HI Marker7, Yep it's all good stuff. Also the PA info on forex4noobs is good plus quite a few other sites. You never really need to pay for any training as it's all available for free. Cheers

90% of traders fail...

Hi Chorlton, Thanks for the question. 1. Yes for sure - this isn't the only way I trade - it's just one of the ways I trade. We all need a tool box of trading methods that we apply in different market conditions. For example I also look for channels ...

90% of traders fail...

Something I just thought about. I didn't explain something else relating to that gbpcad daily chart. I realised that when I looked at it I haven't explained fully what I was looking at. If you look at the chart, part of the reason why I didn't like ...

Support and Resistance Method - Pharley

Hi Dutchpips, That pin bar off the daily chart is not a good one to take - it isn't a classic shape for one and in fact finishes up for the day. I want to see a strong move away from SR areas - see that article link I posted earlier about SR. On the ...

Support and Resistance Method - Pharley

Hi MissH, Thanks heaps! Will do next time I'm on line. Cheers

Support and Resistance Method - Pharley

Hi - Do you mean when price for example breaks through support and then retraces to the same area (now resistance)? Yes I'm always on the look out for those - classic set ups on any timeframe. SL would be at the last swing high prior to the break ...

Support and Resistance Method - Pharley

Hi T12 - oh that varies with every trade. Sometimes it could be 30 or 40, sometimes 130. I manage risk by varying lot size so my $ risk is the same whatever size stop loss I'm using. I really don't mind having a 100+pip stop - it doesn't bother me ...

Support and Resistance Method - Pharley

Hi Dutchpips, Thanks for your post. I'll try and answer. If you look at the daily chart below first - I wouldn't have traded anything up to yesterday. What I look for is a daily candle that shows me the way, ie. it's a pin bar or engulfing bar or a ...

Support and Resistance Method - Pharley

Hi all, Someone has sent me an email asking can I show (or give some insights) in to drawing support and resistance levels. For sure I can but there are heaps of well written articles on the web about it. What I'd rather do is instead of taking up ...

Support and Resistance Method - Pharley

TooSlow - those levels look pretty good to me. Nice indie you have there!

Support and Resistance Method - Pharley

Hi Prax, I'd be waiting to look for a confirmed move - I took a look at the weekly chart and you can see that price has run up to a resistance level from some time back. Price has to confirm it's moving down again or break through and retrace to the ...

Support and Resistance Method - Pharley

Hi Alamhakim, Not quite right. On the USDCAD chart, I'm only using it to show the 50% retrace, so only using the 0% 50% and 100% - all the others levels I'm not using at that point. It shows 0% at the low, 100% at the top of a little run, and ...

Support and Resistance Method - Pharley

Hi T12, Yes looks about right - I have 11 lines on mine so I get 10 equal spaces. I'm going to keep my answers brief - I want to do some chart analysis tonight. Cheers

Support and Resistance Method - Pharley

Hi - see pic below. I can't show them all in one pic, but they start at 0 and go up in 0.5 steps (0, 0.5, 1, 1.5, 2 etc)

Support and Resistance Method - Pharley

Hi T12, What platform are you using? I use both MT4 and cTrader. With either you can right click on the fib - in ctrader the levels will be shown. In MT4 select Fibo properties, select Fibo Levels tab and you can alter the levels from there.

Support and Resistance Method - Pharley

This stuff fascinates me: url The thing is, I have no idea what made Soros enter these trades, but that analyst has a fair idea where he entered some shorts. Yes, Soros and Quantum fund have access to all the latest fundamental data, but even with ...

Support and Resistance Method - Pharley

Hi Alamhakim, Thanks for your questions. I'll try to answer them: 1. It's the move on the fib between 0% and 100%, then moves back to the 50% level. I place a pending order to buy (or sell) immediately with SL at the 0% and TP at an identified ...

Support and Resistance Method - Pharley

and another one - seems to be on it's way. Rats, I missed a 50% retrace on this - I've only just seen it as I didn't have the chart open. Never mind, I'll continue to watch to see where I can enter. Pic of day and same time frame on 4hr with fib ...

Support and Resistance Method - Pharley

This could be interesting coming up to resistance:

Support and Resistance Method - Pharley

Hi MK, Yes time zones are always a problem for some - it just comes down to where you're located. Perhaps trade off a shorter time frame, or stay with the longer timeframe and look across a dozen pairs - there's normally something going on. One of ...

Support and Resistance Method - Pharley