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

  • #241
  • Jun 9, 2016 4:11am Jun 9, 2016 4:11am
Quoting bagongfx16
{quote} Set SL++ {image}
Hi Bagong - get those $ anyway you can!
  • #242
  • Jun 9, 2016 4:13am Jun 9, 2016 4:13am
Quoting fxrabbi
EURJPY (M30) +51pips. 1. Red dotted line = D1 S/R - Major S/R. 2. Blue dotted line = M30 S/R - Minor S/R. 3. Yellow dotted line = BRN. 4. Gray lines = Fibos. Happy trading, Yomi. {image}
Hi fxrabbi - a nice lot of pips!

Cheers
Pharley
  • #243
  • Jun 9, 2016 6:22am Jun 9, 2016 6:22am
Quoting pharley
{quote} Hi fxrabbi - a nice lot of pips! Cheers Pharley
Thanks for this great system
Time always comes before price
  • #244
  • Jun 9, 2016 6:25am Jun 9, 2016 6:25am
Quoting fxrabbi
{quote} Thanks for this great system
No worries. You've been around long enough to know that the simpler the better! I hope heaps of pips are coming your way!
Cheers
Pharley
  • #245
  • Jun 9, 2016 6:50am Jun 9, 2016 6:50am
Quoting pharley
{quote} No worries. You've been around long enough to know that the simpler the better! I hope heaps of pips are coming your way! Cheers Pharley
hi pharley
in this .... how come i take trade? can you explain? please
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Success is a Journey Not a Destination....... kind regards ramzam
  • #246
  • Jun 9, 2016 6:59am Jun 9, 2016 6:59am
Quoting ramzam
{quote} hi pharley in this .... how come i take trade? can you explain? please {image}
Hi ramzam,

Hard to tell from that 1 pic. I don't have access to copper charts and never traded it.

I can see where a short would be but with the PA on the left so close, it's not worth it. But I can't tell from the picture if that's major S/R or not. You'd have to zoom out to 4hr, daily and weekly to see the big picture (market structure) to see what's happening. Try looking at that first before deciding on any trade.

Cheers
Pharley
  • #247
  • Edited 8:22am Jun 9, 2016 7:57am | Edited 8:22am
Quoting ramzam
{quote} hi pharley in this .... how come i take trade? can you explain? please {image}
do you see the big red candle left, are you willing to fight against this strong candle? I dont think so

had a look at it, heres a picture, just my view



hope that is ok for the OP, i know that this is not regarding to the thread
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(.)(.) think first ...
  • #248
  • Jun 9, 2016 8:02am Jun 9, 2016 8:02am
ok understand pharley... oh is it means further down ? maximumguita
Success is a Journey Not a Destination....... kind regards ramzam
  • #249
  • Jun 9, 2016 8:29am Jun 9, 2016 8:29am
Quoting ramzam
ok understand pharley... oh is it means further down ? maximumguita
if you look at the weekly chart, yes there is a little room for a down till Friday
use pullbacks as entries and be aware of the lows in the monthly chart! As i said, a little!!! room and this is just my view. Dont trade it blind, the price is very low could be a nice long in the next time
(.)(.) think first ...
  • #250
  • Jun 9, 2016 8:52am Jun 9, 2016 8:52am
Been making a killing on the USDJPY last week + this week, up 300 pips, latest trade hit tp.
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  • #251
  • Jun 9, 2016 6:55pm Jun 9, 2016 6:55pm
Quoting maximumguita
{quote} do you see the big red candle left, are you willing to fight against this strong candle? I dont think so had a look at it, heres a picture, just my view hope that is ok for the OP, i know that this is not regarding to the thread {image}
Hi Max - that's fine mate. We're all here to help one another.

You're right in pointing out (for any trade) look to the major S/R areas and where price is now - does it have room to move a goodly amount of pips before perhaps getting stuck or rebounding.

Cheers
Pharley
  • #252
  • Jun 9, 2016 6:56pm Jun 9, 2016 6:56pm
Quoting saruhn
Been making a killing on the USDJPY last week + this week, up 300 pips, latest trade hit tp. {image}
Well done Saruhn - glad you're getting those pips and $ out of it!

