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

  • #301
  • Jun 13, 2016 8:57am Jun 13, 2016 8:57am
Quoting Albertdkpllh
{quote} Current SL move to -7pips....... {image}
TP hit +130pips....GA.
Attached Image (click to enlarge)
Click to Enlarge Name: Ghana FX MT4 Terminal.jpg Size: 14 KB
My help is in the name of the Lord who made heaven and earth.
  • #302
  • Jun 13, 2016 8:59am Jun 13, 2016 8:59am
Yeah- something happened - a lot of pairs have gone crazy. Why?
  • #303
  • Jun 13, 2016 9:03am Jun 13, 2016 9:03am
SL moved to -14 pips for NzCad.

Pending order set for UJ
Attached Image(s) (click to enlarge)
Click to Enlarge Name: NZDCADM30.png Size: 46 KB
Click to Enlarge Name: USDJPYM30.png Size: 50 KB
My help is in the name of the Lord who made heaven and earth.
  • #304
  • Jun 13, 2016 9:04am Jun 13, 2016 9:04am
THis to do with the microsoft announcement of taking over linkedin? Massive!
  • #305
  • Jun 13, 2016 12:11pm Jun 13, 2016 12:11pm
Quoting Albertdkpllh
{quote} Current SL move to -7pips....... {image}
Your trade rocks the tp right?
  • #306
  • Jun 13, 2016 2:30pm Jun 13, 2016 2:30pm
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,...
While waiting to pick a trade on 1hr, do you mean that whenever you spot any higher timeframes level close you your 1hr entry, you ignore the trade? I don't really understand the essence of the higher timeframe level.Thanks
  • #307
  • Jun 13, 2016 2:39pm Jun 13, 2016 2:39pm
Quoting Albertdkpllh
SL moved to -14 pips for NzCad. Pending order set for UJ {image} {image}
I saw your 5mins chart, don't you think this timeframe will make you trade more?
  • #308
  • Jun 13, 2016 6:26pm Jun 13, 2016 6:26pm
Hi Pharley/Fellow members,

Is the first few posts explaining the analysis still the one you all are using?



Regards.

S
  • #309
  • Jun 13, 2016 6:54pm Jun 13, 2016 6:54pm
Quoting dbest
{quote} While waiting to pick a trade on 1hr, do you mean that whenever you spot any higher timeframes level close you your 1hr entry, you ignore the trade? I don't really understand the essence of the higher timeframe level.Thanks
Hi dbest,

I use the higher timeframes for a couple of things.

When you're looking at higher TF's, you can more easily see the direction of the current price action. It gives me the direction bias I"m after.

When I draw the major SR areas in around the current price, I use these as targets - minor SR areas are used for entries with targets at major levels or at least 1:1 risk reward or better.

If price is close to a major level and I see a entry set up, I might not take it if there is no room to get a good profit before price hits the major level. In that case I would just leave it, wait and see what happens at the major level.

Cheers
Pharley
  • #310
  • Jun 13, 2016 6:56pm Jun 13, 2016 6:56pm
Quoting specul8r
Hi Pharley/Fellow members, Is the first few posts explaining the analysis still the one you all are using? Regards. S
Hi Specul8r,

Yes - just using higher levels timeframes to set major SR areas then moving down to 1hr charts (or 30m, 15m) to look for entries. Some have even shown 5m entries!

Cheers
Pharley
  • #311
  • Jun 14, 2016 1:10am Jun 14, 2016 1:10am
really thank you pharley.. for the explain one chart with week /day /hour... ths is what i expect for plain chart.. but at resistance levels i am getting trouble.. because of breakouts... there i took long and met losses...
Success is a Journey Not a Destination....... kind regards ramzam
  • #312
  • Jun 14, 2016 1:31am Jun 14, 2016 1:31am
Quoting ramzam
really thank you pharley.. for the explain one chart with week /day /hour... ths is what i expect for plain chart.. but at resistance levels i am getting trouble.. because of breakouts... there i took long and met losses...
Hi Ramzam,

Sorry to hear that mate. Can you post a chart of what you did and I can take a look, perhaps give some advice?

Cheers
Pharley
  • #313
  • Jun 14, 2016 2:02am Jun 14, 2016 2:02am
boys keep ur eye in EG im already in the trade..
Attached Image
  • #314
  • Jun 14, 2016 2:15am Jun 14, 2016 2:15am
hi Pharley,
can you higher time frames with corresponding lower tf as an example for entry.thanks
  • #315
  • Jun 14, 2016 2:21am Jun 14, 2016 2:21am
Quoting timilehin
hi Pharley, can you higher time frames with corresponding lower tf as an example for entry.thanks
HI Timiehin - I don't understand the question my friend.
  • #316
  • Jun 14, 2016 2:38am Jun 14, 2016 2:38am
hi Pharley. can you pick a currency pair and show the pic of higher time frames S & R and entry on lower tf and how it went presumably 1HR lower tf,so as to see the movement. thanks
  • #317
  • Jun 14, 2016 2:45am Jun 14, 2016 2:45am
Quoting timilehin
hi Pharley. can you pick a currency pair and show the pic of higher time frames S & R and entry on lower tf and how it went presumably 1HR lower tf,so as to see the movement. thanks
Hi - see post number 285 above as it shows exactly that.

Cheers
Pharley
  • #318
  • Jun 14, 2016 2:50am Jun 14, 2016 2:50am
Quoting us fantasy
boys keep ur eye in EG im already in the trade.. {image}
right before the news, why?
(.)(.) think first ...
  • #319
  • Jun 14, 2016 5:11am Jun 14, 2016 5:11am
Thanks Pharley..........bringing me back to the simplicity of trading the FX.
My help is in the name of the Lord who made heaven and earth.
  • #320
  • Jun 14, 2016 6:54am Jun 14, 2016 6:54am
Attached Image (click to enlarge)
Click to Enlarge Name: CADCHFDaily.png Size: 49 KB
Attached Image (click to enlarge)
Click to Enlarge Name: EURCADDaily.png Size: 48 KB
My help is in the name of the Lord who made heaven and earth.
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