Hi Fairwind, Many thanks for your kind words. I'm glad you're getting something out of it and yes, I've tried to be as simple as possible with it (the wife tells me I'm simple!). Your approach seems sound - anything to do with identifying these ...

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

Another quick 15 min chart trade.

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

HI - good thread and I agree about simplicity. I can't make mine much simpler than what it is - url Cheers Pharley

Simplicity is the key to brilliance

Here is a 5 min chart from nzdusd this morning. I don't trade 5 min charts, but someone probably does! Also a 15 min audusd chart Cheers Pharley

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

Hi all, I've received quite a few good emails about success using this method. I'm not really surprised as when you look at the charts, you can see it working more times than not. One point that's been raised a couple of times is being able to see ...

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

Hi jgadefelth, The edge is in taking simple, uncomplicated price action trades. Yes you can use the 50SMA if you wish - most of the time I don't. I use my eyes to tell me if it's an uptrend or downtrend. (higher highs, higher lows etc). A horizontal ...

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

Hi Saruhn, That's terrific mate - well done. I like that it was clear cut and no stress trade! Don't worry too much about entering a bit late - you're getting the hang of it and the more you do, the better you will be at it. Cheers Pharley

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

Hi Rub, Yes it can be a tricky spotting anything in real time. Here's something I look for that may help. See pic below - it's a 1 hour, but if you look at that chart on the daily you will see gbpaud has come away from a resistance area and is ...

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

Hi TS - yes, we're always learning mate. For me, the more I learn, the more I realise the simplest approach is by far the best. I've mentioned that to the wife and she agrees - I'm simple!! LOL Cheers Pharley

Does anyone make money out of Forex Trading?

Terrific Saruhn! Good to see it's working. Could you let us know what pairs you're looking at? Yes the NZDUSD is a good one, probably AUDUSD as well, plus the AUD crosses - perhaps euraud and gbpaud. Anyone got some good ideas on pairs you can ...

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

Hi Jack - yes and there were a few more as well (see the others?). Some of these would be duplicates of those taken on the 1hr charts, but if chart time is an issue, go with the 4hr charts instead or daily. Cheers

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

Hi TS, yes that's right - S/R are areas or zones. For this method I use a line. Many times it's right at the high or low of a bar, or the open or close (body) of the bar, or somewhere inbetween. This is one of the things that's hard about trading. ...

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

Hi Maddin, I generally don't think too much about which pair I'm going to trade - I just stick to looking at majors and quite a few of the major/minor crosses. When I look at charts over the weekend (when I get chance), I'm looking to make sure ...

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

Hi Vlad, That's interesting! Actually you could sneak another one in there where you said. Keep spotting them mate! Cheers Pharley

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

Hi Ramzam, Yes for sure a greater R:R is better. I'm just pointing out what happens with a simple approach. This could probably be improved with a larger than 1:1. But don't get stuck too much on R:R of 1:2, 1:3 - just get the basics right in terms ...

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

HI all, I just looked at NZDUSD for the last 1 week - Mon to Fri - and looked for any of these simple setups on the 1hr chart. I counted 26. Using a risk:reward of 1:1, 22 of them won and 4 lost. I may have missed a few. So what does that mean in $? ...

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

Spot on TS!

Highest Open / Lowest Open Trade

No worries - email sent with very simple and clear approach. Best way is simple and clear as there's too much to wade through on here. Cheers Pharley

Does anyone make money out of Forex Trading?

Just learn 1 method, trade 1 pair on 1 timeframe looking for 1 set up. Keep it as simple as you can. Complicated it up as much as you want later - don't do that at the start. Simplicity is key. I can't stress that enough. E.g. learn a language - why ...

Does anyone make money out of Forex Trading?

Thought I'd just post some pics - someone wanted some help so I drew these up as an explanation. It's about as simple as I can make it. Cheers Pharley

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