Well done mate!!!

Pharley Simple system - Get your levels right for trading S/R

Hi Vlad - many thanks for your efforts here. I shall download and take a look at it! Cheers Pharley

Pharley Simple system - Get your levels right for trading S/R

Hi all - just having a little break from on line stuff tonight - father-in-law birthday so we're having a bit of a shin-dig! I'm half cut already, so no trading for me! I must be a happy drunk - everything is so funny at the moment. Gee I had to ...

Pharley Simple system - Get your levels right for trading S/R

Hi US - terrific! Always nice to take 30 pips. Hey if that 21SMA on the 1hr works for you that's great! It's always worth noting that any method can be adapted to suit your own style of trading - take the best bits of a method and make it ...

Pharley Simple system - Get your levels right for trading S/R

HI Firefires, and well done! Close or high? Well as nothing is clear cut - quite often it can be the top, other times it can be the close. Many times it's somewhere inbetween. This is something that you either have a hard rule for or leave it for ...

Pharley Simple system - Get your levels right for trading S/R

Hi Jack - yes it's a pair I trade as well. As the AUD tends to move well, then so do things like EURAUD and GBPAUD - the bonus being price moves a lot more pips with these pairs that say AUDUSD. For sure you'll find heaps of set ups on these. Cheers ...

Pharley Simple system - Get your levels right for trading S/R

Yes thanks for that Sajid - it's an interesting approach. I hope you have lots of success with it! Cheers Pharley

Pharley Simple system - Get your levels right for trading S/R

HI Rub, How did you go with the USDCAD? There was a slightly earlier trade that could have been had on the 1 hr chart. I can see a retrace on the current PA on a 15 min chart but not the 1 hour. Cheers Pharley

Pharley Simple system - Get your levels right for trading S/R

Hi Mhons - yes counter trend trading is a bit tricky. I won't go in to it here - just trying to keep this one for this break and retrace method of getting entries. It does tie in with other methods I've mentioned on here - but I can't stress enough ...

Pharley Simple system - Get your levels right for trading S/R

HI mate - yes it looks right. If anyone wants to know more I can start a different thread for that one as I want to keep this one for the method described on page 1. Then eventually I may create a thread to bring everything together! Cheers Pharley

Pharley Simple system - Get your levels right for trading S/R

Actually - I hope not to confuse things, but thought I'd show a quick pic of a couple of 50% entries. I don't want to go in to too much detail here as this thread is about breakout and retrace back to S/R areas. Think of this as a variation - I use ...

Pharley Simple system - Get your levels right for trading S/R

Hi Max, Ah I see what you mean. I'll explain - I don't use the fib tool as a fib tool. I just use it as a measuring tool and only really when I'm looking for 50% retracements trades. I just happen to have had it open when looking at that chart and ...

Pharley Simple system - Get your levels right for trading S/R

Hi Alaska, For selecting pairs, I just look at charts and see how much a pair respects the S/R areas and what seems to win a lot. Being price action it would work on most TF and pairs - have a look yourself. The AUD tends to move predictably so I ...

Pharley Simple system - Get your levels right for trading S/R

Hi Vlad - just watch out for entering long in to any potential resistance areas. I just had a quick look and could see this (below) on a 4hr chart. Sometimes though, no matter what you do trades don't work out.

Pharley Simple system - Get your levels right for trading S/R

Hi Mhons, Yes your description is correct, but don't get hung up too much on the SMA50. It can be an ok indicator of direction, but also trust your eyes to see the higher highs, higher lows etc to get the trend. Drawing in the weekly/daily major S/R ...

Pharley Simple system - Get your levels right for trading S/R

Hi there, Yes you're more or less right with those SL placements. The first one is a no brainer - easy to spot. The others - yes I like the stop under the bar that actually crosses the S/R area. Go for at least 1:1 and preferably more (I do like 1:2 ...

Pharley Simple system - Get your levels right for trading S/R

Trade taken earlier this month - USDJPY. I think Ramjet is interested to see this one. Breakthrough and retrace again. Nice and simple. Cheers Pharley

Pharley Simple system - Get your levels right for trading S/R

Oh my apologies mate - I forgot to attach a pic of what I was looking at - here it is below.

Pharley Simple system - Get your levels right for trading S/R

Some other 4hr charts - 2nd one down is interesting - the gbpjpy. The red arrow trade would probably have lost. The same could be said of the trade at the yellow arrow. However, as pound/yen moves so much, price actually went up at this point by ...

Pharley Simple system - Get your levels right for trading S/R

Hi Mhons, Actually I just took a trade off the 4hr timeframe, but it's not this method. Happy to show it anyway. First pic - audusd 4hr. I too the long on the break of the nice looking pin-ish looking bar. Trend is up. TP is just a placeholder - ...

Pharley Simple system - Get your levels right for trading S/R