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Support and Resistance Method - Pharley

  • #161
  • Aug 9, 2015 9:56am Aug 9, 2015 9:56am
Quoting stevepatt
{quote} Hi Dutchpips; I thought the idea of this method was to have Weekly and or Monthly Levels of Support/Resistance marked on the Charts and then look for PA on the Daily TF at these Levels of Support/Resistance. Once you have seen PA on the Daily TF, Pin Bars-Engulfing Bars etc, drop down to the H4 Chart to look for entries. This Weeks Candle tells me there is strong Resistance above next Week start looking for Bearish Setups to Trade Short. This Weeks Candle didn't form at an obvious level of Resistance often you only know S/R is present after...
A couple more Charts hope they help someone
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 9th Aug 15 GBP:AUD MN Chart.png Size: 75 KB
Click to Enlarge Name: 9th Aug 15 GBP:AUD W1 Chart.png Size: 91 KB
  • #162
  • Aug 9, 2015 10:31am Aug 9, 2015 10:31am
Can anyone tell me what the difference is between Supply & Demand trading and Support & Resistance trading?

Seems to me it's pretty much the same thing you look for.
~5StarForexSystems~
  • #163
  • Aug 9, 2015 10:37am Aug 9, 2015 10:37am
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...
Thank you for sharing. I've been trading forex for almost a year now and have pretty much given up on all indicators.
Support & Resistance, Supply & Demand, Bank Trade entries. That is what moves the market. Oh and news...it does the opposite of what you expect
~5StarForexSystems~
  • #164
  • Aug 9, 2015 11:23am Aug 9, 2015 11:23am
Quoting pharley
Just thought I'd pop down what made me spend a lot of time investigating how to enter multiple times and gain some big pips. May be of interest. A while back I was looking at forex competition results - you know, crazy high returns, crazy high leverage and risk. I could see returns of 1000% to 10,000% in a month and thought - well these guys must be nuts trading with max leverage, max risk etc. Turns out some of time they weren't taking massive risks. I could see that some big returns were actually possible, but I wasn't really bothered about the...
Thank you so much for this "not boring at all" insight!
You are an experienced trader of 8 years. I appreciate your insight, sharing and honesty so very much.
One thing I want to ask you though is why concentrate on number of pips so much?
I've been focusing on just 20 pips a day and gradually just increasing my lot size. Less exposure to the markets. Which means better risk management for me.
Your thoughts on that?
~5StarForexSystems~
  • #165
  • Aug 9, 2015 2:15pm Aug 9, 2015 2:15pm
Could be a good buy.
Attached Image
Indentify > Plan > Accept > Execute
  • #166
  • Aug 9, 2015 2:54pm Aug 9, 2015 2:54pm
Quoting LorraineP
{quote} Thank you so much for this "not boring at all" insight! You are an experienced trader of 8 years. I appreciate your insight, sharing and honesty so very much. One thing I want to ask you though is why concentrate on number of pips so much? I've been focusing on just 20 pips a day and gradually just increasing my lot size. Less exposure to the markets. Which means better risk management for me. Your thoughts on that?
When you have a run of bad luck you will lose a lot of money if you are trading high volume.
Indentify > Plan > Accept > Execute
  • #167
  • Aug 9, 2015 3:15pm Aug 9, 2015 3:15pm
Quoting wizlon32
{quote} When you have a run of bad luck you will lose a lot of money if you are trading high volume.
Also if you are aiming for 20 pips profit your stop loss should be about 10 pips max. You will always get stopped out.
Indentify > Plan > Accept > Execute
  • #168
  • Aug 9, 2015 8:22pm Aug 9, 2015 8:22pm
Quoting wizlon32
Could be a good buy. {image}
What pr is it ?? Please
  • #169
  • Aug 9, 2015 11:09pm Aug 9, 2015 11:09pm
Quoting terminator12
{quote} What pr is it ?? Please
Sorry I'm not quite sure what you mean T12. Price hasn't moved much during the Asian market so you could just buy in at the current price and place your Sl just below the trend line and the horizontal support line....then just Wait for pullback and hopefully get multiple entries.
Indentify > Plan > Accept > Execute
  • #170
  • Aug 9, 2015 11:23pm Aug 9, 2015 11:23pm
Quoting wizlon32
{quote} Sorry I'm not quite sure what you mean T12. Price hasn't moved much during the Asian market so you could just buy in at the current price and place your Sl just below the trend line and the horizontal support line....then just Wait for pullback and hopefully get multiple entries.
Obviously there is no daily pin bar but I still see multiple reasons to buy. Horizontal support line. Diagonal trend line. Strong pound. Weak Nzd. Nice tight stop loss. Good risk reward ratio. Might not work out but it's worth a shot in my book.
Indentify > Plan > Accept > Execute
  • #171
  • Aug 9, 2015 11:23pm Aug 9, 2015 11:23pm
Quoting wizlon32
Could be a good buy. {image}
I think terminator12 means what pair is it wizlon32, as you can't enlarge your image for some reason making it difficult to tell
  • #172
  • Aug 9, 2015 11:29pm Aug 9, 2015 11:29pm
Ah it's GBP/NZD Daily
  • #173
  • Aug 9, 2015 11:30pm Aug 9, 2015 11:30pm
GBPNZD. Sorry I dint realise. Not sure why it won't enlarge.
Indentify > Plan > Accept > Execute
  • #174
  • Aug 9, 2015 11:34pm Aug 9, 2015 11:34pm
Quoting stevepatt
{quote} A couple more Charts hope they help someone {image} {image}
Thanks stevepatt, yes it does help a lot!
  • #175
  • Aug 9, 2015 11:42pm Aug 9, 2015 11:42pm
Quoting LorraineP
Can anyone tell me what the difference is between Supply & Demand trading and Support & Resistance trading? Seems to me it's pretty much the same thing you look for.
This may help you LorraineP http://www.forexfactory.com/showthread.php?t=418796

