Are support and resistance levels predetermined? | Page 84 | Forex Factory

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Are support and resistance levels predetermined?

  • #1,661
  • Mar 17, 2014 2:54pm Mar 17, 2014 2:54pm
Quoting ubenders
{quote} It is the 8/8 Murrey Math Line - you could have picked any of the Murrey lines shown on the chart and entered a 122 pip phase on the Abonacci template. Lot of MM indicators for MT4 will draw the lines for you.
In no way do I want to detract from Bobi's methods or system here - but I do think this is really interesting - and many of us would probably like to look at other pairs using Bobi's principles - especially when things are ranging or not as clear cut on the pairs we have as they have been before.

I've thrown the MM lines on GJ (a pair I love to trade) using 625 size and it looks like the levels stick really well and the Abonacci create nice phases to trade in.

You could run rules like the following.

For longs if price comes from 76.4% crosses 0% and break the 23.6% then target 76.4%. Set SL at either 10 pips below 0% (aggresive) or 76.4% (conservative) of lower phase. You could move to BE (or close 1/3) at 50% level, Move SL to 38.2% when price arrives at 61.8% (or close another 1/3).

Ubender - how about I set up a thread to explore this with you and anyone else interested?
  • #1,662
  • Mar 17, 2014 3:24pm Mar 17, 2014 3:24pm
Quoting hollowhead
{quote}Ubender - how about I set up a thread to explore this with you and anyone else interested?
That is a good idea Hollowhead let us know when the new thread is up and running.
  • #1,663
  • Mar 17, 2014 5:07pm Mar 17, 2014 5:07pm
Quoting ubenders
{quote} That is a good idea Hollowhead let us know when the new thread is up and running.
Done it's here. Let me know if anything is unclear or could be explained better. I will still be contributing as much as I do/can here, but hopefully see you on the other side.
  • #1,664
  • Mar 18, 2014 7:56am Mar 18, 2014 7:56am
activated a sell in pair gbp-usd
Attached Image (click to enlarge)
Click to Enlarge Name: gbp-usd 18-03-14.png Size: 26 KB
  • #1,665
  • Mar 18, 2014 1:14pm Mar 18, 2014 1:14pm
Quoting jmss59
activated a sell in pair gbp-usd {image}
not reach the target by 1 pip, now I close with +4 pips, has formed a pin-bar and I do not like
Attached Image (click to enlarge)
Click to Enlarge Name: gbp-usd 18-03-14 1.png Size: 30 KB
  • #1,666
  • Mar 18, 2014 3:51pm Mar 18, 2014 3:51pm
Quoting jmss59
{quote} not reach the target by 1 pip, now I close with +4 pips, has formed a pin-bar and I do not like {image}

GOOD stuff really clear.. I follow what you say well__-- PLEASE keep posting
  • #1,667
  • Mar 18, 2014 8:01pm Mar 18, 2014 8:01pm
Could I request whether you could share with us your analysis for GBPUSD?
I've been waiting for trend to reverse for a long time. Could you analysis determine what price is baseline, which way the trend is moving towards, how far it's gone now and whether it will continue in that direction or reached it's 50% line before reversing.
  • #1,668
  • Mar 18, 2014 8:25pm Mar 18, 2014 8:25pm
Quoting hollowhead
Weekly analysis - I think I covered it all, but let me know if I missed something {image}{image}{image}
Hi hollowhead, i'm a newbie here, could you help remind how to read your weekly analysis?
  • #1,669
  • Mar 18, 2014 11:43pm Mar 18, 2014 11:43pm
Quoting jmss59
{quote} not reach the target by 1 pip, now I close with +4 pips, has formed a pin-bar and I do not like {image}


same with me, Now I'm confused to what i'll do, but instead of closing it, I'm hedging it, waiting......
May the odds be ever in your favor
  • #1,670
  • Mar 18, 2014 11:50pm Mar 18, 2014 11:50pm
Quoting shon9178
Could I request whether you could share with us your analysis for GBPUSD? I've been waiting for trend to reverse for a long time. Could you analysis determine what price is baseline, which way the trend is moving towards, how far it's gone now and whether it will continue in that direction or reached it's 50% line before reversing.

