Have to watch out for this one. If you're using 1 lot on a $10k account and it opens another 20 trades of same size (if I've understood correctly), that means a total size of 21 lots, i.e. around $210 per pip. If it goes 30 pips against the trade ...

Priceless Simple Trading Ideas

Hi there - it's ok now - I sorted it. I'd put the damn thing in theEA folder rather than the Indy folder! Doh!

Priceless Simple Trading Ideas

HI mate - I had to laugh at myself - I was just re-reading and realised what I was doing wrong! Thanks. Yes the lack of SL would worry me about this one too. I suppose a manual one can be set which is what I'd do.

Priceless Simple Trading Ideas

Very interesting, and I'm always keen on SR methods. Qu - I've downloaded the EA but when I try to attach it to a chart, nothing happens - unlike another which opens up the EA settings when I do that. Am I doing something wrong? If I am I can't work ...

Priceless Simple Trading Ideas

Someone also asked me why I don't just trade the 15m stuff. The answer is I just don't have time to trade like that all the time, and I also don't want to be stuck in front of the charts day after day. What I came up with for me - i.e. it suits how ...

Support and Resistance Method - Pharley

Same eurusd chart,now with 4hr entries. This is how I use the fib to measure 50% entries. I've shown 2 on there, but if you look, you will see many more, and a logical place to raise your SL to after a further entry.

Support and Resistance Method - Pharley

Someone sent me an email asking how I use the fib. I explained at the start, I use the fib for 2 purposes. First is to identify a target point for my exits. This is at 90% of a previous run from support to resistance or the other way. Below is a pic ...

Support and Resistance Method - Pharley

Just looking through that 15m chart over a couple of days, there are lots of PA entries that could be taken. I've noted some of them on a chart and post it below - not all, but quite a few. These are the types of things I'm looking for on (in ...

Support and Resistance Method - Pharley

Hi guys, Looks though there are some good trades there and well in profit. Look for those retraces to enter again - just logical place to move SL to and further entry. Now I'll just post a bit of what I've been doing on the shorter timeframes. I'm ...

Support and Resistance Method - Pharley

Hi all, Sorry I've been a bit busy with some others things and also trading another method that I have while the charts were quieter. It's only what I consider scalping on 15m timeframes using S/R on the low timeframes. Always interesting to get ...

Support and Resistance Method - Pharley

Hi Tibovwh, Yes it's true that forex does have a long memory and we look to the left of the chart at historical data to get a feeling of S/R areas on the long timeframe. In this case price had moved a long way from the early 2014 data and in fact ...

Support and Resistance Method - Pharley

Hi Dutch, No I didn't enter that one - I was busy watching the price and wasn't convinced of an entry. It's got to be a terrific, obvious set ups for me to enter. Cheers

Support and Resistance Method - Pharley

In fact, I might go long there myself.

Support and Resistance Method - Pharley

Hi Dutch, It could be mate - It's certainly in that demand zone or resistance area. Definitely one to keep an eye on.

Support and Resistance Method - Pharley

And remember, here is the Soros trade taken off 50% retracement on the 1hr chart (I posted it way back), then he added to position when price moved down again. If the big players are doing this, then so am I !!

Support and Resistance Method - Pharley

A couple of quick examples, long and short. Enter at the 50% mark:

Support and Resistance Method - Pharley

Ah I see, I don't enter at a 50% retrace of a day. I enter at 50% retrace of a move. If you look at some of the earlier posts where I have 50% retracements, you'll see it's based on price movement however long that is, not just the daily candle. ...

Support and Resistance Method - Pharley

Oh the AUDCAD one is really busy mate - here is my chart for that one. To be honest I'm not really a fan of CAD crosses - it tends to jump around a bit so I don't trade that one often.

Support and Resistance Method - Pharley

INteresting mate - what's the set up you entered short?

Support and Resistance Method - Pharley

Yes that yellow dotted line coming down on your chart.

Support and Resistance Method - Pharley