jmss59 - I love your summary for the month - those charts are a work of trading art. Simply beautiful. If they don't convince someone this stuff works, I don't know what will.

Are support and resistance levels predetermined?

Great job Jmss59

Are support and resistance levels predetermined?

Here you go spuspala. Price travelled from lower phase over 100% and crossed 38.2% (it should reach 76.4%), but it reversed signalling a trend reversal. Once it crossed below the 100% by 10 pips I entered short, targetting the 23.6%. Download the ...

Are support and resistance levels predetermined?

. Now to keep going to complete my T4F.

Are support and resistance levels predetermined?

It is - did you close out on it? Do you factor in spread. I can't decide whether to. I often round up or down to big round numbers on the larger templates - but the 103 is so targeted, I can't decide whether to factor spread.

Are support and resistance levels predetermined?

From the look of you trades I am wondering whether there is something to do with OHLC of the previous day. Or may be coincidental that they line up (certainly the OC does)

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I think there is certainly an element of inevitability about trading. I cannot accept that it is random. Looking at any chart you can see 'intention'. The problem for those of us who are not 'big players', the intention is visible after the fact, ...

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oohh - spread held that back for me by .3 pips!! Still should get there to complete the T4F trade.

Are support and resistance levels predetermined?

I agree - this thinking is very similar to this strategy which I have been trading for a while.

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It's a mixed signal to me. It didn't really go high enough into the upper phase to strictly follow the rules. Should be at least 23%, ideally 38%. But where it did come is visually an obvious resistance point, so if you took it I would think it will ...

Are support and resistance levels predetermined?

Tom - been thinking about this a little more and definately going to implement it on GU long if we reach 1.618 (see my posts above for reason). I was thinking the other way to do it is to place the T5_103, then remove two-thirds at the target and ...

Are support and resistance levels predetermined?

Interestingly - that T4Y_680 short target is 15pips above a T5_1030 (103x10) support (1.6165). If it were to break 1.6165 - it would trigger a target to 1.5765. So my conclusion is that I will load longs from 1.618.

Are support and resistance levels predetermined?

Good spot - it may have trouble getting through here. 1.638 is the biggest zone for me. It is the end of the T4F reversal trade, the support line for another T5_103 short and was previous resistance turned support. I am thinking we should reach ...

Are support and resistance levels predetermined?

Hopefully it will complete this time. The GU sell looks like it might signal again.

Are support and resistance levels predetermined?

If we were to trade timeframes, the I would say it depends. A reversal on of a 15m trend could be the start of a small pullback on the daily. There are too many variables to be able to say for definate. However, I would say if it breaks the upper ...

Are support and resistance levels predetermined?

If we knew the answer to that then we would all be very rich!!

Are support and resistance levels predetermined?

oops sorry - deleted the post as the signal has not triggered. It will be a valid trade if it breaks 1.35987. TP is 40 pips

Are support and resistance levels predetermined?

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ooohhh - that support level is being stubborn - if it goes I hope it could drop quickly - but if it holds to FOMC a news spike could sent it either way. I've got a long T4F trade still live on AU - so they can fail and suffer DD. Make sure your MM ...

Are support and resistance levels predetermined?

Just had a weak third signal for a short T4F on GU. There is also a T5_103 short still in play. Go careful as Carney speaks soon (although he is likely to focus mainly on Scottish independence and the economic impact on the UK economy) and FOMC ...

Are support and resistance levels predetermined?