My pending order on GY on the upside break of the 8 am gmt 4h candle plus 10 pips was hit at 154.10, My first target will be 155.50 area where congestion begins from last last months price action. if price breaks through this area will look to stay in longer. Hopefully my stop is safe at 152.90
your stop is safe!! how did u get that stop? i got stop out! 
to early to be safe yet
if you placed your stop just below the previous low bar you would of been hit by the big spread in gy, therefore should be at least 10 pips below but as that was right on a big number i moved 10 pips further to 152.9
Hi All, a noobs question. I realised that I am not good in drawing trendlines. Can anyone guide me and post your chart on the forum so that I can compare mine with yours.
Thanks A lot:)
What i like about indicators is that there is no thinking behind it from me they just cross or they go over 50 or whatever. Whit trendlines and support reesistance i must find them my self i draw different trendlines just like my 10 friends they all draw them differently and they all find support / and resistance at different places from eatch other and from me.
That is what i hate about it just like Elliots Wave Theory 10 different people with 10 different wave counts. Is there away around this so i get god at spoting the right support and resistance areas and draw trendlines better ? it is so subjective.
best regards
not safe enough, Price reached 6 pips short of my target today before retracing back down to stop me out
Hi Phil,
I know you are away, pls help when you are back. Thanks.
(1) Is there any specific pips for Stop Loss which placed below S&R zone?
(2) I am trying to place the S&R zone but my zone is always base on current month? will there be any problem?
Just read your E-Bookā¦ Great explanation of basic trading ideas, Why people look for to much information to trade is beyond me. Simple is betterā¦ Again Great stuff ,sure it will be around a good whileā¦ Thanks for taking the time to put this togetherā¦ Price Action is the only way to tradeā¦
I can answer the second one for you -
When a market is strongly trending there is quite often no price action in that area for quite a few months so there is only the present month on which to place the zones. This is not a problem as the most recent price action is the most important. Once you have placed your zones on the current monthās action and scroll back in time (maybe a year or more) until you find the last time price was in the same area youāll more than likely see that it adheres to the same zones you set on the current data (give or take a little movement as S&R zones tend to walk over time).
Thanks MattW:)
I agree. Everyone must have been drawing different trendline.
Perhaps my system might have been different from Phil.
Iām using Bolinger plus 2 trendline UP, 2 trendline DOWN. No other indicators.
No support resistance, due to not knowing what āperiodā to start drawing.
IMO, support resistance, it just let you know it reach the limit, and it could break, and might not break the resistance. What else you would do?
I think finding S/R is more subjective than objective. What are your Boll. Band settings & when you say 2 trendlines up or down do you mean drawing them like a channel? Thanks for the input and I would like to demo your ideas. d.
[B]Bolinger[/B] setting is default. Period 20, Shift 0, Deviation 2.
I am based on the nature of the followings:
a) When it is bottom, we start to buy up. When it is top, we start to sell down.
: which is to reverse the trend.
b) When it start to drop, we sell. When it starts to up, we buy.
: which is to follow the trend.
[B]Bolinger IMO, a tool to measure, top, middle, and bottom, which cover the candlestick.[/B]
By identify the bottom, middle and bottom, you will know where you are.
[B]There will be 4 actions.[/B]
: When bottom, buy up, close at middle. Per pips higher.
: When top, buy down, close at middle. Per pips higher.
: When it middle, buy up, close at top. Per pips lower.
: When it middle, sell down, close at bottom. Per pips lower.
[B]Trendline[/B], itās the signal whether candlestick will continue to follow the trendline or will go outside the trendline (meaning it is weak). Remember do use stop loss.
[B]The truth about most indicator:[/B]
Most indicator is just indicate what is the past history and compare with the current one, especially moving average. If we use a lot of indicators, we are making our decision more complicated, because of the fact that, if every indicator produces the same result, which is to ask you buy and sell, why donāt we use only one indicator? Some say, when exit, please use indicator A, when buy use indicator B, when sell, please use indicator A & B. In this case, you may question yourself,
a) when not exit, indicator A, carries rubbish information?
b) when not buy, indicator B, carries rubbish information?
c) when not sell, indicator A & B, carries rubbish information?
[B]The truth about 1 to 5 minute chart:[/B]
Every indicator and even trend line, couldnāt behave itself, because too fast for you to make conclusion.
[B]The truth about comparing different period of chart [/B]
Compare 30 minute trend and 1 hour trend with indicators or trendline.
There are two type of people:
a. Buy 1 hour trend
b. Buy 30 minute trend
Situation ābā is more logical than situation āaā. Donāt you think?
30 minutes produces up and down more than 1 hour trend, the opportunity is there. Actually, we couldnāt compare it, due to the fact that, we are more attracted or distracted by the movement of the smaller period.
However, we could use the situations āaā for advance level. Not for basic level. Perhaps will introduce it at next 2 postings.
[B]The truth about playing forex[/B]
Itās all about up and down. The more ups and downs, the more opportunity you will have to earn gain or else losses. Every chart period, also produce up and down, however some may think, 1 minute got more opportunity than 1 hour chart. Of course itās more opportunity, but it is also an opportunity for you to make more losses, donāt you all think?
Give yourself a standard setting, such as,
30minutes chart, bolinger, drawing trendline, use stop loss.
If 30minutes give you an earning of USD30 per day, if you are planning to use 15minutes, you must achieve more than your standard formula, which is to produce an earning of USD60 per day. Or else, you are not qualified to use 15minute chart.
- stay tune, i need to collect chart photos for demonstrations *
- more advise will come, may different from Phil. Just all my Opinion. *
You sound like a man who needs his own thread in which to pontificate.
Guys, havenāt come across with this word āpontificateā before. Now learning it. Thanks.
It is generally used in a negative contextā¦but Iām using it in a positive one. It sounds like you have a lot to share steven so why not just start your own thread. It is kind of bad form to jump in on someone elseās thread and start your own thing.
Good Luck.
Agreed, new thread for new strategy, it is very confusing for newbies like me.
So sorry for the confusion. Starting new thread soon.
Phil how is it going with the new pdf ?
best regards
I am noticing a possible inside bar forming on the 1600 candle however I am a bit confused on inside bar trading. How does one know to go long or short from the inside bar? I have seen many inside bars in mid trend just to have the trend go up higher. Is it determined by the preceeding candle? ex, If the preceeding candle is white (decreasing candle) and the inside bar is white as well but the trend is going up does that indicate a reversal could be happening? What if the second candle in the same situation is black (increasing candle)? Thanks for clarifying a bit, I really like phils system but I have only been able to utilize the sunday breakout and the LWP reversals so far. Thanks!