Hi - I only use the fib as a measuring tool for 50% retracement entries - see attached. SL @ 0%,entry @ 50%, TP @ 200% gives 1:3 risk:reward. Cheers Pharley

Now I am a believer in Fibo

Hey, hi there Tib. Good to see you on here again! Yes those 50% fibo entries are still valid and still traded by me. Cheers mate Pharley

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

Hi Alaska and thanks for your question. Yes there are quite a few I wouldn't take - I attach a couple of pics below. The first one shows a 1hr G/Y chart. On this you can see price closed above a S/R area then fell back down rapidly. Now why wouldn't ...

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

Hi Saruhn, Yes looks goof the an entry on the 1 day chart. I took a look at where you had crosses, but on the 1 hour chart - I post these pictures below. As you can see, there was a definite break, retrace and the possibility to get in at those ...

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

HI Vlad yes that look ok. I had a good look at the chart on my platform and can see the hour candle did close above the area, so well spotted and good entry. Looking at the chart this morning I can see your TP should have been hit. How did it go? ...

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

I reckon you're right mate. Not impressed with the PA on the charts right now. I'll probably sit out until things start moving properly again. If you're in profit, take it off the table - I would. Let's wait until some trending starts happening and ...

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

Hi - how did it go? I can see G/Y went back down. I just had a quick look across the charts. Not too much in terms of a good set up so far today, i.e. trending.

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

Hi Kubiasty, Break and retrace entries. You've missed a few in your diagram. Cheers Pharley

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

Hi Nozzer - see post 25 on page 2

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

Hi US, Hey that's great! Perhaps it does work on the shorter timeframes?! Ah well, keep at it and get those $ rolling in! Cheers

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

No worries Danzka - go have a read on my other thread, as it deals with more swing-like trading taking the longer term view using major S/R from daily and weekly charts. Cheers

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

Thanks Ramjet - yes still going along that MM route. Works well. Cheers

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

Hi Danzka, Yes I think it's a good simple way to look at things too. R:R I never go less than 1:1. If I'm doing this 1 hr stuff, I prefer around 1:1.5 or 1:2 If I'm trading 4hr going towards weekly/daily S/R targets then it varies. That's because ...

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

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

Hi TS and thanks for the question. I'm just waiting for a retrace in a trend. Many times during a 1 hour candle you can see price start to retrace and it's tempting to enter during that hour. But a far better way is just to wait until that candle ...

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

Hi Ramjet, The more questions the better! Yes I still trade as per my first thread. Actually this current thread could be looked on as a development of the first. In the first I'm looking at weekly/daily major S?R areas and targeting them. The ...

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

Oh thanks for that TSD! Much appreciated!

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

Hi Steve, and thanks. Yes it's amazing how many you see when you start looking across different pairs, commodities and timeframes. All the best Pharley

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

Thanks for that mate - It does look interesting. I encourage those who are looking for a way to trade to go look at it. Read around and see if something clicks with you and how you prefer to trade. It's like an eternal learning process! But don't ...

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

Hi TS - your method looks interesting mate! I took that first pic of eurusd 15m charts and drew a few potential trades on it - see below. Not many pips at this timeframe - probably because UK not open, but still they would have worked out. Target is ...

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