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"Ratios & Harmonics: a Different Way to Trade." Summary 37 replies

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Ratios & Harmonics: a Different Way to Trade

  • #30,701
  • Jul 26, 2017 4:14pm Jul 26, 2017 4:14pm
Quoting jmezz
{quote} First off, much appreciation for posting this. A lot of traders would refrain from posting such a loss on a public forum. Would you care to explain the thought process behind the trade? You entered on a breakout and the majority of the time, price will come back and test that breakout. Even though I know breakouts aren't a good trade overall, there's been times I've taken them when I see a good opportunity, so I get that. What I don't understand is your exit. At the very least, you should have been out of this trade when price came down...
Thanks. I post live because I want to show ups and down of real money. You are correct it is a breakout trade and I was trading a different plan. Why? since it took me so long to develop the one I have and it works?

Since I moved to Michigan I have had no time to sit in front of the computer to manually trade, so I took a very old concept I developed, modified and coded into an automated system. It is called the "BrownHornet" and it takes bites out of the market when I can't be there.

I have been putting together a financial literacy and trading course for kids also working so my time is very limited. The ideal time of 9-12 noon doesn't work for me anymore even though I want it to. My manual SORE trade plan takes conservative trades so I don't get to trade everyday because my rules are very detailed and specific. Don't get me wrong I do not rest solely on the robot because I believe in keeping skills sharp so behind the scenes I listen to Damien videos and when I get a free day in the morning I try and join everyone to trade my SORE setup which took me a year to tweek and get approved by Damien, so it has not fallen by the waist side.

On to the Chart:
Q: What I don't understand is your exit. At the very least, you should have been out of this trade when price came down and took out the swing low that produced the leg you traded. Were you trading a different plan?

A: According to the leg I traded if I did not manually close trade I would have had profit. Why did I close trade? According to my Rules If I reach my break even level price moves +1 but it didn't so I got out when I got home. The chart shows my swing low(stop loss) risk 128T if it stop me out would have blown my account. I have been working on risk management.
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Empower Your Mind
  • #30,702
  • Jul 26, 2017 4:33pm Jul 26, 2017 4:33pm
Target 2 hit unfortunately I was not able to captialize on it. Will try to check in soon
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Empower Your Mind
  • #30,703
  • Jul 27, 2017 12:57am Jul 27, 2017 12:57am
Quoting PeterT
{quote} You think so? I didn't feel like I was overtrading. I used to trade forex only, traded 6-8 pairs. I think Mr. Pip said to pick one pair/instrument and make it your b*tch. So I chose EURUSD first but I switched to USDJPY. Normally that's the only forex pair I look at now, unless it's really quiet then I might check for EURUSD or GBPUSD-JPY pair. I used to trade USDJPY on shorter term and immediate but I'm now mainly trading the intraday or longer time frame. Because I have to deal with less noise and spikes that way. And it gives me the opportunity...
Makes sense what you wrote. I only saw different entries on different instruments. Hence, it gave me that feeling.
Wish many pips today to erase yesterday.
  • #30,704
  • Jul 27, 2017 3:57am Jul 27, 2017 3:57am
Quoting vqtrader
{quote} I have been putting together a financial literacy and trading course for kids a
Financial literacy and trading course for kids?
Now I'm a bit curious how that would work practically
  • #30,705
  • Jul 27, 2017 4:09am Jul 27, 2017 4:09am
Quoting PeterT
{quote} Financial literacy and trading course for kids? Now I'm a bit curious how that would work practically
I taught and owned a tennis biz for 10 yrs instructing kids 5yrs all the way up to 60. beginners and advanced. Practically its a very simple process using games and interactive approach. What is difficult is the design of the games. That's where I am now. Sitting down in a quite place to think(develop) games isn't as easy as most people think.

Trading course is done and literacy course is done now marrying them together in an easy format. there is the kicker, but this what I do. I take hard crap and make it simple. If a child understand the material adults are easy to deal with. It just takes a shit ton of free time.

