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

  • #101
  • Jun 2, 2016 2:22pm Jun 2, 2016 2:22pm
hi
i want to know this system.who help me to start
tnx
  • #102
  • Jun 2, 2016 3:44pm Jun 2, 2016 3:44pm
I would also be interested in learning more about this method of trading and adding some more value to the group.
Know your edge and trade within it
  • #103
  • Jun 2, 2016 4:04pm Jun 2, 2016 4:04pm
you can begin with this
http://www.forexfactory.com/showthre...82#post6882782
  • #104
  • Jun 2, 2016 4:41pm Jun 2, 2016 4:41pm
Below are my EURUSD and NZDUSD Longs based on the rules posted earlier and basic rules of pharley. My entries running in excellent profit. But i made few mistakes also in the process. I am sharing here so that others can learn from it.

(i) Don't add when your last added position running in loss. Add only when your at least one level up from last added position level. Even if you are in overall profit. Otherwise it will quickly eat up your profits and most probably you will have a quick B.E or huge loss. I did it on EURUSD when i was almost 100 pips up on EURUSD but when i add up by ignoring the fact that my last added position is running in loss. Luckily i survived with the last two added position but its to danger to add if your last added position is running negative.

(ii) Don't set up your target behind strong consolidations.

Wishing you all a happy and prosperous life.

EDIT: Please ignore the current SL position in pics. I just placed the SL temporarily there to get a clear picture of my entries for the forum.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSD.png Size: 47 KB
Click to Enlarge Name: NZDUSD.png Size: 49 KB
Forex; the game of movements not the game of candles.
  • #105
  • Jun 2, 2016 11:40pm Jun 2, 2016 11:40pm
Quoting ecoforex
{quote} Dear, Basically are u suggesting to use trend only and no indicator.
Hi Eco,

Yeah I prefer no indicators, just using major and minor S/R areas to identify trend and entries with this method. Simple.

Cheers
Pharley
  • #106
  • Jun 2, 2016 11:43pm Jun 2, 2016 11:43pm
Hi all,

Well this has got scrappy pretty quickly.

There are a couple of questions above wanting to learn more about this system, but as another system has been posted in this thread, I don't know if people are referring to this other system or not?

I think that's why things can get confusing really quickly for people. If you've got another system you'd like to share, happy for a link to be put on the page, but please don't post details/charts of it here as it just confuses people - especially me!

Cheers
Pharley
  • #107
  • Jun 2, 2016 11:44pm Jun 2, 2016 11:44pm
Quoting Sajid
Below are my EURUSD and NZDUSD Longs based on the rules posted earlier and basic rules of pharley. My entries running in excellent profit. But i made few mistakes also in the process. I am sharing here so that others can learn from it. (i) Don't add when your last added position running in loss. Add only when your at least one level up from last added position level. Even if you are in overall profit. Otherwise it will quickly eat up your profits and most probably you will have a quick B.E or huge loss. I did it on EURUSD when i was almost 100 pips...
Hi Sajid, thanks for that!

Can you mark you entries on the graphs please? I struggle to find your entries to check how to apply the rules. - still learning so not so easy to spot all the time

Thanks!

Vlad
  • #108
  • Jun 3, 2016 4:29am Jun 3, 2016 4:29am
Are we always using the 15min time frame?
Know your edge and trade within it
  • #109
  • Jun 3, 2016 4:36am Jun 3, 2016 4:36am
Quoting fxtrader29ca
Are we always using the 15min time frame?
Hi fx - I use the daily, 4hr and 1hr only. Daily to get major S/R, 4hr and 1hr for the minor S/R.

Cheers
Pharley
  • #110
  • Jun 3, 2016 6:41am Jun 3, 2016 6:41am
Really enjoying this method! Thanks Pharley!

I took this trade on NZDUSD H1. I set my target at the upper blue level, which was a resistance point on the D1. I closed it early as I am getting a bit nervous ahead of NFP.

Vlad
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 39 KB
  • #111
  • Jun 3, 2016 8:43am Jun 3, 2016 8:43am
Quoting Vlad13685
Really enjoying this method! Thanks Pharley! I took this trade on NZDUSD H1. I set my target at the upper blue level, which was a resistance point on the D1. I closed it early as I am getting a bit nervous ahead of NFP. Vlad {image}
  • #112
  • Jun 3, 2016 9:29am Jun 3, 2016 9:29am
Quoting Vlad13685
{quote} Hi Sajid, thanks for that! Can you mark you entries on the graphs please? I struggle to find your entries to check how to apply the rules. - still learning so not so easy to spot all the time Thanks! Vlad
Brother I don't understand what you mean exactly by Graphs? .

