Are support and resistance levels predetermined? | Page 102 | Forex Factory

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Are support and resistance levels predetermined?

  • #2,021
  • Oct 3, 2014 11:47am Oct 3, 2014 11:47am
Quoting na_r2000
Hi friends, template T4Y_1130 GBP/USD is already ON = SELL GBP/USD 1.5953 TP 1.56970
hi na_2000
may i know how you put your SL ?
  • #2,022
  • Oct 3, 2014 12:32pm Oct 3, 2014 12:32pm
Quoting cavenlee92
hi guys GU template 220 TP
Hi cavenlee92 - I'm glad the trade was successful, you might want to re-read the 220 rules - it is a reversal template. There has been alot of discussion on the thread about it, and it can be traded the way you have done it - but just be clear that it was orginally given as a reversal template, so the trade for the 220 is when the first target fails and cross back above/below the 100% by 10 pips.
  • #2,023
  • Oct 3, 2014 12:46pm Oct 3, 2014 12:46pm
Quoting ngoanhoang3
{quote} Hi Hollow, The indicator abonacci a attach on with baseline = 0 and line = 0. Can you tell me what nu,ber i have to put in. Thank you
OK - so I'm gonna go on a little rant now. You really need to read the thread properly. It's not fair on the other users to have to type everything out (or search the thread for the relevant posts) to spoon feed people who haven't even read the first page properly. If you don't understand about the numbers then you haven't got past the forst few posts.

Please, at least read at least the first 10 pages (as Tom has suggested to people several time), read the PDF I put together. Go to Bobi's posts in early Jan this year to find this year's baselines. This is not an easy way of trading. It looks simple, but it is not easy. When the markets are trending like now it looks like easy money. But believe me, when market consitinos change it is hard and requires you to really understand what you're doing.

Sorry if it sounds harsh, but I'm doing you a favour. There are no shortcuts in trading - it takes alot of hard work. Please ask questions etc., but please respect the traders here by reading the thread properly, and searching for the answer. I can pretty much guarantee it has been addressed already.
  • #2,024
  • Oct 3, 2014 9:36pm Oct 3, 2014 9:36pm
Quoting hollowhead
{quote} Hi cavenlee92 - I'm glad the trade was successful, you might want to re-read the 220 rules - it is a reversal template. There has been alot of discussion on the thread about it, and it can be traded the way you have done it - but just be clear that it was orginally given as a reversal template, so the trade for the 220 is when the first target fails and cross back above/below the 100% by 10 pips.
hi hollowhead
yaya , i re-read it , it state "This template can be used to know when the trend is going to change and where will be the target" and the rule is "When price falls below 61.8% , or rises above 38.2% , it should continue to reach 23.6% or 76.4% respectively" correct ? or maybe i miss something ?
can i post a chart and explain ?
sorry for the trouble
  • #2,025
  • Oct 3, 2014 11:18pm Oct 3, 2014 11:18pm
Quoting cavenlee92
{quote} hi na_2000 may i know how you put your SL ?
the template is for long term trade so we must manage the money management properly, NO SL
  • #2,026
  • Oct 4, 2014 12:17am Oct 4, 2014 12:17am
Quoting na_r2000
{quote} the template is for long term trade so we must manage the money management properly, NO SL
Ok,every template no SL ?
  • #2,027
  • Oct 4, 2014 4:08am Oct 4, 2014 4:08am
Quoting cavenlee92
{quote} Ok,every template no SL ?
NO - PLEASE DON'T. YOU WILL BLOW YOUR ACCOUNT!!.

There is a T4Y1130 and T4Y680 long that have signalled with TPs past 1.4. Can you cope with 1500+ pip DD? The templates nearly always come good, but they can go 1000s of pips away before they do. This is not the holy grail. You can't just tale every template with no SL and expect not to get burnt. Read the thread and you'll see me describe how I have hedged to try and get round the SL. It came good in the end but required VERY, VERY deep pockets and caused a few sleepless nights.
  • #2,028
  • Oct 4, 2014 4:12am Oct 4, 2014 4:12am
Quoting cavenlee92
{quote} hi hollowhead yaya , i re-read it , it state "This template can be used to know when the trend is going to change and where will be the target" and the rule is "When price falls below 61.8% , or rises above 38.2% , it should continue to reach 23.6% or 76.4% respectively" correct ? or maybe i miss something ? can i post a chart and explain ? sorry for the trouble
You left out the importnant bit - in bold below

