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Support and Resistance Method - Pharley

  • #601
  • Sep 10, 2015 9:14am Sep 10, 2015 9:14am
Quoting pharley
{quote} 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...
Hi mate,

I've been reading the thread from the start and I hope you can fix your issues soon! It's a great thread and I would love to learn more from you.

I agree with what your saying that "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." I am trying to incorporate these basic S/R stuff into what I have been trading (TMS).

I believe any system needs to incorporate basic S/R and what you are doing is just stripping it down to the essence... i.e. taking trades off S/R !

If anyone doesn't believe this is a tradable system, I wouldn't pay too much attention to it. GL to all !

Best,
  • #602
  • Sep 10, 2015 9:42am Sep 10, 2015 9:42am
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.)
Plague

It just goes to show that you haven't really read pharley's method, he doesn't use fibs!!
  • #603
  • Sep 10, 2015 4:41pm Sep 10, 2015 4:41pm
Hi all,

Here's some background reading on price action.

Well worth the download and reading through it. It's by a bloke I was in contact with some years ago. This ebook explains so much about how to trade different set ups using PA and is one of the best I've come across. Nice and simple with lots of charts.

The bloke who wrote it made a lot on a demo account at first, then went live and continued to make a heap and do very well. It's all common sense stuff and is a terrific referral book to look at and use to try and spot the same sort of set ups. Hope you find it useful as I have.

It's a link to the download page - and I've tested it to make sure it works and doesn't come with any bugs! If it doesn't work let me know.

http://swing-trading-strategies.com/...ding-download/
  • #604
  • Sep 10, 2015 4:57pm Sep 10, 2015 4:57pm
Quoting pharley
Hi all, Here's some background reading on price action. Well worth the download and reading through it. It's by a bloke I was in contact with some years ago. This ebook explains so much about how to trade different set ups using PA and is one of the best I've come across. Nice and simple with lots of charts. The bloke who wrote it made a lot on a demo account at first, then went live and continued to make a heap and do very well. It's all common sense stuff and is a terrific referral book to look at and use to try and spot the same sort of set ups....

Thanks! Something to read over the weekend!
  • #605
  • Sep 10, 2015 4:59pm Sep 10, 2015 4:59pm
Quoting Mobber444
{quote} Thanks! Something to read over the weekend!
Hi Mobber - yes that's what I thought about - nice weekend reading! There's lots of info out there and written on the forum about all this. I suppose this puts it nicely in one place you can keep and refer to. The early bits of the book are for real newbs (if anyone is new to trading, read all of it!), but it soon gets interesting for the more experienced traders as well.
  • #606
  • Sep 10, 2015 9:05pm Sep 10, 2015 9:05pm
Thanks Pharley.
Will take me more than a weekend.
  • #607
  • Sep 10, 2015 10:15pm Sep 10, 2015 10:15pm
pharley , Thanks for swing-trading-strategies Going to read the whole thing ,
  • #608
  • Sep 11, 2015 12:21am Sep 11, 2015 12:21am
Thank you very much , Pharley, for all your help.
One question: Do you have specific hours/time to look at the charts? I mean, for instance, at 10 am, at 02 pm...
  • #609
  • Edited 2:29am Sep 11, 2015 2:12am | Edited 2:29am
Thanks Pharley, do you have more like that one ? Do you recomend to study Nial Fuller? Have a good read /study and a great wekend to all

Best Regards
  • #610
  • Sep 11, 2015 7:50am Sep 11, 2015 7:50am
Quoting pharley
Hi all, Here's some background reading on price action. Well worth the download and reading through it. It's by a bloke I was in contact with some years ago. This ebook explains so much about how to trade different set ups using PA and is one of the best I've come across. Nice and simple with lots of charts. The bloke who wrote it made a lot on a demo account at first, then went live and continued to make a heap and do very well. It's all common sense stuff and is a terrific referral book to look at and use to try and spot the same sort of set ups....
Thanks pharley
  • #611
  • Sep 12, 2015 9:54am Sep 12, 2015 9:54am
Hi Pharley
Thank you very much for all your sharing
I spend 2 day reading all post and understand them, that's great method for long term trade and I love it.
Keep it up and made more good pips
Have a nice weekent
Kind regards,
  • #612
  • Sep 13, 2015 8:32am Sep 13, 2015 8:32am
It's a dirty job but someone's gotta do it!
  • #613
  • Sep 14, 2015 11:00pm Sep 14, 2015 11:00pm
Hello,

Quick question: You've done your Weekly chart analysis and see that price has bounced off a support level and that the next significant resistance level is 1000 pips away.

