Pharley Simple system - Get your levels right for trading S/R

Quoting pharley

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{quote} Hi Danzka, Yes I think it's a good simple way to look at things too. R:R I never go less than 1:1. If I'm doing this 1 hr stuff, I prefer around 1:1.5 or 1:2 If I'm trading 4hr going towards weekly/daily S/R targets then it varies. That's because I'm entering multiple times, so the first trade might be targeting say 1:8 the second 1:7, etc. How much do I risk - Typically I would keep risk at around 3% to 6% no matter how many trades I'm in. But it's tricky looking at risk as a %. Say you've got $10,000 in your account and risk 5% = $500....

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Quoting Ramjet

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{quote} Hi ya Danzka Not sure if this will help with the answers in some way until Pharley gets back to you but these were 2 posts of his about his MM back a few months ago..not sure if he is still using the same but a great MM concept that I've never seen or heard of before.. http://www.forexfactory.com/showthre...55#post8411155 http://www.forexfactory.com/showthre...55#post8412455

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Quoting danzka

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{quote} Thanks Pharley, I'm still working on entering D1 swing with small risk, this method fits right in

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Quoting us fantasy

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hi last evening i was tested this method with demoring ..got some gud results so i like to sharing it.. {image} {image} {image}

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Quoting nozzer

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​@pharley,do you enter when the candle 'crosses the line' or do you enter on the next candle? cheers :]

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Quoting Kubiasty

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pharley why there entries? U play breakout without retests? {image}

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Quoting saruhn

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Took GBPJPY trade. Solid entry i guess, will see how it develops.. Ill exit at BE+ some worst case {image}

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Quoting pharley

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{quote} Hi - how did it go? I can see G/Y went back down. I just had a quick look across the charts. Not too much in terms of a good set up so far today, i.e. trending.

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Quoting saruhn

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{quote} Hey Pharley, Yup, its going back down, most likely I'll be stoped @ BE + a few pips. I also took a EURCAD short yesterday and its been very sluggish. Maybe its better to not take trades until something starts happening {image}

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Quoting pharley

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{quote} Let's wait until some trending starts happening and we can cherry pick the good ones. Choosing not to trade is a valid choice and often can save your account.

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Quoting Vlad13685

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Hi, Took the following trade on NU, is my entry correct? Hope it goes to to TP, set my SL at previous low 2 candles back. Moved SL to BE at 50% of TP. Vlad {image}

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Quoting saruhn

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Looking at the Daily GBPJPY I noticed a very nice area where price either resists breaking or just blows through the area. And if I'm using your entry correctly there was a very nice opening for a long pos @~158.439 24.05.2016 Red arrows show resisting and X marks show where it moves strongly through it taking all the Buy/Sell stops? {image}

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