pjameslamar describes it well !
  • #176
  • Edited 1:20am Aug 10, 2015 1:09am | Edited 1:20am
Hi all,

Well I took the 50% retracement off support on the euraud and it's started moving up. I'll see how it goes and look for further entries (EURAUD 4hr chart):
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20150810 euraud 4hr 50% retrace entry clipped.png Size: 89 KB
Click to Enlarge Name: 20150810 euraud 4hr 50% retrace entry clipped 2.png Size: 44 KB
  • #177
  • Aug 10, 2015 1:13am Aug 10, 2015 1:13am
Thanks for the questions and comments. Also thanks to StevePatt for getting involved as well and helping out.


LorraineP - Yes I also used to try and get 20 pips a day using increased lot sizes and too much risk (for me). I wanted a way to gain big pips but not spend hours in front of the charts. After analysing some other peoples results, it seemed obvious to me that the way they gained huge pips was to take a big picture approach and price action with multiple entries. Then spent ages learning how I would go about doing the same.

Cheers
  • #178
  • Aug 10, 2015 1:22am Aug 10, 2015 1:22am
Quoting wizlon32
{quote} Sorry I'm not quite sure what you mean T12. Price hasn't moved much during the Asian market so you could just buy in at the current price and place your Sl just below the trend line and the horizontal support line....then just Wait for pullback and hopefully get multiple entries.
What symbol is it ??/
  • #179
  • Aug 10, 2015 1:24am Aug 10, 2015 1:24am
Quoting rover99x
Ah it's GBP/NZD Daily
Thanks
  • #180
  • Aug 10, 2015 1:56am Aug 10, 2015 1:56am
Quoting LorraineP
{quote} Thank you so much for this "not boring at all" insight! You are an experienced trader of 8 years. I appreciate your insight, sharing and honesty so very much. One thing I want to ask you though is why concentrate on number of pips so much? I've been focusing on just 20 pips a day and gradually just increasing my lot size. Less exposure to the markets. Which means better risk management for me. Your thoughts on that?
Hi Lorraine,

The answers above are relevant to this but I also wanted to add something.

When I found out that gaining a lot of pips was possible, I focussed on how to do that. The money comes later - what people should focus on is how to spot good trade setups, when to enter, where to place stops and targets and how to manage a trade run looking for further entries. If you add to one of the most important parts - risk mgt - then you're well on your way to achieving your goal.

So the focus was on HOW to do it. Monetary gains can come later, moving up lot sizes as your account grows. Learn HOW to trade first, then worry about the money later. Having said that, if you're getting some consistent and good gains from 20 pips per day or so, then great! Every one is different and has a preferred way to trade. I'm just showing how I trade and hoping it can help some others.

Happy trading!
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