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Support and Resistance Method - Pharley

  • #281
  • Aug 12, 2015 4:29pm Aug 12, 2015 4:29pm
Quoting wattaman
{quote} You're right, there is a channel. And a support around 0.95, somewhere. So we should probably wait to see if these will stand the price- if it will drop further- and then look for the 50% retrace to enter (+ the other signals, candles, etc)?!
Hi Wattaman,

Yes price has come down to that lower channel. It's come down a bit from major resistance (horizontal) on a weekly chart and just crossed back through a sloping down trend line. It's not clear to me yet what it may do - so if it's not clear I just wait. I only try and trade the clearest signals I can - those tend to be the safest. We're cherry picking the best set ups.

Cheers
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  • #282
  • Aug 12, 2015 4:43pm Aug 12, 2015 4:43pm
Quoting wizlon32
CHFJPY head and shoulders pattern (30 M TF). Room for a short beofre going long? Im in for the short and am keeping an eye out to go long. {image}{image}
Hi Wiz,

Looks interesting mate - probably target 126.50 if you're going short.
  • #283
  • Aug 12, 2015 4:52pm Aug 12, 2015 4:52pm
Quoting pharley
{quote} Hi Wiz, Looks interesting mate - probably target 126.50 if you're going short.
Was going to target a bit lower Pharley. I thought it might make 124.50. You don't agree?
Indentify > Plan > Accept > Execute
  • #284
  • Aug 12, 2015 4:57pm Aug 12, 2015 4:57pm
Quoting pharley
{quote} Hi Wiz, Looks interesting mate - probably target 126.50 if you're going short.
Ah I see what you've seen now. You might be right!
Indentify > Plan > Accept > Execute
  • #285
  • Aug 12, 2015 5:41pm Aug 12, 2015 5:41pm
Quoting wizlon32
{quote} Ah I see what you've seen now. You might be right!
Oh no-one knows! We're all guessing most of the time, or using some basic PA principles to take a best guess at what price will do. Hard to do that, so just trade what you see. If it works out that's great! If not then let your risk mgt take care of the downside and don't worry about it.

I haven't had too much time to look through charts since ending the last run - I tend to try and have a break from them after such runs, or if I'm looking at them, I don't spend too long at it. Weekend is the time I generally have a good scout around.

Earlier I was talking about cherry picking the best trades. Set ups that I particularly look out for are horizontal S/R and rising or falling channels. I particularly like breakouts of S/R and retraces to the breakout area. Terrific to trade and really just bog standard PA set ups. It's amazing how often support becomes resistance and vice versa. For me they're must take trades especially if in line with longer term trends.

Anyone else got some fave set ups they look for?

Cheers
  • #286
  • Aug 12, 2015 10:52pm Aug 12, 2015 10:52pm
Hey Malcolm, it's Nial here ...

This is an important message about using the correct style of forex charts to trade my price action strategies. Many of you are using a broker that probably has the 'wrong' style of charts, and it's big problem... you can read more about this here.
Here's the problem in a nutshell... myself and other professionals use 'New York Close Charts'. This style of chart shows 5 true daily bars with the 'open and close' of the price bars falling in line with the New York trading session. Sadly, many of you are using GMT charts or charts with 6 daily bars. (both these charts are wrong and will create problems). I wrote an article on this problem here.
You can't possibly see the correct price action signals without having a true 5 day chart which closes and re-opens in line with the new york trading session. This is the same style of chart that professionals use to trade and you need to be sure your looking at the same price data to accurately analyze the price action.
You can get the correct charts we use here ...
http://www.learntotradethemarket.com/forex-trading-tools/forex-trading-broker-platform
talk soon,
Nial Fuller

What do u think ,???
  • #287
  • Aug 12, 2015 11:04pm Aug 12, 2015 11:04pm
Quoting terminator12
Hey Malcolm, it's Nial here ... This is an important message about using the correct style of forex charts to trade my price action strategies. Many of you are using a broker that probably has the 'wrong' style of charts, and it's big problem... you can read more about this here. Here's the problem in a nutshell... myself and other professionals use 'New...
Hi T12,

Yeah, Nial sent me the same message a few years ago. I try and get as closely aligned as possible to that time as well. My previous broker had their day finish coinciding with EOD NY. My current one doesn't but I can set the server time to be the same. At the moment I'm less bothered by this - I'm looking at the big picture S/R areas and am only interested in candle shapes when price gets to these areas. I still retain my previous brokers platform so I can check what a candle looks like at EOD. To be honest, it doesn't have that much difference between my previous broker and the one I use now. It's important depending on how out of sync your broker servers are. Best to check candles at EOD and see they stack up.