Your buy has worked out nicely and you're 150 pips in the green.

Price isn't likely to move up 1000 pips by breaking out then pulling back before breaking out again (oh that it would!). What's the strategy for riding the move for the full 900 pips?

thanks
baked
  • #614
  • Sep 16, 2015 10:55am Sep 16, 2015 10:55am
Quoting pharley
{quote} 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...
Hi Pharley,
Thanks for your compliments. The PDF you shared resently is very usefull. I understand it comes down to a lot of screentime and learn to recognize the patterns to be succesfull in Forex. Thanks a lot for this PDF!! Just want to tell you I only us divergence (CCI, MACD) as a confirmation not as a main indicator and then mostly for trading S&P500. The divergence shows if an overbought or oversold situation is exhausting and a early sign for the market to turn. It is is very usefull in combination with S&R, but the main indicators for me are S&R lines, channels and PA. Thanks to you!

Question: Because of my work my time to trade will be limited in the next few month. I would like to trade on the daily charts and spent not more time then 30 to 60 minutes during daytime. Say only to check trades at different times. Should I only trade a few currencies 5 to 10 or what is your experience in timemanagement and forex?

Already thanks for your answer,

Dutch
  • #615
  • Sep 16, 2015 11:04am Sep 16, 2015 11:04am
Quoting happytrade38
{quote} 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..
Hi Happytrade,

I am just a student and still in the process of learning and still on demo! There are some good teachers here on this forum like Pharley and Stevepatt!

Lots of succes!

Dutch
  • #616
  • Sep 16, 2015 5:22pm Sep 16, 2015 5:22pm
Quoting bb01100100
Hello, Quick question: You've done your Weekly chart analysis and see that price has bounced off a support level and that the next significant resistance level is 1000 pips away. Your buy has worked out nicely and you're 150 pips in the green. Price isn't likely to move up 1000 pips by breaking out then pulling back before breaking out again (oh that it would!). What's the strategy for riding the move for the full 900 pips? thanks baked

Hi,

Yes you're right - price isn't likely to move that significant amount before retracing heavily. What I do is look for the most logical place to take profits. I attach a picture which shows 4 trades I took. When I look at this now price should have (and did eventually) move up to the top channel line. However I decided to take profits at near the high of the previous significant swing. I was pretty sure it would get to that level, but I'm never sure it will go the full distance - especially on channels.

So take your profits at a reasonable level - don't be greedy to squeeze the last pip out of it as there are always more trades to be had. If I can get trades SL up to entry or better after a retrace, enter again and maintain the risk, then I just let price action go. Yes sometimes price comes back big time and hits SL but hopefully you've got the risk side of things sorted to lose a minimal amount. Then sometimes price only retraces a normal amount and just keeps going - these are the ones where you can make big dollars and % gains on your account.

Each trade is unique due to the price action, where price is in relation to S/R etc. So it's important to be patient, look for price action and candles to tell you what's happening and manage the trades from that.

Cheers
Attached Image (click to enlarge)
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  • #617
  • Sep 16, 2015 5:43pm Sep 16, 2015 5:43pm
Quoting Dutchpips
{quote} Hi Pharley, Thanks for your compliments. The PDF you shared resently is very usefull. I understand it comes down to a lot of screentime and learn to recognize the patterns to be succesfull in Forex. Thanks a lot for this PDF!! Just want to tell you I only us divergence (CCI, MACD) as a confirmation not as a main indicator and then mostly for trading S&P500. The divergence shows if an overbought or oversold situation is exhausting and a early sign for the market to turn. It is is very usefull in combination with S&R, but the main indicators...
Hi Dutch,

Glad you find the pdf useful - I think it's terrific!

