Are support and resistance levels predetermined? | Page 97 | Forex Factory

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Are support and resistance levels predetermined?

  • #1,921
  • Jul 31, 2014 8:18am Jul 31, 2014 8:18am
I just placed a pending entry short for E/U at 1.3338 that will initially target 1.3200 - live account. Since all my profit targets on E/U and G/U were hit I have tremendous confidence in this method and am basing all my E/U - G/U and A/U trades on it. Also placed a pending trade on A/U short at .92788 with a TP at .9234. I took profit on G/U at 1.68603 - Looks like I will reenter but have to find a signal first.
Wish we had even more currencies with templates. IMHO The system works.
  • #1,922
  • Aug 6, 2014 5:56am Aug 6, 2014 5:56am
Quoting hollowhead
I've closed out all my EU trades on one account (this is a demo I am using for the Demolympics competition - the TE is in my profile if your interested). Basically taking every trade I get around to spotting. {image}

Hi Hollow, please check on template T4Y_680 is already ON = SELL EU 1.3339 TP 1.32180

what do u think?
  • #1,923
  • Aug 12, 2014 1:23pm Aug 12, 2014 1:23pm
STEVE - How do you configure continuation? I assume it is when price breaks the TP area but by how much and how do you figure
the new TP area. BTW I am real happy with this system - it is keeping me in the trades much longer, which was a problem for me - but not any more. Live account growing really well. Tom
  • #1,924
  • Aug 14, 2014 12:49pm Aug 14, 2014 12:49pm
Quoting tomthepoppop
STEVE - How do you configure continuation? I assume it is when price breaks the TP area but by how much and how do you figure the new TP area. BTW I am real happy with this system - it is keeping me in the trades much longer, which was a problem for me - but not any more. Live account growing really well. Tom
Hey Tom

Sorry not to reply earlier - I'm away with the family ATM and have limited internet access, and only mobile charts.

When you say 'continuation' are you referring to the 680 template? If so then I think it is if price goes 59pips past the original TP, then enter again with a take profit of 120 pips ( that is by memory as I don't havemy rules sheet with me. )
  • #1,925
  • Aug 14, 2014 12:53pm Aug 14, 2014 12:53pm
Quoting na_r2000
{quote} Hi Hollow, please check on template T4Y_680 is already ON = SELL EU 1.3339 TP 1.32180 what do u think?
I do think the trade is on - but I am still bullish in the long term , so I will watch it closely. I don't see it going past 1.318 a but I've made statements like that before and been very wrong - so please trade what YOU see.
  • #1,926
  • Aug 15, 2014 3:11pm Aug 15, 2014 3:11pm
Quoting hollowhead
{quote} Hey Tom Sorry not to reply earlier - I'm away with the family ATM and have limited internet access, and only mobile charts. When you say 'continuation' are you referring to the 680 template? If so then I think it is if price goes 59pips past the original TP, then enter again with a take profit of 120 pips ( that is by memory as I don't havemy rules sheet with me. )
Thanks Steve - I just had a senior moment I guess and could not figure it out. It is sort of obscure in the rules write up. Got it now.
  • #1,927
  • Aug 25, 2014 5:14am Aug 25, 2014 5:14am
Quoting na_r2000
{quote} Hi Hollow, please check on template T4Y_680 is already ON = SELL EU 1.3339 TP 1.32180 what do u think?
HIT TP
  • #1,928
  • Aug 25, 2014 5:18am Aug 25, 2014 5:18am
Quoting na_r2000
{quote} HIT TP
Well done na_r2000. Really pleased for you.
  • #1,929
  • Aug 26, 2014 2:08pm Aug 26, 2014 2:08pm
EU is at a very interesting place. It has currently stopped at 1.31637 (according to my broker). The next big short signal (as far as I can see) is a T4Y_1130 is at 1.31623 - 1.4 pips lower. If it goes those few pips lower then we're heading for 1.2906.

So the big question is - does this mean we've reached the bottom?
  • #1,930
  • Aug 26, 2014 2:25pm Aug 26, 2014 2:25pm
Quoting hollowhead
EU is at a very interesting place. It has currently stopped at 1.31637 (according to my broker). The next big short signal (as far as I can see) is a T4Y_1130 is at 1.31623 - 1.4 pips lower. If it goes those few pips lower then we're heading for 1.2906. So the big question is - does this mean we've reached the bottom?
I really hope. Otherwise I cannot see how we will reach 1.4* level
I am long now in long term
  • #1,931
  • Aug 26, 2014 3:04pm Aug 26, 2014 3:04pm
Quoting hollowhead
EU is at a very interesting place. It has currently stopped at 1.31637 (according to my broker). The next big short signal (as far as I can see) is a T4Y_1130 is at 1.31623 - 1.4 pips lower. If it goes those few pips lower then we're heading for 1.2906. So the big question is - does this mean we've reached the bottom?
Hi hallowhead,
just came across this thread and find the simplicity of trading this method very appealing. I'm sure it's not as simple as it sounds but much better than trading with indis.. I would like to give it a try in demo for now.
I must be honest and say I didnt read the whole thread just the first 2 pages and and a few at the end. I will read the whole thread but just 2 qucik questions for now if you dont mind...
Do we use the template thats provided on the 1st page or is there an updated version and also is this method applicable to all the major pairs?

