Support and Resistance Method - Pharley | Page 20 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

The Support Resistance Switch Method - Trade with one line 91 replies

Pharley Simple system - Get your levels right for trading S/R 532 replies

bo7a method... method for GBP/JPY 205 replies

My method is based on Support and resistance. 5 replies

New support/resistance method - Help Needed! 5 replies

Attachments: Support and Resistance Method - Pharley
Exit Attachments

Support and Resistance Method - Pharley

  • #381
  • Aug 16, 2015 7:12pm Aug 16, 2015 7:12pm
Quoting Alamhakim
{quote} Hi Pharley, I tried to test the EurAud and it was actually difficult to place the stop loss or add trades in retrace even in backtest, if done live would probably have only taken one trade with take profit hit. I would love to know how to manage this as it is obviously a real skill, it is difficult for me even with back testing, just added two additional trades but results speak for themselves risked 5% for gain of 51.3%, more than 10 to 1 RR. Any pointers or experience appreciated. {image}
HI Alamhakim,

Please see attached 2 pics - the first one is a 4hr - going from bottom to top, my entries are at the yellow lines and there are 4 of them.

On the 1 hr chart you can see the red line at top where I exited the trade. A 1 hour candle closed down below a previous bull candle and I decided to stop them there. Originally I had a TP which was lower than that for all trades, but was able to watch the charts as price moved up quickly, so I removed the TP to let the trades run.

T1 was at 50% retrace
T2 was close of 4hr candle above yesterday high
T3 was taken on a retrace back to minor support
T4 taken as it broke above a recent minor swing high - see it on the 1hr chart.

Cheers
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euraud entry exit.PNG Size: 48 KB
Click to Enlarge Name: euraud entry exit 1hr.PNG Size: 36 KB
  • #382
  • Aug 16, 2015 11:05pm Aug 16, 2015 11:05pm
Hi Pharley,

Thanks so much for your excellent thread! Also, thanks for taking the time to do all your educational posts - they're extremely helpful.

I was just wondering if you're looking at getting a 4HR long entry on GBPUSD or whether you're just focusing on EURJPY at the moment?
  • #383
  • Aug 17, 2015 12:14am Aug 17, 2015 12:14am
Quoting Banksia
Hi Pharley, Thanks so much for your excellent thread! Also, thanks for taking the time to do all your educational posts - they're extremely helpful. I was just wondering if you're looking at getting a 4HR long entry on GBPUSD or whether you're just focusing on EURJPY at the moment?
Thankyou Pharley, I understand how the trades were entered and exited very clearly. Can you please show your Stop loss movements in the trades to manage the risk? Thus part I find difficult.Am in trades for Eur Aud and Eurgbp, I will try to use these skills.Thanks againAlam
  • #384
  • Aug 17, 2015 12:35am Aug 17, 2015 12:35am
Quoting pharley
{quote} HI Alamhakim, Please see attached 2 pics - the first one is a 4hr - going from bottom to top, my entries are at the yellow lines and there are 4 of them. On the 1 hr chart you can see the red line at top where I exited the trade. A 1 hour candle closed down below a previous bull candle and I decided to stop them there. Originally I had a TP which was lower than that for all trades, but was able to watch the charts as price moved up quickly, so I removed the TP to let the trades run. T1 was at 50% retrace T2 was close of 4hr candle above...
Hi Pharley,I will try and manage this trade the same way hopefully.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_2015-08-17-08-30-17.png Size: 172 KB
  • #385
  • Aug 17, 2015 12:41am Aug 17, 2015 12:41am
Quoting Banksia
Hi Pharley, Thanks so much for your excellent thread! Also, thanks for taking the time to do all your educational posts - they're extremely helpful. I was just wondering if you're looking at getting a 4HR long entry on GBPUSD or whether you're just focusing on EURJPY at the moment?
Hi mate,

At the moment even though I'm in a eurjpy trade, I haven't looked too closely at what's happening on the charts. I probably will after I've posted a couple of things. I did have a look yesterday (normally day for analysing charts), but then got dragged away to do a few things.

I'll check out the GU and see what I think.

Cheers
  • #386
  • Aug 17, 2015 1:00am Aug 17, 2015 1:00am
Quoting Alamhakim
{quote} Thankyou Pharley, I understand how the trades were entered and exited very clearly. Can you please show your Stop loss movements in the trades to manage the risk? Thus part I find difficult.Am in trades for Eur Aud and Eurgbp, I will try to use these skills.Thanks againAlam
Hi again,

Here are some pics to try and show where I put SL as I entered trades.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euraud t1.PNG Size: 47 KB
Click to Enlarge Name: euraud t2.PNG Size: 44 KB
Click to Enlarge Name: euraud t3.PNG Size: 33 KB
Click to Enlarge Name: euraud t4.PNG Size: 38 KB
  • #387
  • Aug 17, 2015 1:05am Aug 17, 2015 1:05am
I forgot an important one - after the second trade and price was moving upwards, I moved SL from T1 and T2 to this position:
Attached Image (click to enlarge)
Click to Enlarge Name: Moved SL euraud 20150811 4hr entry.PNG Size: 54 KB
  • #388
  • Aug 17, 2015 1:16am Aug 17, 2015 1:16am
Quoting wizlon32
What are your thought on this Pharley? I am looking for a buy signal at or around the 200 EMA or a support line in that area (I know you don't use indicators but I think the 200 EMA adds weight to my view). The last weekly candle shows a big retrace. The last daily candle seems to have broken a resistance line although it does seem to be in the middle of a S/R area. {image}{image}
Hi Wiz,

Both the NZDUSD and AUDCAD seems to be in a consolidating phase - well, not moving anyway! I'd leave them alone until they get going. Plus on the AudCad there doesn't seem to be too much room before a target - certainly under 1:2 risk reward.

