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Support and Resistance Method - Pharley

  • #221
  • Aug 11, 2015 6:20am Aug 11, 2015 6:20am
Quoting pharley
{quote} Thanks Rover and Sunny for the explanation. That's why I see those pesky gaps! Mind you, I do like to trade them sometimes.
Apparently gaps that appear at market open on a Sunday night close again about 90% of the time. Gaps = good opportunities.
Indentify > Plan > Accept > Execute
  • #222
  • Aug 11, 2015 6:43am Aug 11, 2015 6:43am
Hello everyone
Great thread Pharley, i just suscribed.
Your trading style is pretty much what I've been around the last six month. there are few difference here and there but similar concept. I'll to post some trades and/or any new trading opportunities.👍
  • #223
  • Aug 11, 2015 6:48am Aug 11, 2015 6:48am
Quoting relaxtrading
Hello everyone Great thread Pharley, i just suscribed. Your trading style is pretty much what I've been around the last six month. there are few difference here and there but similar concept. I'll to post some trades and/or any new trading opportunities.👍
Hi relaxtrading and welcome!

Look forward to reading.

Cheers
  • #224
  • Aug 11, 2015 7:25am Aug 11, 2015 7:25am
Trade 3 - not really a pullback on the 4hr, but movement on the 15m - yes I don't normally go to 15m, but it's moving up quickly. Plus, both T1 and T2 are safe and in profit so I had zero risk. Also, if price comes back to hit stops for everything, the profits from T1 and T2 far outweigh a loss from T3.

Took early also because I have to go sleep.

Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: T3 euraud 20150811 4hr entry.PNG Size: 42 KB
  • #225
  • Edited 8:30am Aug 11, 2015 7:39am | Edited 8:30am
This is turning into a great thread, thanks to pharley for starting it and laying out his Support and Resistance method.

I've been a member on FF for some six years now and have been trading Indices and Futures, and lately Spot FX, on and off for longer than I care to remember. And this is the only thread I've felt really able to contribute to to any meaningfully extent.
One thing that I've really learnt in this business is that you have to have belief, belief in yourself and belief in your method of trading in that your method gives you an edge. This is a lonely lonely business, there's only you! You're the one that pulls the trigger.
  • #226
  • Edited 8:42am Aug 11, 2015 7:50am | Edited 8:42am
Quoting SunnyFx2002
{quote} Hi Rover99x. I'm really enjoying your posts keep'em coming. Just wanted to clarify that most people think that the currency market (forex) is closed during the weekend, but this is not true. It is only closed to retails traders, but it is always open for the central banks and the related organizations. Currency transactions are always done electronically and can not be stopped even for one second. When the market is open and buying and selling are ongoing, then the price...
Thanks Sunny for your comments and for your better explanation on 'Big Boys' trading.

One thing I would mention is that I know that Credit Suisse in London for instance don't really trade Saturdays at all, their trading floor is virtually empty then (unless situations like Greece or the Ukraine crop up).

When I first started trading, mumble mumble years ago, I traded the Dax Futures (stupid I know) and I really thought then that at 5pm German time they all packed up and went home lol
  • #227
  • Aug 11, 2015 8:11am Aug 11, 2015 8:11am
Quoting pharley
Trade 3 - not really a pullback on the 4hr, but movement on the 15m - yes I don't normally go to 15m, but it's moving up quickly. Plus, both T1 and T2 are safe and in profit so I had zero risk. Also, if price comes back to hit stops for everything, the profits from T1 and T2 far outweigh a loss from T3. Took early also because I have to go sleep. Cheers {image}
congrat, have a nice dream
  • #228
  • Aug 11, 2015 8:26am Aug 11, 2015 8:26am
Quoting pharley
Trade 3 - not really a pullback on the 4hr, but movement on the 15m - yes I don't normally go to 15m, but it's moving up quickly. Plus, both T1 and T2 are safe and in profit so I had zero risk. Also, if price comes back to hit stops for everything, the profits from T1 and T2 far outweigh a loss from T3. Took early also because I have to go sleep. Cheers {image}
This has been a phenomenal trade on EURAUD pharley

EA can be like this, when it goes it really goes! It's a 330 pip day so far with no real pull back !

I was forgetting that you're on the other side of the world from me
  • #229
  • Aug 11, 2015 9:37am Aug 11, 2015 9:37am
Attached Image (click to enlarge)
Click to Enlarge Name: AUDNZD.png Size: 67 KB