Quoting aebab
Introduction of T4F template ...When price falls below 61.8% , or rises above 38.2% , it should continue to reach 23.6% or 76.4% respectively and to happen this scenario , it should not fall below 100% level. If happens , trend is changed and it will reach to opposite target.
It is when it reverses back over 100% that the trade is on.
  • #2,029
  • Oct 4, 2014 4:28am Oct 4, 2014 4:28am
Quoting hollowhead
{quote} I do have drawdown while it is hedged. Example enter long at 1.6200, Set a pending short at 1.6000 (this acts as my SL). If my long reverses and triggers the short I have two positions that cancel each other out with a drawdown of 200 pips - this is the lock. Now, to unlock the drawdown I have two choices. 1. Wait for a signal or signals (either way) that give me a profit of 200 pips (or more). I can then close all positions for a net break even or profit. or 2. Allow the short trade run its course and TP and then let it reverse back up...
hi hollowhead
this is the post you explain how you hedge the trade ?
  • #2,030
  • Oct 6, 2014 6:23am Oct 6, 2014 6:23am
hi guys
the EU template_103 is active ,is this correct ?
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  • #2,031
  • Oct 6, 2014 6:36am Oct 6, 2014 6:36am
Quoting cavenlee92
hi guys the EU template_103 is active ,is this correct ? {image}
Hi ya - Not according to Bobi's rules - price needs to have come from at least the lower 76.4% level.

Steve
  • #2,032
  • Oct 6, 2014 6:50am Oct 6, 2014 6:50am
Quoting cavenlee92
{quote} hi hollowhead this is the post you explain how you hedge the trade ?
Hi - Yes it's one of them. I have to say hedging is a high risk strategy and I wouldn't recomend it unless you absolutley know what you're doing and why you're doing it. It took me months and deep pockets to unlock many of the hedges. When I look ack at the account it shows good profit, and very few losses. But the discipline and concentration required is intense. I had multiple positions opened and hedged and keeping track of them is quite hardcore. I keep a journal of every trade I take and without it I would have ended up in a mess.

To properly unlock your hedges you need to be able to pick the tops and bottoms, and if you get it wrong be able to carry the hedge another 600 pips and then do that again!! When you finally close out one side of the hedge, you have massive % DD that needs to come back into play and if you are trading it back the other way, then you are adding to a massive loser (which most traders will tell you is a fool's game and a gamble). It can work - but it is very high risk.

I don't trade Abonacci that way any more. I now use it to give me a bias - potential profit areas, reversal areas etc. Bobi suggested in an early post that you do not have to trade the actual signals. You can always use the Abonacci signals as a bias and trade within them accordingly using another entry signal (PA, MA, ADX, Simple, Genesis, S/R etc etc take your pick these may out there).
  • #2,033
  • Oct 6, 2014 7:03am Oct 6, 2014 7:03am
ok thanks for the explain , so wat is your strategic combine with abonacci system ?
  • #2,034
  • Oct 6, 2014 7:19am Oct 6, 2014 7:19am
Quoting cavenlee92
ok thanks for the explain , so wat is your strategic combine with abonacci system ?
I am working on being more of a position trader. I pretty much use http://www.forexfactory.com/showthread.php?t=499732, with Abonacci levels thrown in for bias and medium term targets.
  • #2,035
  • Oct 6, 2014 9:17am Oct 6, 2014 9:17am
ok i will study that thread first , u mention u r medium term target means that 1130 or 965 template u no trade ?
  • #2,036
  • Oct 7, 2014 3:20am Oct 7, 2014 3:20am
Quoting hollowhead
{quote} NO - PLEASE DON'T. YOU WILL BLOW YOUR ACCOUNT!!. There is a T4Y1130 and T4Y680 long that have signalled with TPs past 1.4. Can you cope with 1500+ pip DD? The templates nearly always come good, but they can go 1000s of pips away before they do. This is not the holy grail. You can't just tale every template with no SL and expect not to get burnt. Read the thread and you'll see me describe how I have hedged to try and get round the SL. It came good in the end but required VERY, VERY deep pockets and caused a few sleepless nights.
agree
  • #2,037
  • Oct 7, 2014 4:50am Oct 7, 2014 4:50am
hallo all.
please would you help me with how to calculate pivot points seperately for each trading session ie Calculate seperately for Tokyo, London and Newyork sessions
i want to try a new scalping strategy. will post progress with time. i just need to be sure how to do the calculations
thank you to the Gurus who will help
  • #2,038
  • Oct 7, 2014 6:29am Oct 7, 2014 6:29am
Quoting hollowhead
{quote} Hi Ramin - this thread is the only Abonacci education I have used. Thanks Steve
hi and thanks for answer
I have question , where is calculator for baselines?
and where is baselines that calculate for all pairs?

thanks
  • #2,039
  • Oct 7, 2014 7:15am Oct 7, 2014 7:15am
Quoting ramin1234
{quote} hi and thanks for answer I have question , where is calculator for baselines? and where is baselines that calculate for all pairs? thanks
you can find the answer to your question in the thread.
  • #2,040
  • Oct 7, 2014 7:16am Oct 7, 2014 7:16am
Quoting nevik
hallo all. please would you help me with how to calculate pivot points seperately for each trading session ie Calculate seperately for Tokyo, London and Newyork sessions i want to try a new scalping strategy. will post progress with time. i just need to be sure how to do the calculations thank you to the Gurus who will help
Not sure why you're asking about pivot points here...
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