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

  • #81
  • Jun 1, 2016 6:56pm Jun 1, 2016 6:56pm
Quoting JackAntigua
​This one might be setting up. {image}
HI Jack,

That 4hr chart looks interesting in terms of a retrace to level. If price gets above that daily chart resistance things could get interesting. Either look to short around there or if a breakthrough, look for the retrace.

Cheers
Pharley
  • #82
  • Jun 1, 2016 6:59pm Jun 1, 2016 6:59pm
Quoting Sajid
{quote} Dear pharley, I wonder how it happened that i got un-subscribed. It also happen with one of my subscriber two days ago that he un-knowingly got un-subscribed from me. I am subscribed to you again with Love. I posted with details that how i trade your system. Next time, I will try to post my trades if possible, i will make a video of it.
Hi Sajid,

Great to have you here again!

Not sure what happened - the wonders of modern tech!

Thanks so much for posting your method - it looks great and based on some sound principles.

I think you could take a basic break and retrace type method and tweak certain aspects of it to suit how you like to trade and it would still be good. It goes to show how important Support and Resistance are in trading!

Thanks again
Pharley
  • #83
  • Jun 1, 2016 7:02pm Jun 1, 2016 7:02pm
Quoting JackAntigua
​Flippin' heck, how did I manage to miss this one earlier?! DOW continuation trade at 50% retracement. {image}
Oh Jack don't worry - heaps of them about but yes it's frustrating at times. I also miss loads of them - e.g. one of our kids is sick at the moment. If it were me, I'd have man flu and be bedridden for days! But what that means is I didn't have much time last night to look at charts or do much of anything. Wife is busy with the sick one while I'm seeing to the other 2. Ah well, real life!

Hopefully I can get something done today

Cheers
Pharley
  • #84
  • Jun 1, 2016 7:04pm Jun 1, 2016 7:04pm
Quoting free84
its a great way to trade there a links from chanya he explain this way to trade http://www.forexfactory.com/showthre...38#post5876538
Hi Free and thanks for that link. I'll have a good read of it today - I just had a quick look and it seems like good stuff.

Again it's a tweak around break through and retrace I think. That type of PA happens so much that many people see it and develop something around it to get in to a trade and set SL and TP. All terrific stuff.

Thanks
Pharley
  • #85
  • Jun 1, 2016 11:58pm Jun 1, 2016 11:58pm
Quoting Sajid
Let me add few cents of mine. The main idea of marking support resistance levels is same as pharley. but i trade with following two additions. (i) I take my initial support resistance from daily. This servers as my starting and ending point. (ii) I use highs and lows for marking SR levels but my my entry is based on "Where candles where closing "BEFORE SUPPORT AND RESISTANCE GOT BROKEN". This way i manage few pips early entry as compare to other support resistance traders. This few pips have excellent advantages in regard of setting a Safe BE. The...
Like the color scheme.
Easy on the eyes.
Please post blank template.
Thank you.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #86
  • Jun 2, 2016 4:13am Jun 2, 2016 4:13am
​I'm pondering on this entry on the 60 min from daily resistance, any views?
Attached Image (click to enlarge)
Click to Enlarge Name: 02 Jun 2016 - NZDUSD 60 min levels.PNG Size: 95 KB
  • #87
  • Jun 2, 2016 4:22am Jun 2, 2016 4:22am
Quoting JackAntigua
​I'm pondering on this entry on the 60 min from daily resistance, any views? {image}
Hi Jack,

As I write this it's already moved south by about 13 to 15 pips and is now down near a minor support. Interesting if it tries the break southwards further then retrace. Keep an eye on it and don't do anything hasty.

Cheers
Pharley
  • #88
  • Jun 2, 2016 4:29am Jun 2, 2016 4:29am
Just remember to be careful - we've got non-farm employment and unemployment claims news out in a while. Always red flag items.

Things can get a little slow re volatility leading up to these.

