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Ratios & Harmonics: a Different Way to Trade

  • #30,021
  • Jul 6, 2017 9:52pm Jul 6, 2017 9:52pm
Quoting PeterT
Hey YM traders. Why are most of you quitting about three hours after the open? Is it because you pick the time period with the highest trading volume? Because of time zone difference? Or just because you choose not to trade longer? I seem to be the only one monitoring the chart and taking trades from open to close
Well I guess Mr Pip needs to go for lunch, Johny needs to go do something else other than trading and I need to sleep......
  • #30,022
  • Jul 6, 2017 10:03pm Jul 6, 2017 10:03pm
Quoting Milfortra
{quote} Thank you Johny8984 for the video and sharing your trade management. Your voice recording had a bit of a staccato effect and was wondering if your mic was too far away for optimum results? This method of trade management looks good for the immediate order flow entry. Will monitor it visually and see if I could incorporate it into my trading plan when I do take this kind of trades. Thanks again!
will try it a bit closer next time thanks for the feedback though
  • #30,023
  • Edited 1:33am Jul 7, 2017 1:03am | Edited 1:33am
Quoting PeterT
Hey YM traders. Why are most of you quitting about three hours after the open? Is it because you pick the time period with the highest trading volume? Because of time zone difference? Or just because you choose not to trade longer? I seem to be the only one monitoring the chart and taking trades from open to close
Well..first of all .. NY and Chicago lunch hours come into play and price more often than not doesn't move much. And second for me would be that price starts moving again when it gets around 8:30 - 9 pm in the evening where I live and I'm pretty much in no condition to bring discipline into my trading. I'd like to be able to trade more than 2-3 hours a day and I'd love it if I was able to trade the european and the first 3 hours of us session but my emotional capacity isn't that developed yet. So what I'm doing now is recording with market replay a couple of markets and I will be practicing a lot during the weekends so I can develop that emotional/mental capacity I want.
  • #30,024
  • Jul 7, 2017 1:10am Jul 7, 2017 1:10am
Good Morning Guys,

Yesterday was a great trading day on the EURUSD. the market just kept moving up and if you just placed trailing stop losses behind each target, a lot of money was to be made...i realized something and kept hearing it in every video of Damien's....TRADE THE IMMEDIATE ORDER FLOW...and damn it works like clockwork...and keep the long order flow in mind in order to look for confluence

Anyways the analysis for today are:

EURUSD

Long term: (using 15m chart) market reached LH. Expectation is NSH
Immediate Order Flow: (using 5m chart) Market was in a complex correction and made a NSL. Looking for a harmonic completion of a NSL

USDJPY

Long term: Market reached NSH and at looking at the momentum it's gonna be a weak correction (atleast 38.2 Fib) to a NSH. There is structure to the left so expectation is NSH
Immediate order flow: expectation is NSH. there are strong sellers at the previous NSH so if the pre orders take it back down then there is good structure at the 61.8. Good R/R for the main swing so will look to enter. But will be cautious on how the bears come to that area and will look for that beautiful rotating candle

GBPUSD

Long term: Market reached LH and expectation is a NSL
Immediate order flow: Market achieved a NSL. Expectation is a LH and a NSL

See you at the battlefield
  • #30,025
  • Jul 7, 2017 1:52am Jul 7, 2017 1:52am
Quoting johny8984
not sure if this has any value to anyone but i thought id make a quick video showing how i am managing my stops currently let me know what you think i want the GOOD and the UGLY comments https://www.youtube.com/watch?v=r0x-bkJlD30
Here is my comment johny8984:
I took a screenshot of your youtube video

So per my understanding and i think that is the way MR.Pip teaches us (Please correct me if i'm wrong)
See screenshot below:
As long as the price didn't close below the red arrow we have a complex coorection and we are still looking for a NSH.
So my trade management follows the same as MR.Pip's when the price come's to swing structure (blue line) i putt my stoploss to breakeven or + something points.

i do understand your trademanagment and why you are applying it that way, my only concern is that you are hurting the 70% positive outcome, as you are looking to go short but your expectation hasn't failed and your expectation should still be for a NSH.

Please correct met if i am wrong on something as i'm also still learning.
Attached Image (click to enlarge)
Click to Enlarge Name: johnny.png Size: 283 KB
  • #30,026
  • Jul 7, 2017 4:43am Jul 7, 2017 4:43am
Quoting PeterT
Hey YM traders. Why are most of you quitting about three hours after the open? Is it because you pick the time period with the highest trading volume? Because of time zone difference? Or just because you choose not to trade longer? I seem to be the only one monitoring the chart and taking trades from open to close
For me its generally because of time difference because when the NY market opens its already 9pm here and since i still hold on to a day job i will try to make sure i close my trade between 11 to 11:30 so that i have at least 1 hour to review them before i head to bed if not i will do it in the morning when im back in the office.
  • #30,027
  • Jul 7, 2017 4:46am Jul 7, 2017 4:46am
Quoting johny8984
not sure if this has any value to anyone but i thought id make a quick video showing how i am managing my stops currently let me know what you think i want the GOOD and the UGLY comments https://www.youtube.com/watch?v=r0x-bkJlD30
The video looks pretty similar to my SL management. I generally push my SL to BE +1 once candle close 15 points in my favor and once it passes 20 i will move my stop 1 point below the 38.2.
  • #30,028
  • Jul 7, 2017 8:06am Jul 7, 2017 8:06am
A weak NSH was form on the NQ after NFP release, waiting for price to reach my target completion of the previous bear move before deciding to go in.
Attached Image (click to enlarge)
Click to Enlarge Name: NQ 09-17 (377 Tick) 2017_07_07.png Size: 82 KB
  • #30,029
  • Jul 7, 2017 8:25am Jul 7, 2017 8:25am
Good morning Traders,

There are good discussions on the topic of stop and trail management. There is no right or wrong answer here and its more of a personal risk tolerance issue. Just keep in mind that the market needs some room to work with. Price does not move in straight lines and setting too tight of a stop will often have you taken out earlier then you would want.

