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

  • #281
  • Jun 13, 2016 1:35am Jun 13, 2016 1:35am
Quoting RoelsMajor
{quote} I did in USD/JPY with 166 pips so far. Possible TP @ 105.500. {image}
Good one RM! Nice areas marked out.
  • #282
  • Jun 13, 2016 4:43am Jun 13, 2016 4:43am
Pending buy set for this one. I use the stockastic to clearly define my lows and highs (turning points)
Attached Image (click to enlarge)
Click to Enlarge Name: NZDCADM30.png Size: 43 KB
My help is in the name of the Lord who made heaven and earth.
  • #283
  • Jun 13, 2016 5:22am Jun 13, 2016 5:22am
Quoting Albertdkpllh
Pending buy set for this one. I use the stockastic to clearly define my lows and highs (turning points) {image}
Hi Albert,

Thanks for your post. You'll probably find that the stochastic, although useful in some aspects of trading, doesn't really deliver what it promises. Looking at your chart, I flicked open my chart on the NZDCAD (not a pair I trade) and can see you're buying into a resistance area.

If you look at a daily chart you'll see why. If you make your charts really clean and zoom out, starting with weekly charts and then going to daily charts, you can easily identify the major S/R or supply/demand areas that can be drawn on the chart. Then when you go to lower timeframes, you can easily see these major areas and be ready for when price gets to them.

Hope that helps

Cheers
Pharley
Attached Image (click to enlarge)
Click to Enlarge Name: nzdcad day.PNG Size: 49 KB
  • #284
  • Jun 13, 2016 6:04am Jun 13, 2016 6:04am
Quoting pharley
{quote} Hi Albert, Thanks for your post. You'll probably find that the stochastic, although useful in some aspects of trading, doesn't really deliver what it promises. Looking at your chart, I flicked open my chart on the NZDCAD (not a pair I trade) and can see you're buying into a resistance area. If you look at a daily chart you'll see why. If you make your charts really clean and zoom out, starting with weekly charts and then going to daily charts, you can easily identify the major S/R or supply/demand areas that can be drawn on the chart. Then...
Well appreciated Pharley. Thanks for pointing that out. Its a pity that I don't look to higher TF. All my analysis and decisions are based on the current TF "live". I want to stick to the set rules. Only two things can happen; it either hits my SL or puts me in profits..

Regards..
Al
Attached Image (click to enlarge)
Click to Enlarge Name: NZDCADM30.png Size: 47 KB
My help is in the name of the Lord who made heaven and earth.
  • #285
  • Jun 13, 2016 6:16am Jun 13, 2016 6:16am
Hi all - thought I'd do a quick post on what I"m doing on weekly, daily and 1 hour charts. I've just done this for someone else, but it may be useful here.

I look at the weekly chart first - see pic 1 which is GBPJPY. I draw a couple of S/R areas around where price currently is. I'm not interested in drawing heaps of lines all over the place. Just a couple above and below current price.

Pic 2 shows the daily chart - I do the same again. I'm looking for a couple of levels above and below the current price action. Solid lines are weekly levels, dotted lines are daily.

Pic 3 shows a 1 hr charts. The yellow lines are the current (I'm looking at last week here), swing highs and lows - the S/R areas I can easily spot.

Trend is bearish so I'm only looking to short. All my short trades will target either the yellow swing low I see there, or daily S/R dotted level. The red lines mark the minor S/R on the hourly chart that I can see and trade.

I hope that makes sense - I keep charts clean of clutter so I can easily see when price is approaching major S/R levels. By having one type of line for weekly and another for daily (or different colours) I can tell instantly what level price is approaching.

Keeping charts simple like this and drawing in major S/R areas is key to seeing where price could get to and will help enormously with trading.

Cheers
Pharley
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpjpy 20160613 week.PNG Size: 42 KB
Click to Enlarge Name: gbpjpy 20160613 day.PNG Size: 38 KB
Click to Enlarge Name: gbpjpy 20160613 1hr.PNG Size: 39 KB
  • #286
  • Jun 13, 2016 6:18am Jun 13, 2016 6:18am
Quoting Albertdkpllh
{quote} Well appreciated Pharley. Thanks for pointing that out. Its a pity that I don't look to higher TF. All my analysis and decisions are based on the current TF "live". I want to stick to the set rules. Only two things can happen; it either hits my SL or puts me in profits.. Regards.. Al {image}
No worries Albert - try to check the higher TF from weekly down - you can really see what's happening and it can save your bacon!
  • #287
  • Jun 13, 2016 6:22am Jun 13, 2016 6:22am
Quoting pharley
{quote} No worries Albert - try to check the higher TF from weekly down - you can really see what's happening and it can save your bacon!
My help is in the name of the Lord who made heaven and earth.
  • #288
  • Jun 13, 2016 6:37am Jun 13, 2016 6:37am
Took this one. I am comfortable with the risk.....
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUDM5.png Size: 46 KB
My help is in the name of the Lord who made heaven and earth.
  • #289
  • Jun 13, 2016 6:46am Jun 13, 2016 6:46am
Quoting Albertdkpllh
Took this one. I am comfortable with the risk..... {image}
Hi Albert - can you let us know what makes you buy at that point? Just trying to understand your system.

