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Support and Resistance Method - Pharley

  • #301
  • Aug 13, 2015 4:22am Aug 13, 2015 4:22am
Quoting GCForex
Pharley, Thank you for sharing your knowledge! Subscribed!
HI GC Forex & welcome!

Please don't be shy with comments, questions, charts etc!

Cheers
  • #302
  • Aug 13, 2015 4:23am Aug 13, 2015 4:23am
Lets See the Power of trend line in broad market to take trade in Intraday
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  • #303
  • Aug 13, 2015 4:23am Aug 13, 2015 4:23am
Quoting aud
{quote} Same here.
Hi Aud - same goes for you as well - welcome and let's share some good knowledge and set ups on here which would be terrific.
  • #304
  • Aug 13, 2015 4:35am Aug 13, 2015 4:35am
Quoting jimbobjonez
Hi Gents, great thread you have here Any ideas on EUR/GBP If upward trend line is broken can you see a good move?{image}
Hi JimbobJonez,

I've had a look at the chart. I don't normally trade this pair due to lower volatility. But I post a week and day chart.

If price breaks up from the trendline coming down, then I'd wait for a retrace to it and if everything is confirmed, probably try a target of 0.7370. If it gets past that, and then 0.7450, then it's open for 0.7760.

But price may drop again first from the resistance area down to 0.6950.

Price is down at a level you can see on my chart between 0.71845 and 0.70144 - these come from way back in 2003 and 2004 (not drawn by me perfectly!). Price stuck around there for some time, so I'm not sure what it will do this time. As it's at a weekly falling resistance, if I were to trade this I'd look to go short. But as I say I don't normally trade this one.

Thanks for the question!

Cheers
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  • #305
  • Aug 13, 2015 4:39am Aug 13, 2015 4:39am
Now I'm really just looking for my next good set up - I'll do some analysis over the weekend. I'll try to target a decent return and good pips (another 60% would be nice!), but you never know, might be better or worse!

Cheers
  • #306
  • Aug 13, 2015 5:03am Aug 13, 2015 5:03am
Quoting pharley
{quote} 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...
Hi pharley

You wrote a great line here:-

'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.'

That's why you need good structure for your analysis and entries, and good risk management for the many times you're not right and, IMHO, you have it here pharley!

Watch Bloomberg, they're all guessing ........ lol

BTW are you still in EURJPY ?
  • #307
  • Aug 13, 2015 5:03am Aug 13, 2015 5:03am
Can anyone explain to me what the Shouts thing is on your profile? What's it for?

And while I'm at it, what's this little yellow flag thing by my name? It says medium impact member (top 5%) - I don't understand that either!
  • #308
  • Aug 13, 2015 5:14am Aug 13, 2015 5:14am
Quoting rover99x
{quote} Hi pharley You wrote a great line here:- '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.' That's why you need good structure for your analysis and entries, and good risk management for the many times you're not right and, IMHO, you have it here pharley! Watch Bloomberg, they're all guessing ...........
Hi Rover mate,

Yes I'm still in that trade - I'm up all of about 10 pips or so! It just hasn't moved since I entered. Never mind - I'll keep an eye on it and if there is something better to enter, I'll close it down and move focus.

Yes, the more I looked at analysts and tried to take on board what they say, I realised they can be just as wrong as me! Always worth doing your own analysis - I hardly read anything from DailyFX and the like anymore. I just trade what's on the charts and keep practising/learning all I can about S/R and PA.

After I sorted out how I was going to manage risk, my trading has become so much more relaxed! I can't believe the difference - no more worrying at night trying to sleep because I've over leveraged! Lol - I can laugh about it now, but for sure I've spent many sleepless nights in the past, having to get up in the middle of the night and check trades and charts. Now for sure, I really don't worry about it - if I'm risking 3% up to 7% for example, I can take quite a few wrong ones before getting a good run, and then the gains far outweigh any losses.

It's true what they say - get the risk mgt side of things really sorted - master how you're going to manage your risk, especially if you're in multiple trades like I do. Otherwise it's gets scary pretty quick! Master setups, S/R risk - all that good advice from Nial Fuller and Lance Beggs has really paid off.

Cheers
  • #309
  • Aug 13, 2015 5:18am Aug 13, 2015 5:18am
Quoting pharley
Can anyone explain to me what the Shouts thing is on your profile? What's it for? And while I'm at it, what's this little yellow flag thing by my name? It says medium impact member (top 5%) - I don't understand that either!
Good question, I've never understood that either!
  • #310
  • Aug 13, 2015 5:23am Aug 13, 2015 5:23am
pharley congratulation for yellow flag , like upgrade to next level . now go for red flag
  • #311
  • Aug 13, 2015 5:26am Aug 13, 2015 5:26am
Quoting terminator12
pharley congratulation for yellow flag , like upgrade to next level . now go for red flag
That's the bulls isnt' it?? LOL - thanks.
  • #312
  • Aug 13, 2015 5:28am Aug 13, 2015 5:28am
You're one down from royalty
  • #313
  • Aug 13, 2015 5:30am Aug 13, 2015 5:30am
Quoting off1352223
Lets See the Power of trend line in broad market to take trade in Intraday {image}
Gee that hurts my eyes! Thanks for the post though.
  • #314
  • Aug 13, 2015 5:30am Aug 13, 2015 5:30am
pharley , ok i will work out S/L from P A , Thanx .
  • #315
  • Aug 13, 2015 5:31am Aug 13, 2015 5:31am
Quoting rover99x
You're one down from royalty
LOL - now you're just taking the p***!!! Good fun!
  • #316
  • Aug 13, 2015 5:32am Aug 13, 2015 5:32am
Quoting terminator12
pharley , ok i will work out S/L from P A , Thanx .
Hi T12 - If you're not sure how to do that, use a calculator. I use something like babypips as a position size calculator:

http://www.babypips.com/tools/forex-...sitionsize.php

Once you've got the SL distance in pips - fill out the calc and it will tell the position size.
  • #317
  • Aug 13, 2015 5:47am Aug 13, 2015 5:47am
Quoting pharley
{quote} LOL - now you're just taking the p***!!! Good fun!
Still don't know what Shouts are !!
  • #318
  • Aug 13, 2015 5:50am Aug 13, 2015 5:50am
Quoting rover99x
{quote} Still don't know what Shouts are !!
Me either mate - I'm thinking of putting one in just to see what it does!

Oooh, US retail sales and unemployment coming up in a couple of hours - probably means not much price movement for a while. I don't trade news events - just let the price guide me on what's happening, but it's good to know when important news is coming along so you know if/why price bolts in one direction.
  • #319
  • Aug 13, 2015 5:50am Aug 13, 2015 5:50am
Quoting pharley
Can anyone explain to me what the Shouts thing is on your profile? What's it for? And while I'm at it, what's this little yellow flag thing by my name? It says medium impact member (top 5%) - I don't understand that either!
I actually looked in to this yesterday. A yellow flag means that you are a medium impact member. Its about the amount of other members who are subscribed to your threads I think. Red is high impact.
Indentify > Plan > Accept > Execute
  • #320
  • Aug 13, 2015 5:52am Aug 13, 2015 5:52am
Quoting wizlon32
{quote} I actually looked in to this yesterday. A yellow flag means that you are a medium impact member. Its about the amount of other members who are subscribed to your threads I think. Red is high impact.
Ok thanks Wiz. Sounds reasonable.
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