Support and Resistance Method - Pharley | Page 26 | 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

  • #501
  • Aug 24, 2015 8:37am Aug 24, 2015 8:37am
Oh my goodness. I was trading euraud long all today and it's gone up 750 pips as I speak. I hope everyone got a good load of pips on many pairs. Good grief, I made a shed load today! A terrific day!
  • #502
  • Aug 24, 2015 8:38am Aug 24, 2015 8:38am
Quoting Mobber444
Absolute carnage in the markets today, maybe a good week to take time out of trading!!
Totally agree.
  • #503
  • Aug 24, 2015 8:47am Aug 24, 2015 8:47am
Quoting pharley
Oh my goodness. I was trading euraud long all today and it's gone up 750 pips as I speak. I hope everyone got a good load of pips on many pairs. Good grief, I made a shed load today! A terrific day!

You kindly shared the system, I am really pleased for you well done.
  • #504
  • Aug 24, 2015 9:13am Aug 24, 2015 9:13am
Quoting pharley
Oh my goodness. I was trading euraud long all today and it's gone up 750 pips as I speak. I hope everyone got a good load of pips on many pairs. Good grief, I made a shed load today! A terrific day!
As you said pharley there's always an element of luck in trading and today was one of those days
  • #505
  • Aug 24, 2015 2:42pm Aug 24, 2015 2:42pm
Quoting pharley
Oh my goodness. I was trading euraud long all today and it's gone up 750 pips as I speak. I hope everyone got a good load of pips on many pairs. Good grief, I made a shed load today! A terrific day!
Hi Pharley,

Congratulations with your big hit! Your helpfullness has been rewarded!! I had good luck on the GBPAUD that hit TP with 2 entries with the spike up. I am still papertrading on a demoaccount! All the currencies had a big huge move!

  • #506
  • Aug 24, 2015 2:48pm Aug 24, 2015 2:48pm
Quoting Idkurv
{quote} 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.
Hi Idkurv,

I did not take those trades because I could not find a good PA moment! I think the cause is China!
  • #507
  • Aug 24, 2015 4:39pm Aug 24, 2015 4:39pm
well done Pharley
  • #508
  • Aug 24, 2015 5:39pm Aug 24, 2015 5:39pm
Hi all,

yes some interesting runs - almost no time to look at proper PA set ups as price moved so fast. At least with some decent PA analysis already done on the charts, it puts you in a good position to take advantage of any fast moving runs.

Did anyone else score some big runs from the recent moves?
  • #509
  • Aug 24, 2015 7:15pm Aug 24, 2015 7:15pm
Hello Pharley

Been following this thread since it started and let me says you are sharing some really great trading insights here. Really thank you much for that. I really like support and resistance along with volume analysis coupled with playing strength/weakness currency.

Did make some nice pips since last night on EUR/CAD about 300 pips as I played this pair long since last night a few times. Cant complain

Getting a good method down along with only playing with the overall trend is key to me. One just need to get with the flow of the market.

Order flow is always a good thing

InnerGrowth
  • #510
  • Aug 25, 2015 1:17am Aug 25, 2015 1:17am
Quoting pharley
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. {image}
Hi Pharley, sometime the fibo can draw from both buy and sell angle, both ways seem logical. How you decide which way to go?
  • #511
  • Aug 25, 2015 2:29am Aug 25, 2015 2:29am
Quoting happytrade38
{quote} Hi Pharley, sometime the fibo can draw from both buy and sell angle, both ways seem logical. How you decide which way to go?
Hi Happy - normally the direction is taken off whichever the price is bouncing off. Meaning if price had gone up to a good resistance level, then come down to support, I'm expecting price to travel upwards again. Great on horizontal levels and terrific on channel trading.

Cheers
  • #512
  • Aug 25, 2015 2:32am Aug 25, 2015 2:32am
Quoting InnerGrowth
Hello Pharley Been following this thread since it started and let me says you are sharing some really great trading insights here. Really thank you much for that. I really like support and resistance along with volume analysis coupled with playing strength/weakness currency. Did make some nice pips since last night on EUR/CAD about 300 pips as I played this pair long since last night a few times. Cant complain Getting a good method down along with only playing with the overall trend is key to me. One just need to get with the flow of the market....
Hi InnerG,

Great you made some good pips last night! Welcome!