Cheers
Pharley
  • #290
  • Jun 13, 2016 7:09am Jun 13, 2016 7:09am
Quoting Albertdkpllh
Took this one. I am comfortable with the risk..... {image}
​This is a pretty strong bearish trend you're trying to fight. If you do want to trade the 5 min, why not try and pick a with trend entry like this one earlier?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 13 Jun 2016 - GBPAUD 5 min.PNG Size: 151 KB
Click to Enlarge Name: 13 Jun 2016 - GBPAUD 240, D, W.PNG Size: 231 KB
  • #291
  • Jun 13, 2016 7:20am Jun 13, 2016 7:20am
Quoting JackAntigua
{quote} ​This is a pretty strong bearish trend you're trying to fight. If you do want to trade the 5 min, why not try and pick a with trend entry like this one earlier? {image} {image}
Hi Jack - that's a good example of this method with a 5m chart! I'm pretty sure it works with all timeframes so if someone is partial to a bit of 1m or 5m scalping, it could be pretty successful for that as well.

Thanks
Pharley
  • #292
  • Jun 13, 2016 7:33am Jun 13, 2016 7:33am
Quoting pharley
Hi all - thought I'd do a quick post on what I"m doing on weekly, daily and 1 hour charts. I've just done this for someone else, but it may be useful here. I look at the weekly chart first - see pic 1 which is GBPJPY. I draw a couple of S/R areas around where price currently is. I'm not interested in drawing heaps of lines all over the place. Just a couple above and below current price. Pic 2 shows the daily chart - I do the same again. I'm looking for a couple of levels above and below the current price action. Solid lines are weekly levels, dotted...
Great stuff!

Im on standby with trading. I tend to have losing trades on monday usually D: just watching market for now.
  • #293
  • Jun 13, 2016 7:39am Jun 13, 2016 7:39am
Quoting pharley
{quote} Hi Albert - can you let us know what makes you buy at that point? Just trying to understand your system. Cheers Pharley
Let me attempt an explanation to what I am doing. I stick with one TF, other time frames do not influence my analysis of the current TF.
My entries are per the thread rules;
-Identify a S/R level
- Place a pending order after it has been broken.

I use the stockastic to identify those levels. I'll illustrate with my current trades.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPAUDM5.jpg Size: 170 KB
Click to Enlarge Name: GBPAUDM50.jpg Size: 176 KB
My help is in the name of the Lord who made heaven and earth.
  • #294
  • Jun 13, 2016 7:43am Jun 13, 2016 7:43am
Quoting saruhn
{quote} Great stuff! Im on standby with trading. I tend to have losing trades on monday usually D: just watching market for now.
That's good Saruhn - any time we're not comfortable trading we should leave it for the day and pick up again when we see good trades. A valid stance to take.
Cheers!
  • #295
  • Jun 13, 2016 7:50am Jun 13, 2016 7:50am
Quoting Albertdkpllh
{quote} Let me attempt an explanation to what I am doing. I stick with one TF, other time frames do not influence my analysis of the current TF. My entries are per the thread rules; -Identify a S/R level - Place a pending order after it has been broken. I use the stockastic to identify those levels. I'll illustrate with my current trades. {image} {image}
Hi Albert - ah now I understand. I hope it work well for you mate - personally I'd take off the stochs and just trade the PA, but I'm not here to tell anyone "should do this, do that". If something works for you, then terrific and go for it! If this method can fit in with what anyone is doing now, or you can tweak things, or just get something out of it, that's all good!

Cheers
Pharley
  • #296
  • Jun 13, 2016 8:00am Jun 13, 2016 8:00am
Quoting JackAntigua
{quote} ​This is a pretty strong bearish trend you're trying to fight. If you do want to trade the 5 min, why not try and pick a with trend entry like this one earlier? {image} {image}
Agreed. But I want price to lead the way. This current picture shows another level broken and setup for another entry. Some use moving averages etc to determine trends but trends develop from these simple setups. Again I agree that I may be going against the trend and the buy trade may not go far and same applies to the reverse.
I appreciate the concerns, but let me try this out. Lets see how it goes.......
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUDM5.png Size: 47 KB
My help is in the name of the Lord who made heaven and earth.
  • #297
  • Jun 13, 2016 8:03am Jun 13, 2016 8:03am
Quoting pharley
{quote} Hi Albert - ah now I understand. I hope it work well for you mate - personally I'd take off the stochs and just trade the PA, but I'm not here to tell anyone "should do this, do that". If something works for you, then terrific and go for it! If this method can fit in with what anyone is doing now, or you can tweak things, or just get something out of it, that's all good! Cheers Pharley
. Thanks Pharley.
My help is in the name of the Lord who made heaven and earth.
  • #298
  • Jun 13, 2016 8:05am Jun 13, 2016 8:05am
Quoting Albertdkpllh
{quote} Agreed. But I want price to lead the way. This current picture shows another level broken and setup for another entry. Some use moving averages etc to determine trends but trends develop from these simple setups. Again I agree that I may be going against the trend and the buy trade may not go far and same applies to the reverse. I appreciate the concerns, but let me try this out. Lets see how it goes....... {image}
You go for it Albert - the very best way to test these things is to do it live with small lot sizes - minimal loss if things don't work out. There's millions of different ways to trade - it's finding something that works for you and mastering it that matters!
  • #299
  • Jun 13, 2016 8:15am Jun 13, 2016 8:15am
Could be interesting -
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.PNG Size: 32 KB
  • #300
  • Jun 13, 2016 8:25am Jun 13, 2016 8:25am
Quoting Albertdkpllh
{quote} Agreed. But I want price to lead the way. This current picture shows another level broken and setup for another entry. Some use moving averages etc to determine trends but trends develop from these simple setups. Again I agree that I may be going against the trend and the buy trade may not go far and same applies to the reverse. I appreciate the concerns, but let me try this out. Lets see how it goes....... {image}
Current SL move to -7pips.......
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUDM5.png Size: 48 KB
My help is in the name of the Lord who made heaven and earth.
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