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

  • #261
  • Jun 10, 2016 5:23am Jun 10, 2016 5:23am
Quoting pharley
{quote} 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...
The magic is to see the sideways market before you have suffer to bad from it. Have a nice weekend.

Best regards
  • #262
  • Edited 6:19am Jun 10, 2016 6:03am | Edited 6:19am
The GBP pairs have been quite generous this past week. Clearly falling, and retracing to the levels for easy sells.

Pic is gbpaud H4
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  • #263
  • Edited 6:51am Jun 10, 2016 6:40am | Edited 6:51am
Quoting schrupper
{quote} Thank you very much. They are a great help . What they say to EUR/USD ? {image}
why do you want to fight against this big green candle at the left side???

Attached Image (click to enlarge)
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(.)(.) think first ...
  • #264
  • Jun 10, 2016 7:04am Jun 10, 2016 7:04am
Quoting maximumguita
{quote} why do you want to fight against this big green candle at the left side??? {image}
Mm , I'll have to get used to me the higher units of time . Thank you!
  • #265
  • Jun 10, 2016 7:18am Jun 10, 2016 7:18am
Quoting schrupper
{quote} Mm , I'll have to get used to me the higher units of time . Thank you!
your picture was from H4 there is also a big candle. If you know that you just trade a possible Pullback than it is ok and with a little luck maybe you catch the old downtrend. But even for a Pullback the entry right now would be the worst thing that you could do. Just my opinion
(.)(.) think first ...
  • #266
  • Jun 10, 2016 7:35am Jun 10, 2016 7:35am
Little bit of luck with the cad news
Attached Image (click to enlarge)
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  • #267
  • Jun 10, 2016 8:47am Jun 10, 2016 8:47am
​I was a bit bored so thought I'd do a 5 min trade, reached target at +2R.
Attached Image (click to enlarge)
Click to Enlarge Name: 10 Jun 2016 - EURUSD 5 min levels.PNG Size: 64 KB
  • #268
  • Jun 10, 2016 10:11pm Jun 10, 2016 10:11pm
Quoting JackAntigua
​I was a bit bored so thought I'd do a 5 min trade, reached target at +2R. {image}
Hi Jack - well done mate on that little cheeky 5m trade!!
  • #269
  • Jun 10, 2016 10:11pm Jun 10, 2016 10:11pm
Quoting saruhn
Little bit of luck with the cad news {image}
Hi Saruhn,

LOL - yes a bit of good luck there, but at least you were positioned in the trade. Sometimes that happens! Sometimes it goes the other way though!
  • #270
  • Jun 10, 2016 11:52pm Jun 10, 2016 11:52pm
Hi there Pharley
I Have been recently interested in minor S/R myself and would like to suggest, in order to see the levels easier, I use the zigzag indicator with the inputs changed to 3 2 1
It just makes it easier to see those recent S/R levels.

Here is a chart as an example of what I mean...

Attached Image (click to enlarge)
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Chris
  • #271
  • Jun 11, 2016 4:30am Jun 11, 2016 4:30am
Quoting cfudge
Hi there Pharley I Have been recently interested in minor S/R myself and would like to suggest, in order to see the levels easier, I use the zigzag indicator with the inputs changed to 3 2 1 It just makes it easier to see those recent S/R levels. Here is a chart as an example of what I mean... {image} Chris
Hi Chris,

Thanks for your input mate. I'm not that keen on using indicators, but if it works for you, that's great. I had a quick look at the ZZ with those settings on daily, 4hr and 1hr charts and I can see it misses quite a few, especially on the lower TF.

When you've got used to seeing these levels on the charts, there's no substitute for the old eyeballs! But like I say, if something you've found works, then use it.

Cheers
Pharley
  • #272
  • Jun 11, 2016 8:12am Jun 11, 2016 8:12am
Re: Cad News on Friday.

I do not think it was luck since the trends on the higher time frame eg weekly was bearish. My entry Sell before the news was 1.2749 and the rest is history.
  • #273
  • Jun 12, 2016 1:46am Jun 12, 2016 1:46am
Hi Pharley,

Here the analysis of my trades from last week (6.6.-10.6.16).

In general I made +281 pips using your method (9 win trades, 5 loss trades, 3 BE) all done on H1 chart. Due to my daily work I can only determine entries before London session.

Analyzing my 17 trade I recognized 2 reasons for wins / losses:

  1. there must be space enough to the next D1 level
  2. always win trades if 200 EMA on H1 and H4 (for confirmation) have a clear slope and are pointing to the same direction and the trades are in the direction of the slope


I feel very comfortable with your method and will continue next week improving the entry / exit decisions. Thank you very much for sharing this.

  • #274
  • Jun 12, 2016 11:53am Jun 12, 2016 11:53am
hi maddin do you trade on pair GBPUSD?
onorebate
  • #275
  • Jun 12, 2016 4:09pm Jun 12, 2016 4:09pm
Quoting putrimawarfx
hi maddin do you trade on pair GBPUSD?
Hi Putrimawarfx,
Generally I am also looking for GBPUSD but last week I had no trades on this pair.
  • #276
  • Jun 12, 2016 6:19pm Jun 12, 2016 6:19pm
Quoting Maddin
Hi Pharley, Here the analysis of my trades from last week (6.6.-10.6.16). In general I made +281 pips using your method (9 win trades, 5 loss trades, 3 BE) all done on H1 chart. Due to my daily work I can only determine entries before London session. Analyzing my 17 trade I recognized 2 reasons for wins / losses: there must be space enough to the next D1 level always win trades if 200 EMA on H1 and H4 (for confirmation) have a clear slope and are pointing to the same direction and the trades are in the direction of the slope I feel very comfortable...
Hi Maddin,

Many thanks for your analysis. Always nice to get upwards of 300 pips for a week. Very nice.

Yes I absolutely agree that there must be space on the daily chart for a trade to play out, otherwise you're just trading in to a S/R area and odds are that it may lose. That's why I always say, get the major S/R areas in on the weekly and daily BEFORE moving to lower timeframes to trade. I've been asked if I draw the major S/R any different - yes I do, only in terms of this - for me they are a solid line with minor ones being dotted. You could use different colours if you want.

I took a look at the 200 EMA on the charts and that seems to be nice and useful. It may keep people from entering iffy trades (not great set ups) and can be used as a good filter. Many thanks for the analysis and suggestions.

Again if anyone finds the 200 EMA useful and it works for you, by all means use it or anything else. The 200 EMA is a good standard one to use that many more advanced/experienced traders use as well, so there's no harm in being in synch with those guys.

Cheers
Pharley
  • #277
  • Jun 13, 2016 12:57am Jun 13, 2016 12:57am
Anyone catch the yen pairs today? I wasn't paying attention.
  • #278
  • Jun 13, 2016 1:01am Jun 13, 2016 1:01am
Quoting Rub
Anyone catch the yen pairs today? I wasn't paying attention.
HI yeah I did on the gbpjpy
  • #279
  • Jun 13, 2016 1:19am Jun 13, 2016 1:19am
Hi all - gold just had a nice move up. Not sure if it will retrace back to the break level (which also happens to be a 50% retrace level).

Cheers
Pharley
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  • #280
  • Jun 13, 2016 1:30am Jun 13, 2016 1:30am
Quoting pharley
{quote} HI yeah I did on the gbpjpy
I did in USD/JPY with 166 pips so far. Possible TP @ 105.500.
Attached Image (click to enlarge)
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