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Support and Resistance Method - Pharley

  • #581
  • Sep 8, 2015 1:00pm Sep 8, 2015 1:00pm
Quoting Mobber444
{quote} 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.
You could have a point! Thanks for sharing your view.
Indentify > Plan > Accept > Execute
  • #582
  • Sep 9, 2015 2:46am Sep 9, 2015 2:46am
Hi all,

Yes indeed I've had some bad internet problems! The damn thing keeps dropping out - done it twice just trying to log on now.

Last few days haven't been good - probably because I'm trying to place trades in a hurry before I lose net access. Even then I can't manage them properly as I can't get back in. Frustrating in the extreme!!!

I just have to try and remain calm (that's difficult when I want to throw stuff through the window!), focus again, try and bring the charts up on the longer timeframes and do some more analysis of what's happening. Hope you're all having better luck!

Cheers
  • #583
  • Sep 9, 2015 2:58am Sep 9, 2015 2:58am
Interesting how Pharley disables myfxbook whenever it does not show profits...
  • #584
  • Sep 9, 2015 5:39am Sep 9, 2015 5:39am
Quoting Plague
Interesting how Pharley disables myfxbook whenever it does not show profits...
Oh well, here we go.

1. Previously I had a problem with myfxbook showing a loss greater than the actual equity in the account - I disabled it and packed in the account. I received an email from myfxbook saying that they had a problem with cTrader accounts and it should now be ok;

2. I reactivated it but I've decided to use it as an analysis tool for my trading rather than (as some have said) an ego booster, so I thought I put the setting on private, but obviously hadn't - so then I did;

3. I've also had previous comments about how good my hindsight trading is. So I posted live trade showing how to get some big gains and have tried to explain how I do that. If that's of use to some people that's terrific;

4. I'm not trying to sell anything, but provide some (hopefully) helpful information;

5. Yes I have losses - everyone does - ever seen a method that doesn't? But on a good run the gains far outweigh the losses and it's the long term goals we're after;

6. Having said that, I know there will be people who will knock any method, any post online. But I'm still up around 140% mark since mid July which I'm really happy with.

7. It's easy to criticise, much harder to do something positive yourself. At least I've posted what I do and shown it live. You should be braver and have a go yourself.
  • #585
  • Sep 9, 2015 6:56am Sep 9, 2015 6:56am
Quoting pharley
{quote} Oh well, here we go. <snip>
I found your method interesting, so I wanted to see how you can do it in the long run. That's why I was monitoring your myfxbook. Posting a few live trades is all well and good, but can mean nothing in the long run, the market changes all the time. I am also monitoring this thread for new posts from you, but they are not here. I am not criticising your method, just your way of sharing data.
You did come here to share did you not? You say yourself that this is not an ego boost. Well then share, share your wins and also losses.
  • #586
  • Sep 9, 2015 7:08am Sep 9, 2015 7:08am
Quoting Plague
{quote} I found your method interesting, so I wanted to see how you can do it in the long run. That's why I was monitoring your myfxbook. Posting a few live trades is all well and good, but can mean nothing in the long run, the market changes all the time. I am also monitoring this thread for new posts from you, but they are not here. I am not criticising your method, just your way of sharing data. You did come here to share did you not? You say yourself that this is not an ego boost. Well then share, share your wins and also losses.
Pharley is under no obligation to share anything.

If you find the method interesting, then roll up your sleeves and do your own testing. No number of posted wins and losses will guarantee that you are able to succeed with this method. That's something only you can do.

And thanks Pharley, for what you have contributed. I'm glad to see that you are having continued success.
Student of the Markets
  • #587
  • Sep 9, 2015 7:13am Sep 9, 2015 7:13am
Quoting dchristi
{quote} Pharley is under no obligation to share anything. If you find the method interesting, then roll up your sleeves and do your own testing. No number of posted wins and losses will guarantee that you are able to succeed with this method. That's something only you can do. And thanks Pharley, for what you have contributed. I'm glad to see that you are having continued success.
Where did I have ever said he is obligated to?

And that's just it, I *don't* see the continued success! The last thing I saw was a steady decline, before myfxbook got disabled.

I do think that S/R or S/D methods are in principle working stable methods, I was interested in the details that pharley uses (fibo H4 swings etc.)
  • #588
  • Sep 9, 2015 7:24am Sep 9, 2015 7:24am
Quoting Plague
{quote} Where did I have ever said he is obligated to? And that's just it, I *don't* see the continued success! The last thing I saw was a steady decline, before myfxbook got disabled. I do think that S/R or S/D methods are in principle working stable methods, I was interested in the details that pharley uses (fibo H4 swings etc.)
Your statement that Pharley should "share his wins and also losses" implies that he is obligated to do something, which he clearly is not.

