Are support and resistance levels predetermined? | Page 68 | Forex Factory

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Are support and resistance levels predetermined?

  • #1,341
  • Feb 14, 2014 5:18pm Feb 14, 2014 5:18pm
Quoting hollowhead
{quote} Me too - I need to pay more attention to my own analysis!! I really screwed up on AU. I knew that if the T5_103 short completed it would trigger another template lower - like a fool I ignored the 965 long signal and factored in the commentary that the RBA wants to push the AU down to 0.8500 and that it's been in a clear downtrend for a long while, so I thought that it was going to break. It didn't break, it went up, and we now have targets higher to 0.93. So can T5_103 fail? - I think it did there and I'm not sure it's going back now - it...
i am in the same situation. I am also caught in a few gbp shorts. I am thinking the gbp may reverse after reaching 1.6860 as it is approaching strong resistance and also at the top end of a long term range. Time will tell. AU will have to break 0.9365 by 57 pips (if my memory is correct) for a continuation to 96 levels. I am planning to monitor usd strength early next week, if we hold above this weeks high on au I will consider adding some additional hedge trades and see if I can't get out of those shorts. Worst thing for me is I closed some au longs on the bad employment data on Thursday. If I had of left them I would be in a much better position.

However, I should mention that I have also banked some major pips over the last 3 weeks since trading abbonacci levels, once we hit 1.67251 on gbp last night, closed about 600 pips up with 3 trades closing at that 1.67251 and 1 at 1.67152. Only been trading au and gu. Next week will be interesting..
  • #1,342
  • Feb 15, 2014 2:36pm Feb 15, 2014 2:36pm
Quoting RogFx
{quote} i am in the same situation. I am also caught in a few gbp shorts. I am thinking the gbp may reverse after reaching 1.6860 as it is approaching strong resistance and also at the top end of a long term range. Time will tell. AU will have to break 0.9365 by 57 pips (if my memory is correct) for a continuation to 96 levels. I am planning to monitor usd strength early next week, if we hold above this weeks high on au I will consider adding some additional hedge trades and see if I can't get out of those shorts. Worst thing for me is I closed...
Glad to see you banked some. Hedging has worked against me this week. I've taken the 103 trade up on the GU as hedges against my short, but I'm only taking 40 pips for 103pip phase, so the DD is increasing by 63 pips each phase. I can't sustain that forever, so I will need to start thinking about closing some trades of for a loss (but not yet).

Like you I think GU is due to reverse. If AU takes completes the next 103 then I think it's bull for a long way.

Hope it pans out for you next week.
  • #1,343
  • Feb 15, 2014 2:37pm Feb 15, 2014 2:37pm
This is how I see signals currently stand. My weekly analysis.
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  • #1,344
  • Feb 16, 2014 11:36am Feb 16, 2014 11:36am
I appreciate your weekly analysis as always.
  • #1,345
  • Feb 16, 2014 8:31pm Feb 16, 2014 8:31pm
Quoting jaylovin
{quote} its looks so bullish... i favour a retreat... people including me are looking for 3745.. this is too obvious?
Jaylovin Are you saying your looking for a EU retreat at 3745? Because it's at 3720 right now and my Algorithm is showing bullish well past 3745










ZO
Staircase down to ride the elevator up.....wait..wait..wait for it
  • #1,346
  • Feb 16, 2014 9:38pm Feb 16, 2014 9:38pm
Quoting hollowhead
{quote} No problem - When the current T5_103 long on AU completes it will be triggered though - that will make that pair very interesting!!
HH, looks like we have a confirmed AU signal on T4Y(1130).

--
SP
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  • #1,347
  • Feb 17, 2014 12:55am Feb 17, 2014 12:55am
Quoting spuspala
{quote} HH, looks like we have a confirmed AU signal on T4Y(1130). -- SP {image}
Yep - it certainly looks that way spuspala.
  • #1,348
  • Feb 18, 2014 12:58am Feb 18, 2014 12:58am
Hi everyone, I'm new in FF and also new in forex trading. I want to thank everyone that shared their thoughts and opinions in this thread so a newbie like me can learn much more from this forum. Your efforts are deeply appreciated

I just recently learned about this abonacci indicator and I applied it to a demo account, and this is my chart
Attached Image (click to enlarge)
Click to Enlarge Name: audusdh1.png Size: 40 KB


Am I doing it right?

Thank you for your replies.
  • #1,349
  • Feb 18, 2014 2:42am Feb 18, 2014 2:42am
Sell GU T5_103
  • #1,350
  • Feb 18, 2014 2:44am Feb 18, 2014 2:44am
Quoting hollowhead
Sell GU T5_103
Good morning Hollo
but..AU?
103 tmpl is long?
  • #1,351
  • Feb 18, 2014 2:46am Feb 18, 2014 2:46am
Quoting wen
Hi everyone, I'm new in FF and also new in forex trading. I want to thank everyone that shared their thoughts and opinions in this thread so a newbie like me can learn much more from this forum. Your efforts are deeply appreciated I just recently learned about this abonacci indicator and I applied it to a demo account, and this is my chart {image} Am I doing it right? Thank you for your replies.
Hi Wen, welcome to the thread.

That's a valid trade.
  • #1,352
  • Feb 18, 2014 3:12am Feb 18, 2014 3:12am
Quoting armyda
{quote} Good morning Hollo but..AU? 103 tmpl is long?
Yes it is armyda
  • #1,353
  • Feb 18, 2014 3:15am Feb 18, 2014 3:15am
Quoting hollowhead
{quote} Yes it is armyda
thanks
  • #1,354
  • Feb 18, 2014 3:41am Feb 18, 2014 3:41am
Quoting hollowhead
EU T5_103 long order filled.
I'm out...
  • #1,355
  • Feb 18, 2014 3:45am Feb 18, 2014 3:45am
Quoting hollowhead
{quote} Hi Wen, welcome to the thread. That's a valid trade.
Thanks for your opinion hollo..much appreciated
  • #1,356
  • Feb 18, 2014 5:15am Feb 18, 2014 5:15am
Quoting hollowhead
{quote} I'm out...
Should've held on. I wait days while it messes about in a 40 pip range, decide to close, and then it reaches TP 90 mins later!!
  • #1,357
  • Feb 18, 2014 5:45am Feb 18, 2014 5:45am
[quote=hollowhead;7288371]{quote} Should've held on. I wait days while it messes about in a 40 pip range, decide to close, and then it reaches TP 90 mins later!!


Sorry Hollowhead.






Zo
Staircase down to ride the elevator up.....wait..wait..wait for it
  • #1,358
  • Feb 18, 2014 6:46am Feb 18, 2014 6:46am
[quote=eurozo;7288444]
Quoting hollowhead
{quote} Should've held on. I wait days while it messes about in a 40 pip range, decide to close, and then it reaches TP 90 mins later!! Sorry Hollowhead. Zo
Thanks Zo - that's the way it goes.

Since when I started trading abonacci I have hardly closed any trades early and closed VERY few for a loss. But the markets are frustrating me at the moment. I seem to have lost clarity in how I am trading and I am making bad decisions.
  • #1,359
  • Feb 18, 2014 7:51am Feb 18, 2014 7:51am
Quoting hollowhead
{quote} Should've held on. I wait days while it messes about in a 40 pip range, decide to close, and then it reaches TP 90 mins later!!
I did the same thing only got out a little earlier than you.
  • #1,360
  • Feb 18, 2014 7:53am Feb 18, 2014 7:53am
I am in the gu 103 short. I am comfortable with the trade since it is in agreement with
the 680 short.
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