Are support and resistance levels predetermined? | Page 60 | Forex Factory

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Are support and resistance levels predetermined?

  • #1,181
  • Feb 4, 2014 6:48am Feb 4, 2014 6:48am
Quoting hollowhead
{quote} Hey jmss59 - not sure how you are using the 100% level to trigger a hedge - how will you unlock the hedge?
I take the 100 because I do not support a large DD into my account, and I must go adapting myself to the price. I know this reduces the benefit of the operation, but I am also more relaxed. If you have a better MM says please.
  • #1,182
  • Feb 4, 2014 7:04am Feb 4, 2014 7:04am
Quoting hollowhead
{quote} Hey jmss59 - not sure how you are using the 100% level to trigger a hedge - how will you unlock the hedge?
i think instinctively because nobody knows if the price will go up or downd
Supprts and resistence?
  • #1,183
  • Feb 4, 2014 7:14am Feb 4, 2014 7:14am
Quoting armyda
{quote} i think instinctively because nobody knows if the price will go up or downd Supprts and resistence?
Not by instinct, for survival. Came to the conclusion that to make money with this system you must have an account with a very high volume, so you can endure great DD. Otherwise these destined to fail.
  • #1,184
  • Feb 4, 2014 7:15am Feb 4, 2014 7:15am
Quoting jmss59
{quote} I take the 100 because I do not support a large DD into my account, and I must go adapting myself to the price. I know this reduces the benefit of the operation, but I am also more relaxed. If you have a better MM says please.
I understand (and please don't think I am questioning or criticizing).

For me I only want a SL or hedge at a point where I know my trade is not valid anymore (or at least for time being). And so I think the trade is valid until there is a signal in the opposite direction. So on a short, I hedge by opening the opposing trade. I just wasn't sure when you would know when to close of the hedge. If you do when the trade signals again, then you have that 54 loss (so you may as well of used a SL). I just wasn't sure what your strategy is.
  • #1,185
  • Feb 4, 2014 7:17am Feb 4, 2014 7:17am
Close cover operation with a loss of 18 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: rm26.png Size: 29 KB
  • #1,186
  • Feb 4, 2014 7:31am Feb 4, 2014 7:31am
One of the things that rings in my mind whenever I look at an Abonacci chart is what Bobi said (I can't remember where or when). He said that this will change the way you see the markets. I think about that alot. And I think about all the 'truths' we are taught when we start especially about risk to reward ratio (R:R).

We are taught you need a minimum 1:1 RR, 1:2 is better, ideally aiming for more. Why do we need that? The theory is based on strategies that are 20-50% accurate. You can lose more than you win and still be profitable if your trades have a minimum 1:2 RR.

BUT Abonacci is 95%-99% accurate - the last 4 months of live trading have shown us that. So that changes my view of RR.

So for me (and this is not a recommendation), I am happy taking trades that give me a large DD ('reckless DD' according to other traders) because I know it will come good. As long as I balance my hedge and do not trade at a size my account cannot cope with, I know the trades will come good. I think I have had 2 or 3 losses since trading abonacci, and have probably taken 50+ trades. 2 of those losses were from my own mistakes entering a hedge, which closed an existing trade. The other loss was early on and based on my fear and lack of understanding.

Of course, I may be trading smaller lot sizes than others because my account needs to cope with the DD. So it would be interesting to see whether taking small losses works out more profitable in the long run that taking the large DD.
  • #1,187
  • Feb 4, 2014 8:09am Feb 4, 2014 8:09am
Quoting hollowhead
One of the things that rings in my mind whenever I look at an Abonacci chart is what Bobi said (I can't remember where or when). He said that this will change the way you see the markets. I think about that alot. And I think about all the 'truths' we are taught when we start especially about risk to reward ratio (R:R). We are taught you need a minimum 1:1 RR, 1:2 is better, ideally aiming for more. Why do we need that? The theory is based on strategies that are 20-50% accurate. You can lose more than you win and still be profitable if your trades...
you are very wise.The only fear wich i have is that Bobi can suddenly disappear leaving us unables to trade..............
  • #1,188
  • Feb 4, 2014 8:14am Feb 4, 2014 8:14am
Quoting armyda
{quote} you are very wise.The only fear wich i have is that Bobi can suddenly disappear leaving us unables to trade..............
Yep - I wondered that at the end of last year - but he came through and has been around off and on for the other thread for a few years now.