I would say use your judgment. What does the order flow say about the strength of your trade? What do the corrections look like? Are they shallow? Deep? Having the answers to these type of questions will help you with your stop management.

Please don't overthink it also remember to be as mechanical as possible and give your trades and the expectation the opportunity to be achieved, after all you have the probabilities on your side over 70%.
If you fail to plan, you plan to fail.
  • #30,030
  • Jul 7, 2017 8:29am Jul 7, 2017 8:29am
@MR.Pip

Because i see a difference in the way candles are drawn and how many candles are drawn with your chart and mine chart.
I asked my broker why this is.

They ask my if i know which data provider you are using.
If it's not a problem, could you share which data provider you are using ?

I used the search function, but could only find that u used to be on kinetic.
  • #30,031
  • Jul 7, 2017 8:30am Jul 7, 2017 8:30am
Quoting civo
{quote} Here is my comment johny8984: I took a screenshot of your youtube video So per my understanding and i think that is the way MR.Pip teaches us (Please correct me if i'm wrong) See screenshot below: As long as the price didn't close below the red arrow we have a complex coorection and we are still looking for a NSH. So my trade management follows the same as MR.Pip's when the price come's to swing structure (blue line) i putt my stoploss to breakeven or + something points. i do understand your trademanagment and why you are applying...
yes you are correct that is a complex correction

things to note is that i am only trading the immediate order flow

you mention about affecting the 70% and yes this could be a factor so i am recording everything on a spreadsheet to note any difference it would have made

there is also nothing stopping me if things line up properly to re enter in the same direction at a lower price which could in turn save me a few ticks or get me back in at a worse price but again that would be evaluated on each trade based on its own merits (ie momentum etc)

thanks for your comments though happy hunting today
  • #30,032
  • Jul 7, 2017 8:36am Jul 7, 2017 8:36am
Quoting johny8984
{quote} yes you are correct that is a complex correction things to note is that i am only trading the immediate order flow you mention about affecting the 70% and yes this could be a factor so i am recording everything on a spreadsheet to note any difference it would have made there is also nothing stopping me if things line up properly to re enter in the same direction at a lower price which could in turn save me a few ticks or get me back in at a worse price but again that would be evaluated on each trade based on its own merits (ie momentum etc)...
Looking forward for the results !
keep us posted
No problem thank you for sharing
  • #30,033
  • Jul 7, 2017 8:36am Jul 7, 2017 8:36am
Decided to close my trade

Result NQ: +34 - Decided to close after price breached my 38.2 level

Time to take a quick short break to recompose myself
Attached Image (click to enlarge)
Click to Enlarge Name: NQ 09-17 (377 Tick) 2017_07_07.png Size: 97 KB
  • #30,034
  • Jul 7, 2017 8:38am Jul 7, 2017 8:38am
Quoting civo
@MR.Pip Because i see a difference in the way candles are drawn and how many candles are drawn with your chart and mine chart. I asked my broker why this is. They ask my if i know which data provider you are using. If it's not a problem, could you share which data provider you are using ? I used the search function, but could only find that u used to be on kinetic.
Hello, I used to use Kinetic data when I used to trade FOREX since I started trading futures I connect with NT Continuum. There should be no difference in the data on the futures side as the exchange sets the price and everyone gets the same feed. Fair all around the difference might be happening on the tick side of things. The chart is build from when you open your chart backwards. So since we are opening our charts at different times my chart may look different then yours. What should remain the same is the price on the swing highs and lows and the current price.
If you fail to plan, you plan to fail.
  • #30,035
  • Jul 7, 2017 8:39am Jul 7, 2017 8:39am
Anyone has anything on YM? This is what I see....
Attached Image (click to enlarge)
Click to Enlarge Name: YM 09-17 (233 Tick) 2017_07_07 9.38pm.png Size: 67 KB
  • #30,036
  • Jul 7, 2017 8:41am Jul 7, 2017 8:41am
Quoting Milfortra
Anyone has anything on YM? This is what I see.... {image}
Not yet just started looking at it was responding to a post.
If you fail to plan, you plan to fail.
  • #30,037
  • Jul 7, 2017 8:44am Jul 7, 2017 8:44am
Quoting Milfortra
Anyone has anything on YM? This is what I see.... {image}
I saw this on the YM but decided to Focus on NQ earlier on since it looks more promising.
Attached Image (click to enlarge)
Click to Enlarge Name: YM 09-17 (233 Tick) 2017_07_07.png Size: 87 KB
  • #30,038
  • Jul 7, 2017 8:44am Jul 7, 2017 8:44am
Quoting Mr. Pip
{quote} Not yet just started looking at it was responding to a post.
Ya. I thought the same too after reading your detailed explanation on the data feed matter.
  • #30,039
  • Jul 7, 2017 8:46am Jul 7, 2017 8:46am
Quoting Milfortra
Anyone has anything on YM? This is what I see.... {image}
Not liking the way the bears are coming into my AOI.... let's see....
  • #30,040
  • Jul 7, 2017 8:47am Jul 7, 2017 8:47am
Quoting Milfortra
Anyone has anything on YM? This is what I see.... {image}
Aren't we expecting a NSL in the intraday and shouldn't we work towards that?
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