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

  • #421
  • Aug 21, 2016 9:11am Aug 21, 2016 9:11am
back in 2008/2009 when i was a fresh noob in forex i met a guy complaining about a broker on some forum.
the broker didn't want to let him withdraw his profit. we realized why after he showed us his account statement.
he turned $100 into slightly over 100k in 9 days !

as you may guess everyone in the forum couldn't believe their eyes, we literally begged him to show us his holy grail but he never did.
but after some stalking, i found out that the guy open multiple small accounts with many broker at once, and trade like a madman
he used compounding, something like that http://www.forexfactory.com/showthread.php?t=444377.
he get between 25% and 100% roi in each trade.
he doesn't care about blowing up his accounts because he only need one successful one to cover the losses by a large margin.
i kept working for days trying to reverse engineer his system, i found that all his entry points were based on S/R, and that he had very little to no DD.

i tried to emulate his strategy and end up blowing half of my account, like i said i was a newbie back then.
i'm pretty sure that S/R are part of the solution, but not alone.
i lose money for a living
  • #422
  • Aug 21, 2016 9:39am Aug 21, 2016 9:39am
Quoting tylerbose
back in 2008/2009 when i was a fresh noob in forex i met a guy complaining about a broker on some forum. the broker didn't want to let him withdraw his profit. we realized why after he showed us his account statement. he turned $100 into slightly over 100k in 9 days ! as you may guess everyone in the forum couldn't believe their eyes, we literally begged him to show us his holy grail but he never did. but after some stalking, i found out that the guy open multiple small accounts with many broker at once, and trade like a madman he used compounding,...

volume + Price action + Context alongwith SR will give almost 95% result to you.
Forex; the game of movements not the game of candles.
  • #423
  • Aug 21, 2016 12:06pm Aug 21, 2016 12:06pm
Quoting Sajid
{quote} volume + Price action + Context alongwith SR will give almost 95% result to you.
don't know what you're trading, but there is no volume on forex.
i lose money for a living
  • #424
  • Aug 21, 2016 12:37pm Aug 21, 2016 12:37pm
Quoting tylerbose
back in 2008/2009 when i was a fresh noob in forex i met a guy complaining about a broker on some forum. the broker didn't want to let him withdraw his profit. we realized why after he showed us his account statement. he turned $100 into slightly over 100k in 9 days ! as you may guess everyone in the forum couldn't believe their eyes, we literally begged him to show us his holy grail but he never did. but after some stalking, i found out that the guy open multiple small accounts with many broker at once, and trade like a madman he used compounding,...
SR works..but I would say wait for the fakeout first..Seems like big money always fakesout levels before going for the real move.
  • #425
  • Aug 21, 2016 12:51pm Aug 21, 2016 12:51pm
Quoting tylerbose
{quote} don't know what you're trading, but there is no volume on forex.
For me, candles size is volume, It indicates institutional interest. If you are having bigger bearish candles(during a move) on chart then better to go short on resistance levels. and vice versa.
Forex; the game of movements not the game of candles.
  • #426
  • Aug 21, 2016 1:01pm Aug 21, 2016 1:01pm
Quoting tylerbose
{quote} don't know what you're trading, but there is no volume on forex.
Yes there is no volume in forex. Sorry, I don't agree my brother. The pic is my last week traded levels. Below 1.005 , the upward volume disappeared and the downward volume started appearing. It's a clear message, Look for shorts. Institutes are short. As the moves go on, Bearish candles getting bigger and bigger and bullish candles getting smaller and smaller. Enough evidence to go short on appropriate levels.
Attached Image (click to enlarge)
Click to Enlarge Name: 12345.png Size: 38 KB
Forex; the game of movements not the game of candles.
  • #427
  • Aug 21, 2016 1:17pm Aug 21, 2016 1:17pm
Quoting tylerbose
{quote} don't know what you're trading, but there is no volume on forex.
one more example, definitely candle sizes indicates institutional interest for taking price somewhere. The read line was strong daily support. How it was broken? The support getting soften and soften with increasing bearish volume and decreasing bullish volume and finally broken when price attacked it from an establish daily resistance
with a greater continuous volume.
Attached Image (click to enlarge)
Click to Enlarge Name: audjpy.png Size: 40 KB
Forex; the game of movements not the game of candles.
  • #428
  • Aug 27, 2016 8:46pm Aug 27, 2016 8:46pm
Quoting tylerbose
back in 2008/2009 when i was a fresh noob in forex i met a guy complaining about a broker on some forum. the broker didn't want to let him withdraw his profit. we realized why after he showed us his account statement. he turned $100 into slightly over 100k in 9 days ! as you may guess everyone in the forum couldn't believe their eyes, we literally begged him to show us his holy grail but he never did. but after some stalking, i found out that the guy open multiple small accounts with many broker at once, and trade like a madman he used compounding,...
Wouldn't it be smart to turn $100 into $1000, take out $500 open account with another broker?
Turn both $500 into, $5000 each, take out $2500 each, open a $5000 account.
Turn $5000 into $50000 and take out $25,000 and so on???
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #429
  • Oct 25, 2016 12:54am Oct 25, 2016 12:54am
Hi all,

Long time no write.

