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

  • #481
  • Nov 29, 2016 6:00pm Nov 29, 2016 6:00pm
You da man pharley (or something like that)! Simple and inspirational as ever.
Indentify > Plan > Accept > Execute
  • #482
  • Nov 29, 2016 6:06pm Nov 29, 2016 6:06pm
Quoting pharley
{quote} HI there, Looks like you got a good trade in. I would have taken profit before the top of the previous swing high - see pic below. The pic shows the daily chart and where price has moved up to a previous swing high back in July. That's where I would have a target for all trades entered. We don't know what's going to happen when price gets to these levels, but for sure there will be some turbulence. So better to take the profits, especially after gaining 200+ pips ad more if multiple entries were made. This is why it's important to look at...

Thanks Master Pharley, I've just take profit about 203pips last nyt.. now I see an improvement on my trading..specially enter and exits..thank you again..
I guess this really fits my trading style..
  • #483
  • Nov 29, 2016 6:10pm Nov 29, 2016 6:10pm
Quoting kevin1959
{quote} Hi Pharley. With the four flip trades you are showing do you stay in all the trades as they progress down, or do you come out of your first sell trade before entering your second sell trade. I have got GBP/AUD as a sell trade this morning but waiting for an entry. I'm waiting for a retrace up to 166.00 / 166.50 to sell. Does this sound OK ? Still trying to get images on to your thread, I'll try again when I get home Regards Kev
Hi Kevin,

Thanks for your question.

Do I stay in or take profit and get out? It depends on a couple of things. First I look at the weekly and daily charts to see where the next level of support or resistance is. If there is potential to for a move of a fair amount of pips (more than 100 for example), I'll probably stay in and try to enter multiple times, especially if the move potential is several hundred pips. Important to look at weekly and daily charts and map those levels. The other influencing factor is real life - wife, kids, going somewhere etc etc. No planning some of that! If I know I have to leave trading for a while, I'll just take what I can - I'll look for a minor S/R area and take profits just before that. You don't have to go for massive pips all the time. Regular smaller amounts are just as good - as long as you base entries and targets the same way but just target a minor SR area instead of a larger one. We generally don't go broke taking profits - as long as your targets are bigger than your risk.

The 2 pics below show that area on a 4hr - to show the minor support area, and a 1hr chart with 2 entries targeting that minor support. Pretty good gains from 2 trades. As I say, you don't have to get zillions of pips every time. Just one of these trades rather than 2 would be great.

Not sure what happened with GA after your post - I think it went up. Anyway, keep going and I hope you get some decent pips!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20161130 GBPAUD 4hr.PNG Size: 30 KB
Click to Enlarge Name: 20161130 GBPAUD 1hr.PNG Size: 32 KB
  • #484
  • Nov 29, 2016 6:15pm Nov 29, 2016 6:15pm
Quoting wizlon32
You da man pharley (or something like that)! Simple and inspirational as ever.
Wiz! Mate! Long time or what?! THanks for your comments mate - hope you're doing well!
  • #485
  • Nov 29, 2016 6:18pm Nov 29, 2016 6:18pm
Quoting mlperlas
{quote} Thanks Master Pharley, I've just take profit about 203pips last nyt.. now I see an improvement on my trading..specially enter and exits..thank you again.. I guess this really fits my trading style..
Hey mlperlas - that's terrific! Can't complain about 200+ pips any time! Keep practising spotting these types if they fit with your trading style and what you like. There is a type/style of trading for everyone - finding it is a key thing. Some people like scalping (I'm pretty hopeless at it), some enjoy several month long swing trades. But if SR are used in any type of trading, you can normally make some decent $ and pips.

Good luck with it and keep posting any feel free to post charts etc.

Cheers
Pharley
  • #486
  • Nov 29, 2016 11:12pm Nov 29, 2016 11:12pm
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUDSBH1.png Size: 45 KB
  • #487
  • Nov 29, 2016 11:16pm Nov 29, 2016 11:16pm
Hi Pharley.
Sorry about my last post I was practicing.
regards
Kev
  • #488
  • Nov 30, 2016 4:12am Nov 30, 2016 4:12am
Hi Pharley.
Thanks for the reply and the graphs.
Yes GBP/ AUD went up I was to eager.
To be honest I am only paper trading at the moment as I have lost quite a lot of money over the years.
What I based the sell trade on was that the weakly and daily are both in a downtrend, and I thought that it had reached the 50% retrace. Looking at it now the 50% retrace is I think around 1.700 so I would have tried another sell at 1.702.
Now I can post graphs I'm hoping to explain my thoughts more clearly.
Thanks again
Regards
Kev
  • #489
  • Edited Dec 2, 2016 4:42pm Dec 1, 2016 7:30pm | Edited Dec 2, 2016 4:42pm
Happy chappy today - got my levels in on GJ yesterday and took this trade. Not a perfect entry but I wasn't in front of screen when price came back to retest. Still, it worked out very well. Had a TP set before a major resistance level - check the daily chart for that level. Risk: reward was just over 1:3 which I'm ok with.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy 1 hr 20161202.PNG Size: 61 KB
  • #490
  • Dec 1, 2016 7:44pm Dec 1, 2016 7:44pm
Quoting pharley
Happy chappy today - got my levels in on GJ yesterday and took this trade. Not a perfect entry but I wasn't in front of screen when price came back to retest. Still, it worked out very well. Had a TP set before a major resistance level - check the daily chart for that level. Risk: reward was just over 1:3 which I'm ok with. {image}

