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Support and Resistance Method - Pharley

  • #541
  • Aug 30, 2015 7:56pm Aug 30, 2015 7:56pm
This is enormously helpful Pharley to see how you manage your trades. Thanks so much for sharing!
  • #542
  • Aug 30, 2015 8:14pm Aug 30, 2015 8:14pm
Quoting pharley
{quote} Oh I think I'm happy at the moment to share what I have. How I do things is on this thread. This week I'm primarily looking at: euraud gbpaud gbpcad gbpjy gbpnzd gbpusd usdjpy Have a look at some daily charts and you can see where major S/R are and where price is in relation to it.
OK no problem I understand. Pretty pointless to post your myfxboox link then as there is nothing to learn from it while the real content private. I guess you just wanted to pat your ego some, no problem. That is what trading forums are for.
  • #543
  • Aug 30, 2015 8:22pm Aug 30, 2015 8:22pm
Quoting MidKnight
{quote} OK no problem I understand. Pretty pointless to post your myfxboox link then as there is nothing to learn from it while the real content private. I guess you just wanted to pat your ego some, no problem. That is what trading forums are for.
Gee, I post how I trade on here - nothing else to learn from the fx book. If you don't find it helpful, don't read.
  • #544
  • Aug 30, 2015 8:27pm Aug 30, 2015 8:27pm
Quoting MidKnight
{quote} OK no problem I understand. Pretty pointless to post your myfxboox link then as there is nothing to learn from it while the real content private. I guess you just wanted to pat your ego some, no problem. That is what trading forums are for.

Lol Mid

Your comments is too offensive. Pharley is kind enough to share his awesome trading with us. Be content with it or move away lol. Some people are really tough to satisfy lol.

Your doing great Pharley.

InnerGrowth
  • #545
  • Aug 30, 2015 8:29pm Aug 30, 2015 8:29pm
Quoting InnerGrowth
{quote} Lol Mid Your comments is too offensive. Pharley is kind enough to share his awesome trading with us. Be content with it or move away lol. Some people are really tough to satisfy lol. Your doing great Pharley. InnerGrowth
Thanks IG and Banksia - yeah, trying to show how I trade.

I can understand though - some people want to see the $. But I've been trying to avoid showing $ gained. I think people focus too much on it - I know I did at first!

The important thing is to learn the how - the dollars come later depending on trading pot, risk and lot size.

Cheers
  • #546
  • Aug 30, 2015 8:34pm Aug 30, 2015 8:34pm
Quoting pharley
{quote} Thanks IG and Banksia - yeah, trying to show how I trade. I can understand though - some people want to see the $. But I've been trying to avoid showing $ gained. I think people focus too much on it - I know I did at first! The important thing is to learn the how - the dollars come later depending on trading pot, risk and lot size. Cheers
Hello Pharley

You are exactly right. The amount of $ earned is not what is important but having a consistent profitable strategy is

InnerGrowth
  • #547
  • Aug 30, 2015 8:41pm Aug 30, 2015 8:41pm
Quoting pharley
{quote} Thanks IG and Banksia - yeah, trying to show how I trade. I can understand though - some people want to see the $. But I've been trying to avoid showing $ gained. I think people focus too much on it - I know I did at first! The important thing is to learn the how - the dollars come later depending on trading pot, risk and lot size. Cheers
I did not ask for the dollars at all. I don't care about that in the slightest.

And Innergrowth, when you grow up one day, you will learn to speak when you are being spoken to.
  • #548
  • Aug 30, 2015 8:51pm Aug 30, 2015 8:51pm
The second trade by the way, was taken off a 50% retracement back to the trend line.
Price is still hanging around there so we'll see what happens.
  • #549
  • Aug 30, 2015 8:52pm Aug 30, 2015 8:52pm
ok,

Midnight - I can see you get riled up pretty quick. Is that because you don't know how to trade? Bad results? What ever it is please take a calm pill. I'm just trying to show how I trade, how to maximise growth in a single run of pips. If you can't/don't want to learn something because you already know everything, please feel free to post how you trade as well on your own thread. I'm always happy to learn from someone with experience and knowledge.
  • #550
  • Aug 31, 2015 12:39am Aug 31, 2015 12:39am
I got out early - I didn't like the look of the current price action so took some profit. If things change I'll enter again.

Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: Out EURAUD_2015-08-31.png Size: 29 KB
  • #551
  • Aug 31, 2015 2:47am Aug 31, 2015 2:47am
pharley, Mid really did not ask for $ but for trade history. I would love that too. Why? because I can draw your entries on my charts and learn from there. Your screenshots do show how you trade, but often without context that I am used to see, etc.
So I don't find Mid's request that unreasonable.
  • #552
  • Aug 31, 2015 3:19am Aug 31, 2015 3:19am
Quoting pharley
Hi, Well as I changed to a new broker in July, I thought I'd create a MyFXBook thing. If nothing else, it will keep me honest! I've already gone through the analysis and can see where there are weak spots in my trading, so that's good news. Just the last few trades have been a bit slack and I probably shouldn't have taken them. Never mind, I'm always learning - you never stop. There's not much on there at the moment as it only runs from when I started with this new broker, but I'll be able to keep track of how I'm going. For those who are interested...
pharley
I want to thank you for posting your 'MyFXBook thing' as it is, in fact all your postings, you've no idea how you've helped me!
Please just carry on as you are.

