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Ratios & Harmonics: a Different Way to Trade
- #30,748
- Jul 28, 2017 2:44pm Jul 28, 2017 2:44pm
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
Today YM
Difficult PA
+1 +3 +8 +1
Summary of the week:
YM+NQ:
Did a good job following rules. One big mistake costed me 34 ticks, entering a trade at market open.
Some trades were protected too early and also costed me ticks. I learned from it and did better afterwards.
Total of the week +31 in 16 trades (+3 -34 +2 +19 +3 +2 -16 +18 -13 +20 +25 -11 +1 +3 +8 +1)
USDJPY:
difficult to say as I traded with different lot sizes. So pips say nothing. Overall I made a small profit.
Difficult PA
+1 +3 +8 +1
Summary of the week:
YM+NQ:
Did a good job following rules. One big mistake costed me 34 ticks, entering a trade at market open.
Some trades were protected too early and also costed me ticks. I learned from it and did better afterwards.
Total of the week +31 in 16 trades (+3 -34 +2 +19 +3 +2 -16 +18 -13 +20 +25 -11 +1 +3 +8 +1)
USDJPY:
difficult to say as I traded with different lot sizes. So pips say nothing. Overall I made a small profit.
- #30,749
- Jul 28, 2017 8:47pm Jul 28, 2017 8:47pm
- | Joined Mar 2016 | Status: Trader | 1,068 Posts
You guys taking those early longs on YM didn't care about this zone?
- #30,750
- Jul 29, 2017 2:49am Jul 29, 2017 2:49am
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
You guys taking those early longs on YM didn't care about this zone? {image}
Assuming that means that there are no buyers or sellers left in that zone, I concentrated on my position relative to the high that was formed at 21740 to determine if I had enough room to protect.
After being breached twice without significant reaction I didn't see the resistance zone as an obstacle anymore.
I only assume the zone is back when it shows resistance again.
Which it did. But after my entry
So, do you think there's something wrong with that approach?
Should I still assume strength in the zone when price comes down and back up like it did after breaching the zone?
Do you assume the zone is "reloaded" with sellers then?
Thanks for your view on this!
- #30,751
- Jul 29, 2017 4:44am Jul 29, 2017 4:44am
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
After a short period of patting myself on the back because I didn't lose in Friday's kind of difficult PA, I analyzed my trades.
Conclusion is that I still made some mistakes.
At first sight these are my conclusions:
- For trades in the direction of the OF I'm trading I really should let the trade run. I analyzed, the decision has been made, I place my order and from that point on, I shouldn't touch it unless to protect. But only at a suitable location and not too early.
- Have to think about my entry BEFORE I take it, so I don't have to doubt it after entry and start getting emotional.
- SL placement for trades in the direction of OF: below the swing I'm working with
- For trade against orderflow I start protecting as soon as a 1:1 R:R is reached. Not sure about that strategy yet but it saves me a lot of times.
- SL placement for trade against OF: directly above the high/low so I have small SL and can protect fast and can still aim for a 1:1 R:R
Please leave a comment if you don't agree or want to add something!
Conclusion is that I still made some mistakes.
At first sight these are my conclusions:
- For trades in the direction of the OF I'm trading I really should let the trade run. I analyzed, the decision has been made, I place my order and from that point on, I shouldn't touch it unless to protect. But only at a suitable location and not too early.
- Have to think about my entry BEFORE I take it, so I don't have to doubt it after entry and start getting emotional.
- SL placement for trades in the direction of OF: below the swing I'm working with
- For trade against orderflow I start protecting as soon as a 1:1 R:R is reached. Not sure about that strategy yet but it saves me a lot of times.
- SL placement for trade against OF: directly above the high/low so I have small SL and can protect fast and can still aim for a 1:1 R:R
Please leave a comment if you don't agree or want to add something!
- #30,753
- Jul 29, 2017 11:00am Jul 29, 2017 11:00am
- | Joined Mar 2016 | Status: Trader | 1,068 Posts
{quote} I would ask you the same question considering your short. I get very frustrated with structure like this because sometimes bullish entry candles close right below structure and I don't enter just to see the structure fail and other times I enter in the same situation and structure holds like it has got every trader on its side. So my approach is just having the expectation that the bears would probably defend but the expectation is clear so they should go and find trouble elsewhere.
