My Basic Chart Analysis Method

[ArtVor]

Nice work bro....

[ArtVor]

Rule #1: Risk no more than 2% of your account balance per trade.
Rule #2: See Rule #1.

[adilisio]

Solid approach to trades, I like the mixture of simplicity with brain power. Thanks Phil!

[MattW2009]

An excellent book Phil, I have long been impressed with your posts on these boards.

Could you clarify a little how you choose your S+R zones? Do you look for say 10 clear reversals within a short vertical distance of each other over the last few weeks, or do you go back months, or even years, to confirm your zones?

Although it is somewhat hard to quantify, what kind of range would you say zones are? 10 pips yes, but would 50 pips be too much?

Matt

[o990l6mh]

Originally Posted by phil838

People keep asking me how I do my chart analysis, and I keep saying I'd have to write a book to explain it all. Well... Here's that book!

Calling it a book may be a bit of a stretch, it's only 12 pages, but I think it's a good entry point into the world of trading "without rules."

I'm happy to answer any questions you have, but I just spent the better part of a Saturday writing this, so at least read the whole thing before you ask! Your question may be answered later in the ebook. Attachment 7865

Hey Phil

I just found this thread and read your ebook. Very well made. A very sound trading method combined with the importance of MM. Could not be better.
I can also tell that you're a good writer. This ebook will surely be a tremendous help for newbies (at least for the ones that aren't beyond rescue already from the beginning.)

[o990l6mh]

Originally Posted by phil838

I've thought about doing a blog, or even a whole website, but don't have one right now. Maybe in the future...

I am trying to get a part-time live trading room started, but I'm still looking at software. I want something that's cheap enough that I can run a free room, but still does all the things I want, like desktop sharing, whiteboards, etc...

Anyone have any ideas?

I've never used it myself, but I've heard of: Paltalk.

Might be worth checking out. And there's of course Skype.

I hope our time zone difference won't stop me from being able to join you in that room sometimes. I look forward to that.

[phil838]

Originally Posted by MattW2009

An excellent book Phil, I have long been impressed with your posts on these boards.

Could you clarify a little how you choose your S+R zones? Do you look for say 10 clear reversals within a short vertical distance of each other over the last few weeks, or do you go back months, or even years, to confirm your zones?

Although it is somewhat hard to quantify, what kind of range would you say zones are? 10 pips yes, but would 50 pips be too much?

Matt

It depends on the time frame. If you're looking at 4H charts like I do most of the time then S+R zones with a range of 80-100 pips are common, but if your looking at lower times then the zones will be smaller.

On a 4H chart I'll usually go back 4-5 months or so to place S+R zones, but the more current the data is the more relevant the zone. And most of the time you'll find that even though you've based your zones on recent data that the zones have a history going back for years.

Unfortunately I can't really say how many reversals it takes in what time period to make an area an S+R zone. There are just too many variables involved. All I can say is to start placing them and get a feel for it.

[mumpips]

Originally Posted by dobro

Thank you Phil. This ebook plus "Price Action Hero" should make me a good intraday trader. Thanks, d.

Hi dobro, I am looking for info on price action, can you share more abt Price Action Hero? Is this a strategy or someone you know???

[phil838]

Originally Posted by mumpips

Hi dobro, I am looking for info on price action, can you share more abt Price Action Hero? Is this a strategy or someone you know???

It's a Babypips forum thread by Mastergunner99. It's very similar to the way I trade.

Price Action Hero

[phil838]

We've got a possible trade forming on GBP/USD. It's not a confirmed trade yet, but if the current candle goes down or forms an IB it will be.

It's not a perfect trade because it went pretty far past the trendline, but most trades aren't textbook perfect anyway. It's good enough!

If you're not familiar with this type of reversal trading please read the ebook on the first post before you place any trades!!