Thanks bloodpoodle - that's what I reckon as well! Still, if something works for someone then just master the method whatever it is, plan it and trade it.

Support and Resistance Method - Pharley

Now the boring bit: Been trading for about 8 years. Initially shares/stocks, then CFDs, then forex. Always used market makers - now I've dumped them and gone to ECN. Always used to trade 1m, 5m, 15m charts with MACD, stochs, RSI etc. Dumped them and ...

Support and Resistance Method - Pharley

Not all work out - If you look at 2 Daily chart above, I was entering in Jan from the second bounce from support - that failed, but I only risk half my normal amount. I also took the third bounce and it went away in my preferred direction. The big ...

Support and Resistance Method - Pharley

And the exits:

Support and Resistance Method - Pharley

Here is trade number 13 taken on the same run, and my last for this run:

Support and Resistance Method - Pharley

Here's another slightly later trade taken - another 50% retrace. Notice stops have moved up:

Support and Resistance Method - Pharley

Ok I started a thread - Support and resistance trading - Pharley - to put it all together.

90% of traders fail...

I use a position calculator (from Babypips) to calculate lot sizes based on SL position and my risk level. My risk I take in $ and not so much %. I can live off $ but not % ! It's nothing new, nothing complex. I'm not reinventing the wheel. I'm just ...

Support and Resistance Method - Pharley

Approach is: 1) Weekly chart, draw major SR levels 2) Daily chart - wait for price to come to those areas. Look for PA candles - Pin Bars etc 3) 4hr for entries on 50% retraces, confirmed higher breaks, or retraces back to break points 4) Set SL at ...

Support and Resistance Method - Pharley

6) I keep entering on 50% retracements and either a 4hr candle closing above yesterday high, or wait until a break above the high comes back to retest the break point.

Support and Resistance Method - Pharley

5) Second entry - on the 4hr candles. I wait until the first 4hr candle closes above yesterdays high. SL from trade 1 is move up to where SL for T2 will be:

Support and Resistance Method - Pharley

4) 4hr entries - I move to 4hr candle and look for my first entry. This one is a 50% retracement entry. All targets for multiple trades at at my target level (see 3 above):

Support and Resistance Method - Pharley

3. Set up target area - I use a modified Fib just for measuring. I take 90% of the previous move as the target:

Support and Resistance Method - Pharley

2. Daily chart (same time period) - move to daily candle chart and watch candle price action and SR area - pin bar at support formed:

Support and Resistance Method - Pharley

Spot on

What helped you the most to be profitable?

Hi - I've posted how I do SR trading in the discussion "90% of trader fail" - it may be of use to some. IMHO, support and resistance is probably the most important thing to learn about trading along with risk/money mgt. Cheers

holy grail support & resistance?

Oopurple, Have a look at "90% of traders fail" discussion - I've posted how I do things in there. Cheers

Does anyone offer tutor sessions?

Terrific article from Nial on exactly the sort of thing I do and definitely worth a read: url

90% of traders fail...

Hi Mingary, I've read through your older posts - funny! Even made me laugh on your profile where it says - I should be on your ignore list. Keep it going mate, it is funny. Can I ask, do you trade yourself and if so, what sort of methods are you ...

90% of traders fail...