And why this burning need to see proof of Pharley's results? If you think the method could work for you, then do some testing to find out.

And quit being such a troll!
Student of the Markets
  • #589
  • Sep 9, 2015 7:33am Sep 9, 2015 7:33am
Quoting dchristi
{quote} Your statement that Pharley should "share his wins and also losses" implies that he is obligated to do something, which he clearly is not. And why this burning need to see proof of Pharley's results? If you think the method could work for you, then do some testing to find out. And quit being such a troll!
"Do some testing of a method that does not produce gains even for its creator" wow, such logic.

And stop being such a white knight
  • #590
  • Sep 9, 2015 8:07am Sep 9, 2015 8:07am
Quoting Plague
{quote} "Do some testing of a method that does not produce gains even for its creator" wow, such logic. And stop being such a white knight
Will you please leave our teacher alone.......If you don't like this thread just leave and find something else!! Pharley has been of great contribution for me and my trading.........
  • #591
  • Edited 10:36am Sep 9, 2015 8:12am | Edited 10:36am
Quoting pharley
{quote} Oh well, here we go. 1. Previously I had a problem with myfxbook showing a loss greater than the actual equity in the account - I disabled it and packed in the account. I received an email from myfxbook saying that they had a problem with cTrader accounts and it should now be ok; 2. I reactivated it but I've decided to use it as an analysis tool for my trading rather than (as some have said) an ego booster, so I thought I put the setting on private, but obviously hadn't - so then I did; 3. I've also had previous comments about how good my...
Hi Pharley, I would not even react to this Plague. You will always have people like this, don't give them any attention. We love this threat and I have learned so much of it...

I thought it is time to show my teacher the result I have made with his tradesystem the first month:

Total of 2977 pips in 1 month. 6 winners and 7 losers

10-8 EURAUD 496 pips 2 entry
12-8 EURJPY -100 pips
13-8 CADJPY -100 pips
21-8 GBPJPY +550 pips 2 entry
24-8 GBPAUD +1270 pips 2 entry
24-8 GBPJPY -90 pips
25-8 GBPAUD -90 pips
26-8 EURUSD +430 pips 6 entry
27-8 EURAUD -67 pips
1-9 GBPUSD -100
1-9 EURAUD -83 pips
2-9 AUDJPY 44 pips
7-9 EURAUD +800 pips 5 entry

See attached the last result
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD_EXIT.png Size: 160 KB
  • #592
  • Sep 9, 2015 8:35am Sep 9, 2015 8:35am
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}
Hi Stevepatt, thanks for your explanations, I really like them! Momentum (Divergence) on the Weekly EURAUD and Support area on the 4hr decide for me to step into the trade and brought me 800 pips. I wanted to stay longer in the trade but due to work I had to take the profit early.
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD_weekly_8-9-15.png Size: 138 KB
  • #593
  • Sep 9, 2015 10:37am Sep 9, 2015 10:37am
Quoting Dutchpips
{quote} Hi Pharley, I would not even react to this Plague. You will always have people like this, don't give them any attention. We love this threat and I have learned so much of it... I thought it is time to show my teacher the result I have made with his tradesystem the first month: Total of 2977 pips in 1 month. 6 winners and 7 losers 10-8 EURAUD 496 pips 2 entry 12-8 EURJPY -100 pips 13-8 CADJPY -100 pips 21-8 GBPJPY +550 pips 2 entry 24-8 GBPAUD +1270 pips 2 entry 24-8 GBPJPY -90 pips 25-8 GBPAUD -90 pips 26-8 EURUSD +430 pips 6 entry 27-8...

Impressive with the result. Thanks for sharing, mate. How many pairs you look at normally?
  • #594
  • Edited 2:34pm Sep 9, 2015 11:46am | Edited 2:34pm
Quoting happytrade38
{quote} Impressive with the result. Thanks for sharing, mate. How many pairs you look at normally?
Hi Happytrade,

I am not looking at all the 28 pairs. I am still in the process to decide which pairs to trade. It is too much time consuming for me to check all the 28 pairs. I am still learning to check the charts on the different timeframes (weekly, daily, 4hr, 1hr and 15min) to find a oppertunity to step in, watching for main resistance levels, support demand in combination with divergence, channels and ofcourse PA too pull the trigger. I think it is about training to learn to recognize these things and I think to start with just a few pairs would be the best. After all you only need a few good trades per month I also want to trade the S&P 500.

