This could be interesting with a pin for yesterday - probably wait until it gets to that 4hr resistance line though:

Support and Resistance Method - Pharley

Regarding breaks and retraces - if you did nothing else but just played these, you'd be doing very well - here's another couple of examples on the 4hr charts. NOte that your SL would be minimal and risk rewards would be terrific. These appear many ...

Support and Resistance Method - Pharley

Hi Tibovwh, Yes I think there's no need to look at the resistance from early 2014 - it's moved down quite a bit from that peak and now we're more concerned with the moves at end 2014 and start of 2015. In fact with this one I'm focussed on the ...

Support and Resistance Method - Pharley

I know this is getting away a bit from the thread and how I trade the long term S/R areas, but I just had a quick look through the GBPJPY bouncing off a rising channel to spot potential 15m break and retrace entries. 4hr chart below shows where it ...

Support and Resistance Method - Pharley

HI there, The eurjpy looks interesting. Just watch the TP as it's below the rising channel - that's one of the problem in taking trades against the trend. You generally end up with a smaller risk:reward as you've got to make sure price hits the ...

Support and Resistance Method - Pharley

Hi there, On the weekly we've had 2 tries at pushing price down only for it to come back up again. On the monthly chart the trend has been up for about 4 years, so with those 2 things I'm not going short and just waiting. Price is at an important ...

Support and Resistance Method - Pharley

Hi Dutch, That rising bottom line in the 4hr tells me to wait, perhaps pressure is building on the upside for it to break through. Could have traded the price up and down, but I prefer to wait until it starts a direction again.

Support and Resistance Method - Pharley

Hi T12, I'd just wait until it comes down a bit - on the daily that bottom channel part is the lower part of a big wedge. I'd wait and see what happens - the wedge is getting smaller and smaller!

Support and Resistance Method - Pharley

Hi Nasher and welcome. Hope you can get something out of the info. Cheers

Support and Resistance Method - Pharley

Hi ffhung, In terms of risk, that's something that only you can answer. You have to work out what you are happy risking to lose. Everyone is different. That could be a % of your account or a $ risk of your account. If you use one of the online ...

Support and Resistance Method - Pharley

Update on eurjpy after price moved down before moving up again, I tightened my stop loss, which was eventually taken out. That's fine - although I'd rather get a win, a small loss of only 2.6% I happy to take. Important thing to note - never ...

Support and Resistance Method - Pharley

Hi jgadefelth, When I'm looking at charts I'm aware of key supply and demand areas. If you're looking at weekly or daily charts, you will be too although you may not be aware of it. A run upwards in price which then weakens and then reverses is a ...

Support and Resistance Method - Pharley

Hi Scardi - I'm getting there! At the moment I sort of choose when I want to work (think add more to the trading pot), but it normally lines up with visa requirements and trips back to Australia to see my folks. Trading allows me to live with the ...

Support and Resistance Method - Pharley

Ah, I have to go for the Aussies! If you can take something from this method and utilise it in how you trade, that's great! Cheers

Support and Resistance Method - Pharley

HI ffhung, That looks ok mate. Got the 50% retrace entry ok and it's moving down. Hope it works out - what's the risk reward like? Is that about 1:2? Cheers

Support and Resistance Method - Pharley

I hear you mate! In the same boat. Have a look through some charts in the downtime and spot terrific set ups. Make a copy with some notes of them and keep them handy - these are the ones you want to trade. As well as those, take a few shots of ...

Support and Resistance Method - Pharley

Hi Rover - an important point I was just thinking about is that we're all trying to learn how to trade and read the charts. A really important part of that is knowing when NOT to trade. There are many times I've traded in the past only to go on and ...

Support and Resistance Method - Pharley

Hey Happy - I was just going to say, the reason I'm preferring a long rather than a short on the GBPUSD at the moment, is that on the daily and weekly chart, you can see the price is in a rising channel, and I prefer not to go against a trend. CHeers

Support and Resistance Method - Pharley

Hi Rover, Yes I've taken something way off to the left from the weekly - see pic of the weekly chart.

Support and Resistance Method - Pharley

Hey Happy - just looking at the 4hr, if price can get above that resistance and stay above it, look for a retrace back to the same area (now it's support) and look for it moving upwards again for a good trade up to the major channel resistance.

Support and Resistance Method - Pharley