Are support and resistance levels predetermined? | Page 74 | Forex Factory

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Are support and resistance levels predetermined?

  • #1,461
  • Feb 24, 2014 1:12pm Feb 24, 2014 1:12pm
I never saw a calculator with a version build so maybe bobi has made a calculator and given it to a selected few...
  • #1,462
  • Feb 25, 2014 4:23am Feb 25, 2014 4:23am
Thanks to the Abonacci system, I have grown my account 86% so far this year. I have settled on trading the
103 template. Most of the time I wait for the 103 trigger and then let price reverse before I enter the trade.
My take profit is usually following the initial run after the reverse not the 103 TP level. If price reverses again
before it reaches the 103 tp level, I will enter another trade. Sometimes I will enter the trade right when
the 103 triggers a signal. If I do that, when price reverses after the trigger,and it usually does, I will just
add to my position. I am still learning how to trade the Abonacci. This way seems to be working for me
at the moment. The other templates just had too much drawdown for me. I might add that I am more
comfortable with the trade if the 103 template is in agreement with the direction of the 680 template.
  • #1,463
  • Feb 25, 2014 4:40am Feb 25, 2014 4:40am
Quoting biganc
Thanks to the Abonacci system, I have grown my account 86% so far this year. I have settled on trading the 103 template. Most of the time I wait for the 103 trigger and then let price reverse before I enter the trade. My take profit is usually following the initial run after the reverse not the 103 TP level. If price reverses again before it reaches the 103 tp level, I will enter another trade. Sometimes I will enter the trade right when the 103 triggers a signal. If I do that, when price reverses after the trigger,and it usually does, I will just...
That's fantastic Al. Congratulations.

Thanks for sharing your methodology as well.
  • #1,464
  • Feb 25, 2014 4:49am Feb 25, 2014 4:49am
Quoting biganc
Thanks to the Abonacci system, I have grown my account 86% so far this year. I have settled on trading the 103 template. Most of the time I wait for the 103 trigger and then let price reverse before I enter the trade. My take profit is usually following the initial run after the reverse not the 103 TP level. If price reverses again before it reaches the 103 tp level, I will enter another trade. Sometimes I will enter the trade right when the 103 triggers a signal. If I do that, when price reverses after the trigger,and it usually does, I will just...
Just out of interest, how are you deciding on the pullback? Is it PA on a certain time frame? Or pullback to a specific level?
  • #1,465
  • Feb 25, 2014 5:04am Feb 25, 2014 5:04am
Quoting hollowhead
{quote} Just out of interest, how are you deciding on the pullback? Is it PA on a certain time frame? Or pullback to a specific level?
Both. I am no expert at this. Sometimes I will use price action, sometimes I will enter when it moves back to a previous support level and then becomes resistance.
Since I know the reliability of the 103 template, If I enter too soon on the pullback and it continues going against my pullback entry, I will just add to that position.
I am confident when I add to that already reversed position that it just isn't going to go much further against me.
  • #1,466
  • Feb 25, 2014 5:08am Feb 25, 2014 5:08am
I always watch the lower timeframes for the 103 entry (15,5 and even 1). Good pin bars can be
very convincing that it's time to head back in the 103 direction. Also, a good set of railroad tracks
on the 1m or 5m can be a very good pinbar on the 15m.
  • #1,467
  • Feb 25, 2014 5:12am Feb 25, 2014 5:12am
That's helpful thanks - I know you'll get asked, what do you do about SL?
  • #1,468
  • Feb 25, 2014 5:18am Feb 25, 2014 5:18am
I still haven't figured that out. I tend to use an emergency catastrophic stop loss. That is the part that I am just
not really comfortable with. I guess we could have this discussion several months from now and I will say that I have
lost 86%.
  • #1,469
  • Feb 25, 2014 5:22am Feb 25, 2014 5:22am
Quoting biganc
I still haven't figured that out. I tend to use an emergency catastrophic stop loss. That is the part that I am just not really comfortable with. I guess we could have this discussion several months from now and I will say that I have lost 86%.
I should think with your approach you can be flexible. If your going with a 15min pbar or outside bar to confirm the reversal back into the 105 direction, then just under that (or just under the S->R/R->S). If it gets taken out, then you can always re-enter lower?.
  • #1,470
  • Feb 25, 2014 5:25am Feb 25, 2014 5:25am
Thanks for the suggestion. This is a work in progress
  • #1,471
  • Feb 25, 2014 5:30am Feb 25, 2014 5:30am
Quoting biganc
Thanks for the suggestion. This is a work in progress
Absolutely - I think we can all trade the templates differently and learn from each others experiences and findings.
  • #1,472
  • Feb 25, 2014 5:32am Feb 25, 2014 5:32am
Quoting hollowhead
GU T5_103 Long TP - 1.67153
T5_103 long target reached

I'm going to keep it open and target the T4Y_680 target (1.6868)
  • #1,473
  • Feb 25, 2014 7:43am Feb 25, 2014 7:43am
Quoting hollowhead
{quote} Just out of interest, how are you deciding on the pullback? Is it PA on a certain time frame? Or pullback to a specific level?
Hi
Please someone explain the meaning of PA
  • #1,474
  • Feb 25, 2014 8:42am Feb 25, 2014 8:42am
Quoting mehmed92
{quote} Hi Please someone explain the meaning of PA
Sorry - PA means Price Action (candle patterns etc)
  • #1,475
  • Feb 26, 2014 1:03am Feb 26, 2014 1:03am
inja kasi irani hast
  • #1,476
  • Feb 26, 2014 3:15am Feb 26, 2014 3:15am
salam ...agar kmaki az dastemon bar biad dar khedmatim....
  • #1,477
  • Feb 26, 2014 3:41am Feb 26, 2014 3:41am
Subscribed,really nice system!
  • #1,478
  • Feb 26, 2014 3:49am Feb 26, 2014 3:49am
befarmaeid ma dar khedmatim
  • #1,479
  • Feb 26, 2014 7:42am Feb 26, 2014 7:42am
I think that the level are predetermated for medium term because the fundmental can change their goals. So yes. For me they are pre-determinated but not at long term.
  • #1,480
  • Feb 26, 2014 8:36am Feb 26, 2014 8:36am
Quoting hollowhead
A bit late but there are two more new shorts triggered AU T5_103 short - TP 0.89297 EU T5_103 short - TP 1.36617
EU Target met.
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