Are support and resistance levels predetermined? | Page 98 | Forex Factory

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Are support and resistance levels predetermined?

  • #1,941
  • Sep 2, 2014 1:31pm Sep 2, 2014 1:31pm
Quoting na_r2000
{quote} 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?
Hi - I'm suspicious, Look left to 24 March and the exact same signal was given. I took that, and ended up hedging it all the way to the top and only finally unlocking the hedge down in the last month or so.

Trade well

Steve
  • #1,942
  • Sep 2, 2014 1:35pm Sep 2, 2014 1:35pm
Quoting roughtrader
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
Hi roughtrader.

You're right in that it's not a 'real fib', but a lot of packages use it. I think it works here bacause the system utlilises the symmetry. It seems to work, so...
  • #1,943
  • Sep 2, 2014 4:50pm Sep 2, 2014 4:50pm
Not sure how to use this, whats your prediction on EURUSD?
Bulls are stupid Animals!especially when Im short!
  • #1,944
  • Sep 3, 2014 1:41pm Sep 3, 2014 1:41pm
Quoting roughtrader
Not sure how to use this, whats your prediction on EURUSD?
Hiya

I try and look for confluence in the templates. So, I see where price is, and what its been doing across all the templates. Which have signals live etc and then trade within the direction. Some people take the signals and trades, others use them as confirmation of direction, and then use other methods to enter.

I would try and get to know each templates rules. Then look at some historical charts, make sure you use the right baselines for the right year. And see where price achieved its target, what the DD was, etc. I've posted a PDF with all the rules for the templates, but each trader will put them together and trade them differently.

Hope you find Abonacci of use.

Steve
  • #1,945
  • Sep 3, 2014 2:14pm Sep 3, 2014 2:14pm
Quoting Magnat
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.
Hi Magnat - I make T4Y_1130 TP = 1.2906 - and T5_965 23% level is .24447

Thanks

Steve
  • #1,946
  • Sep 4, 2014 8:56am Sep 4, 2014 8:56am
STEVE- If I am reading this correctly the following has occurred - Please comment
E/U 680 template It has gone 59 pips below the "0" or "100" line but has not hit the 76.4 level so no short signal yet
BUT --- Since it has gone 59 beow "0" we must keep a close eye on it because it could reverse and start a climb to the
1.44 level. BUT -- If it continues down to 14 pips below the 76.4 level then we can watch it go to the 50% level. Correct?
Tom
  • #1,947
  • Sep 4, 2014 9:02am Sep 4, 2014 9:02am
Quoting tomthepoppop
STEVE- If I am reading this correctly the following has occurred - Please comment E/U 680 template It has gone 59 pips below the "0" or "100" line but has not hit the 76.4 level so no short signal yet BUT --- Since it has gone 59 beow "0" we must keep a close eye on it because it could reverse and start a climb to the 1.44 level. BUT -- If it continues down to 14 pips below the 76.4 level then we can watch it go to the 50% level. Correct? Tom
Hi Tom - I can't see charts or my rules list, but that sounds about right. Don't forget there is a 1130 target of .2906 (from memory) as well. FYI I have closed my EU trades at the moment. And will start building the longs when I see signs.

Trade well

Steve
  • #1,948
  • Sep 4, 2014 9:03am Sep 4, 2014 9:03am
STEVE - OK I just looked at 1130 template - All conditions have been met for the EU to continue to 1.2906 -- should have looked at it
at same time I checked 680. So to summarize ---- 680 = no signal at current time 1130 = bearish to 1.2906
  • #1,949
  • Sep 4, 2014 11:01am Sep 4, 2014 11:01am
Quoting hollowhead
{quote} Hi Tom - I can't see charts or my rules list, but that sounds about right. Don't forget there is a 1130 target of .2906 (from memory) as well. FYI I have closed my EU trades at the moment. And will start building the longs when I see signs. Trade well Steve
Hi Hollow, please check on template T4Y_680 GBP/USD is already ON = SELL GBP/USD 1.6353 TP 1.61880 what do u think?
  • #1,950
  • Sep 4, 2014 1:43pm Sep 4, 2014 1:43pm
Quoting na_r2000
{quote} Hi Hollow, please check on template T4Y_680 GBP/USD is already ON = SELL GBP/USD 1.6353 TP 1.61880 what do u think?
Hi - yep that's a definite signal. I expect there are big buyers around this area so trade with care.