I try and look for the clearest signals - if I can see them, then others can too - and try to only trade those.

Cheers
  • #389
  • Aug 17, 2015 1:24am Aug 17, 2015 1:24am
Thought I'd post an update of that eurjpy long trade I took - I did say I'd post the good, bad and ugly!

Price is still hanging around that resistance turned to support. Been in the trade since I think last Thursday. I'll just leave it - either to hit SL or move up. If it hit's SL it's only a small loss so that's fine. Reason for taking the trade was the break and retrace above the resistance back to support.

Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: 20150817 eurjpy pic5 4hr.PNG Size: 36 KB
  • #390
  • Aug 17, 2015 1:38am Aug 17, 2015 1:38am
Hi Pharley
I have to be sincere I did read a few post but not all the thread it is going to take me a full day I believe. I like it nice and simple. Only one question if I may. When You say Weekly Support and resistance. Do You mean the SR of the current Week, last Week or a few weeks back till one finds the HL that could be even let'say 10/15 weeks just to say a number
Appreciate your answer
Thank You Ralfy
  • #391
  • Aug 17, 2015 1:52am Aug 17, 2015 1:52am
Quoting ralfy
Hi Pharley I have to be sincere I did read a few post but not all the thread it is going to take me a full day I believe. I like it nice and simple. Only one question if I may. When You say Weekly Support and resistance. Do You mean the SR of the current Week, last Week or a few weeks back till one finds the HL that could be even let'say 10/15 weeks just to say a number Appreciate your answer Thank You Ralfy
Hi Ralfy,

Not the SR of the current week, but swing highs and lows from the weekly chart - see attached EURCAD weekly chart showing some major SR areas as an example.

Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad week.PNG Size: 57 KB
  • #392
  • Aug 17, 2015 1:58am Aug 17, 2015 1:58am
Quoting pharley
Thought I'd post an update of that eurjpy long trade I took - I did say I'd post the good, bad and ugly! Price is still hanging around that resistance turned to support. Been in the trade since I think last Thursday. I'll just leave it - either to hit SL or move up. If it hit's SL it's only a small loss so that's fine. Reason for taking the trade was the break and retrace above the resistance back to support. Cheers {image}

Hi Pharley, your SL @ 137.50?
  • #393
  • Aug 17, 2015 2:01am Aug 17, 2015 2:01am
Quoting happytrade38
{quote} Hi Pharley, your SL @ 137.50?
Hi Happy,

yeah more or less - not ideal, but it's ok.
  • #394
  • Aug 17, 2015 2:15am Aug 17, 2015 2:15am
Quoting pharley
{quote} Hi Happy, yeah more or less - not ideal, but it's ok.
Curious, where are you thinking this will go? TP?
  • #395
  • Aug 17, 2015 2:16am Aug 17, 2015 2:16am
Thanks Pharley been very quick to answer. I got it now I think Weekly chart and draw what You see as major SR then go to the daily one and see what reaction there is at those levels and enter a trade even at lower time frame as a 4 hour one if the right candle formation appears as a Pin Bar, inside bar, Engulfing etc. Hope I got it right.
  • #396
  • Aug 17, 2015 2:18am Aug 17, 2015 2:18am
Quoting Gdi
{quote} Curious, where are you thinking this will go? TP?
Hi Gdi,

Got my TP just under 144 - but anything can happen!
  • #397
  • Aug 17, 2015 2:19am Aug 17, 2015 2:19am
Quoting ralfy
Thanks Pharley been very quick to answer. I got it now I think Weekly chart and draw what You see as major SR then go to the daily one and see what reaction there is at those levels and enter a trade even at lower time frame as a 4 hour one if the right candle formation appears as a Pin Bar, inside bar, Engulfing etc. Hope I got it right.
Hi Ralfy,

Yep that sounds about right mate. Yes my trades are normally entered at the 4hr level after I see a good setup on the daily candle, which should be around major S/R levels based off the weekly.

I must admit though, one of my very favourite set ups using this is with channels - I love trading those!

Cheers
  • #398
  • Aug 17, 2015 2:32am Aug 17, 2015 2:32am
Quoting pharley
{quote} Hi Gdi, Got my TP just under 144 - but anything can happen!
Yea I agree anything can happen, thanks mate.
  • #399
  • Aug 17, 2015 2:48am Aug 17, 2015 2:48am
Quoting pharley
{quote} Hi Happy, yeah more or less - not ideal, but it's ok.
Thanks. Thanks for the patient and relentless contribution in this thread.
  • #400
  • Aug 17, 2015 2:49am Aug 17, 2015 2:49am
Saw a good setup in GBPUSD - H4 with pin bar. Not sure it's a good setup.
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.png Size: 77 KB
0 traders viewing now