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"Ratios & Harmonics: a Different Way to Trade." Summary 36 replies

Attachments: Ratios & Harmonics: a Different Way to Trade
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Ratios & Harmonics: a Different Way to Trade

Quoting Tesmy
Hello Mr Pip and everyone else. Thank you for taking the time over the past five years to post and teach here :-) I have been a long time lurker trying to implement your teachings with varying degrees of success (when I follow rules, it works, when I do not, I fail badly). I find my GREATEST battle is with taking losses. Are there any mental training/psychology training you would recommend which would make someone (myself) comfortable with taking losses. I find whilst I can identify entries, my inability to want to take a loss is what eventually...
Well my friend I'm afraid there is no magic pill for this. We must accept that there will be losses but they must be managed. We must have a set of rules and work within the framework of those rules. We never want to increase the level of pain by adding or extending the stop. It goes where it needs to go and we only adjust it to reduce risk that is it.

Once you develop that belief system and 100% believe in your trade plan then following your rules become easier and the losses do not affect your decision making but you must believe in your analysis until the market proves you wrong then you need to get out of that position. This took me the longest to overcome. If you notice my emotions are the same win lose or draw.
If you fail to plan, you plan to fail.
Hi Guys!

Haven't been really posting here, but have been following this thread for awhile and I'm trading with Damian's basics and have modified it a bit to suit my style (and timeframe) better. So the charts wouldn't do justice. A huge Thank You for Damian to show us the way to make some sense out of everything that's going on in the markets!!!

Had some silly analysis of a trading video here. And after giving it a thought I decided to scrap it. I don't know anything about anybody's way of trading and don't want cause any harm to anyone by assuming things I don't know.

Green pips to all!!
Quoting Happy_Sniper
Hi Guys! Haven't been really posting here, but have been following this thread for awhile and I'm trading with Damian's basics and have modified it a bit to suit my style (and timeframe) better. So the charts wouldn't do justice. A huge Thank You for Damian to show us the way to make some sense out of everything that's going on in the markets!!! Had some silly analysis of a trading video here. And after giving it a thought I decided to scrap it. I don't know anything about anybody's way of trading and don't want cause any harm to anyone by assuming...
Hi :
I believe anybody who may take any advantage from the material in this thread , should contribute to it in part at least, by sharing his ideas or thoughts, who knows ,may somebody else get benefit from that...
Quoting Mr. Pip
{quote} Well my friend I'm afraid there is no magic pill for this. We must accept that there will be losses but they must be managed. We must have a set of rules and work within the framework of those rules. We never want to increase the level of pain by adding or extending the stop. It goes where it needs to go and we only adjust it to reduce risk that is it. Once you develop that belief system and 100% believe in your trade plan then following your rules become easier and the losses do not affect your decision making but you must believe in your...
Thank you for taking the time to answer my question - much appreciated.

Having analysed my past results, you are correct, had I taken my losses (even at 2% max), I would be ahead by 6 figures rather than having to fund a new account.

Will try and get my mentality right with regards to losses and treat a win/lose/draw with exactly the same attitude.

Thank you again for your time.
GC short (2000tick chart) Perfect respect of 618, entry short under the rotation around the 50, see if we can make a push to extension 127.
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Previous trade was for +25ticks on the 2000tick chart, entered long around the 50 again.
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Quoting Bodiddi
GC short (2000tick chart) Perfect respect of 618, entry short under the rotation around the 50, see if we can make a push to extension 127. {image}
Taking this trade would negate the previous trade though, the long, so I'm out with a graceful.
Hello everyone,

Was back testing some data from the past and need thoughts from the side.

Here is 3 trades which i would take as a intraday trader and all of them failed. Ok maybe third trade is too aggressive after big moves but what do you think guys about this chart.
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Just My 2 cents. I have attached an edited chart starting my take on each setup.

For the third trade, you're right about being "too aggressive".

Using the 3 tools (Momentum, depth and Projection), one could have avoided the first setup. It was glaring that a sell trade at that region will better be classified as 50-50 expectation compared to the conventional 70-30 expectation.

Paying attention to news release (if actually that move was caused by a news release), would have help one to better manage his/her trade.
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Quoting Mr. Pip
{quote} Well my friend I'm afraid there is no magic pill for this. We must accept that there will be losses but they must be managed. We must have a set of rules and work within the framework of those rules. We never want to increase the level of pain by adding or extending the stop. It goes where it needs to go and we only adjust it to reduce risk that is it. Once you develop that belief system and 100% believe in your trade plan then following your rules become easier and the losses do not affect your decision making but you must believe in your...
Mr Pip,

Do you think it is good to trade YM immediately, before forex, or just hop on a small forex account and learn how to trade before trading YM? What are your thoughts, because I see a lot of people trading YM, but with a good Money Management system, you have to have atleast a 5000-10000$ trading account, which is quite big. And ofcourse you don't have to deposit the full amount, but only 30%/40%..

Would like to hear your thoughts on this.

Kind regards,

Sheep
"Luck is when opportunity meets preparation"
Quoting ltupower
Hello everyone, Was back testing some data from the past and need thoughts from the side. Here is 3 trades which i would take as a intraday trader and all of them failed. Ok maybe third trade is too aggressive after big moves but what do you think guys about this chart. {image}
1ste trade was quite good.
2nd trade: just before some news pulling up I guess, so your trading plan should cancel that trade.
3d trade a little too aggressive in my opinion..
Wait for the market to give it what YOU want and try not to be in a trade.
and last but not least, losses occur, even 3 on a day.. Just skip a day or demo for the rest of the week and come back with a ' relaxed ' mindset and trade that day if nothing would of happened.

The only thing that matters is the next setup..

Hope this helps.

Sheep
"Luck is when opportunity meets preparation"
long

edit: out at BE, price made a NSL
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"Luck is when opportunity meets preparation"
long at 730 and got also breakeven +1
Quoting civo
long at 730 and got also breakeven +1
taken out + 1
Had the same idea. Got taken out +3.
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Quoting leadzeal
Just My 2 cents. I have attached an edited chart starting my take on each setup. For the third trade, you're right about being "too aggressive". Using the 3 tools (Momentum, depth and Projection), one could have avoided the first setup. It was glaring that a sell trade at that region will better be classified as 50-50 expectation compared to the conventional 70-30 expectation. Paying attention to news release (if actually that move was caused by a news release), would have help one to better manage his/her trade. {image}
Hi :
If you look at the M30 chart of EURUSD you may see that longer term flow has corrected to its 61.8% fib and there is a very strong structure (resistance), just above it, so you should think of short term expectation failure near such a strong long term structure.
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Currently long on intraday DAX, waiting for a short signal on longer term EURUSD
Late trade. Equivalent to +15 YM points on NQ.
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Good morning,

Need some help. This morning was made longer term harmonic 1:1 to the upside and i expected deeper retracement but intraday made small NSH.
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So my question is if the market should be exhausted to the upside should we avoid catching these intraday swings to the upside and wait for a deeper retracement? Or set aside this completed harmonic and if we get good rotation still jump in for the long?
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