Cheer
Pharley
  • #89
  • Jun 2, 2016 4:50am Jun 2, 2016 4:50am
Quoting pharley
Just remember to be careful - we've got non-farm employment and unemployment claims news out in a while. Always red flag items. Things can get a little slow re volatility leading up to these. Cheer Pharley
Sir, It will be tomorrow.
Forex; the game of movements not the game of candles.
  • #90
  • Jun 2, 2016 4:51am Jun 2, 2016 4:51am
​Thanks Pharley, I'd forgotten about the news, I thought ADP was normally on the Wednesday before Non Farm. I've moved my stop on AUDUSD to breakeven.
  • #91
  • Jun 2, 2016 4:55am Jun 2, 2016 4:55am
Quoting Sajid
{quote} Sir, It will be tomorrow.
HI Sajid - yes the non farm and unemployment rate are tomorrow (Friday). Today is ADP NF employment change and unemployment claims. All red flag items the lot of them!

Cheers
  • #92
  • Jun 2, 2016 5:06am Jun 2, 2016 5:06am
​Just spotted this one from yesterday. There was no obvious setup at the high from daily resistance but there was a nice continuation entry on the 11 am bar after price had closed below both support from the previous evening and the 240 min 20 ema which had peaked and was now turning down.
Attached Image (click to enlarge)
Click to Enlarge Name: 02 Jun 2016 - AUDJPY 60 min levels.PNG Size: 99 KB
  • #93
  • Jun 2, 2016 5:11am Jun 2, 2016 5:11am
​Saying that, I've just looked again and when price closed below the low of the small bearish pinbar at the high, price did then retrace to within 1 pip of the low of the pinbar so I guess that could have been an aggressive entry.
  • #94
  • Jun 2, 2016 5:20am Jun 2, 2016 5:20am
Caught this one yesterday. Could've entered at a better spot (109.63) but saw it too late. and i exited position because of all the news incoming.
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpym-h1-exness-ltd-3.png Size: 67 KB
  • #95
  • Jun 2, 2016 5:32am Jun 2, 2016 5:32am
Really enjoying this thread. Thanks for posting charts. Just finished reading "Price Breaks Through" .
Know your edge and trade within it
  • #96
  • Jun 2, 2016 6:36am Jun 2, 2016 6:36am
Quoting fxtrader29ca
Really enjoying this thread. Thanks for posting charts. Just finished reading "Price Breaks Through" .
Hi fxtrader,

Thanks for the comment. Yes there are quite a few good threads related to this sort of thing.

Cheers
Pharley
  • #97
  • Jun 2, 2016 6:51am Jun 2, 2016 6:51am
Hi all,

Remember to always take in to account the longer timeframes. It's worth looking at weekly, daily and 4hr charts to see strong levels.

Here's an example -

Pic 1 is a 1hr chart of gold. Trade taken on retrace and the target is way off.

Pic 2 shows where the target comes from. It's a 4hr chart and you can see the target area off to the left which was a nice swing low. It's not too far really and well within current price ranges.

Pic 3 is that trade taken from statement.

Oh and it's not my trade! Otherwise there would be stop loss in there.

Sure I think more could have been gained, but stick to your targets and trade plan - there are always a lot more to be had.

Cheers
Pharley
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gold trade 1hr pic.PNG Size: 46 KB
Click to Enlarge Name: gold trade 4hr pic.PNG Size: 57 KB
Click to Enlarge Name: gold trade1.PNG Size: 6 KB
  • #98
  • Jun 2, 2016 7:26am Jun 2, 2016 7:26am
Quoting pharley
Hi again all, ok, here we go again. Based on major S/R, market structure and trend (higher highs, lower lows etc) to get direction of price. Draw in minor S/R and wait for price to break that point and retrace back to the level before entering. Could wait until price actually closes below the line after going above it (for a short) as it's confirmation as per Russ Horn's Rejection Spike (thanks to that poster!) Cheers Pharley {image} {image} {image} {image} {image} {image} {image} {image}

Dear,

Basically are u suggesting to use trend only and no indicator.
  • #99
  • Jun 2, 2016 9:14am Jun 2, 2016 9:14am
Quoting TooSlow
{quote} Like the color scheme. Easy on the eyes. Please post blank template. Thank you.
Brother, Kindly find the attached. There is only one indicator which i use for Pin Pointing my entry.
Attached File(s)
File Type: zip Template+Indicator.zip   11 KB | 1,252 downloads
Forex; the game of movements not the game of candles.
  • #100
  • Jun 2, 2016 9:26am Jun 2, 2016 9:26am
Quoting Sajid
{quote} Brother, Kindly find the attached. There is only one indicator which i use for Pin Pointing my entry. {file}
Thank you very much for sharing.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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