CHeers
  • #288
  • Aug 12, 2015 11:09pm Aug 12, 2015 11:09pm
Quoting wizlon32
{quote} Ah I see what you've seen now. You might be right!
So... What is it that you guys are seeing?
Is it:
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?
Using the RobotFX EAs for a while https://www.robotfx.org/
  • #289
  • Aug 12, 2015 11:14pm Aug 12, 2015 11:14pm
Attached Image (click to enlarge)
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Possible entry
  • #290
  • Aug 12, 2015 11:16pm Aug 12, 2015 11:16pm
Quoting wattaman
{quote} So... What is it that you guys are seeing? Is it: {image} ?
Hi Wattaman,

No - not that support line, just where price had got down to previously on a horizontal line. Plus the 50's and 100's are psych levels, so I was just looking at that.
  • #291
  • Aug 12, 2015 11:19pm Aug 12, 2015 11:19pm
Anyone trading the cadjpy off support? Looks interesting,
Attached Image(s) (click to enlarge)
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  • #292
  • Aug 12, 2015 11:20pm Aug 12, 2015 11:20pm
Quoting terminator12
{image} Possible entry
LOL - snap !!!
  • #293
  • Aug 13, 2015 12:19am Aug 13, 2015 12:19am
Quoting pharley
{quote} Hi T12, Yeah, Nial sent me the same message a few years ago. I try and get as closely aligned as possible to that time as well. My previous broker had their day finish coinciding with EOD NY. My current one doesn't but I can set the server time to be the same. At the moment I'm less bothered by this - I'm looking at the big picture S/R areas and am only interested in candle shapes when price gets to these areas. I still retain my previous brokers platform so I can check what a candle looks like at EOD. To be honest, it doesn't have that...
Thanks EOD what it means
  • #294
  • Aug 13, 2015 12:21am Aug 13, 2015 12:21am
Sorry mate - End of Day
  • #295
  • Aug 13, 2015 12:45am Aug 13, 2015 12:45am
Quoting pharley
{quote} Hi Wattaman, No - not that support line, just where price had got down to previously on a horizontal line. Plus the 50's and 100's are psych levels, so I was just looking at that.
I see. Thanks for clarifying this.
Using the RobotFX EAs for a while https://www.robotfx.org/
  • #296
  • Aug 13, 2015 3:22am Aug 13, 2015 3:22am
Traders , How do u really work out Stop Loss , , GBPJPY 275 pips S/L Spread 4.8 pips 194.606 how to work out S/L or EURUSD 175 pips S/L spread 1.1 pips or GBPCAD 200 pips S/L 5.7 pips spread or u got better system , Dont want to caught out from not enough S/L ,Please
  • #297
  • Aug 13, 2015 3:33am Aug 13, 2015 3:33am
Pharley,
Thank you for sharing your knowledge! Subscribed!
  • #298
  • Aug 13, 2015 3:45am Aug 13, 2015 3:45am
Hi Gents, great thread you have here

Any ideas on EUR/GBP If upward trend line is broken
can you see a good move?
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  • #299
  • Aug 13, 2015 3:57am Aug 13, 2015 3:57am
Quoting GCForex
Pharley, Thank you for sharing your knowledge! Subscribed!
Same here.
Good Trading
  • #300
  • Aug 13, 2015 4:21am Aug 13, 2015 4:21am
Quoting terminator12
Traders , How do u really work out Stop Loss , , GBPJPY 275 pips S/L Spread 4.8 pips 194.606 how to work out S/L or EURUSD 175 pips S/L spread 1.1 pips or GBPCAD 200 pips S/L 5.7 pips spread or u got better system , Dont want to caught out from not enough S/L ,Please
Hi T12,

I don't think I understand your question.

SL is determined by price action, so I normally place mine at swing highs or swing lows. I'ts not a calculated point, but a point where we think that if price get's back to there, then we're probably wrong about the trade. My calculations come about from the size of the SL in pips and my risk level - that dictates how many lots I can buy.

Cheers
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