Are support and resistance levels predetermined? | Page 81 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Draw line with predetermined pip distance from the origin line 5 replies

Which platforms offer non-predetermined timeframes? 6 replies

Adjusting the colours of bar range indicator at predetermined values 4 replies

Is market action based on predetermined levels? 3 replies

Possible Support and Resistance Levels 1 reply

Attachments: Are support and resistance levels predetermined?
Exit Attachments

Are support and resistance levels predetermined?

  • #1,601
  • Mar 8, 2014 1:09pm Mar 8, 2014 1:09pm
Quoting hollowhead
My weekly analysis below - let me know if I missed anything. {image}{image}{image}
Hi Steve
for EUR 103 I have Bullish target =1.39377
for AUD 103 I have Bearish target=.86203
AUD 1030 no signal
  • #1,602
  • Mar 8, 2014 1:36pm Mar 8, 2014 1:36pm
Quoting mehmed92
{quote} Hi Steve for EUR 103 I have Bullish target =1.39377 for AUD 103 I have Bearish target=.86203 AUD 1030 no signal
Oh yes. Put the AU 103 in the wrong field! Out at the moment. Will update later.
  • #1,603
  • Mar 8, 2014 5:51pm Mar 8, 2014 5:51pm
Quoting mehmed92
{quote} Hi Steve for EUR 103 I have Bullish target =1.39377 for AUD 103 I have Bearish target=.86203 AUD 1030 no signal
You're right on the EU, I had mistyped with an '8' instead of '9'.

Thanks for pointing it out mehmed92
  • #1,604
  • Mar 9, 2014 10:30am Mar 9, 2014 10:30am
Hi,

I have read the entire thread here and 50% of the other Abonachi EUR/USD thread. I have some questions as follow:

1) what if the templates you were seeing here in this thread have some conflicting trade signals? which do you hang on to? (since theres a belief that the price will be hit no matter what) Im sure it has already happen some time or another.

2) Between the 5 templates here and the other few on Abonachi EUR/USD thread, the templates and phases used are different, if you gather all of them up and look at them at once, the conflicting signals becomes more confusing, not to mention the calc on that thread too.

Im quite impressed by some of the levels that hold just above the line like those mentioned in the pictures. However, if All the templates is correct, why would there be conflicting signals? If the theory is right as in predetermined and all the templates and levels are correct, Im sure there should be a sequence in using the templates like template A for monthly trends, so use template B for 4H setups and template C for 1H entries, and template D for reversals etc.

If those are not sorted out, am I right to say its only still in testing stage and we are already using real cash to test it out?

Evilmaster
  • #1,605
  • Mar 9, 2014 11:24am Mar 9, 2014 11:24am
dont use support and resistance..but use your brain coordination
  • #1,606
  • Mar 9, 2014 12:25pm Mar 9, 2014 12:25pm
Quoting Evilmaster
Hi, I have read the entire thread here and 50% of the other Abonachi EUR/USD thread. I have some questions as follow: 1) what if the templates you were seeing here in this thread have some conflicting trade signals? which do you hang on to? (since theres a belief that the price will be hit no matter what) Im sure it has already happen some time or another. 2) Between the 5 templates here and the other few on Abonachi EUR/USD thread, the templates and phases used are different, if you gather all of them up and look at them at once, the conflicting...
I am not the most experienced on this thread but here is how I trade it - live by the way.
I use daily only on 1130, 965 & 680 -- Primarily I use 680 for trend --- Then I go to 103, which is designed for shorter term trades and use 1 hr & or 15 min to trade it. Always try to go in direction of 680. I don't see signals as conflicting just different due to timeframes and or S&R differences. I do not use the monthly from the other thread. I only look at this thread as it is Bobi's latest and greatest. This method of trading gives me a great deal of confidence as to where trade will eventually wind up --- while I trade the inbetween areas going all the way up or down.
Best of luck to you. Tom
  • #1,607
  • Mar 9, 2014 12:28pm Mar 9, 2014 12:28pm
Quoting Evilmaster
Hi, I have read the entire thread here and 50% of the other Abonachi EUR/USD thread. I have some questions as follow: 1) what if the templates you were seeing here in this thread have some conflicting trade signals? which do you hang on to? (since theres a belief that the price will be hit no matter what) Im sure it has already happen some time or another. 2) Between the 5 templates here and the other few on Abonachi EUR/USD thread, the templates and phases used are different, if you gather all of them up and look at them at once, the conflicting...
Hi Evilmaster, In repsonse to your questions, here's my thoughts.
1. I tend to look at where price is in relation to the two trade signals and favour the nearest target. I have stopped thinking of them as 'conflicting', but rather target and pullback. I generally look at what the long term trend is (weekly/monthly) and think in terms of price predominantly moving in that direction - but if there is a signal the opposite way, then I will consider that as an area for price to pullback to, before reaching the dominant trend target. We have that situation on EU and GU. There are signals both ways, so I hold both in mind.
2. You're right it can be confusing looking at all the templates. But once you get used to it you can see how they actual hang together. It's really no different from traditional trend trading - e.g. a 15m down trend can be nothing more than a pullback on a 4hour up trend. There are trends within trends, likewise with abonacci there can be template targets within template targets etc.
3. The reason for conflicting signals is really for the same reason as I point out in 1 and 2. A lot of traders are using T4Y_1130 and 680 to give them a bias, they trade TF4 to find reversal points into the trend (like we have on AU at the moment), and actually trade T5_103 in the direction of the higer template targets.

