I'm wondering what the most effective way to farm is, I've dropped down to around 700-800 trophies, but I still don't seem to be able to collect enough gold or elixir. Is it because my troops are not strong enough (all level 2) or should I be going to a lower trophy level? How did you guys get enough gold to upgrade the town hall to lvl 6?

Think you might be attacking a lot of low gold containing towns? I'm investing a lot in my production buildings right now, and when you don't attack you also don't get attacked yourself a lot from what I see.

Personally I don't recomend relying on your elixir collectors and gold mines for generating revenue. They give me a good boost after I wake up in the morning and they've collected for ~10 hours but other than that they don't do much for me even though I have like 6 of each at all level 7 and higher.

Sometimes you just have to press to the next town ALOT. At times I will go through 20-30 camps to find one worth attacking. I definitely recommend upgrading your troops to level 3, but getting your town hall upgraded is always the most important.

It also depends on your farming strategy. I personally go through 2 phases:

Phase 1: 6-8 giants, 5 wallbreakers, the rest all goblins. I can currently hold 155 troops plus 15 in my clan castle. I deploy the giants around the enemy camp to distract the towers, punch through the walls with the wallbreakers and then let my goblins raid their gold and elixir. When I am in this phase I try to avoid bases with wizard towers because they doe AOE damage (damage in an area) and kill my goblins really fast. This method will ONLY get your gold and elixir so you won't win the battles and surely lose a lot of trophies. Camps will get easier as you drop trophies because this is typically with weaker/lower level players but you won't get as much gold/elixir.

Phase 2: 5 wallbreaks, 10 goblins, the rest all giants. This is my trophy gaining phase. Drop a giant where you want to go through the wall to distract the towers and deploy the wallbreakers behind it to punch through the wall. Once there is an opening into the base let all of your giants go through and take out all the towers. Giants prioritize and ALWAYS attack towers first. Once all the towers are down just let your goblins run through and get the gold/elixir. Typically you will always destroy 100% of the base so you will take all of the gold and elixir that is there and increase your trophies quickly.

After this is done you can just repeat the cycle. Hope this helps!
This is effective for me because all of my troops are level 3 and I can hold 155 of them so you may need to adjust your strategy accordingly.

Thanks for the tips guys. I have been using 5 wallbreakers, 8 giants and then a mixture of goblins and barbs. I will cut out the barbs from now on.

I have been using about 10 giants, and the rest all archers. It's been working out pretty well so far. Both are upgraded to level 4