Yes - no problem in trading off the daily chart at all. See attached pic which is the daily chart of GBPAUD. There are always trades to be taken off the daily as well and it has the added advantage of avoiding noise from lower time frames.

At position 1 on the chart - resistance is drawn from the left out of shot, but the daily candle bouncing away from this resistance is great to play. Previous day had been up to it. So how to play? Various ways, but what about this - After yesterday had been up to that level and bounced away and closed, the next day price tried to get up there again. It also bounced away - you could enter short as price moves below the close of the previous day with SL above the resistance line, and target the last swing low - some 400 or 500 pips away.

At position 2 - price went through the resistance and closed on the daily candle above it. The next day price went back (retraced) to the break area - typical price action. Enter long at the line or place an order to enter long above the high of the candle that closed above resistance.

At position 3 - Price retraces again - same sort of thing as at position 2.

In between 2 and 3 there are a couple of resistance/support flips. The first time price went through (now support), it went back up to the level, then fell around 200 pips. Then there was some ugly price action - may have lost a bit there, but nothing like the gains from all the other trades.

Now if you look across several pairs (yes, say 5 to 10) there will normally be something to trade every other day.

Here's the key - get your levels right. The support and resistance levels. Zoom out on the daily and draw in trend lines ad S/R - not many, just 1 or 2 near current price action. Wait for price to get there and see what happens. Look for where price may go to - what's the potential. Place limit orders if you can't watch the screens. Another advantage of this is you're letting price come to your trade and you're not chasing trades. If it triggers, great. If not never mind - there are always more to be had.

Oh and look at daily candles for pin bars (limit orders playing the break in trend direction), piercing, railways, engulfing etc.

Hope that helps mate.
Attached Image (click to enlarge)
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  • #618
  • Sep 16, 2015 5:58pm Sep 16, 2015 5:58pm
Here is one I'm waiting for on the daily GBPAUD.

I'm waiting for price to break above yesterday's high. I'm particularly interested when a 4hr (or even 1 hour) candle closes above it. Potential is about 400 pips or so.

If price gets above yesterday's high, I'll look for a logical place to put SL based on 4hr or even 1hr candles, and try a TP at the top. But my TP will be either 90% of the move or just below the close of the swing high candles.

I haven't had time recently to get on the forum or even look at charts too much - so I understand you Dutch in terms of time available!

Try drawing S/R on daily charts like this and spotting some good set ups - there should be quite a few.

Cheers
Attached Image (click to enlarge)
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  • #619
  • Sep 17, 2015 1:19pm Sep 17, 2015 1:19pm
Quoting pharley
Here is one I'm waiting for on the daily GBPAUD. I'm waiting for price to break above yesterday's high. I'm particularly interested when a 4hr (or even 1 hour) candle closes above it. Potential is about 400 pips or so. If price gets above yesterday's high, I'll look for a logical place to put SL based on 4hr or even 1hr candles, and try a TP at the top. But my TP will be either 90% of the move or just below the close of the swing high candles. I haven't had time recently to get on the forum or even look at charts too much - so I understand you Dutch...
Hi Pharley,

Thanks for your examples and good idea!! Did you place a pending buy stop order on the GBPAUD daily?

Dutch
  • #620
  • Sep 18, 2015 5:29pm Sep 18, 2015 5:29pm
Quoting Dutchpips
{quote} Hi Pharley, Thanks for your examples and good idea!! Did you place a pending buy stop order on the GBPAUD daily? Dutch
Hi Dutch,

Yes I did and due to work couldn't enter as I wanted. Ended up taking some stupid trades - see attached with green arrows showing the trades.

Crazy - I'm trying to get away from trading like that.

What I should have done is analyse the chart properly and taken a long trade off the support shown in the circle, or a long on the retrace back to yesterday's high, and targeted the next resistance line shown. That would have been a nice 150 pips. This is what I'm trying to aim at currently - getting those retrace back to support/resistance sorted and correct and leaving the trade alone to run to next logical level or hit SL.

I'm getting there - it's just screen time, practice and patience. And hopefully not too many interruptions with work! That's always a pain.

Cheers
Attached Image (click to enlarge)
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