Support and Resistance MethodPharley

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This technique is beneath within the first few posts, or in a nutshell at Publish 185 on Web page 10.

Stay trades taken with results of +60% account progress in 1 commerce run begins at Publish quantity 176 on web page 9.

1. Weekly candle chart - Attract areas/traces of SR:

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2. Every day chart (similar time interval) - transfer to every day candle chart and watch candle value motion and SR space - pin bar at assist shaped:
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Name: 2a. Daily SR GBPJPY example.png
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3. Arrange goal space - I take advantage of a modified Fib only for measuring. I take 90% of the earlier transfer because the goal:
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4) 4hr entries - I transfer to 4hr candle and search for my first entry. This one is a 50% retracement entry. All targets for a number of trades at at my goal stage (看 3 above):
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Name: 4. Trade 1 - 4hr 50% retracement.PNG
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5) Second entry - on the 4hr candles. I wait till the primary 4hr candle closes above yesterdays excessive. SL from commerce 1 is transfer as much as the place SL for T2 can be:
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Name: 5. Trade 2 - 4hr entry candle.PNG
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6) I hold coming into on 50% retracements and both a 4hr candle closing above yesterday excessive, or wait till a break above the excessive comes again to retest the break level.
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Name: 4hr wait for retrace.PNG
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Strategy is:

1) Weekly chart, draw main SR ranges
2) Every day chart - anticipate value to come back to these areas. Search for PA candles - Pin Bars and many others
3) 4hr for entries on 50% retraces, confirmed larger breaks, or retraces again to interrupt factors
4) Set SL at logical positions - usually final swing H or L
5) Transfer SL up (or down) to the brand new commerce SL level - this locks in income
6) Goal is identical for all trades - Measure the final transfer between S and R and take 90% as a goal
7) Enter a number of occasions - Every time I get my SL as much as the most recent commerce, I am locking in income. Most significantly my danger is remaining fixed.
8) For the very first commerce of a transfer, I solely danger half of my regular danger - it is because value can do something, and it could go in opposition to me
9) as soon as value strikes in my favour I enter at my regular danger stage
10) If I've a number of trades open and they're in danger, the overall danger solely provides as much as my general danger stage
11) I cease buying and selling the run when reward to danger will get decrease than about 2 到 1
12) Typically I'll enter on continuation candles in the course of the run - inside bars, pins, however I strive and hold it so simple as potential

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作者: 外匯維基團隊
我們是一支由經驗豐富的外匯交易者組成的團隊 [2000-2023] 致力於用自己的方式生活的人. 我們的首要目標是實現財務獨立和自由, 我們追求自我教育,並在外匯市場中獲得了豐富的經驗,以此作為實現自我永續生活方式的手段.