Ratios & Harmonics: a Different Way to Trade

Traders, remember the live stream is tomorrow. We will focus on structure analysis and order flow analysis and of course trading state.

In Vietnam, we have a forum for trader and we used to have a talk show for every 6 months, each time there is around 100-150 peoples attend these shows, but each time, when being asked, "how many of you have attend previous talked show?" only about 6-10 hands raised. It's show a reality that this is a very tough profession for most of us. But like x3mpippin said, meditation help, it's really help, in my case, I came to trading about 2 years until now and every time I have big loss, I think I may not suit for this, but in the next day, after few deep breath I regain my confidence to keep my head up. So be resilience my friend.

Let's see if the Gartley holds? Does not look like it.

Graceful exit assured.

taken -5

Would you have deployed a rescue mission if you were able to add another contract instead of trying to get a graceful exit?

It's been a constant battle between the Bulls and Bears...very choppy market for Gold. Was in a trade for almost an hour and 30 minutes until the Bulls finally came through.

Yes, At the Gartley completion. I treated it the same way but without being able to add to it. The account cannot trade more than 1 contract at present.

Long

I understand. It looks liked I missed several opportunities to rescues my trade but didn't take action because I felt like I could get a better chance. -38p and looking for a a long now.

Just remember to never over leverage your account. You can still implement rules while not adding the only thing is that you will likely get more graceful exits because you are unable to average in a better price.

Yeah, that's one thing I try to stay away from. Your smooth ratio formula has me at 2 contracts now, so I started to implement rescue missions. I didn't quite realise how much I zoomed into the charts so 4 points looked like 15 to me and made me wait for price to get a little closer to the Lower High, which was also off my screen by the time price got up there. In hindsight it looks like I definitely should have pulled the trigger there.

Gonna call it a day. One short -38p for today.

Looking forward to tomorrow's session and the live stream!

1 trade today. -29
Long. Full stop for -29

Stopped out post session review later today

Mr. Pip - will you be making any videos on money management? During my practice, one issue that consistently troubled me was taking a full hit on stop loss and giving money back (either through a loss or breakeven). Even though a full stop would be 2-3% hit to account which is part of the trade (I recognize not everyday is a winner and should be fine as long as I follow my rules), I can't help but wonder if there are ways to exit earlier when a trade is not going my way (assuming no graceful exit opportunity like today presented itself). Giving money back is also an issue for me psychologically. When a trade is 30-40 ticks profitable but reverse to take me out either at B/E or loss, it does trouble me psychologically and always have me trying to figure out a better exit opportunity, but at this point it would just be curve fitting.

I do self-analyze and recognize my thoughts above are not optimal for trading. Hence I need to either learn to trust the rules and accept the full loss / giving money back or maybe more optimally, find a money management style that fits my psychology and risk tolerance. Any thoughts on this?

When you develop self-control, self-discipline and accountability, and when you take responsibility for writing rules, making plans and holding yourself accountable, you separate yourself from the crowd. Then you can observe it from the outside. You can begin to understand and predict the crowd’s behavior precisely because you are not part of it.

Hello Traders, I will not be able to do the post session review tonight. See you al at the live stream.

Dear Damian, it's will be great if in the live stream you can start early and give some review of last trading session, thank.

Butterfly in the YM, also was an AB=CD at the lows of yesterdays price action PRZ in red BOX

My times are ahead of yours by 5 hours