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Support and Resistance Method - Pharley

  • #121
  • Edited 1:56pm Aug 6, 2015 1:42pm | Edited 1:56pm
for sure on a lower time frame (4hr) for entries Do u check on 4H D1 W1 M1 to see if all goes same way before entry , ?/ Or u check D1 before u go to 4h to see for entry , For now i' m trying to understand S R, will try pick it up, Thanks Maestro pharley
  • #122
  • Aug 6, 2015 1:57pm Aug 6, 2015 1:57pm
I think, that with multiple entry method, most of the time you are stopped out because retracements.
Take profit at 90% of the previous move is very rare, right?
  • #123
  • Aug 6, 2015 2:12pm Aug 6, 2015 2:12pm
Quoting lapras
I think, that with multiple entry method, most of the time you are stopped out because retracements. Take profit at 90% of the previous move is very rare, right?
Hope you don't mind me answering with my suggestion - I am no expert.... But your target is 90%, that doesnt mean that you need to reach 90% to make a profit as long as you move your SL up to the next support level after each retrace. If you manage to do this for entries on 3 retraces then you will have no risk of a loss and you will make a guaranteed profit. The link that I posted on the last page explains this very well.
Indentify > Plan > Accept > Execute
  • #124
  • Aug 6, 2015 2:22pm Aug 6, 2015 2:22pm
Just thought about my last post again. I think you need 4 entries for a guaranteed profit but you can break even after the 3rd.
Indentify > Plan > Accept > Execute
  • #125
  • Aug 6, 2015 4:45pm Aug 6, 2015 4:45pm
Quoting terminator12
for sure on a lower time frame (4hr) for entries Do u check on 4H D1 W1 M1 to see if all goes same way before entry , ?/ Or u check D1 before u go to 4h to see for entry , For now i' m trying to understand S R, will try pick it up, Thanks Maestro pharley
Hi T12,

No, I don't check all the timeframes line up They may do, but it's not something I'm checking for. I'm just looking for good PA set ups when price is at major SR areas (usually off the weekly charts), or on retracements.

If you open up 4hr charts and zoom out, you can start to see the SR areas on that time frame as well - happens on all timeframes. It's just the larger timeframes are more reliable I've found. But you can trade off the 4hr SR areas with say 15m or 30m candles charts as well. As I say, there's not just one method or one way to trade.

Cheers
  • #126
  • Aug 6, 2015 4:49pm Aug 6, 2015 4:49pm
Quoting lapras
I think, that with multiple entry method, most of the time you are stopped out because retracements. Take profit at 90% of the previous move is very rare, right?
Hi Lapras,

Not really - Look at weekly charts to set SR areas. My trades are taken off the 4hr charts, so price has normally (hopefully!) moved away quite a bit from my original entry which allows a good second trade to be placed. At the point I see if I can get the first trade SL moved up to at least BE or further. Wherever my second trade SL is place, I move the first trade SL to that point - sometimes it's below first trade entry (so trade 1 still has some risk), sometimes it's at BE and sometimes at profit.

Wherever it goes, I calculate the lot size for further entries based on my overall risk which I try (hard!) to keep at the same level - $ or % risk level.

Cheers
  • #127
  • Aug 6, 2015 4:52pm Aug 6, 2015 4:52pm
Quoting wizlon32
Just thought about my last post again. I think you need 4 entries for a guaranteed profit but you can break even after the 3rd.
Hi WIzlon,

Thanks for answering.

Whether you're in profit really depends on if for second, third, fourth entries, you can move SL for all trades up. Sometimes just on th second entry you can move your first entry SL up to BE or better - then the second entry can be taken at full risk as the first is holding no risk for you. (I hope I explained that ok! - sounds confusing).
Cheers
  • #128
  • Aug 6, 2015 4:53pm Aug 6, 2015 4:53pm
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow.png Size: 28 KB


Another way is to have the daily, weekly and monthly highs and lows on your daily or H4 chart.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #129
  • Aug 6, 2015 4:56pm Aug 6, 2015 4:56pm
If anyone spots something moving to SR areas on the monthly, weekly, daily charts, let us know - many pairs of eyes are better than just 1!

I normally try to do some analysis on the weekend to get ready for the trading week if I see something. However, with a wife and 3 kids and a fat lazy dog, sometimes getting free time isn't an option!

