Hi relaxtrading and welcome! Look forward to reading. Cheers

Support and Resistance Method - Pharley

Thanks Rover and Sunny for the explanation. That's why I see those pesky gaps! Mind you, I do like to trade them sometimes.

Support and Resistance Method - Pharley

Welcome Roughtrader! Feel free to analyse, post and comment. Cheers

Support and Resistance Method - Pharley

Wizlon! I like it ! Great - starting to see those entry possibilities! You've got it right in terms of entries and moving up stops to minimise losses and risk. Good way to really boost some profits. It's terrific to have your earlier trades safe and ...

Support and Resistance Method - Pharley

Hi again, No I wasn't looking at this one, but see my pic below which is the daily chart. I see what you mean about resistance at 1.70 area, but I have another a bit higher at 1.7115 - not too much difference really. For me, it hasn't got up to ...

Support and Resistance Method - Pharley

Hi Tibovwh, Thanks for your questions. Let's try and answer them; I mention weekly levels as that's just my preference - I zoom out a long way to see all the relevant SR areas. I do however look at the monthly charts, but draw SR areas from the ...

Support and Resistance Method - Pharley

Just another quick note about luck as well - I'll well aware luck plays a part in all this. I could have the best looking set ups, entries, risk mgt etc etc, but there's something I just can't control at all and that's bad news. For example, when ...

Support and Resistance Method - Pharley

Hi Rover, Thanks for the comments mate. Well hopefully people can see that things don't have to be complex - in fact the simpler the better (we're always hearing that!). Good that it's giving confidence mate - go for it! Patience and discipline are ...

Support and Resistance Method - Pharley

Hi - an update. As price has moved in my favour by 218 pips on T1 and 50 pips on T2, I've moved up the SL on both trades. Note where I've put them - the current run is a fast push up without retracing yet, so I've looked left at previous PA and put ...

Support and Resistance Method - Pharley

Hi Rover, Yes - I was waiting to see if price went up and then retraced back to that minor support. It sort of happened, but not as clearly as I would have liked. So based on my normal entries, I entered at the close of the 4hr which had a good push ...

Support and Resistance Method - Pharley

HI mate, Yes spot on - don't forget to consider where the weekly/daily support is and resistance for targets (I haven't looked at this pair yet). But yes that's right.

Support and Resistance Method - Pharley

Just a quick note about the amount of time taken to set these trades up and timeframes. I know many people new to trading forex like to trade the 15m, 5m or lower charts. It's fun and exciting! I used to be one of them. It doesn't take too long to ...

Support and Resistance Method - Pharley

Looking good Wiz - fingers crossed for all of us!

Support and Resistance Method - Pharley

Hi Rover, No probs - I was a bit late getting the pic uploaded - got sidetracked with something. Anyway, we'll see how it progresses. I can certainly watch the current candle closing (7pm for me) but the one after I might be in bed (11pm) - I'll see ...

Support and Resistance Method - Pharley

Hi Love, No one knows where price will go and what will happen. However, looking at the zoomed out 4hr chart below you can see the structure and a rising channel.Price had come down to support which is where I look for entries - looking for it to ...

Support and Resistance Method - Pharley

Hi all, I entered my second trade on the close of the 4hr candle. SL on T1 is moved up and is now at the same position (nearly) as T2 trade and has locked in profit.

Support and Resistance Method - Pharley

Just thought I'd post a quick update. I've moved SL from it's original position to BE plus a few pips as price has moved 176 pips in my favour. I've placed a limit order to buy at 50% of the last big 4hr move up. But what I'm interested in currently ...

Support and Resistance Method - Pharley

Hi Sunny, You're welcome mate - glad I'm not the only one with all those types of interruptions! Yes one of the reasons I started looking at the larger timeframes was to get away from the charts all the time, and to spend more time with the wife and ...

Support and Resistance Method - Pharley

HI Wattaman, You're welcome. Note that I use 2 main types of entry - one is the 50% retracement and the other is when a 4hr candle closes above (or below) yesterday's high (or low). Having said that, you would do well just trading retracements - ...

Support and Resistance Method - Pharley

Hi Wattaman, Thanks or your question. No, I use the fib differently - note that I only use it as a measuring device. What I do is this: 1. On a weekly chart, identify and draw in major support and resistance areas; 2. Go down to the daily chart when ...

Support and Resistance Method - Pharley