Cheers
Pharley
  • #253
  • Jun 9, 2016 9:42pm Jun 9, 2016 9:42pm
AUD/USD

We will see,

Break support n retrace. cmiiw
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  • #254
  • Jun 10, 2016 2:53am Jun 10, 2016 2:53am
Hello pharley ,
super, super job !!! Thank you so much!
my first trade , with different eyes . Please tell me if something is wrong .
sorry for my bad English
GBP/YEN short 154.50
  • #255
  • Jun 10, 2016 4:09am Jun 10, 2016 4:09am
Quoting schrupper
Hello pharley , super, super job !!! Thank you so much! my first trade , with different eyes . Please tell me if something is wrong . sorry for my bad English GBP/YEN short 154.50
Hi Schrupper and welcome.

While that setup seems valid, when you look at the daily chart, you can see price is down near some major support. Price is currently ranging between about 153 and 162.50. Yes that's a big range, but as price is at the lower of these extreme, I'd be hanging out for a signal to buy. If price falls to below the low at 151.64, then I'd be looking to short. Always look at the larger timeframes to see where the current price is in relation to market structure.

Hope that helps

Cheers
Pharley
  • #256
  • Jun 10, 2016 5:00am Jun 10, 2016 5:00am
Quoting pharley
{quote} Hi Schrupper and welcome. While that setup seems valid, when you look at the daily chart, you can see price is down near some major support. Price is currently ranging between about 153 and 162.50. Yes that's a big range, but as price is at the lower of these extreme, I'd be hanging out for a signal to buy. If price falls to below the low at 151.64, then I'd be looking to short. Always look at the larger timeframes to see where the current price is in relation to market structure. Hope that helps Cheers Pharley
Thank you very much. They are a great help .
What they say to EUR/USD ?

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  • #257
  • Jun 10, 2016 5:04am Jun 10, 2016 5:04am
Quoting pharley
{quote} Hi Schrupper and welcome. While that setup seems valid, when you look at the daily chart, you can see price is down near some major support. Price is currently ranging between about 153 and 162.50. Yes that's a big range, but as price is at the lower of these extreme, I'd be hanging out for a signal to buy. If price falls to below the low at 151.64, then I'd be looking to short. Always look at the larger timeframes to see where the current price is in relation to market structure. Hope that helps Cheers Pharley

Is Vlads indicator drawing support and resistance they way you would draw them ? And how do one survive sideways market / consolidation ?

Best regards
  • #258
  • Jun 10, 2016 5:10am Jun 10, 2016 5:10am
Quoting jgadefelth
{quote} Is Vlads indicator drawing support and resistance they way you would draw them ? And how do one survive sideways market / consolidation ? Best regards


Try it for yourself, I'm enjoying mine.




Happy trading,
Yomi.
Time always comes before price
  • #259
  • Jun 10, 2016 5:15am Jun 10, 2016 5:15am
Quoting jgadefelth
{quote} Is Vlads indicator drawing support and resistance they way you would draw them ? And how do one survive sideways market / consolidation ? Best regards
Hi there,

Re Vlad's indicator - it's not bad. Some of the levels might be missing, but by all means give it a go. I prefer to use my eye with these levels.

Sideways markets - Well it depends. If there is a clear range and the volume is there to move it up and down, then you can try to trade between the range. If there is no volume clearly pushing price up to the high of the range and down to the low, you've got 2 choices - you can try to trade, or just stay out.

Trading a range where there is no trend requires a different method, one which I won't cover here. Don't forget, when you look at the charts and decide that it's a messy day, deciding to stay out of the market and go do something else is a valid decision - it is a trading decision. It can often save your account. Why risk it? Save your trading pot for another day as there are always other days to trade. Look for the best set ups in trending markets - any half decent trading method will work in a good trending market.

Yes things might pick up in a bit, but to be honest, I don't want to be sat in front of a screen just waiting. Remember, it's Friday as well.

Cheers
Pharley
  • #260
  • Jun 10, 2016 5:21am Jun 10, 2016 5:21am
Quoting pharley
{quote} Well done Saruhn - glad you're getting those pips and $ out of it! Cheers Pharley

Thanks.

I missed this clean trade on the eurjpy.
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