Wow...what a profit?? me also, i just take profit 203pips previous nyt, then yesterday additional 177pips..
I only trade this week with GBPJPY..
Thanks Master Pharley..learn a lot from you..
What would be your next plan for GBPJPY??
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY.JPG Size: 69 KB
  • #491
  • Dec 1, 2016 7:57pm Dec 1, 2016 7:57pm
Quoting mlperlas
{quote} Wow...what a profit?? me also, i just take profit 203pips previous nyt, then yesterday additional 177pips.. I only trade this week with GBPJPY.. Thanks Master Pharley..learn a lot from you.. What would be your next plan for GBPJPY?? {image}
Hi mlperlas,

Not sure really - it's up around an important level and that's when I sit back and watch to see what happens. Anyway, the wife wants me to get painting indoors so I reckon I'll be busy most of today! I'll have a look later when the Eurozone and UK opens to see what's happening.

It's Friday, so I'm cautious, plus the USA unemployment figures are out later today and non farm employment change, plus some other red flag items. So it may be I sit on my hands and not do anything.

Cheers
Pharley
  • #492
  • Dec 1, 2016 7:58pm Dec 1, 2016 7:58pm
Hey mlperlas - those are great pips you're getting! Keep it up! Be selective ad only go for the real good looking trades. You only need 1 of those every now and again to really make a difference!
  • #493
  • Dec 11, 2016 8:34pm Dec 11, 2016 8:34pm
Quoting saruhn
Hello Pharley and everyone on this thread. I've been trend trading for a while now and during this time I've learned how to let my profits run, however my entries where just plain awful. Due to my poor entries i would be stuck in a position for days until it turned in my favor or even worse I would liquidate a position with a pretty big SL. This system might just be what i need to improve my entry points. Here are 3 screen shots just to see if i'm understanding how one should enter a position using this simple and clear system. Thanks, {image} {image}...
that was my worst mistake waiting until the price recover back the original price for at least finish even
  • #494
  • Dec 14, 2016 1:36am Dec 14, 2016 1:36am
Seems like everyone's waiting on pound or USD news. Currently in a couple of trades that haven't gone anywhere in a day or so, bouncing around breakeven.
  • #495
  • Edited 9:40pm Dec 14, 2016 9:19pm | Edited 9:40pm
Hi all - a nice little trade overnight on the GJ. News helps sometimes! This one I took off a 4 hr pin bar at channel support. Looks like it will go higher but I'm out of it as I have something else to do today and I don't want to mess around with it.
Attached Image (click to enlarge)
Click to Enlarge Name: GJ 4 hr long 20161214.PNG Size: 80 KB
  • #496
  • Dec 18, 2016 6:23am Dec 18, 2016 6:23am
Hi all,

Someone has asked me about 50% entries. Below I post a pic which shows both a couple of 50% entries and ordinary break and retrace trades.

For the 50% entries I'm looking for price to retrace to that point, i.e. 50% and place a pending order there. It works on trending pairs (same as everything else) and it's worth having a look at it. It's surprising how many times price will retrace to 50% of the move before continuing on its way. 50% retraces work on most timeframes.

Draw a fib (mine are modified) from the bottom of a move (if the trend is upwards) to the top. Then you can see the 50% level easily and place a limit trade. T1 and T2 are ordinary break and retrace trades and T2 and T4 are 50% entries.
Attached Image (click to enlarge)
Click to Enlarge Name: GBP 4hr Flip & 50% retrace.PNG Size: 44 KB
  • #497
  • Edited Dec 19, 2016 10:39pm Dec 18, 2016 10:40pm | Edited Dec 19, 2016 10:39pm
Alrighty, got in on GBP/USD on a 50% retrace on the hourly. Targeting 1.2000ish, looking to add a position and move this one to break even on a close lower than the last low on 4hr.

EDIT: 2nd entry, closed below the last low on 4hr.
  • #498
  • Dec 20, 2016 3:00am Dec 20, 2016 3:00am
Quoting Rub
Alrighty, got in on GBP/USD on a 50% retrace on the hourly. Targeting 1.2000ish, looking to add a position and move this one to break even on a close lower than the last low on 4hr. EDIT: 2nd entry, closed below the last low on 4hr.
And now I'm entering EUR/AUD, on the 4 hr pinbar targeting 1.46ish. aiming to add on the way.
  • #499
  • Dec 21, 2016 4:45am Dec 21, 2016 4:45am
wish you all A very
HAPPY MERRY CHRISTMAS
and
HAPPY PROSPEROUS NEW YEAR
Success is a Journey Not a Destination....... kind regards ramzam
  • #500
  • Edited Dec 25, 2016 7:00am Dec 24, 2016 4:14pm | Edited Dec 25, 2016 7:00am
Thank you very much ramzam for your great Christmas wishes. May the Lord God bless us all. - Having found Pharley and this excellent thread is already a great blessing for us prospective forex traders. His S/R methods described in his two threads are rather straightforward, and work well in a trending market. - Pharley, I'd like to thank You for all your hard work you've put in this year. Your inputs are greatly appreciated. You've opened a new horizon for us. The simplicity of your methods give us a real potential so that almost anyone may become a part or full time forex trader. Thanks again. God bless.
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