Steve
  • #1,951
  • Sep 8, 2014 5:11am Sep 8, 2014 5:11am
Quoting na_r2000
{quote} 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?
HIT TP
  • #1,952
  • Sep 8, 2014 5:12am Sep 8, 2014 5:12am
Quoting na_r2000
{quote} Hi Hollow, please check on template T4Y_680 GBP/USD is already ON = SELL GBP/USD 1.6353 TP 1.61880 what do u think?
HIT TP
  • #1,953
  • Sep 8, 2014 5:15am Sep 8, 2014 5:15am
Quoting hollowhead
{quote} Hi - yep that's a definite signal. I expect there are big buyers around this area so trade with care. Steve
Hi Hollow, please check on template T4Y_680 GBP/USD is already ON = SELL GBP/USD 1.6129 TP 1.60080 what do u think?
  • #1,954
  • Sep 8, 2014 6:18am Sep 8, 2014 6:18am
Quoting na_r2000
{quote} Hi Hollow, please check on template T4Y_680 GBP/USD is already ON = SELL GBP/USD 1.6129 TP 1.60080 what do u think?
I think it's a very good target - its also around the 50% fib of the weekly bull run. It's a very natural target.
  • #1,955
  • Sep 8, 2014 7:01am Sep 8, 2014 7:01am
Hi Hollowhead, where do you see GU ? GU has plunged quite a bit because of risk event of Scottish vote. I am of the opinion that it should be a NO on the vote, but again one should plan for both sides. Better be safe.
  • #1,956
  • Sep 8, 2014 7:40am Sep 8, 2014 7:40am
Quoting workingforex
Hi Hollowhead, where do you see GU ? GU has plunged quite a bit because of risk event of Scottish vote. I am of the opinion that it should be a NO on the vote, but again one should plan for both sides. Better be safe.
Hi workingforex

The selloff to me is a mixture of technical correction propelled by the Scottish Independence Referendum. Like you, I am anticiplating a no vote. The latest poll swing doesn't factor in 'don't knows', and I think they will lean towards the no vote when it comes to the ballot. I also think there is probably a good feel swing going on, which may correct when it comes to actual voting. It is human nature to be saying the popular pro-nation thing, when popular concensus is moving that way, but what people do in the privacy of the polling booth can be very different. I think the lack of currency plan is a huge problem and unsettling for Scottish voters. The fear of ending up in the Euro may be too much to bare. I suspect that if there is a 'yes' vote, the Union will find a way for Scotland to keep the pound, but will voters take that risk?

If there is a yes vote, the big question will be how much reaction has now been factored in. The pound could drop a lot more - after all the Union wil lose a lot in terms of North Sea oil income.

A no vote could see the pound rise again very quickly (or slowly).

In the end, I guess what I'm saying is, 'I don't know'. There are a lot a variables which we just don't know. What is the package that Osbourne is going to anounce for devo-max? etc
  • #1,957
  • Sep 8, 2014 8:50am Sep 8, 2014 8:50am
Quoting hollowhead
{quote} Hi workingforex The selloff to me is a mixture of technical correction propelled by the Scottish Independence Referendum. Like you, I am anticiplating a no vote. The latest poll swing doesn't factor in 'don't knows', and I think they will lean towards the no vote when it comes to the ballot. I also think there is probably a good feel swing going on, which may correct when it comes to actual voting. It is human nature to be saying the popular pro-nation thing, when popular concensus is moving that way, but what people do in the privacy...
Yes every word of it makes sense to me! Yes or No, it is going to be very volatile few days with more down days than up. Depending on the outcome, will decide where we are heading, will have to plan for both sides. I don't see huge benefits for Scotland and Scottish people by opting out of UK but again its always been like this (referring to Canada's referendum regarding Quebec) , the build up when we approach the voting day. It is going to be a close call, so will be watching very closely what happens over the next few days. GJ is looking very tempting but will wait further might be nearing 166 level near vote or Sep 15, we will see.

Trade safe!
  • #1,958
  • Sep 8, 2014 12:21pm Sep 8, 2014 12:21pm
Quoting na_r2000
{quote} Hi Hollow, please check on template T4Y_1130 is already ON = SELL EU 1.3162 TP 1.2906 what do u think?
HIT TP
  • #1,959
  • Sep 8, 2014 1:11pm Sep 8, 2014 1:11pm
Very interesting: (I used MS Paint, so my lines are not exact)
http://i61.tinypic.com/29bocyg.jpg

I noticed that the best move of all (in yellow) coincides with the end of your bullish projection.

Carry on!
F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
  • #1,960
  • Sep 8, 2014 1:19pm Sep 8, 2014 1:19pm
Got a signal short on E/U at 1.2883 area on 680 template - should go down to50% level at 1.2718
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