I think it may be a quiet day today, certainly this morning, as it's a Bank Holiday here in the UK. So we may have to rely on the US this afternoon
  • #553
  • Aug 31, 2015 3:36am Aug 31, 2015 3:36am
Quoting rover99x
{quote} pharley I want to thank you for posting your 'MyFXBook thing' as it is, in fact all your postings, you've no idea how you've helped me! Please just carry on as you are. I think it may be a quiet day today, certainly this morning, as it's a Bank Holiday here in the UK. So we may have to rely on the US this afternoon
Hi Rover mate,

Thanks for that. Hey it's good it's helping you! Have you got many pips recently?

I don't mind showing the fxbook thing, but I don't really want to give out everything - I want people to have a think for themselves and not just copy trades (although I know it's a retrospective list of trades). Copying trades (I know there are automated ones around) is ok, but what if the person disappears?

It's far better to know how to get pips yourself (same as the old saying about teaching someone to fish rather than give them fish!). Keep at it mate.

I'm still waiting for the next bigger run - hopefully it wont be too long. I missed some of the shorts recently which is a bit annoying but there's always more trades.

Cheers
  • #554
  • Aug 31, 2015 1:39pm Aug 31, 2015 1:39pm
i have a question. Where is a logical SL. When trailing a SL? I follow your rule but always got stop out before market run, small loss but miss a huge gain
Anyway, your system is good. Thanks for sharing
  • #555
  • Aug 31, 2015 4:15pm Aug 31, 2015 4:15pm
Quoting love.l0ve
i have a question. Where is a logical SL. When trailing a SL? I follow your rule but always got stop out before market run, small loss but miss a huge gain Anyway, your system is good. Thanks for sharing

Hi Love and thanks for your question.

Can you post a chart showing your entries and where you've been stopped out? Then it's easier for me to see what's happening. Don't worry I've been stopped out recently a few times - price just gets going, then halts and returns! A bit frustrating!

During times like that I'm always managing the risk side of things in case price does come back. When price does start to trend though, that's where big gains can be made.

Cheers
  • #556
  • Sep 1, 2015 12:22am Sep 1, 2015 12:22am
Quoting pharley
{quote} Hi Love and thanks for your question. Can you post a chart showing your entries and where you've been stopped out? Then it's easier for me to see what's happening. Don't worry I've been stopped out recently a few times - price just gets going, then halts and returns! A bit frustrating! During times like that I'm always managing the risk side of things in case price does come back. When price does start to trend though, that's where big gains can be made. Cheers
GU from july 9 to august 25. There is alot of ranging, how to avoid that and catch the next big run?
  • #557
  • Sep 1, 2015 12:50am Sep 1, 2015 12:50am
Quoting love.l0ve
{quote} GU from july 9 to august 25. There is alot of ranging, how to avoid that and catch the next big run?
Hi Love,

If you're trading GU then you can't avoid it. The only way is not to trade a pair when it's not trending.

Take a look at the following during the same time:-

AUDJPY
AUDNZD
EURAUD
NZDJPY

and there are probably a fair few more that were moving. The trick is to recognise that a pair isn't trending - if you can't see it clearly moving upwards or downwards, then it's probably just ranging. When ranging I either leave well alone, or take a different way of trading. My preference is to leave it alone though and look for another pair. I'm looking for pairs that move from the S/R and away to another S/R area. You can do this on just about any time frame, but I prefer the longer ones as I can't be in front of the charts all the time. Even on a 15m chart you can find the same sort of price action.

Look at this horrible chart (sorry for the lines) on a 15m euraud, and see all the potential moves up and down - lots of action. But anyway, try to get your eye in in spotting when things aren't trending - take the longer timeframe of 4hr, daily, weekly for that. If something is trending well on the daily, take entries on the 4hr or even 1hr (or even 15m!!!!) in the same direction when there are pull backs to S/R areas, 50% retracements, off channel S/R areas.
Attached Image (click to enlarge)
Click to Enlarge Name: cT_cs_1016412_EURAUD_2015-09-01_15-46-22.png Size: 37 KB
  • #558
  • Sep 1, 2015 12:51am Sep 1, 2015 12:51am
Oh i forgot to tell where i put my SL. If market up i move to a lowest of yesterday candle, market down i move SL to highest yesterday candle
  • #559
  • Sep 1, 2015 12:52am Sep 1, 2015 12:52am
and don't forget some correlation - I think most pairs that were USD/something or something/USD weren't moving much back then. But others were, so if you find yourself being mired down with a pair, always look around. Try and have half a dozen pairs as your go to set for trading.
  • #560
  • Edited 2:47am Sep 1, 2015 1:53am | Edited 2:47am
Quoting pharley
and don't forget some correlation - I think most pairs that were USD/something or something/USD weren't moving much back then. But others were, so if you find yourself being mired down with a pair, always look around. Try and have half a dozen pairs as your go to set for trading.
Hi Pharley,

Markets are moving, did you pick a trade this morning (evening for you)?

I am into EURUSD and GBPUSD!

Also EURAUD because of bouncing off the trendline and currency strength
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSD_1-9-2015_7_55_entry.png Size: 60 KB
Click to Enlarge Name: GBPUSD_1-9-2015_entry.png Size: 128 KB
Click to Enlarge Name: EURAUD_1-9-2015_entry.png Size: 63 KB
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