Hi all, No trades for me yesterday (Monday) as the UK was closed for a public holiday. I normally give it a miss during those days. Rules - Not too many really Entry - 1 of 2 things: 1) Aggressive - After I've got my minor S/R drawn, and price ...

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

Thanks for the kind words Sajid. Happy to help out of I can.

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

Hi Sajid, No not awesome, although I'll tell the wife! She'll only laugh! Yep,I too am not very keen on MA's - I prefer to see higher highs, higher lows etc to see things trending. Your approach sounds good Sajid - take the S/R levels from the daily ...

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

HI Jack - yeah,not going to be put off! Anyway you could be right with that - even target the next minor S/R area. As long you keep risk at no less than 1:1. Cheers Pharley

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

Hi Vlad and ralfy, I generally don't use the SMA50 too much, although it's there for reference - sometimes it reminds me to look at the wider picture. Yes Ralfy, I start by looking at major S/R area on a weekly and daily chart and where price is in ...

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

Hi Saruhn, Those are spot on! There are a couple of ways to enter. 1) enter at the line or just before it as price comes back, or 2) Wait until price crosses the line but then retreats to finish the other side - eg in the third pic at point 1, price ...

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

Hi again, If you want to supercharge your account, enter multiple times. The last pic I posted above of the USDCAD shows 2 entries taken. THe target was taken by looking at the daily chart for a support level where I think price will get to. I ...

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

HI mate - yes I was just waiting for the mods to do 1 or 2 things, then I'd start again. I learned a lesson from the last one - and also how to use the ignore as I'd not used it before. Anyway, I'm hanging out for UK open! Cheers Pharley

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

Oh,no idea mate. Probably at the last lower level. I remember not long after placing that one I looked at it again and thought - what did I do?? In my defence (weak though it is!), I'd not long before got off a flight. Perhaps my brain was zonked ...

Wrong Trade: Wrong Place / Wrong Time

Here's one I took - eurusd long - I have absolutely not idea why I took this - drunk, half asleep, goodness knows. Needless to say, I live and learn! As you can see I bought at a resistance area - doh!

Wrong Trade: Wrong Place / Wrong Time

Good idea mate - we all see the "went well" trades, but it's good to see some that didn't go so well. I'll try posting a few of my doozies!

Wrong Trade: Wrong Place / Wrong Time

Sort of - second pic below is from technical analysis done by a pro-trader of a trade that Soros took - forget how much he made on this one, but in the tens of millions anyway. I went to the exact date and pair and what did I see? I saw his first ...

Now I am a believer in Fibo

Hi all, Long time since I've been on. Interesting thread. IMHO, the secret is just yourself. Discipline and patience with a decent trading strategy. Plus keep it as simple as you can. A friend of mine who is a really successful trader (gaining ...

The Big secret to trading success

Hi Dutch, Yes I did and due to work couldn't enter as I wanted. Ended up taking some stupid trades - see attached with green arrows showing the trades. Crazy - I'm trying to get away from trading like that. What I should have done is analyse the ...

Support and Resistance Method - Pharley

Here is one I'm waiting for on the daily GBPAUD. I'm waiting for price to break above yesterday's high. I'm particularly interested when a 4hr (or even 1 hour) candle closes above it. Potential is about 400 pips or so. If price gets above ...

Support and Resistance Method - Pharley

Hi Dutch, Glad you find the pdf useful - I think it's terrific! Yes - no problem in trading off the daily chart at all. See attached pic which is the daily chart of GBPAUD. There are always trades to be taken off the daily as well and it has the ...

Support and Resistance Method - Pharley

Hi, Yes you're right - price isn't likely to move that significant amount before retracing heavily. What I do is look for the most logical place to take profits. I attach a picture which shows 4 trades I took. When I look at this now price should ...

Support and Resistance Method - Pharley

Hi Mobber - yes that's what I thought about - nice weekend reading! There's lots of info out there and written on the forum about all this. I suppose this puts it nicely in one place you can keep and refer to. The early bits of the book are for real ...

Support and Resistance Method - Pharley

Hi all, Here's some background reading on price action. Well worth the download and reading through it. It's by a bloke I was in contact with some years ago. This ebook explains so much about how to trade different set ups using PA and is one of the ...

Support and Resistance Method - Pharley