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Are support and resistance levels predetermined?

  • #1,501
  • Feb 28, 2014 7:09am Feb 28, 2014 7:09am
Quoting mehmed92
{quote} Do you calculate for GBP like EUR for example do you use HLC for year and month and day to calculate GBP
yes....
  • #1,502
  • Feb 28, 2014 7:09am Feb 28, 2014 7:09am
Quoting ichinachi
{quote} it works, but have a little diffrent rules because the calculations are the same ..for example you have template 680 pips for several pairs with different base line because hlc of pairs are different...so as you know bobi introduced euro behavior by steps 68 pip! and more calculation in calculator have steps 59 and 68 pips...
Now this gets me thinking.

Remember the Magic of Ten? So, how about creating a scalping type template by taking the T4Y_680 template and dividing it by 10. We then have a 68pip length template. Same rules as the T4Y_680 (except divided by 10).

ie. Long - Price comes from say 6 pips (59/10=5.9) below 100% and breaks 23.6% by say 1.5 (14/10=1.4) target 50% line say 15pips.

What do you think? Anyone want to test it with me?
  • #1,503
  • Edited 8:24am Feb 28, 2014 7:23am | Edited 8:24am
So, I'll have a go.

T4Y_68 long pending set at 1.38255 (incl spread) - TP 1.38400 - Profit 14.5 pips

EDIT: Placed a SL (novelty for me) 20 pips just under the 100%. I know its not a 1:1, but I think the win rate might justify it.

EDIT: I think I would have to give myself a rule that if a trade fails once, then the same trade cannot be taken unless a full trade has completed in the upper or lower phase. This might help whipsawing (which it looks like might kill the whole idea).

Also, it would be sensible to only take trades in line with the 680 or higher trend and preferably after a pullback within that trend.

Just thinking allowed folks - tell me to shut up if its irrelevant.
  • #1,504
  • Feb 28, 2014 7:33am Feb 28, 2014 7:33am
This is the template of eur-usd the calculated 69 pips
Attached Image (click to enlarge)
Click to Enlarge Name: gbp-usd 28-02-14 3.png Size: 24 KB
  • #1,505
  • Feb 28, 2014 7:38am Feb 28, 2014 7:38am
the Persians know much of this system, you can contribute your expertise?
  • #1,506
  • Feb 28, 2014 8:14am Feb 28, 2014 8:14am
HELP --- Does anyone know how to download the Abonacci indicator and get it to work in MT4 Build 610?

Tom
  • #1,507
  • Edited 8:39am Feb 28, 2014 8:15am | Edited 8:39am
As much work as you have put into this idea, S/R levels are not predetermined. Although, I am impressed with the amount of work put into this, you really should understand the market players a bit better here. That said, the commitment it takes to see ideas through is the kind of work ethic needed to survive and prosper in this game. Well done.

The retail sector of the FX market is basically just there to provide liquidity. It is sometimes thought that the institutions and banks have done the public a favor by allowing access to interbank spreads. But the real favor is being done by the retail traders to the institutions, for we provide liquidity. Maybe not directly as the market maker will undoubtedly facilitate this service.

Support and resistance levels are made when supply and demand play their never ending game with each other. Banks and hedge funds, private dealers etc need to buy and or sell currencies at certain levels, and sometimes it doesn't even have to be a great level as they mark up the spread quite a lot. Certain hedge players will be gearing up to trigger a huge order at a price that could be months down the road that fits with their risk strategy. Economic factors and psychological factors also play a role here as when the market will reach a level with a lot of interest all of the orders will trade with one another which leads to periods (very short) of illiquidity. When that happens the market will gap or jump to the next tradeable level. This next tradeable level is not predetermined as it is simply a place where stops and limits meet each other. It could be a big gap, or a small gap, all depending on who is in the market and what strategy they are playing.