Thank you in advance for your assistance..
Happy trading..
  • #1,932
  • Aug 26, 2014 3:17pm Aug 26, 2014 3:17pm
Quoting forexday
{quote} Hi hallowhead, just came across this thread and find the simplicity of trading this method very appealing. I'm sure it's not as simple as it sounds but much better than trading with indis.. I would like to give it a try in demo for now. I must be honest and say I didnt read the whole thread just the first 2 pages and and a few at the end. I will read the whole thread but just 2 qucik questions for now if you dont mind... Do we use the template thats provided on the 1st page or is there an updated version and also is this method applicable...
Hi Forexday - welcome to Abonacci trading. Go for it with the demo, but be aware - the first two pages give you virtually nothing of how Abonacci works. In fact, the thread only contains a fraction of the whole system (which we don't have btw). However, there is enough here to put together profitable trades, but I would encourage you to read the whole thread. The principles are simple - but not easy. Attached in the post below is a PDF with the rules for each 'template', I hope that helps - but PLEASE DO YOURSELF A FAVOUR, and take the time to read the thread. Many here will testify that they have spent, hours, days, weeks, months working out how this all hangs together.

Quoting hollowhead
Given the level of potential confusion regarding rules for the templates (and my own ability to get my two brain cells twisted) I thought I would put Bobi's posts outlining the rules for the different templates in a PDF. I strongly recommend you read the whole thread and not just the PDF, but it might help some people for reference. {image}
The there is an updated indicator (see post below)

Quoting aebab
Abonacci Templates for EUR/JPY T4F, Phase Length=220 pips Baseline=125.8 T5_2_2, Phase Length=965 pips Baseline=549 T5_1_103, Phase Length=103 pips Baseline=131 Note: Please use the new Abonacci indicator to be able to generate more phases {file}
Good luck.

Steve
  • #1,933
  • Aug 26, 2014 3:42pm Aug 26, 2014 3:42pm
Quoting hollowhead
{quote} Hi Forexday - welcome to Abonacci trading. Go for it with the demo, but be aware - the first two pages give you virtually nothing of how Abonacci works. In fact, the thread only contains a fraction of the whole system (which we don't have btw). However, there is enough here to put together profitable trades, but I would encourage you to read the whole thread. The principles are simple - but not easy. Attached in the post below is a PDF with the rules for each 'template', I hope that helps - but PLEASE DO YOURSELF A FAVOUR, and take the time...
Thank you for your response hollowhead,
No PDF or templates were attached..but I WILL certainly read through this thread.
In actual fact I already started on this journey...
Once again, thank you.
  • #1,934
  • Aug 26, 2014 3:45pm Aug 26, 2014 3:45pm
Quoting hollowhead
{quote} Hi Forexday - welcome to Abonacci trading. Go for it with the demo, but be aware - the first two pages give you virtually nothing of how Abonacci works. In fact, the thread only contains a fraction of the whole system (which we don't have btw). However, there is enough here to put together profitable trades, but I would encourage you to read the whole thread. The principles are simple - but not easy. Attached in the post below is a PDF with the rules for each 'template', I hope that helps - but PLEASE DO YOURSELF A FAVOUR, and take the time...
My apologise Sir,
I had to click on your name to get to your PDF....
Finding my way around on this site.
Take care
  • #1,935
  • Aug 30, 2014 6:38am Aug 30, 2014 6:38am
Quoting hollowhead
EU is at a very interesting place. It has currently stopped at 1.31637 (according to my broker). The next big short signal (as far as I can see) is a T4Y_1130 is at 1.31623 - 1.4 pips lower. If it goes those few pips lower then we're heading for 1.2906. So the big question is - does this mean we've reached the bottom?
Hi Hollow, please check on template T4Y_1130 is already ON = SELL EU 1.3162 TP 1.2906 what do u think?
  • #1,936
  • Aug 30, 2014 11:42am Aug 30, 2014 11:42am
Hi na_r2000, yep it's a valid signal and TP, but there is also a T4Y_1130 long that didn't quite complete - so it's challenging. I am not sure which way it will go. I am currently loading longs to about 1.308. If it goes past there, then I will pull out and step aside until I see a more clear direction.
  • #1,937
  • Sep 2, 2014 6:30am Sep 2, 2014 6:30am
Quoting hollowhead
Hi na_r2000, yep it's a valid signal and TP, but there is also a T4Y_1130 long that didn't quite complete - so it's challenging. I am not sure which way it will go. I am currently loading longs to about 1.308. If it goes past there, then I will pull out and step aside until I see a more clear direction.

Hi hollowhead i will advise you quit long and go short because its going to go as low as 1.27083 or 1.22175,I dont see it geting to 1.42 as predicted by bobi
It may retrace to that level next year but certainly not this year.
Thanks.
  • #1,938
  • Sep 2, 2014 7:23am Sep 2, 2014 7:23am
T4Y-1130 euro triggered down, target 2954. From this price I see main turn in trend bcs this level matched with 23% T5-2-2(965) pips template.
  • #1,939
  • Sep 2, 2014 9:40am Sep 2, 2014 9:40am
Quoting hollowhead
Hi na_r2000, yep it's a valid signal and TP, but there is also a T4Y_1130 long that didn't quite complete - so it's challenging. I am not sure which way it will go. I am currently loading longs to about 1.308. If it goes past there, then I will pull out and step aside until I see a more clear direction.
Hi Hollow, please check on template T5_965 GBP/USD is already ON = SELL GBP/USD 1.6496 TP 1.62620 what do u think?
  • #1,940
  • Sep 2, 2014 10:50am Sep 2, 2014 10:50am
interesting thread, I like to know more I see you are using 76,4 fibs, I would suggest 78.6 is better, because 76,4 is not really a fib
Bulls are stupid Animals!especially when Im short!
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