pharley Might be other entry , Do u see i m right . If i m right lately can see picture better , still more practice ,
  • #230
  • Aug 11, 2015 11:27am Aug 11, 2015 11:27am
I can't put a chart right now but there is an interesting possible trade on eurus. The resistance area is not AAA but still a valid short trade. price just wast rejected on 1.11 area so I am waiting to see if itgoes deeper and then retrace 50%. Dependind on the broker I got a pin bar or an engulf 4H.
  • #231
  • Aug 11, 2015 11:33am Aug 11, 2015 11:33am
Quoting relaxtrading
I can't put a chart right now but there is an interesting possible trade on eurus. The resistance area is not AAA but still a valid short trade. price just wast rejected on 1.11 area so I am waiting to see if itgoes deeper and then retrace 50%. Dependind on the broker I got a pin bar or an engulf 4H.
Might be worth seeing if it breaks below the 200 EMA followed by a pullback and re-test before going short. Don't you think?
Indentify > Plan > Accept > Execute
  • #232
  • Aug 11, 2015 11:49am Aug 11, 2015 11:49am
EURUSD is in a bit of a wedge. I would wait for a breakout and pullback before jumping in. Just my opinion.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 15 KB
Indentify > Plan > Accept > Execute
  • #233
  • Aug 11, 2015 12:26pm Aug 11, 2015 12:26pm
wizlon32, I prefer to keep things simple, so no indicators, oscilators,etc.
  • #234
  • Aug 11, 2015 12:36pm Aug 11, 2015 12:36pm
Quoting relaxtrading
wizlon32, I prefer to keep things simple, so no indicators, oscilators,etc.

I was just referring to the trend lines mate. Price is currently near the tip of a wedge. Who knows which direction it will break out.
Indentify > Plan > Accept > Execute
  • #235
  • Aug 11, 2015 12:44pm Aug 11, 2015 12:44pm
Quoting wizlon32
{quote} I was just referring to the trend lines mate. Price is currently near the tip of a wedge. Who knows which direction it will break out.
I know I did refer to the 200 EMA above as that was my 1st thought when I glanced at the chart. After drawing on a couple of trend lines I thern noticed the wedge.

I understand that you don't like too many indicators and that you want to keep it simple but the 200 EMA is perhaps an indicator to at least be aware of as price certainly respects it.

Your call mate, just trying to offer some friendly advice.
Indentify > Plan > Accept > Execute
  • #236
  • Aug 11, 2015 12:56pm Aug 11, 2015 12:56pm
[quote=wizlon32;8430153]{quote} I know I did refer to the 200 EMA above as that was my 1st thought when I glanced at the chart. After drawing on a couple of trend lines I thern noticed the wedge. I understand that you don't like too many indicators and that you want to keep it simple but the 200 EMA is perhaps an indicator to at least be aware of as price certainly respects it. Your call mate, just trying to offer some friendly advice. [/quote

👍
  • #237
  • Aug 11, 2015 1:08pm Aug 11, 2015 1:08pm
In my opinion eurus should go south 3-4 4H candles before considering anything, %. Even though the first support/demand area is not too far away, there is enough room to open 1 or two trades until this first support is reached. The problem in most of the pairs is that market hàve been very slow and quiet lately, average true range for instance on eurus drop from 110 to 80 pips in a few weeks. cheers
  • #238
  • Aug 11, 2015 3:15pm Aug 11, 2015 3:15pm
CHFJPY approaching support??
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 19 KB
Indentify > Plan > Accept > Execute
  • #239
  • Aug 11, 2015 3:55pm Aug 11, 2015 3:55pm
Quoting pharley
Trade 3 - not really a pullback on the 4hr, but movement on the 15m - yes I don't normally go to 15m, but it's moving up quickly. Plus, both T1 and T2 are safe and in profit so I had zero risk. Also, if price comes back to hit stops for everything, the profits from T1 and T2 far outweigh a loss from T3. Took early also because I have to go sleep. Cheers {image}
Hi Pharley,
thanks for the explantions on the EURAUD trade. I am with you on the trade but was not able for entry 2 and 3 due to work. I also run a business and some days not at the office, that is why I like to trade the day and 4H charts. Will wait for a drawback and jump on again. It is all about the momentum! I think the discipline and pull the tricker at the right moment is another part of the work to become a succesfull trader.

Hope you will come with more of these examples!



Quoting pharley
Trade 3 - not really a pullback on the 4hr, but movement on the 15m - yes I don't normally go to 15m, but it's moving up quickly. Plus, both T1 and T2 are safe and in profit so I had zero risk. Also, if price comes back to hit stops for everything, the profits from T1 and T2 far outweigh a loss from T3. Took early also because I have to go sleep. Cheers {image}
Where did you place your stoploss of the 3rd trade?
  • #240
  • Aug 11, 2015 4:38pm Aug 11, 2015 4:38pm
Quoting rover99x
This is turning into a great thread, thanks to pharley for starting it and laying out his Support and Resistance method. I've been a member on FF for some six years now and have been trading Indices and Futures, and lately Spot FX, on and off for longer than I care to remember. And this is the only thread I've felt really able to contribute to to any meaningfully extent. One thing that I've really learnt in this business is that you have to have belief, belief in yourself and belief in your method of trading in that your method gives you an edge....
Hi Rover,

That's great to hear and for sure you're all welcome to dive in with comments, set ups, questions. You're right about believing in what you're doing. If you can learn a good, solid method of trading and look at the big picture in terms of S/R areas, then you can really start to see some positive gains.

Getting an edge is hard and it's difficult to quantify. I mean, what is an edge in trading? I think if you can learn how to spot decent S/R areas and be disciplined about how you enter, what that does is put you in the correct position to take advantage of good runs - its gives you the opportunity to be in the right place. I suppose that's an edge.

Yes it's been a good trade run so far Rover - but anything can happen. Plus as I mentioned before, there is an element of luck in terms of no bad news destroying the run so far.

Cheers
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