My main focus at this moment is try to be consistent with only a few pairs.

Dutch
  • #595
  • Sep 9, 2015 4:33pm Sep 9, 2015 4:33pm
Quoting dchristi
{quote} Pharley is under no obligation to share anything. If you find the method interesting, then roll up your sleeves and do your own testing. No number of posted wins and losses will guarantee that you are able to succeed with this method. That's something only you can do. And thanks Pharley, for what you have contributed. I'm glad to see that you are having continued success.
Thanks dchristi for the comment,

You're right as well - any half decent method from anyone won't guarantee success for an individual. That's because much of trading comes down to yourself. How many times do we read that the biggest blocker to success in this game is yourself? Have to find a method that works for you and master it.

Cheers
  • #596
  • Sep 9, 2015 4:34pm Sep 9, 2015 4:34pm
Quoting Plague
{quote} "Do some testing of a method that does not produce gains even for its creator" wow, such logic. And stop being such a white knight
Oh, a +140% in less than 2 months isn't successful ?
  • #597
  • Sep 9, 2015 4:44pm Sep 9, 2015 4:44pm
Quoting Dutchpips
{quote} Hi Pharley, I would not even react to this Plague. You will always have people like this, don't give them any attention. We love this threat and I have learned so much of it... I thought it is time to show my teacher the result I have made with his tradesystem the first month: Total of 2977 pips in 1 month. 6 winners and 7 losers 10-8 EURAUD 496 pips 2 entry 12-8 EURJPY -100 pips 13-8 CADJPY -100 pips 21-8 GBPJPY +550 pips 2 entry 24-8 GBPAUD +1270 pips 2 entry 24-8 GBPJPY -90 pips 25-8 GBPAUD -90 pips 26-8 EURUSD +430 pips 6 entry 27-8...
Hey Dutch - awesome results! That's really terrific! Keep it going and build that account. Imagine the returns when trading 1 standard lot.

Yes I suppose you're right in not replying to Plague. I was speaking with Lance Beggs (of YourTradingCoach) the other week. He said to me ages ago I should do a website or blog, but recently warned me that trolls and nay-sayers would be there no matter how well or bad I did. Guess he was right!

Anyway, really pleased that's going so well for you mate - Doesn't matter if you're adding to it in terms of what you're looking for (divergence etc), as long as it works for you. My advice to anyone is to take a method of trading that is based on sound S/R or S/D principles and make it your own, master it, trade it. Because using S/R or S/D based trading ensures that no matter what happens in the market, you'll be ok. S/R is tried and tested and works over any market conditions.

Good luck with it mate.

Cheers
  • #598
  • Sep 9, 2015 9:24pm Sep 9, 2015 9:24pm
Quoting Dutchpips
{quote} Hi Happytrade, I am not looking at all the 28 pairs. I am still in the process to decide which pairs to trade. It is too much time consuming for me to check all the 28 pairs. I am still learning to check the charts on the different timeframes (weekly, daily, 4hr, 1hr and 15min) to find a oppertunity to step in, watching for main resistance levels, support demand in combination with divergence, channels and ofcourse PA too pull the trigger. I think it is about training to learn to recognize these things and I think to start with just a few...
Appreciate if you could share more on how you look at the chart.. Hope to learn more from you.. I also try to focus on 3 main pairs: EJ, EA and GU..
  • #599
  • Sep 10, 2015 2:59am Sep 10, 2015 2:59am
Quoting pharley
{quote} Oh, a +140% in less than 2 months isn't successful ?
In two swings only? That's not a well tested method for me, no.

You people are using words as "nay-sayers" and "trolls" just to hide the fact, that you are not providing all info you could be providing, because you simply do not want to.

I don't have a problem with your method, or with the info you currently give out. I have a problem with keeping myfxbook private, learn to read.
  • #600
  • Sep 10, 2015 8:48am Sep 10, 2015 8:48am
Quoting Plague
{quote} In two swings only? That's not a well tested method for me, no. You people are using words as "nay-sayers" and "trolls" just to hide the fact, that you are not providing all info you could be providing, because you simply do not want to. I don't have a problem with your method, or with the info you currently give out. I have a problem with keeping myfxbook private, learn to read.

Plague do you valid reasons this system cannot work (other than it has not been tested enough, that's what we are all busy doing here) or valid additions to the method?

Pharley has shared his method with us because he wants to. If you don't have constructive criticism or something to add, I really don't see the point in you being here.

No one asked him to share his myfxbook. He shared it in any case, now he has made it private so what. It's his decision, his account. If that bothers you so much, click the unsubscribe button easy as that. Hope you find that button, cheers!
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