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Support and Resistance Method - Pharley

  • #61
  • Aug 3, 2015 9:02am Aug 3, 2015 9:02am
Quoting pharley
{quote} Hi Alamhakim, Thanks for your questions. I'll try to answer them: 1. It's the move on the fib between 0% and 100%, then moves back to the 50% level. I place a pending order to buy (or sell) immediately with SL at the 0% and TP at an identified target. 2. There is no set pip level below for example a swing low (for longs). I would normally move stops up to the swing low point - I might give it a couple of pips breathing room, but not much. 3. I might do - It depends on the price action on the charts. It may be that if it retraces a large...


Thanks for answering, still not quite getting the hang of where to draw the top and bottom of the fib tool.

I thought I understood how you drew the fib, but I have not, as for example the usdcad you mentioned, we use the 1D to draw the recent swing levels and use the extensions 1R, 2R...9R to mark the levels? So those levels might not be recent for a long time as in USDCAD.
  • #62
  • Aug 3, 2015 1:15pm Aug 3, 2015 1:15pm
Hi Pharley, I've been busy updating templates and adding weekly SR levels - what do you think of this potential shorton GBP/CAD?
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  • #63
  • Aug 3, 2015 1:50pm Aug 3, 2015 1:50pm
pharley , and also please explain to us how support and resistance really work , AS i read the instruction saying if break thru S or R then will go down or up ???
  • #64
  • Aug 3, 2015 3:14pm Aug 3, 2015 3:14pm
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Hello pharley. Do these look close?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #65
  • Aug 3, 2015 3:38pm Aug 3, 2015 3:38pm
Quoting TooSlow
{quote} ( 185.06 - 175.42 ) * 0.90 = 8.676 175.42 + 8.67 = 184.09 ?? What am I missing, pharley? Also, do you agree with the S/R levels in this chart? {image}
hi indi ..would you like share your semaphor indi please..thanks in advance
Say something meaningful or Silence!!
  • #66
  • Aug 4, 2015 2:41am Aug 4, 2015 2:41am
Hi T12,

Yes looks about right - I have 11 lines on mine so I get 10 equal spaces.

I'm going to keep my answers brief - I want to do some chart analysis tonight.

Cheers
  • #67
  • Aug 4, 2015 2:44am Aug 4, 2015 2:44am
Quoting Alamhakim
{quote} Thanks for answering, still not quite getting the hang of where to draw the top and bottom of the fib tool. I thought I understood how you drew the fib, but I have not, as for example the usdcad you mentioned, we use the 1D to draw the recent swing levels and use the extensions 1R, 2R...9R to mark the levels? So those levels might not be recent for a long time as in USDCAD.
Hi Alamhakim,

Not quite right. On the USDCAD chart, I'm only using it to show the 50% retrace, so only using the 0% 50% and 100% - all the others levels I'm not using at that point. It shows 0% at the low, 100% at the top of a little run, and automatically you can see where the 50% levels is for entry.

Cheers
  • #68
  • Aug 4, 2015 2:48am Aug 4, 2015 2:48am
Quoting Prax
Hi Pharley, I've been busy updating templates and adding weekly SR levels - what do you think of this potential shorton GBP/CAD?{image}
Hi Prax,

I'd be waiting to look for a confirmed move - I took a look at the weekly chart and you can see that price has run up to a resistance level from some time back. Price has to confirm it's moving down again or break through and retrace to the break level before I would enter.

If it's going to fall, I'd be looking for and engulfing bar on the daily chart, or pin and 2/3 candle formation to reverse.

Cheers
Attached Image (click to enlarge)
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  • #69
  • Aug 4, 2015 2:49am Aug 4, 2015 2:49am
TooSlow - those levels look pretty good to me. Nice indie you have there!
  • #70
  • Aug 4, 2015 2:52am Aug 4, 2015 2:52am
Hi Pharley,

Check out GbpCad on your chart analysis, if I am understanding your template correctly this could be on your watch list.

(thanks for sharing by the way)
  • #71
  • Aug 4, 2015 2:59am Aug 4, 2015 2:59am
Hi all,

Someone has sent me an email asking can I show (or give some insights) in to drawing support and resistance levels.

For sure I can but there are heaps of well written articles on the web about it. What I'd rather do is instead of taking up space here explaining how I identify SR levels, I'd rather point you to a very good article about it. It's worth a read even if you're familiar - I refer to this every now and again - sort of to clear my mind and get it refocussed on what I'm doing.

Some advice for new traders - search and find really good articles that cover specific topics, and keep them as favourites in your browser. Better than that, copy the article and paste it in Word, Excel or something in case the site goes down. Keep them, read them, read them again. In a few months read them again. Practice what they say - open any chart, identify SR levels, identify where an entry could be, look for the right candles. I can't teach the invaluable lessons that chart time can give. There isn't a short way around it - you have to spend HOURS in front of the charts looking for specific things.