There are many ways to use abonacci - you can trade the templates, or else trade another system using abonacci levels as targets and areas to find entries on another system. It is very flexibible. Predetermination does not mean there is neccessarily a sequence. Time is not really something that can be factored in. Targets will be hit at some point - don't know when, but they will get there - we can try and work out how and a 'likely sequence' with the combination of templates, but none of us can say for sure.

Hope that helps a little (or raises more questions)
  • #1,608
  • Mar 9, 2014 12:30pm Mar 9, 2014 12:30pm
Quoting Evilmaster
Hi, I have read the entire thread here and 50% of the other Abonachi EUR/USD thread. I have some questions as follow: 1) what if the templates you were seeing here in this thread have some conflicting trade signals? which do you hang on to? (since theres a belief that the price will be hit no matter what) Im sure it has already happen some time or another. 2) Between the 5 templates here and the other few on Abonachi EUR/USD thread, the templates and phases used are different, if you gather all of them up and look at them at once, the conflicting...
Like Tom, I have traded Abonacci levels live from Oct. I only ever test live with real money - but I am past testing now and trading live with real money.
  • #1,609
  • Mar 9, 2014 12:30pm Mar 9, 2014 12:30pm
Quoting Nfp
dont use support and resistance..but use your brain coordination
Not sure what this means...
  • #1,610
  • Mar 9, 2014 1:38pm Mar 9, 2014 1:38pm
Quoting hollowhead
{quote} Hi Evilmaster, In repsonse to your questions, here's my thoughts. 1. I tend to look at where price is in relation to the two trade signals and favour the nearest target. I have stopped thinking of them as 'conflicting', but rather target and pullback. I generally look at what the long term trend is (weekly/monthly) and think in terms of price predominantly moving in that direction - but if there is a signal the opposite way, then I will consider that as an area for price to pullback to, before reaching the dominant trend target. We have...
Hi Hollow & tomthepop,

Thanks for your reply.

I understand the fall from the 15min is a pullback from 4H etc. The attached is what I would see the on the whole, 5min, 15min, 1H, 4H, the EMA bands underlay roughly indicating the strength of current immediate strength to intraday to 2-3 days later(daily and weekly could be added too). When I see the some of the Abonachi levels coincides with the tops and bottom, I'm impressed too, just it spring more questions like the one I've asked above, the too many templates given. Maybe I'm not used to it too.

I just thought that the originator like Bobi could define how he uses it like T5 103F is used for 1H, and the rest T4Y 680 is for daily etc. It makes it certain becoz if it comes from him its more assuring as he created the templates. And a lot of times it was mentioned in the thread strong words like "the price MUST reach xxx no matter what". However we all know there will be a day when the price will be reached, it could be days to months to years, after all, currencies fluctuates and technically should not go to 0.

I mean from the start of the thread, the templates after templates is given out, currently 5 in this thread, theres no actual defining how to combine using all of them, or some of them only.

IF the templates is really good to go and still strong words and belief is used as "the price MUST reach xxx no matter what", then why is there always a new template? If there is a new template, with a different phase and is better, then what is the previous version belief built on? IF I enter different phase number between 20-200 just for 1 template using 1 base number, definitely I will also get a few that the tops and bottoms sit exactly on the fibs level rt?

