My Basic Chart Analysis Method

Trading Systems Free Forex Trading Systems
41

Your broker is probably on a different time zone and your 4H candles are closing at different times than mine. My charts are all on GMT time.

All the major moves will be the same, but things will look slightly different.

42

Thanks Phil, I am indeed sticking to the 4H until I am confident enough to deviate. That’s certainly larger than I was expecting so I will have to take a closer look at my charts and see if I can pick some zones, then maybe check them with you later?

Cheers, Matt

43

Yes, you are right, I am GMT +3 .

44

Sure thing! Just post a picture here when you’re done and I’ll have a look at it. :slight_smile:

I’m looking at a GBP/JPY chart right now and most of my zones are 80-100 pips with around 300-400 pips between the zones. That’s definitely not a rule you have to follow (my largest zone is 160 pips), it’s just to give you a frame of reference.

45

Can you please teach me how to post a chart on the forum…I still can’t find the clue:confused:

46

Tymen posted an excellent guide to posting charts on the forums a few weeks ago… :slight_smile:

http://forums.babypips.com/newbie-island/25217-how-post-charts-forum.html

47

Looking at the chart of GBP/USD, you are using Phil’s strategy in your ebook meanwhile I understand you also use Sunday Breakout strategy, how do you manage SL,PT and entry point in same pair? :confused:

48

I don’t. The Sunday breakout trades were already over before I took the reversal.

If the Sunday trades were still going I wouldn’t have taken the reversal. :slight_smile:

49

p1 1.4000
p2 1.3925
s/l 1.4200

looks like i missed p1 by one point

50

well brucde i think demo is good. honestly i used to say no demo isnt real but now i think its more like if you can’t be profitable on demo, your not going to be profitable live.

my eu trade is still on.

not to much excitement today.

i wait for trades to come to me i cannot force the market and now im trying to only take a+ trades which limits me even more (not that the eu was an a+)

phil you are definatly a price action warrior

52

You have to use the button that looks like a postcard of a mountain to insert the image in your post. It’s the fifth button from the right.

I did exactly the same thing my first time :slight_smile:

edit: well you fixed it before I could post this even!

54

I just had a quick look, but you certainly seem to be on the right track.

55

Understood. It’s one after another. :slight_smile:

56

p1 1.4000
p2 1.3925
s/l 1.4200

my first profit target was hit :smiley:

57

Holy Grill of attachment 7865 is missing!! :eek:

58

I just fixed that. I uploaded a new .pdf to fix some spelling mistakes and the old attachment got stuck in a link somehow… :slight_smile:

59

Excellent job, Matt! Those are pretty much spot on with my zones.

One thing to note, and something I should have put in the ebook, is that the zones will migrate slightly over time. Whenever you get a bounce that does go slightly higher or lower than your zone (like we just had) you need to redraw your zone to reflect the new bounce. I’d move my top line up to the new high, and then move my bottom line up a bit, dropping the least significant bounce.

Here’s is my new GBP/USD chart…

60

Hi Phil,

Understand you don’t check news for Sunday Breakout strategy but what abt this Phil’s strategy?

61

I only worry about really large news events, such as the NFP coming this Thursday and other big government economic announcements.

I trade higher time frames though. If you’re trading charts under 1H then less important news will have a BIG impact on you. :slight_smile:

62

Thanks for your fast respond:D