Get good articles on support and resistance (this one is very good), candles, retracements, risk & money management, psychology of trading. Then get some articles on your favourite set ups - if you want to play off Pin Bars, get 1 or 2 good articles on how the play them and keep them - these are your references. Build up your reference library.

Something else I do is identify what I want on a chart and keep a copy and an example of the different entries I look for. Look at them regularly and go find more of them. It's practice and practice. Your eyes become used to looking and quickly identifying your set ups.

Here is a SR article:

Cheers

http://beatfxmarket.com/forex-suppor...istance-lines/
  • #72
  • Aug 4, 2015 4:50am Aug 4, 2015 4:50am
pharley Thanks for articles , Did print all ,
  • #73
  • Aug 4, 2015 6:06am Aug 4, 2015 6:06am
Quoting pharley
{quote} Hi - see pic below. I can't show them all in one pic, but they start at 0 and go up in 0.5 steps (0, 0.5, 1, 1.5, 2 etc) {image}
If you install this little app it works on all windows - it is a really big help with those EA's that have long list of settings, not just for Fib's

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Attached Image
It takes a lot for me to IGNORE you, but you can try.
  • #74
  • Aug 4, 2015 6:13am Aug 4, 2015 6:13am
Hi Pharley!

Thank you for bringing this thread! I study Forex for 9 month and it is a long road. For a newby like me you come into a bulk of information from which you have to derive what is important and what is not!! I found the S&R is major important also with breakout, PA and Volume.

Can you please explain the PA patterns "inside bar" and "2/3 candle formation".

Thanks,
  • #75
  • Edited 10:44am Aug 4, 2015 8:11am | Edited 10:44am
Hi Pharley,

I try to reproduce your system on the AUDUSD chart. Attached one example (two attachments), can you please look at them and is this what you mean??

Red vertical line would be the entry (50% fibo).

Questions:

1. As you can see there are two pinbars. If I would have act on the first pinbar I would have been stopped out. A situation that is common in these resistance area's. In my example I choosed the second pinbar. Please explain where to wait for.

2. Drawdown in this example would have been 64 pips. Is this normal in your system? You take 50% fibo retracement which could easy also lead to 100% or more as a retest of the last resistance level (see also example of the first pinbar). Please some more explanation about this 50%.

2. I do not understand your 90% target level. From what is the 90% derived, on which chart 4hr, Daily? From which move or levels? What would have been my target in this example?

3. Would you take another trade if the close of today is higher than the close from yesterday. Wait for the 50% retracement before enter?

How important are the monthly S&R lines for you? You did not mention them.

Already thanks for your answers!!
Attached Image(s) (click to enlarge)
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  • #76
  • Aug 4, 2015 9:44am Aug 4, 2015 9:44am
Quoting pharley
TooSlow - those levels look pretty good to me. Nice indie you have there!
It is a modified 3_Level_ZZ_Indicator. A very controversial indicator modified by a highly controversial trader. The indicator is labeled "repaint" by some because they don't understand how to use it. The trader asks that his code not be posted because he can't control revisions and bug fixes due to the fact he has been banned from many trading forums including this one. Pharley, your trading style reminded me of this indicator.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #77
  • Aug 4, 2015 9:59am Aug 4, 2015 9:59am
How many trades do you get a regular mounth ? on every run you get in percent about 10 percent account increase ?

How many pairs do you trade ? I find the answear to this question in your thread
gbpjpy
eurjpy
usdjpy
gbpusd
eurusd
audusd
usdchf
gbpchf
euraud
gbpaud
eurnzd
gbpnzd
nzdusd



Best regards
  • #78
  • Aug 4, 2015 1:25pm Aug 4, 2015 1:25pm
pharley , How many pips u put in stop order average Please
  • #79
  • Aug 4, 2015 2:04pm Aug 4, 2015 2:04pm
Hey Pharley,

Great thread.

Do you trade polarity flips? EG [weekly] support turning to resistance.

If so, how do you set targets for these?

Many thanks!
  • #80
  • Aug 4, 2015 2:38pm Aug 4, 2015 2:38pm
Quoting pharley
Now the boring bit: Been trading for about 8 years. Initially shares/stocks, then CFDs, then forex. Always used market makers - now I've dumped them and gone to ECN. Always used to trade 1m, 5m, 15m charts with MACD, stochs, RSI etc. Dumped them and went with price action, no indicators, just SR. My approach is based on support and resistance being THE most important thing on the charts. Equally as important is risk mgt. It works for me and may be useful to some others. I know PA traders are probably doing all this stuff already. For me it's a no...
Great and simple method!

Please go on and give out more examples

Thank you!
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