thread he provided a calculator for EU which had certain functions.

In the end, as I have said before, we can only work with what we have been given, and if it is not enough for some people, then I guess they will need to find other methods to trade.
  • #1,060
  • Jan 28, 2014 7:33am Jan 28, 2014 7:33am
Quoting jmss59
gbp-usd and aud-usd , have given buy signals {image} {image}
JMSS - Thanks for the headsup. I had been busy doing other stuff and saw your input on G/U and A/U ---I entered long
on both and got 52 pips on A/U and would have had 50 on G/U but did not enter a TP but I am up right now 20 pips.
See how your input is so valuable? It really helps - thanks. Tom
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