I'm not trying to mess things up, pls don't get me wrong, I would love all this work splendidly and all make good money. Its just normal questions I guess. I like Fibonachi numbers, in youtube theres so many videos of Fibo magic that is happening in nature too, I love them. But somehow scientist can't crack the "why" and "how" too, shouldn't we be prudent and just be a little careful about the which price must be hit etc?

Inserted Video


Evilmaster
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2014-03-10 at 1.56.24 am.png Size: 404 KB
  • #1,611
  • Mar 9, 2014 2:10pm Mar 9, 2014 2:10pm
Quoting hollowhead
{quote} Not sure what this means...
i mean think fast like ducati car.

limit your range and lowering the risk

1 for 2

but 4 not 6
  • #1,612
  • Mar 9, 2014 2:32pm Mar 9, 2014 2:32pm
Quoting Nfp
{quote} i mean think fast like ducati car. limit your range and lowering the risk 1 for 2 but 4 not 6
Sorry - I still don't understand what you mean in the context of this thread.
  • #1,613
  • Mar 9, 2014 2:59pm Mar 9, 2014 2:59pm
Quoting Evilmaster
{quote} Hi Hollow & tomthepop, Thanks for your reply. I understand the fall from the 15min is a pullback from 4H etc. The attached is what I would see the on the whole, 5min, 15min, 1H, 4H, the EMA bands underlay roughly indicating the strength of current immediate strength to intraday to 2-3 days later(daily and weekly could be added too). When I see the some of the Abonachi levels coincides with the tops and bottom, I'm impressed too, just it spring more questions like the one I've asked above, the too many templates given. Maybe I'm not used...
I think I understand what you're driving at. The thing about abonacci is that Bobi never promoted a system or method of trading. All he ever did was set out that price moves from predetermined levels within certain pip ranges and phases. He kinda left if open for traders to work out just what that means for their trading. He has left clues in his posts as to how he trades, what is important to him and how he looks at it. One thing he has pointed out is that timeframe doesn't matter - what matters is levels in relation to price - it doesn't matter whether you watch or open a trade on a 15m or daily etc. He also advised early on that he wouldn't just trade a single template, he would factor in what the others are doing. I guess a bit like trend trading ie waiting till all timeframes are aligned in one direction = waiting until all templates are aligned in one direction.

I don't think Bobi can define how he trades because I think he uses a calculator (not the one already shared), that defines trade parameters for him. I do not believe he will ever share that calculator, and I don't blame him, although he has mentioned developing one for the thread, but it will be limited.

The way I look at it, the combination of templates tells a story, much like supply and demand trading is about reading the story of what is happening, I think the templates give a blueprint of the flow of where price will go. When we have a signal on one templale we read it in the context of the other templates eg there was a signal long on EU on Friday - I had said before it triggered that I wouldn't be taking it as the TP was beyond a level which was the open and close of two larger templates. This said to me that it will be a powerful resistance level and the T5_103 trade could fail (it is one of the templates that bobi says can fail, or at least in my experience lead to large DD). So, I read that signal in the context of what I believe the bigger story is. BTW that is the reason for my weekly analysis, its really just my version of how I see the story panning out - it's not right or wrong (although some of my numbers can be!!), but the 'Overall' section is the story ie Bullish to x.xxx, with pullback to x.xxx - it's my attempt at the story. Also, it highlights the signals that would be triggered by other templates. When I see an area where there are no futher signals across all the templates, I think this could be significant and place where price reverses.

I know traders here trade abonacci differently - BigAl trades a certain way - not taking the immediate 103 signal, but waiting for a pullback to get a better entry etc. Jaylovin I think factors in the levels to his trading, but uses other strategies to build his trading plan, which is more swing trading. Tom will have his way, Jmss59 is looking at other ways to use abonacci principles and find his own baselines and levels and I tend to take as many signals as I can, allow the large DD with hedging and see how it all pans out. The one thing I can say is quite a few traders have said they have achieved great % increases since trading their variation of abonacci, and I can't recall one person saying they have lost money. Now, that doesn't really mean a lot , as I think there are quite a few people who have looked at it on demo and not found a way to make it work (I guess because they haven't found answers to questions such as yours). But I think we all have different ways to factor abonacci into our trading and I think that was actually Bobi's intention.
  • #1,614
  • Mar 9, 2014 3:17pm Mar 9, 2014 3:17pm
Quoting hollowhead
{quote} Sorry - I still don't understand what you mean in the context of this thread.

