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Support and Resistance Method - Pharley

  • #481
  • Aug 21, 2015 5:53am Aug 21, 2015 5:53am
Quoting pharley
Hi all, Sorry I've been a bit busy with some others things and also trading another method that I have while the charts were quieter. It's only what I consider scalping on 15m timeframes using S/R on the low timeframes. Always interesting to get pips while I'm waiting for clear, larger runs. Cheers
I prefer to do something else than trading 15m chart, in the long run always lose money. I understand you because I've been there too, . If I'm bored or I need some excitement, I run away from my computer.😉
  • #482
  • Aug 21, 2015 5:58am Aug 21, 2015 5:58am
Quoting Dutchpips
Trade the GBPJPY short target 400 pips {image}
Looking good Dutch
  • #483
  • Aug 21, 2015 7:02am Aug 21, 2015 7:02am
Anybody looking for a trade AUDUSD? Several pins on daily!
  • #484
  • Aug 21, 2015 7:15am Aug 21, 2015 7:15am
Quoting Dutchpips
Anybody looking for a trade AUDUSD? Several pins on daily!
Long on ACHF and AJ
  • #485
  • Aug 21, 2015 7:34am Aug 21, 2015 7:34am
Quoting Dutchpips
Anybody looking for a trade AUDUSD? Several pins on daily!
Audus is between 0.745 and 0.725 ups and down, there is not much to do in my opinio. Main trend still Short, until this range is broken stay aside, or entry on S1 or R1.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_2015-08-21-13-28-04.png Size: 45 KB
  • #486
  • Aug 21, 2015 7:40am Aug 21, 2015 7:40am
Quoting relaxtrading
{quote} Audus is between 0.745 and 0.725 ups and down, there is not much to do in my opinio. Main trend still Short, until this range is broken stay aside, or entry on S1 or R1. {image}
Yes, I think you are right Relax! It looks like a flag - bullish sign? Waiting for a big move up and enter on the 50% retr. It has to be the perfect setup!
  • #487
  • Aug 21, 2015 7:52am Aug 21, 2015 7:52am
Quoting Idkurv
{quote} Long on ACHF and AJ
Hi Idkurv,

I have the AUDJPY ready, waiting for PA long on the daily!

Thanks! I did not saw the possibility on the AUDCHF! Also waiting for daily PA!

  • #488
  • Edited 1:22pm Aug 21, 2015 12:58pm | Edited 1:22pm
Quoting pharley
Hi all, Sorry I've been a bit busy with some others things and also trading another method that I have while the charts were quieter. It's only what I consider scalping on 15m timeframes using S/R on the low timeframes. Always interesting to get pips while I'm waiting for clear, larger runs. Cheers
Hi Pharley! Need to come back some really good entries comming up! GBPJPY, AUDCHF, AUDJPY, EURUSD etc.

Question! I took a trade on the GBPJPY and till now failed to take a 2nd trade because there was not enough retracement. At the moment could be a entry point but price is at a daily resistance point. My choice would be wait till it breaks this point and buy on the retracement. What do you think!

I have the SL on the entry price! To early?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPJPY_daily_21-8.png Size: 115 KB
Click to Enlarge Name: GBPJPY_4hr_21-8.png Size: 109 KB
  • #489
  • Aug 21, 2015 7:49pm Aug 21, 2015 7:49pm
Hi guys,

Looks though there are some good trades there and well in profit. Look for those retraces to enter again - just logical place to move SL to and further entry.

Now I'll just post a bit of what I've been doing on the shorter timeframes. I'm tired so I'll keep this short plus I don't want to change the thread away from the longer term chart trading, but this is one of the ways I trade shorter term charts. It's still based off PA and SR areas. I primarily use the longer term and this shorter term method together - I normally do the shorter term if I can't see much on the larger time frame charts and it's usually pretty successful. This last load of trades I did went very well. Tomorrow (Sunday) I'll go back to looking at the longer term charts for set ups.

For the short term trading, I use 4hr charts for main SR, then go to 15m charts for minor SR and PA. The first picture looks a bit confusing, but I'll explain. I was trading the euraud which was trading up in a channel, then went back down, Then it went up again and finished above the previous swing high. I measure the last run down with my measuring fib and took the 90% level. Then I ran a line from that 90% point at the same angle as the channel to give me a 90% target level all the way up.

The second chart shows 15m entries taken off minor SR break then retrace, and other entries off PA. SL were managed the same way as the larger timeframes - if and when I can, I move SL up to at least BE or better so trades are safe. I've put notes on the pics so you can see. It's just another way of trading SR and PA.

Cheers
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euraud set up 4hr.PNG Size: 79 KB
Click to Enlarge Name: euraud 15m entries.PNG Size: 59 KB
  • #490
  • Aug 21, 2015 8:03pm Aug 21, 2015 8:03pm
Just looking through that 15m chart over a couple of days, there are lots of PA entries that could be taken. I've noted some of them on a chart and post it below - not all, but quite a few. These are the types of things I'm looking for on (in particular) shorter term charts. Ones I particularly like are breaks of a minor retracing resistance line (when the overall trend is up), when price comes back to a rising trend line and thirdly when price breaks through and retraces.

If you have a quick look at these, see how much risk reward is possible as you can easily spot where you could put a minimal SL. Have a look at eurusd or any chart and look for one that's in a trend up or down, and have a go at identifying entries not just off a 4hr chart, but also a 1hr or 15m chart.

As well as multiple entries on a 4hr chart playing major SR, this is how I try to maximise my trading. Hope it's of use.

Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: euraud 15m lots of entries.PNG Size: 62 KB
  • #491
  • Aug 21, 2015 8:33pm Aug 21, 2015 8:33pm
Someone sent me an email asking how I use the fib. I explained at the start, I use the fib for 2 purposes. First is to identify a target point for my exits. This is at 90% of a previous run from support to resistance or the other way. Below is a pic of eurusd of recent PA where I've identified major SR areas with yellow solid lines, then drawn the fib with 10 equal spaces across the last run up from S to R.

Then I can easily see where 90% of the run is - shown at the red line. So the next time I'm going long off support, I'm targeting the 90% red line for TP for all my trades. (Trades are taken off the 4hr chart).

Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd daily with fib.PNG Size: 52 KB
  • #492
  • Aug 21, 2015 8:38pm Aug 21, 2015 8:38pm
Same eurusd chart,now with 4hr entries. This is how I use the fib to measure 50% entries. I've shown 2 on there, but if you look, you will see many more, and a logical place to raise your SL to after a further entry.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 4hr 50% retrace.PNG Size: 58 KB
  • #493
  • Aug 21, 2015 8:50pm Aug 21, 2015 8:50pm
Someone also asked me why I don't just trade the 15m stuff. The answer is I just don't have time to trade like that all the time, and I also don't want to be stuck in front of the charts day after day.

What I came up with for me - i.e. it suits how I like to trade, is 1) a long term method which allows me time away from the charts, spend time with the kids etc, and 2) a short term method for the times when I can be in front of the charts.

It's really a good idea to have at least a couple of different ways to trade based on long and short time frames. Both methods are based off tried and tested PA - nothing complex, just as simple as I can make them and hopefully logical.

Cheers
  • #494
  • Aug 21, 2015 11:21pm Aug 21, 2015 11:21pm
Quoting pharley
Someone also asked me why I don't just trade the 15m stuff. The answer is I just don't have time to trade like that all the time, and I also don't want to be stuck in front of the charts day after day. What I came up with for me - i.e. it suits how I like to trade, is 1) a long term method which allows me time away from the charts, spend time with the kids etc, and 2) a short term method for the times when I can be in front of the charts. It's really a good idea to have at least a couple of different ways to trade based on long and short time frames....
Thanks ,
  • #495
  • Aug 21, 2015 11:25pm Aug 21, 2015 11:25pm
Quoting Dutchpips
{quote} Hi Idkurv, I have the AUDJPY ready, waiting for PA long on the daily! Thanks! I did not saw the possibility on the AUDCHF! Also waiting for daily PA!
Hi,
Both my SL hit.
Look at Daily and Weekly they are so bearish.
I will be looking how PA reacts area 86.40 - 88.20.
  • #496
  • Aug 21, 2015 11:31pm Aug 21, 2015 11:31pm
Quoting rover99x
{quote} Hi Idkurv Have you a chart picture you could post to illustrate your trade ? Cheers
Sorry, mostly trade on mobile.
could not screenshot.
by the way, it crashed, went up to .958 then crashed.
  • #497
  • Aug 22, 2015 6:47am Aug 22, 2015 6:47am
Quoting pharley
Just looking through that 15m chart over a couple of days, there are lots of PA entries that could be taken. I've noted some of them on a chart and post it below - not all, but quite a few. These are the types of things I'm looking for on (in particular) shorter term charts. Ones I particularly like are breaks of a minor retracing resistance line (when the overall trend is up), when price comes back to a rising trend line and thirdly when price breaks through and retraces. If you have a quick look at these, see how much risk reward is possible as...
please more show us how you follow the trade and move stops. Also how do you determin trend ? Thank You. I try to learn, follow and understand, very intresting.

Best regards
  • #498
  • Aug 22, 2015 10:01am Aug 22, 2015 10:01am
Quoting pharley
Hi guys, Looks though there are some good trades there and well in profit. Look for those retraces to enter again - just logical place to move SL to and further entry. Now I'll just post a bit of what I've been doing on the shorter timeframes. I'm tired so I'll keep this short plus I don't want to change the thread away from the longer term chart trading, but this is one of the ways I trade shorter term charts. It's still based off PA and SR areas. I primarily use the longer term and this shorter term method together - I normally do the shorter...
Thanks pharley mate for posting this, really appreciate it
  • #499
  • Aug 23, 2015 8:45pm Aug 23, 2015 8:45pm
Hi all,

Took 3 x 1 lot trades this morning on EURAUD - didn't have quite enough time to take all the pics I wanted, but

1) trade 1 entry shown on first pic ( I hadn't set TP at that point so it's not shown). Entry taken off retrace on 15m chart.
2) trade 1, 2 and 3 in play with TP shown;
3) all trades exit at TP.

TP was placed before major SR - even if I'm entering on lower time frames, I try to use the major SR areas as targets. A quick $2100 in not a very long time, for minimal risk. When second order triggered, first trade SL was moved to BE. When third order triggered, SL for trade 2 was moved to BE and SL for trade 1 moved to the same location, locking in profits. Chugging along at a very healthy win rate of 72.5%.

Cheers
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURAUD 2015-08-24 15m entry T1.png Size: 21 KB
Click to Enlarge Name: EURAUD 2015-08-24 T1, T2, T3 in play.png Size: 24 KB
Click to Enlarge Name: EURAUD 2015-08-24 T1, T2, T3 exit.png Size: 21 KB
  • #500
  • Aug 24, 2015 8:21am Aug 24, 2015 8:21am
Absolute carnage in the markets today, maybe a good week to take time out of trading!!
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