All I can we can do is trade it the best we can for the year and see what happens next year - in the meantime I am still working on other strategies using bobi's view of the market etc (I'm also secretly trying to work out how bobi calculates the baseline, but , don't tell anyone!!)
  • #1,189
  • Feb 4, 2014 8:20am Feb 4, 2014 8:20am
Quoting hollowhead
{quote} Yep - I wondered that at the end of last year - but he came through and has been around off and on for the other thread for a few years now. All I can we can do is trade it the best we can for the year and see what happens next year - in the meantime I am still working on other strategies using bobi's view of the market etc (I'm also secretly trying to work out how bobi calculates the baseline, but , don't tell anyone!!)

  • #1,190
  • Feb 4, 2014 8:38pm Feb 4, 2014 8:38pm
Dear Hollowhead,
I think this should be great if someone can edit an indicator which can alert us when price breaks the signal line for sell or buy. What do you think guys?
Cheers
  • #1,191
  • Feb 5, 2014 1:14am Feb 5, 2014 1:14am
Quoting chrjtm
Dear Hollowhead, I think this should be great if someone can edit an indicator which can alert us when price breaks the signal line for sell or buy. What do you think guys? Cheers
Hi chrjtm

I don't really know anything about editing or creating indicators, but the templates' rules require price to have come from a certain level to give a trade validity. Can an indicator do that when price wanders about so much? I think if we had baselines for all the pairs, then some kind of alert may be good - but once I have done my weekly analysis I don't find it too time consuming to monitor 3 pairs. One of the things I like about trading this way is the lack of indicators - its just us, price and levels. That's all we need to make pips. It gives me a strange sense of satisfaction knowing there are no indicators involved (but that's just me) .
  • #1,192
  • Feb 5, 2014 1:18am Feb 5, 2014 1:18am
Quoting chrjtm
Dear Hollowhead, I think this should be great if someone can edit an indicator which can alert us when price breaks the signal line for sell or buy. What do you think guys? Cheers
try this
Attached File(s)
File Type: ex4 Alerter4U.ex4   8 KB | 407 downloads
  • #1,193
  • Edited 2:01am Feb 5, 2014 1:32am | Edited 2:01am
Forex Factory Traders, MetaQuotes Has Lied to All of Us!

Warning to all Forex Factory users of MT4, Do not upgrade to v600 build of MT4!

Fellow Forex Factory traders, MetaQuotes has lied to all of us. They claim this new upgrade runs MQL4 indicators in their proper runtime environment without any problems. This is a flat out lie! And once you have upgraded, you cannot go back!

MetaQuotes has become uncaring about traders and greedy for profits. This is all about them making profits off of their "Store" feature, where they and others can sell indicators of new coding. And they have effectively prevented many of all the free and open coded indicators from running! Yes, they have published a long drawn out affair as to why some things won't work, but it is all a bullshit excuse circumventing the fact that they haven't produced a program to convert all of our old indicators so they will run. They expect users to figure out what the hell is wrong, and then become coders themselves to recode so their indicators will work,.........or they expect you to buy replacements from their F....king store!~

Call your brokers and demand that you be allowed to continue the last pre-v600 build or you will go to a broker that will!

-tah
  • #1,194
  • Feb 5, 2014 4:03am Feb 5, 2014 4:03am
GU down down down....!!!
  • #1,195
  • Feb 5, 2014 4:06am Feb 5, 2014 4:06am
Euro is sturbbon
  • #1,196
  • Feb 5, 2014 4:54am Feb 5, 2014 4:54am
Quoting armyda
GU down down down....!!!
Like EU this GU level is stubborn. I wouldn't be surprised if it goes up again to get a good run at it. Maybe news this afternoon will help gather some momentum.
  • #1,197
  • Feb 5, 2014 9:36am Feb 5, 2014 9:36am
Quoting hollowhead
{quote} Like EU this GU level is stubborn. I wouldn't be surprised if it goes up again to get a good run at it. Maybe news this afternoon will help gather some momentum.
......you were right......(GU).
  • #1,198
  • Feb 6, 2014 12:36am Feb 6, 2014 12:36am
Quoting hollowhead
{quote} So I'm now in long AU on a T4F trade - TP 0.8949.
TP hit.
  • #1,199
  • Feb 6, 2014 12:51am Feb 6, 2014 12:51am
Quoting jmss59
January Summary A / U, the black sheep 9 trades open , 6 closed and 3 open 6 x 40 pips 240 pips {image}
Trade number 7 on your chart is now complete - will price keep pushing up to complete number 4?
  • #1,200
  • Feb 6, 2014 1:15am Feb 6, 2014 1:15am
this morning has gone long au\usd 103 templ
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