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Support and Resistance Method - Pharley

  • #561
  • Sep 1, 2015 1:03am Sep 1, 2015 1:03am
Quoting Dutchpips
{quote} 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 {image} {image} {image}
Also went long on the EURUSD, GBPUSD I am still waiting for the to go up a bit for confirmation. EURAUD looks good but I missed that one.
  • #562
  • Sep 1, 2015 1:44am Sep 1, 2015 1:44am
Quoting Mobber444
{quote} Also went long on the EURUSD, GBPUSD I am still waiting for the to go up a bit for confirmation. EURAUD looks good but I missed that one.
Hi Mobber and Dutch - hope you get some great pips. I'm having some pain in the backside problems with my wifi. I managed to trade a bit today and got some, but at the moment it's terrible for me to connect without it dropping out every 2 mins it seems!
  • #563
  • Sep 1, 2015 5:58am Sep 1, 2015 5:58am
Quoting Mobber444
{quote} Also went long on the EURUSD, GBPUSD I am still waiting for the to go up a bit for confirmation. EURAUD looks good but I missed that one.
Hi Mobber,

The trades where not lucky shots. EURUSD and EURAUD closed at BE and SL on the GBPUSD. Lessons: I did not look at the news and there was economic news for GBP at 10:30 and I opened the second trade for the EURAUD at a point of resistance. So I closed the two trades at BE.

Next time better,
  • #564
  • Edited 6:19am Sep 1, 2015 6:04am | Edited 6:19am
I'm on my 3rd entry on EUR/AUD - initially entered @ 1.57150, on about 410 pips for the 3, have moved 2 of the trades SL into positive positions. Really want to close out the first one which is at 240 pips but going to hang in there as I feel there is further to go.
  • #565
  • Sep 1, 2015 9:55am Sep 1, 2015 9:55am
Quoting Dutchpips
{quote} Hi Mobber, The trades where not lucky shots. EURUSD and EURAUD closed at BE and SL on the GBPUSD. Lessons: I did not look at the news and there was economic news for GBP at 10:30 and I opened the second trade for the EURAUD at a point of resistance. So I closed the two trades at BE. Next time better,
Hi Dutchpips;

Look for Market Momentum and lack of it as the Market approaches significant Levels.

I hope the charts below help.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1st Sept 15 EUR:AUD MN Chart.png Size: 104 KB
Click to Enlarge Name: 1st Sept 15 EUR:AUD W1 Chart.png Size: 112 KB
Click to Enlarge Name: 1st Sept 15 EUR:AUD D1 Chart.png Size: 102 KB
  • #566
  • Sep 1, 2015 1:26pm Sep 1, 2015 1:26pm
Quoting Dutchpips
{quote} Hi Mobber, The trades where not lucky shots. EURUSD and EURAUD closed at BE and SL on the GBPUSD. Lessons: I did not look at the news and there was economic news for GBP at 10:30 and I opened the second trade for the EURAUD at a point of resistance. So I closed the two trades at BE. Next time better,
Hey Dutch, I am still in the EURUSD trade but things are looking very slow. If price breaks above 1.1365 it should take-off, I'm going to stick it out tomorrow and if it doesn't break the level I'll close the trade tomorrow after the US session. The market is really not volatile at the moment so hopefully things will look better next week. Good luck!
  • #567
  • Sep 1, 2015 1:30pm Sep 1, 2015 1:30pm
Quoting Dutchpips
{quote} Hi Mobber, The trades where not lucky shots. EURUSD and EURAUD closed at BE and SL on the GBPUSD. Lessons: I did not look at the news and there was economic news for GBP at 10:30 and I opened the second trade for the EURAUD at a point of resistance. So I closed the two trades at BE. Next time better,
Looking EURAUD it seems to be making a nice move up now. This week is filled with news events, tomorrow probably the last day to enter any kind of trade as it's NFP friday and it will be a volatile one.
  • #568
  • Sep 1, 2015 1:49pm Sep 1, 2015 1:49pm
Hi all,

Hope some people made some good pips!

I had internet probs last night, then most moves for me happened overnight while I was in the land of nod.

Interesting - I just looked at myfxbook thing - it shows my account as -99.75%. I've sent them an email as I know that's not correct. Should be around +215% as I gained some yesterday. Perhaps it's to do with the fact that I use cTrader and not Mt4. Not sure, but rest assured, I've not blown the account!

