DislikedGreat thread, Pharley! Thank you so much for your time and effort. One question I have, when you stack orders to trade from one to the next daily SR level, what will you do if a order gets stopped out? I.E. you are 3 orders deep, and all your orders get taken out with the stoploss of the last order, as you always put all your SLs in one place - will you try to get in again, or is the run dead for you? Also, do you need any price action confirmation on the D1 like Pinbars or sth like that? Or do you watch price approach SR on H1, and see if you get...Ignored
Yes I will try to get in again when I see price starting to move in the trend direction again - IF there is room available before price gets to major S/R areas.
Regarding certain bars on daily TF - yes I do look for those as well and will trade them. The method described here is only 1 facet of how I trade. Things like pin bars (or other PA candle set ups) at S/R areas are things I'm always looking for. If you think about it, when price is at a S/R area, there has to be a setup (for me anyway) that I can see before I enter. Many times at major S/R I will use a 50% retracement set up to get in the first trade, then add to it with other trades based on other set ups, one of them being the method described here. You have to develop a toolbox that contains different ways to trade, of set ups. Not many - only 2 to 4 will do - keep it simple.
Regarding the 1 hour chart - typically I like watching the 4hr chart when price gets t major S/R areas. It's a better measure of what may happen with price. If I'm entering (adding to already taken positions) after the first one, then I'll use this method. Most often my first position will be taken using a 4hr chart and many times it's a 50% retrace of PA minor swings.
Cheers
Pharley