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Ratios & Harmonics: a Different Way to Trade
- #30,583
- Jul 25, 2017 9:38am Jul 25, 2017 9:38am
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #30,586
- Jul 25, 2017 9:42am Jul 25, 2017 9:42am
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #30,595
- Jul 25, 2017 11:04am Jul 25, 2017 11:04am
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #30,598
- Jul 25, 2017 11:58am Jul 25, 2017 11:58am
The way I see it, you have 3 time frame to choose from: 1) The immediate order flow - the yellow line(which just formed a NSH) 2) The medium term order flow - the blue line and should extend all the way up to the highest point of the chart(which just formed a NSL) 3) The longer term order flow - the lowest point to the highest point of this chart. Just my 2 cents.
Few questions, please bear with me as I am surely reinventing the wheels here:
I would rather wait for price to correct higher to roughly the 61.8 retracement where there is more structure. You may also find more confluence of a 1 to 1 completion of the immediate order flow in the area of interest and RR is way better too.
In my opinion (which is proved to be wrong), the blue line represented a strong move down with good volumes, I was thinking at that point that a 38.2 retracement is what I need for entering short. Obvioulsy, I was wrong. My question is, what made you think that the retracement would be 61% instead of 38? is it only the 1:1 confluence and structure or something else.
ALso, In the attached chart of GBPJPY, I am trying to trade the longer term Order flow, (represented by the blank slanting line). Price is rejected 3 times (circled area) which is also the NSL. My question is - Is the pullback a NSH (start of a uptrend?) or a LH (and we will resume downtrend). What will help me in making this differentiation.
I appreciate Mr Pip and your help to us new comers.
Thanks a lot.
- #30,600
- Jul 25, 2017 1:30pm Jul 25, 2017 1:30pm
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
So, we don't always have to show winners.
Losses are the price we pay to learn a lesson.
YM long
After strong move up of the bulls
Expected shallow to medium correction.
Got rotation candle at about 50% retrace and at structure to the left.
With that impulse I expected at least one more swing up and at least a chance to BE.
Bears woke up and took my SL
-34 pips
Probably the error was: it was at market open.
That's why we wait for "the dust to settle".
Lesson definitely learned
From now on my trade plan rules will forbid me to do this..
If you see any other error please share thank you.
Losses are the price we pay to learn a lesson.
YM long
After strong move up of the bulls
Expected shallow to medium correction.
Got rotation candle at about 50% retrace and at structure to the left.
With that impulse I expected at least one more swing up and at least a chance to BE.
Bears woke up and took my SL
-34 pips
Probably the error was: it was at market open.
That's why we wait for "the dust to settle".
Lesson definitely learned
From now on my trade plan rules will forbid me to do this..
If you see any other error please share thank you.