Now, GU 1.65910,
If it crossed around 1,66120, GU > 1.66120, I think I will go to 1.66300,

but I hedged my position, waiting it to reach previous target, 1.65440
May the odds be ever in your favor
  • #1,671
  • Mar 19, 2014 2:43am Mar 19, 2014 2:43am
Quoting shon9178
Could I request whether you could share with us your analysis for GBPUSD? I've been waiting for trend to reverse for a long time. Could you analysis determine what price is baseline, which way the trend is moving towards, how far it's gone now and whether it will continue in that direction or reached it's 50% line before reversing.
Price has made ​​an impulsive wave down the last bearish swing, this indicates that it could be forming a bearish trend. Now we wait for the retraction price and see where to enter arrives with bearish positions.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbp-usd 19-03-14.png Size: 31 KB
Click to Enlarge Name: gbp-usd 19-03-14 1.png Size: 43 KB
  • #1,672
  • Mar 19, 2014 3:08am Mar 19, 2014 3:08am
It is as I feared, I think GU will go UPPPP

straight to 1.66300, and maybe more
May the odds be ever in your favor
  • #1,673
  • Mar 19, 2014 3:10am Mar 19, 2014 3:10am
Quoting jmss59
{quote} Price has made ​​an impulsive wave down the last bearish swing, this indicates that it could be forming a bearish trend. Now we wait for the retraction price and see where to enter arrives with bearish positions. {image} {image}
thanks for the reply.
due to options expiring tonight the chances it will go up is high. your chart is pretty much on the spot. I expect it will jolt to 1.665 before dropping.
if it does drop does the chart show to which extent it will drop to?
  • #1,674
  • Mar 19, 2014 3:20am Mar 19, 2014 3:20am
Today there is important news for this pair. We must be cautious.
  • #1,675
  • Mar 19, 2014 3:57am Mar 19, 2014 3:57am
I can only really tell you what levels need to play out.

There are two bullish trades that need to complete. A T4Y_1130 TP-1.6827 and a T4Y_680 TP-1.6868.
After completing those, it goes up beyond 1.6927 then another T4Y_680 long trade will signal with a TP of 1.7047.
If it then gets to 1.70925 a T5_1030 will trigger with a TP of circa 1.74925.

But, there is also a T4Y_680 short to complete at 1.61388.

So those are the key levels at the moment.

I don't really have a bias (although long to 1.6868 and then a big drop to 1.61388 is what I want)
  • #1,676
  • Mar 19, 2014 4:18am Mar 19, 2014 4:18am
Quoting shon9178
{quote} Hi hollowhead, i'm a newbie here, could you help remind how to read your weekly analysis?
Hi Shon

The first column lists the templates.
The next column lists the signals that are current/uncompleted on those templates and the target (TP)
At the bottom is 'Overall' - This is normally a summary of the furthest opposing signals and if I feel there is a most likely scenario (just my opinion)
Chain Reaction, is where I have seen how one trade gets triggered on the way to another being completed. This gives me an idea of longer term target.

If there are price areas where all signals in one direction have completed, I see this a potential reversal area, especially if there are signals in the opposing direction.

Hope that helps.

Steve
  • #1,677
  • Mar 19, 2014 4:28am Mar 19, 2014 4:28am
Quoting hollowhead
{quote} Hi Shon The first column lists the templates. The next column lists the signals that are current/uncompleted on those templates and the target (TP) At the bottom is 'Overall' - This is normally a summary of the furthest opposing signals and if I feel there is a most likely scenario (just my opinion) Chain Reaction, is where I have seen how one trade gets triggered on the way to another being completed. This gives me an idea of longer term target. If there are price areas where all signals in one direction have completed, I see this a potential...
Thank you
  • #1,678
  • Mar 19, 2014 12:37pm Mar 19, 2014 12:37pm
We are 30 minutes from the FOMC statement and 60 minutes from Janet speech. I hope that the market volatility.
  • #1,679
  • Mar 19, 2014 1:07pm Mar 19, 2014 1:07pm
activated a sell in the GU
Attached Image (click to enlarge)
Click to Enlarge Name: gbp-usd 19-03-14 2.png Size: 31 KB
  • #1,680
  • Mar 19, 2014 1:25pm Mar 19, 2014 1:25pm
I have closed the transaction with +25 pips, the price has reached a level matching extensions 138.2 and 161.8 of the last 2 swings.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp-usd 19-03-14 3.png Size: 31 KB
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