I hope people have been looking at SR levels, waiting for a decent candle (pin, 2-bar reversal etc) and getting in with some wins.

Remember - keep it simple.

Cheers
Pharley
  • #430
  • Oct 28, 2016 8:15am Oct 28, 2016 8:15am
Quoting pharley
Hi all, Long time no write. I hope people have been looking at SR levels, waiting for a decent candle (pin, 2-bar reversal etc) and getting in with some wins. Remember - keep it simple. Cheers Pharley
Hi Pharley,
Thanks for this system. Because of this entry technique i caught a lot of pips on the giant GU drop on Oct 6th. I think using any other technique i would have missed it. This is the easiest way to find S/R!
  • #431
  • Oct 28, 2016 8:58am Oct 28, 2016 8:58am
hi pharley.
thanks for coming back, trying to study order flow at the moment.
regards
kev
  • #432
  • Nov 18, 2016 9:11pm Nov 18, 2016 9:11pm
Hi - here are some flip trades on the GJ for the last week on the 1 hour chart.
Attached Image (click to enlarge)
Click to Enlarge Name: Flip Trades - 1 hr - GBPJPY.PNG Size: 51 KB
  • #433
  • Nov 18, 2016 9:14pm Nov 18, 2016 9:14pm
Here is one of the days with target shown
Attached Image (click to enlarge)
Click to Enlarge Name: Flip trades - GBPJPY 1hr target.PNG Size: 39 KB
  • #434
  • Nov 18, 2016 9:21pm Nov 18, 2016 9:21pm
For flip trades I'm looking to take trades on weekly, daily, 4 hr and 1 hr charts. There are heaps of them on 1 hour charts. The moving average is just an indicator to me to see if price is rising or falling - it's a SMA50.

Try looking on EURAUD, AUDUSD, GBPAUD, GBPUSD as well. Heaps of them. Perhaps try to get 3 or 4 per week although there are loads more.

I'm looking for a candle that is going with the trend, then a next candle or two that doesn't finish any higher (if long). Now we have a small resistance. Wait for a candle to finish above that area and place a trade back at that area - most time, price will come back to the resistance turned support area. Target is a logical previous swing high or most often, just before the high of the candle that broke through. Quite often its 30 to 50 pips.

Repeat several time per week. Variation? Wait until price has come back to the S/R and place order 10 pips away on the direction of the trend. Stops at last swing low or an amount of pips - either way manage the risk.
  • #435
  • Nov 18, 2016 9:24pm Nov 18, 2016 9:24pm
Here's a few on GBPAUD 1hr
Attached Image (click to enlarge)
Click to Enlarge Name: Flip trades GBPAUD 1hr.PNG Size: 56 KB
  • #436
  • Nov 18, 2016 9:31pm Nov 18, 2016 9:31pm
A few on USDJPY 4 hr. Once you start spotting these, you'll see 1) how well they work, 2) how often they happen
Attached Image (click to enlarge)
Click to Enlarge Name: FLip trades USDJPY 4hr.PNG Size: 29 KB
  • #437
  • Nov 18, 2016 9:39pm Nov 18, 2016 9:39pm
Here's a daily chart of USDJPY and the same time on the 1 hr chart.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Flip Trade UJ day.PNG Size: 36 KB
Click to Enlarge Name: Flip Trade UJ 1hr.PNG Size: 37 KB
  • #438
  • Nov 18, 2016 9:42pm Nov 18, 2016 9:42pm
And just for fun a few on the 15min UJ chart
Attached Image (click to enlarge)
Click to Enlarge Name: Flip trades usdjpy 15m.PNG Size: 33 KB
  • #439
  • Nov 18, 2016 9:46pm Nov 18, 2016 9:46pm
I often look at these types of trades across multiple pairs and ask myself, does it need to be any harder than that? Remember to keep things as simple as you can.

Cheers
Pharley
  • #440
  • Nov 19, 2016 5:47am Nov 19, 2016 5:47am
Quoting pharley
For flip trades I'm looking to take trades on weekly, daily, 4 hr and 1 hr charts. There are heaps of them on 1 hour charts. The moving average is just an indicator to me to see if price is rising or falling - it's a SMA50. Try looking on EURAUD, AUDUSD, GBPAUD, GBPUSD as well. Heaps of them. Perhaps try to get 3 or 4 per week although there are loads more. I'm looking for a candle that is going with the trend, then a next candle or two that doesn't finish any higher (if long). Now we have a small resistance. Wait for a candle to finish above that...
Very good approach
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