Now there are tenancies of market participants to react psychologically in the same manner, and that's where the liquidity comes from and orders are being matched, but it's not until the open interest at those levels dissipates that the market will reveal if it is a support or resistance level by jumping to the next level of liquidity.
  • #1,508
  • Feb 28, 2014 8:20am Feb 28, 2014 8:20am
Quoting tomthepoppop
HELP --- Does anyone know how to download the Abonacci indicator and get it to work in MT4 Build 610? Tom
Sorry Tom - I'm still on 509. What's the issue?
  • #1,509
  • Feb 28, 2014 8:22am Feb 28, 2014 8:22am
Quoting tomthepoppop
HELP --- Does anyone know how to download the Abonacci indicator and get it to work in MT4 Build 610? Tom
Hi Tom, you close mt4 program, install the indicator in MQL4-Indicators folder and open the mt4.
  • #1,510
  • Feb 28, 2014 8:25am Feb 28, 2014 8:25am
Quoting hollowhead
{quote} Sorry Tom - I'm still on 509. What's the issue?
the 600 has a new folder MQL4, that is where you have to install the indicators.
  • #1,511
  • Feb 28, 2014 8:40am Feb 28, 2014 8:40am
Quoting jmss59
{quote} the 600 has a new folder MQL4, that is where you have to install the indicators.
Thanks - I will try again - but when I did that yesterday it went into folder but never showed up on the currency
under custom indicators -- I will cancel download and redo whole thing. Thanks for input.
  • #1,512
  • Feb 28, 2014 8:54am Feb 28, 2014 8:54am
Quoting tomthepoppop
{quote} Thanks - I will try again - but when I did that yesterday it went into folder but never showed up on the currency under custom indicators -- I will cancel download and redo whole thing. Thanks for input.
You should not remove the old folder indicator: experts-indicators, you do copy and paste
Attached Images
  • #1,513
  • Feb 28, 2014 9:31am Feb 28, 2014 9:31am
Quoting ichinachi
{quote} it works, but have a little diffrent rules because the calculations are the same ..for example you have template 680 pips for several pairs with different base line because hlc of pairs are different...so as you know bobi introduced euro behavior by steps 68 pip! and more calculation in calculator have steps 59 and 68 pips...
Hi, could you tell because 59 pips used for climbs and descents used 68? Thank you
And he knows that spreads used for other pairs? Thanks again
  • #1,514
  • Feb 28, 2014 9:57am Feb 28, 2014 9:57am
Quoting jmss59
set where to stand {image}
Hi
I put the GBP HLC for Month and year and day in the calculator and calculated but the result isn't as you did please tell me how you did
  • #1,515
  • Feb 28, 2014 10:29am Feb 28, 2014 10:29am
Quoting mehmed92
{quote} Hi I put the GBP HLC for Month and year and day in the calculator and calculated but the result isn't as you did please tell me how you did
.
Attached Image (click to enlarge)
Click to Enlarge Name: 11111.png Size: 3 KB
  • #1,516
  • Feb 28, 2014 10:41am Feb 28, 2014 10:41am
Quoting jmss59
{quote} . {image}
but I have different number for HLC

for last 6 month 2013 H=1.6577 L=1.4812 C=1.6564
for last month H=1.6667 L=1.6308 C=1.6438
  • #1,517
  • Feb 28, 2014 10:43am Feb 28, 2014 10:43am
Quoting mehmed92
{quote} but I have different number for HLC for last 6 month 2013 H=1.6577 L=1.4812 C=1.6564 for last month H=1.6667 L=1.6308 C=1.6438
You have to change the months for days, we are looking for daily levels non-monthly.
  • #1,518
  • Feb 28, 2014 10:47am Feb 28, 2014 10:47am
Quoting jmss59
{quote} You should not remove the old folder indicator: experts-indicators, you do copy and paste {image} {image}
Thanks again - It worked like a charm -- all set to trade again with the new computer.
Tom
  • #1,519
  • Feb 28, 2014 10:48am Feb 28, 2014 10:48am
Quoting jmss59
{quote} You have to change the months for days, we are looking for daily levels non-monthly.
How about year we have not H= 1.6733 in any month
  • #1,520
  • Feb 28, 2014 10:51am Feb 28, 2014 10:51am
Regulars permitting, hollowhead,eurozo,armyda, jaylovin, tom, etc. I will tomorrow put the monthly levels for the month of March.
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