Cheers
  • #569
  • Edited 10:44pm Sep 1, 2015 2:22pm | Edited 10:44pm
Quoting Mobber444
{quote} Hey Dutch, I am still in the EURUSD trade but things are looking very slow. If price breaks above 1.1365 it should take-off, I'm going to stick it out tomorrow and if it doesn't break the level I'll close the trade tomorrow after the US session. The market is really not volatile at the moment so hopefully things will look better next week. Good luck!
Hi Mobber;

We see things in a slightly different way.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1st sept 15 EUR:USD W1 Chart.png Size: 82 KB
Click to Enlarge Name: 1st Sept 15 EUR:USD D1 Chart.png Size: 93 KB
  • #570
  • Sep 1, 2015 11:06pm Sep 1, 2015 11:06pm
Quoting stevepatt
{quote} Hi Mobber; We see things in a slightly different way. {image} {image}
Hey steve

I totally agree with you, my initial target on the EURUSD was 1.158. I missed the bigger picture. Going to close the trade now for +-20pips profit. Thanks for the charts.

Need to clean up my charts so I can post them along with my trades to show the picture I'm seeing.
  • #571
  • Sep 2, 2015 5:01am Sep 2, 2015 5:01am
Quoting stevepatt
{quote} Hi Dutchpips; Look for Market Momentum and lack of it as the Market approaches significant Levels. I hope the charts below help. {image} {image} {image}
Agree on all those Steve.
But to risk going long, I would rather wait for some "completed retracement"...and having all those stops being wiped out of the way...and the Big Boys fat with their liquidity.
There´s some exhaustion on the long side in my opinion..
Attached Image (click to enlarge)
Click to Enlarge Name: day euraud.gif Size: 178 KB
  • #572
  • Sep 2, 2015 6:20am Sep 2, 2015 6:20am
If your nearing a trend channel line once your in a trade, would you exit all positions or keep moving stops along to see if you reach the 90% mark between weekly S/R
  • #573
  • Sep 7, 2015 5:35am Sep 7, 2015 5:35am
Hello Pharley,

haven't heard from you...all ok?

Cheers
  • #574
  • Sep 7, 2015 8:23am Sep 7, 2015 8:23am
Quoting nasher
Hello Pharley, haven't heard from you...all ok? Cheers
I think he's had problems with his internet connection nasher

Hi all,

Hope some people made some good pips!

I had internet probs last night, then most moves for me happened overnight while I was in the land of nod.
  • #575
  • Sep 7, 2015 11:16am Sep 7, 2015 11:16am
Hi everyone,

Anyone been watching ChfJpy? Looks like it may be breaking out from that long term weekly trend that we talked about a few weeks ago
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 23 KB
Indentify > Plan > Accept > Execute
  • #576
  • Sep 7, 2015 11:23am Sep 7, 2015 11:23am
Here it is on the 4 hour Chart.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 10 KB
Indentify > Plan > Accept > Execute
  • #577
  • Sep 8, 2015 12:10am Sep 8, 2015 12:10am
Quoting wizlon32
Here it is on the 4 hour Chart. {image}

Would not sell on this pair especially not at the current level, has been trending up since March 2012.
  • #578
  • Sep 8, 2015 2:59am Sep 8, 2015 2:59am
Quoting nasher
Hello Pharley, haven't heard from you...all ok? Cheers
He's active, see http://www.myfxbook.com/members/Phar...y-live/1356511
  • #579
  • Sep 8, 2015 8:34am Sep 8, 2015 8:34am
Quoting Mobber444
{quote} Would not sell on this pair especially not at the current level, has been trending up since March 2012.
You're right it has. Looks like it may have broken below that trend though and it can't go up forever can it? What goes up must come down!
Indentify > Plan > Accept > Execute
  • #580
  • Sep 8, 2015 10:45am Sep 8, 2015 10:45am
Quoting wizlon32
{quote} You're right it has. Looks like it may have broken below that trend though and it can't go up forever can it? What goes up must come down!

Yeah it has broken below all my longterm trendlines, I would go for a sell if it breaks below the 121.70. It's stalling a bit now, but if it breaks I think trend can be confirmed as broken and reversed in the short term. Would be looking at the 120.00 level for some support again and then below that to the 116.00 level.
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