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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

  • #30,741
  • Jul 28, 2017 7:12am Jul 28, 2017 7:12am
Quoting jmezz
{quote} YM +34 on short from area discussed. {image}
Amazing.
  • #30,742
  • Jul 28, 2017 7:16am Jul 28, 2017 7:16am
Quoting Robadub
Hello everyone, I am new here I wanted to know what are the tick charts that Mr. Pip uses, In addition to 233 and 1597. thanks and Have a nice weekend!!! Have a nice weekend
No others.
  • #30,743
  • Jul 28, 2017 7:26am Jul 28, 2017 7:26am
Quoting Victor_Lin
-18 point {image}
What was the reasoning for the trade?
  • #30,744
  • Jul 28, 2017 7:52am Jul 28, 2017 7:52am
2nd trade + 16 point.
have recovered all losses today
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  • #30,745
  • Jul 28, 2017 7:54am Jul 28, 2017 7:54am
Quoting jmezz
{quote} What was the reasoning for the trade?
expected NSH, support area, and RR is good.
  • #30,746
  • Jul 28, 2017 8:00am Jul 28, 2017 8:00am
Quoting Victor_Lin
{quote} expected NSH, support area, and RR is good.
If i'm not mistaken .. you aren't trading exactly with Mr.Pip's method? You are looking at the longer term expectation and just trying to find good entries inline with that without considering the short/ immediate expectation ?
  • #30,747
  • Jul 28, 2017 8:12am Jul 28, 2017 8:12am
Quoting x3m-PippiN
{quote} If i'm not mistaken .. you aren't trading exactly with Mr.Pip's method? You are looking at the longer term expectation and just trying to find good entries inline with that without considering the short/ immediate expectation ?
I trade the short term order flow. I have explained it yesterday why I trade like this way.
  • #30,748
  • Jul 28, 2017 12:44pm Jul 28, 2017 12:44pm
Today YM
Difficult PA
+1 +3 +8 +1

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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 6:47pm Jul 28, 2017 6:47pm
You guys taking those early longs on YM didn't care about this zone?

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  • #30,750
  • Jul 29, 2017 12:49am Jul 29, 2017 12:49am
Quoting jmezz
You guys taking those early longs on YM didn't care about this zone? {image}
I took a long after that zone was breached twice, once up, once down as if it wasn't there anymore (almost no reaction to the zone).
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 2:44am Jul 29, 2017 2:44am
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!

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  • #30,752
  • Jul 29, 2017 2:48am Jul 29, 2017 2:48am
Quoting jmezz
You guys taking those early longs on YM didn't care about this zone? {image}
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.
  • #30,753
  • Jul 29, 2017 9:00am Jul 29, 2017 9:00am
Quoting x3m-PippiN
{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.
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  • #30,754
  • Jul 29, 2017 6:48pm Jul 29, 2017 6:48pm
Quoting jmezz
{quote} {image}
I played your short long as a breakout and regretted it immediately -9. I didn't see the 1:1 completion until much later.

I take it you don't really look for rotation candles either.

I don't really see one at the 700, which is why I didn't trade it. I spent much of the day trying short through 730, which did not go terribly well.
  • #30,755
  • Jul 29, 2017 8:56pm Jul 29, 2017 8:56pm
Quoting ckh626
{quote} I played your short long as a breakout and regretted it immediately -9. I didn't see the 1:1 completion until much later. I take it you don't really look for rotation candles either. I don't really see one at the 700, which is why I didn't trade it. I spent much of the day trying short through 730, which did not go terribly well.
Breakouts are tough, really only like them if price is fixed overwhelmingly in one direction.

The majority of the time I do wait for rotation. However, I believe you follow my posts closely, you'll notice I will skip the rotation in certain scenarios playing leg starts when the r:r is much more favorable.

There was a lot of resistance in that zone. I thought we'd at least pause after my fill so at the very least I'd have a chance to remove most of my initial risk.

Also noticed I labeled the 5w incorrectly, noob mistake haha
  • #30,756
  • Jul 30, 2017 1:47am Jul 30, 2017 1:47am
Hi all......hopefully someone can point me in the right direction.......i've been following Mr Pip's thread for a while, just applying it to forex though, and my trading is improving rapidly, but having been a slave to MT4 for years i want to make the move from my broker (ETX - would not recomend) and to trade ym-dow -jones.......using same platform as most of you good ppl use.....i normally trade with lot sizes varying between 0.10 to 0.20 pending currency pair....how big of a transition am i facing ??
ps....thanks in advance for any advice.
  • #30,757
  • Jul 30, 2017 4:28am Jul 30, 2017 4:28am
Quoting 1 Day ...
Hi all......hopefully someone can point me in the right direction.......i've been following Mr Pip's thread for a while, just applying it to forex though, and my trading is improving rapidly, but having been a slave to MT4 for years i want to make the move from my broker (ETX - would not recomend) and to trade ym-dow -jones.......using same platform as most of you good ppl use.....i normally trade with lot sizes varying between 0.10 to 0.20 pending currency pair....how big of a transition am i facing ?? ps....thanks in advance for any advice.
I'd say it's not such a big transition. The "paper" work (online) is a bit more and I'd say that your starting capital should be a bit more than fx but other than that it isn't a complicated process.
If you want to trade on the same platform as Mr.Pip it's called Ninjatrader. You can google them, go to the website and try the platform with 2 weeks free data feed. If you like it there is a step by step process on the website. IMO you should start with at least 5000$ and have some spare change to pay data fees and such. You can start with less but you won't have enough capital if you hit consecutive losses and it will be an emotional strain. Btw, have in mind that Dow Jones (YM) point value per contract is 5$, so a 30-40 point stop loss is 150$ - 200$
I think I covered the basics.
  • #30,758
  • Jul 30, 2017 4:07pm Jul 30, 2017 4:07pm
Quoting 1 Day ...
Hi all......hopefully someone can point me in the right direction.......i've been following Mr Pip's thread for a while, just applying it to forex though, and my trading is improving rapidly, but having been a slave to MT4 for years i want to make the move from my broker (ETX - would not recomend) and to trade ym-dow -jones.......using same platform as most of you good ppl use.....i normally trade with lot sizes varying between 0.10 to 0.20 pending currency pair....how big of a transition am i facing ?? ps....thanks in advance for any advice.
I agree with X3m. $500/contract required

Here is what I used to start my business:

Income:
Capital Allocation: $1,370

Expense(to take into account):
$84 per year for YM data($7/month). It goes up when adding more data
$720/year for lease
$4 commission fee per contract(fees go up as you trade through year)

Hope throwing numbers in help with choice.
Empower Your Mind
  • #30,759
  • Jul 30, 2017 5:35pm Jul 30, 2017 5:35pm
Quoting vqtrader
{quote} $720/year for lease
Hi VQtrader, what is the lease?

Thanks
  • #30,760
  • Jul 30, 2017 5:36pm Jul 30, 2017 5:36pm
Quoting brrand
{quote} Hi VQtrader, what is the lease? Thanks
ninjatrader lease to use platform
Empower Your Mind
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