Off to work. Happy trading today PeterT

FYI-
Part 1-Financial Literacy
Part2-Trading and Investing
Empower Your Mind
  • #30,706
  • Jul 27, 2017 4:45am Jul 27, 2017 4:45am
Quoting vqtrader
{quote} I taught and owned a tennis biz for 10 yrs instructing kids 5yrs all the way up to 60. beginners and advanced. Practically its a very simple process using games and interactive approach. What is difficult is the design of the games. That's where I am now. Sitting down in a quite place to think(develop) games isn't as easy as most people think. Trading course is done and literacy course is done now marrying them together in an easy format. there is the kicker, but this what I do. I take hard crap and make it simple. If a child understand...
The sooner you learn it the better. I wish I had a training course for trading when I was a kid then I would definitely be a trading guru by now
Sounds challenging vqtrader, good luck with it
Have a nice day and happy trading if you ever get to it
  • #30,707
  • Jul 27, 2017 8:42am Jul 27, 2017 8:42am
Price move too quick, didn't get the good price.
+3 point
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  • #30,708
  • Jul 27, 2017 8:53am Jul 27, 2017 8:53am
Quoting Victor_Lin
Price move too quick, didn't get the good price. +3 point {image}
Did you short earlier Victor?
  • #30,709
  • Jul 27, 2017 8:53am Jul 27, 2017 8:53am
looking for long around 692 level
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  • #30,710
  • Jul 27, 2017 8:59am Jul 27, 2017 8:59am
Quoting civo
looking for long around 692 level {image}
im long
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  • #30,711
  • Jul 27, 2017 8:59am Jul 27, 2017 8:59am
Quoting Milfortra
{quote} Did you short earlier Victor?
no, I didn't short.
  • #30,712
  • Jul 27, 2017 9:02am Jul 27, 2017 9:02am
Quoting civo
{quote} im long {image}
with such a good projection and momentum i don't expect it to correct much deeper
lets see
  • #30,713
  • Jul 27, 2017 9:07am Jul 27, 2017 9:07am
Quoting civo
{quote} im long {image}
nice, it's 1:1 completion.
  • #30,714
  • Jul 27, 2017 9:37am Jul 27, 2017 9:37am
Quoting civo
{quote} im long {image}
i didn't hit structure yet, but the short term order flow is also for a NSH.
so my SL now is at BE +1
  • #30,715
  • Jul 27, 2017 10:05am Jul 27, 2017 10:05am
Quoting civo
{quote} i didn't hit structure yet, but the short term order flow is also for a NSH. so my SL now is at BE +1
SL hit +1
  • #30,716
  • Jul 27, 2017 10:20am Jul 27, 2017 10:20am
Learned a really good lesson today. -9
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  • #30,717
  • Jul 27, 2017 10:29am Jul 27, 2017 10:29am
Quoting Victor_Lin
{quote} nice, it's 1:1 completion.
What kind of rotation candles do you look for? I notice you often get in at a really good spot. By the time I see a rotation candle, 10 pts will blow by and that gets added on top of my SL.
  • #30,718
  • Jul 27, 2017 10:55am Jul 27, 2017 10:55am
Quoting ckh626
{quote} What kind of rotation candles do you look for? I notice you often get in at a really good spot. By the time I see a rotation candle, 10 pts will blow by and that gets added on top of my SL.
I didn't totally look at rotation candle, because it will lose some chance to entry the market. I just try to find more opportunity to get into the market. As we all know, we have 70% win rate as long as following the order flow. The only thing we can do is click on mouse and control risk.
When there's a breakout with strong movement, I will place a trade and put my SL at below previous L/H. Normally it's just less than 20 point.
Of course I look structure of support/resistance as well.

BTW, before I place a trade, I will calculate how many position I can buy, I will take 3% risk of my account.
ex.
assume 3% of my account is $500
if my SL is 30 point, I can buy/sell 3 contracts at most.

In the way I can trade without fear, because I know I have 70% win rate at least.
  • #30,719
  • Jul 27, 2017 10:58am Jul 27, 2017 10:58am
My last trade for today. I am a little hesitation to click mouse today, placed a trade with bad price.
I need to recover my loss, so exit early.
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  • #30,720
  • Jul 27, 2017 3:19pm Jul 27, 2017 3:19pm
Summary of the day:
YM +18 -13 +20 +26 -12 Total +39 ticks
Made some mistakes. Trading is tough. Lose your cool for two seconds and you're the bunny. In total it turned out allright :-)

USDJPY had a -10 pips loss. Still a longterm running short with SL set to BE+10 to compensate for that loss

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