Cheers
  • #513
  • Aug 25, 2015 2:42am Aug 25, 2015 2:42am
Hi Pharley,

Thanks for this great great thread.
I am a 2 month old newbie in forex and have been following this thread for quite sometime. I made +1300pips yesterday on GBPAUD long.
This has become possible because of your method of adding positions on retraces and S/Ls in a logical way.
Please continue posting your ideas so that people like me could learn more and hold on to forex without wiping out our accounts.

Thanks
  • #514
  • Aug 25, 2015 5:35am Aug 25, 2015 5:35am
Temptation got the better of me this morning, went long on the USDJPY and GPBJPY. After both went +-30pips positive I decided to not be greedy and closed both positions and just stay out of the market. Now I really regret it as they are both looking like good trades to be in. It does seem like the market is quite stable again, just think any small rumour could spark another sell-off. Rather safe than sorry I guess.
  • #515
  • Aug 25, 2015 2:29pm Aug 25, 2015 2:29pm
Can EURJPY Find support? Or are we going lower from here?

What's your take?

Best,
Attached Image (click to enlarge)
Click to Enlarge Name: Schermafdruk 2015-08-25 21.27.12.png Size: 34 KB
  • #516
  • Aug 25, 2015 4:32pm Aug 25, 2015 4:32pm
Quoting tibovwh
Can EURJPY Find support? Or are we going lower from here? What's your take? Best, {image}
Hi there,

I like the look of that rising support line you have and it seems to be in a bit of a channel there. I'll watch it as well - could bounce away from support up to the top of the channel again. Here's hoping it does and there are quite a few pips to be gained.

Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: cT_cs_1016412_EURJPY_2015-08-26_07-30-30.png Size: 46 KB
  • #517
  • Aug 25, 2015 4:40pm Aug 25, 2015 4:40pm
Quoting Mobber444
Temptation got the better of me this morning, went long on the USDJPY and GPBJPY. After both went +-30pips positive I decided to not be greedy and closed both positions and just stay out of the market. Now I really regret it as they are both looking like good trades to be in. It does seem like the market is quite stable again, just think any small rumour could spark another sell-off. Rather safe than sorry I guess.
Hi Mobber,

Yeah markets are a bit funny at the moment. Went from not much movement to explosive!

All I can suggest is to take the best set ups you can. This is where a picture library of your favourite set ups comes in handy. I use mine - I refer to them often and cast my eye over the setups I want to see. It's not good to just trade for trading sake - there has to be a reason on the chart. That way, you're putting odds further in your favour. All traders around the world see exactly the same charts and price action as you, me, everyone. So that's a good reason to take the obvious setups - everyone can see it.

Cheers
  • #518
  • Aug 25, 2015 4:44pm Aug 25, 2015 4:44pm
Quoting Yamini
Hi Pharley, Thanks for this great great thread. I am a 2 month old newbie in forex and have been following this thread for quite sometime. I made +1300pips yesterday on GBPAUD long. This has become possible because of your method of adding positions on retraces and S/Ls in a logical way. Please continue posting your ideas so that people like me could learn more and hold on to forex without wiping out our accounts. Thanks
Hi Yamini,

That's awesome! Terrific result! There's always an element of luck on those type of fast moving runs whether it's we were trading a particular pair at the time, managed to spot a good run, nothing stopped price moving in the right direction and no bad news.

But at least with this type of PA we can be looking at the charts in the right way and be prepared. I made a lot on Monday and was lucky too but at least I had already drawn in major S/R areas, and price on euraud that I was trading, went straight to it. So it's always good value to study some charts over the weekend and drw/redraw major S/R areas for your week of trading ahead.

Anyway, good results mate - keep your risk mgt under control and keep looking for good PA setups.

Cheers
  • #519
  • Aug 26, 2015 3:54am Aug 26, 2015 3:54am
Interesting GBP USD on the 30Min?

Best,
Attached Image (click to enlarge)
Click to Enlarge Name: Schermafdruk 2015-08-26 10.54.08.png Size: 21 KB
  • #520
  • Aug 26, 2015 4:23am Aug 26, 2015 4:23am
Quoting pharley
{quote} Hi Mobber, Yeah markets are a bit funny at the moment. Went from not much movement to explosive! All I can suggest is to take the best set ups you can. This is where a picture library of your favourite set ups comes in handy. I use mine - I refer to them often and cast my eye over the setups I want to see. It's not good to just trade for trading sake - there has to be a reason on the chart. That way, you're putting odds further in your favour. All traders around the world see exactly the same charts and price action as you, me, everyone....
Yeah went from dull to explosive and back now to dull again. Thanks for the advice Pharley! Will start my own picture library today, great idea.
0 traders viewing now