nowadays,we need to think fast like 1second or less..

this is 21century

i mean..price can fluctuation in any direction but strong snr will show the momentum losing by speed trap
  • #1,615
  • Mar 9, 2014 3:36pm Mar 9, 2014 3:36pm
OK I see what your saying. I prefer to take it slow, plan my trades, and then trade my plan. Different strokes for different folks I guess!!
  • #1,616
  • Mar 10, 2014 6:10am Mar 10, 2014 6:10am
MMM interesting.. I must say
  • #1,617
  • Mar 10, 2014 6:24am Mar 10, 2014 6:24am
Quoting danc
MMM interesting.. I must say
I think so too. It's one of those things that you initially think 'Don't be stupid, how can that work', but then I look at the charts I can't deny what price does around the levels highlighted through the templates - it's weird, but works.
  • #1,618
  • Mar 10, 2014 6:38am Mar 10, 2014 6:38am
The way I look at it, the combination of templates tells a story, much like supply and demand trading is about reading the story of what is happening, I think the templates give a blueprint of the flow of where price will go. When we have a signal on one templale we read it in the context of the other templates eg there was a signal long on EU on Friday - I had said before it triggered that I wouldn't be taking it as the TP was beyond a level which was the open and close of two larger templates. This said to me that it will be a powerful resistance level and the T5_103 trade could fail (it is one of the templates that bobi says can fail, or at least in my experience lead to large DD). So, I read that signal in the context of what I believe the bigger story is. BTW that is the reason for my weekly analysis, its really just my version of how I see the story panning out - it's not right or wrong (although some of my numbers can be!!), but the 'Overall' section is the story ie Bullish to x.xxx, with pullback to x.xxx - it's my attempt at the story. Also, it highlights the signals that would be triggered by other templates. When I see an area where there are no futher signals across all the templates, I think this could be significant and place where price reverses.


WELL said.. I think you are rite on the money..all will trade it different.. its called the human being factor.. I think..VGreat stuff
  • #1,619
  • Mar 10, 2014 6:42am Mar 10, 2014 6:42am
Quoting Wolf_Wicked
{quote} Well now I've caught your scent and I'm naturally curious... Will be watching (from the dark) Show me something.. You have 3 weeks... Be cool http://www.youtube.com/watch?v=CkCWVNaX6-k

\

Attached Image


Not averaging down on the hizzle and cheating on a Wolf I trust?

Inserted Video


You now have 4 weeks to be a little cooler.. be cool (er)
Howlin' at the Moon on the Roof
  • #1,620
  • Edited 7:16am Mar 10, 2014 6:46am | Edited 7:16am
Quoting hollowhead
{quote} I think I understand what you're driving at. The thing about abonacci is that Bobi never promoted a system or method of trading. All he ever did was set out that price moves from predetermined levels within certain pip ranges and phases. He kinda left if open for traders to work out just what that means for their trading. He has left clues in his posts as to how he trades, what is important to him and how he looks at it. One thing he has pointed out is that timeframe doesn't matter - what matters is levels in relation to price - it doesn't...
Hi Hollow,

Thanks for your reply. I understand all methods have a win/loss rate, as long as the winning one is more, it doesn't matter which method it is.

I've uploaded my work of Support & Resistance from previous Top and Bottom, Volume Studies, a record of a few key events, Heikin Ashi for easy Elliott Waves counting, 2 Channels TL. Almost all of the key turning points coincides with T5_103F Fibs levels, I don't know why too, its interesting.

Im not sure if its of help to any but I hope it can be used in together and it can help anyone here, like better entry point, better SL etc.
Good luck and God Bless All.

Evilmaster
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screen Shot 2014-03-10 at 7.19.32 pm.png Size: 172 KB
Click to Enlarge Name: Screen Shot 2014-03-10 at 7.29.08 pm.png Size: 88 KB
Click to Enlarge Name: Screen Shot 2014-03-10 at 8.14.30 pm.png Size: 368 KB
2 traders viewing now