All my trades hit the TP. Regarding EURUSD TP hitting, It was just because of NPF and luck. If it was a normal day, I was not suppose to keep my trades. Next time, I am not repeat this mistake to add positions when my last added position running in lose.
Forex; the game of movements not the game of candles.
  • #113
  • Jun 3, 2016 9:42am Jun 3, 2016 9:42am
Quoting Sajid
{quote} Brother I don't understand what you mean exactly by Graphs? . All my trades hit the TP. Regarding EURUSD TP hitting, It was just because of NPF and luck. If it was a normal day, I was not suppose to keep my trades. Next time, I am not repeat this mistake to add positions when my last added position running in lose.
nice to heard that sajid...
he asking to mark ur entry and exit areas... simply u can drag and drop ur closed trades from history tab.. then others may know where u enter ..
  • #114
  • Jun 3, 2016 7:51pm Jun 3, 2016 7:51pm
Quoting Vlad13685
Really enjoying this method! Thanks Pharley! I took this trade on NZDUSD H1. I set my target at the upper blue level, which was a resistance point on the D1. I closed it early as I am getting a bit nervous ahead of NFP. Vlad {image}
Terrific Vlad - glad that one worked. Nothing wrong in taking profits off the table or moving SL when big news is due.

Great stuff!
  • #115
  • Jun 3, 2016 7:53pm Jun 3, 2016 7:53pm
Thought I'd just post some pics - someone wanted some help so I drew these up as an explanation. It's about as simple as I can make it.

Cheers
Pharley
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Pic1 - Explanation.PNG Size: 70 KB
Click to Enlarge Name: Pic2 - Explanation samples.PNG Size: 40 KB
Click to Enlarge Name: Pic3 - Explanation samples.PNG Size: 58 KB
Click to Enlarge Name: Pic4 - Explanation samples.PNG Size: 45 KB
  • #116
  • Jun 3, 2016 8:43pm Jun 3, 2016 8:43pm
HI all,

I just looked at NZDUSD for the last 1 week - Mon to Fri - and looked for any of these simple setups on the 1hr chart. I counted 26.

Using a risk:reward of 1:1, 22 of them won and 4 lost. I may have missed a few.

So what does that mean in $?

Assume you risk $100 on a trade - with 1:1 you make $100 if it wins and lose the $100 if it loses.

That's (22 x $100) = $2,200 wins less losses of (4 x $100) = $400. Total for the week = $1800.

Ok that's all of them - if I could only take a third of them - let's say 8 trades less a couple of losers still nets $600.

And that's on 1 pair, trading 1 timeframe, with just a risk:reward of 1:1 risking $100.

It's hard to make it simpler than that. Just 1 of these a day would do.

Cheers
Pharley
  • #117
  • Jun 3, 2016 8:49pm Jun 3, 2016 8:49pm
Quoting pharley
HI all, I just looked at NZDUSD for the last 1 week - Mon to Fri - and looked for any of these simple setups on the 1hr chart. I counted 26. Using a risk:reward of 1:1, 22 of them won and 4 lost. I may have missed a few. So what does that mean in $? Assume you risk $100 on a trade - with 1:1 you make $100 if it wins and lose the $100 if it loses. That's (22 x $100) = $2,200 wins less losses of (4 x $100) = $400. Total for the week = $1800. Ok that's all of them - if I could only take a third of them - let's say 8 trades less a couple of losers still...
but r r ration should be 1:1.5 atleast then only if 4 loss means 4x1 and win means 4X1.5=6
so equal trades loss and win also will give net 2 in hand
consider this .. never be equal rr.. always 1:1.5 or 1:2
Success is a Journey Not a Destination....... kind regards ramzam
  • #118
  • Jun 3, 2016 8:53pm Jun 3, 2016 8:53pm
Quoting ramzam
{quote} but r r ration should be 1:1.5 atleast then only if 4 loss means 4x1 and win means 4X1.5=6 so equal trades loss and win also will give net 2 in hand consider this .. never be equal rr.. always 1:1.5 or 1:2
Hi Ramzam,

Yes for sure a greater R:R is better. I'm just pointing out what happens with a simple approach. This could probably be improved with a larger than 1:1. But don't get stuck too much on R:R of 1:2, 1:3 - just get the basics right in terms of a set up that works. There is no hard and fast written rule about using R:R - if you can make 1:1.2 then that's good.


Cheers
Pharley
  • #119
  • Jun 4, 2016 12:21am Jun 4, 2016 12:21am
Quoting pharley
Thought I'd just post some pics - someone wanted some help so I drew these up as an explanation. It's about as simple as I can make it. Cheers Pharley {image} {image} {image} {image}
Hi Pharley!

Thanks for this, it helps a lot with my understanding!

Just to check, please look at this S/R you have drawn in the line below. Should the line not be drawn at the Red line? This is because the close of the next candle, closed above the close of the previous candle.

Regards
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 52 KB
  • #120
  • Jun 4, 2016 12:48am Jun 4, 2016 12:48am
Hi Pharley,
I try to understand more of your pre-decission about which pair you are going to trade. Can you please share some of your thoughs for the upcomming week on H4 basis? I think this would help a lot.

Many thanks!
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