CHeers
  • #130
  • Aug 6, 2015 5:08pm Aug 6, 2015 5:08pm
Hi, i have been keenly following this threat. Ive also stashed all indicators and rubbish strategies for simple price action. Been in the game 5 years to finaly go back to the basics. I have a friend who is making money from this simple price action of support and resistance.
Anybody in whatsapp? Would be good to have a group perhaps of like minded individuals.
  • #131
  • Aug 6, 2015 10:53pm Aug 6, 2015 10:53pm
Attached Image (click to enlarge)
Click to Enlarge Name: S R.png Size: 75 KB


pharley ,Is it on the right line , S R , IF so could go up to R

Subaal , Please let us carry on with this FF instead of whatsapp
  • #132
  • Aug 6, 2015 11:36pm Aug 6, 2015 11:36pm
Seems today will be a big day for Dollar , At 14h30 will Dollar rise very fast or not , Seem so ??
  • #133
  • Aug 7, 2015 3:57am Aug 7, 2015 3:57am
Is this the correct way to draw support and resistance. If any mistake please let me know
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 163 KB
  • #134
  • Aug 7, 2015 4:00am Aug 7, 2015 4:00am
In daily I have got one more SR between 2.1431 and 2.003. So Where Should I keep my TP If I go to this trade whether to take from daily or from weekly
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 174 KB
  • #135
  • Aug 7, 2015 6:00am Aug 7, 2015 6:00am
Hi pharley

Thanks for sharing your method on S&R. I've been trading for a few years now using Support and Resistance and really suffer from not being able to trust my own judgement. I love your discipline you've described and the way that you have moulded things to suit your personality. I would like to follow you on your journey and to contribute where I can to your thread.

A couple of questions:

Do you take into account any fundamentals at all or is it all purely PA?
Plus do you look at any commodities like Metals or Crude?

Best Wishes
  • #136
  • Aug 7, 2015 1:04pm Aug 7, 2015 1:04pm
Quoting pharley
If anyone spots something moving to SR areas on the monthly, weekly, daily charts, let us know - many pairs of eyes are better than just 1! I normally try to do some analysis on the weekend to get ready for the trading week if I see something. However, with a wife and 3 kids and a fat lazy dog, sometimes getting free time isn't an option! CHeers
Hi Pharley, Did you spot the GBPAUD last week? Could you still step in this move after a drawback (fib 50%)? Look also at the weekly chart PA, a big candle down.
The move after entry on the 50% fib at the 4hr chart is 140 pips up, would this hit your SL or is your SL more then 150 pips?

I would like to step in on the breaking of the trendline (see chart).
Attached Image (click to enlarge)
Click to Enlarge Name: 2015-08-07_SnR_GBPAUD.png Size: 47 KB
  • #137
  • Aug 7, 2015 3:51pm Aug 7, 2015 3:51pm
Quoting Dutchpips
{quote} Hi Pharley, Did you spot the GBPAUD last week? Could you still step in this move after a drawback (fib 50%)? Look also at the weekly chart PA, a big candle down. The move after entry on the 50% fib at the 4hr chart is 140 pips up, would this hit your SL or is your SL more then 150 pips? I would like to step in on the breaking of the trendline (see chart). {image}


Hi Dutchpips;

It's all about scale, perception and interpretation.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 7th Aug 15 GBP:AUD MN Chart.png Size: 76 KB
Click to Enlarge Name: 7th Aug 15 GBP:AUD D1 Chart.png Size: 83 KB
  • #138
  • Aug 8, 2015 4:26am Aug 8, 2015 4:26am
Quoting terminator12
{image} pharley ,Is it on the right line , S R , IF so could go up to R Subaal , Please let us carry on with this FF instead of whatsapp
Hi T12,

THanks for the post. Yes I have SR areas about the same place - could be interesting to keep an eye on this one!
  • #139
  • Aug 8, 2015 4:27am Aug 8, 2015 4:27am
Quoting suradivakar
Is this the correct way to draw support and resistance. If any mistake please let me know {image}
Hi - yes that looks fine. Remember to check back in time for any higher resistance area that's higher than on your chart. Probably zoom out on the weekly or go to the monthly.

Cheers
  • #140
  • Aug 8, 2015 4:32am Aug 8, 2015 4:32am
Quoting suradivakar
In daily I have got one more SR between 2.1431 and 2.003. So Where Should I keep my TP If I go to this trade whether to take from daily or from weekly {image}
Well as we know - no one knows where price will go! So manage your risk.

There's quite a it of action around 2.0500 then then the important level of 2.0000.

But be careful with it - the Aussie Feb bank is saying they expect AUD to keep going down for a bit. Wish I had a crystal ball sometimes!
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