70% expectancy rate with proper SL placement.
Ratios & Harmonics: a Different Way to Trade
- #35,464
- Jan 12, 2018 5:16am Jan 12, 2018 5:16am
Great job, Mr. Pip!
New guy here. New to trading, too. I've been demoing forex on and off for a few years as a distraction but finding this thread and dabbling around with the YM seems to have cut on a light way down at the end of the tunnel.
This is great stuff. It's amazing to find order in what would otherwise appear to be chaos. And with just a little practice things seem to be coming together.
I still have some work to do but practicing these ideas with your guidance and the input from others on this thread has resulted in a lot of "Aha!" moments and forward progress with seeing order in the markets, whereas messing around with indicators seems more of a coin flip.
In the near future, if deemed appropriate to this thread, I hope to pick your collective brains about the business side of trading; setting up corp or not, holding out income for the tax man, etc.. It's neat that in just a short amount of time and study with this strategy one seemingly can go from "How do I make money doing this?" to "How might I best handle the money I make doing this?"
Thanks again!
Brent
New guy here. New to trading, too. I've been demoing forex on and off for a few years as a distraction but finding this thread and dabbling around with the YM seems to have cut on a light way down at the end of the tunnel.
This is great stuff. It's amazing to find order in what would otherwise appear to be chaos. And with just a little practice things seem to be coming together.
I still have some work to do but practicing these ideas with your guidance and the input from others on this thread has resulted in a lot of "Aha!" moments and forward progress with seeing order in the markets, whereas messing around with indicators seems more of a coin flip.
In the near future, if deemed appropriate to this thread, I hope to pick your collective brains about the business side of trading; setting up corp or not, holding out income for the tax man, etc.. It's neat that in just a short amount of time and study with this strategy one seemingly can go from "How do I make money doing this?" to "How might I best handle the money I make doing this?"
Thanks again!
Brent
- #35,470
- Edited 8:23am Jan 12, 2018 7:47am | Edited 8:23am
- | Joined Jan 2016 | Status: Trader | 1,719 Posts
- #35,473
- Edited 8:28am Jan 12, 2018 8:07am | Edited 8:28am
- | Joined Jan 2016 | Status: Trader | 1,719 Posts
- #35,475
- Jan 12, 2018 9:21am Jan 12, 2018 9:21am
Profit is going in the right direction. Wish all a nice WE. {image}
Have a good weekend everyone D
- #35,476
- Jan 12, 2018 9:23am Jan 12, 2018 9:23am
- | Joined Dec 2017 | Status: Trader | 1,054 Posts
Hey everyone, been following Mr. Pips teachings for awhile and usually pop in periodically. But my goal is to be much more active in the thread from here going forward. This was today's trade, any and all feedback welcome! Explanation is on the chart. {image}
- #35,478
- Jan 12, 2018 11:20am Jan 12, 2018 11:20am
{quote} Thank you. That was also the reason to do it and I am also happy that at the end I understood something and that I can apply in a consistent manner. However, I miss the time in this thread where the participation was really high and people posted trades. I learned a lot from those (especially from the trades which failed). Now, it is a bit dead here. In my view, it is also a way to show gratitude to Damian which invested his time (could have done other things; he does not ask anything in return). Hope participation will increase again and...
I do post some charts when I have the time, really busy man sometimes.. BUT I hope that other also do. We sometimes have over 100 people in this thread and I only see a handful of the same people post charts and ideas.
I hope for you that all those trades were live
A real gem this thread is.
"Luck is when opportunity meets preparation"
- #35,479
- Jan 12, 2018 12:41pm Jan 12, 2018 12:41pm
{quote} Great job! Trading the M1 on Forex is terrifying
- #35,480
- Jan 12, 2018 4:56pm Jan 12, 2018 4:56pm
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
This is my account graph.
Last week was great (trade 1 to 8), this week not so great.
Trade 9 was the first trade of this week.
I was experimenting a bit with trading corrections and tried to find entries in areas with confluence of fib extensions and structure/harmonics/fib retracement levels.
This was because I found waiting for a setup according to Mr. Pip method extremely boring (for forex pairs it sometimes takes ages for a swing to develop), so I wanted to add more opportunities by also trading corrections.
I was not succesful at it as you can see.
The red dots were trades where the entry was based on presumed exhaustion according to fib extension and confluence with structure/harmonic/fib.
Almost all of them were losing trades.
Had I not taken them, I would not have lost about 80 euro this week and my graph would have been ascending.
It's ok, I kind of did it on purpose, or at least consciously.
But I will stop experimenting with it in live trading and keep it for backtesting until it works.
So down 58 euro, or 5.8% account this week.
Still in green for the month. Let's do better next week
Last week was great (trade 1 to 8), this week not so great.
Trade 9 was the first trade of this week.
I was experimenting a bit with trading corrections and tried to find entries in areas with confluence of fib extensions and structure/harmonics/fib retracement levels.
This was because I found waiting for a setup according to Mr. Pip method extremely boring (for forex pairs it sometimes takes ages for a swing to develop), so I wanted to add more opportunities by also trading corrections.
I was not succesful at it as you can see.
The red dots were trades where the entry was based on presumed exhaustion according to fib extension and confluence with structure/harmonic/fib.
Almost all of them were losing trades.
Had I not taken them, I would not have lost about 80 euro this week and my graph would have been ascending.
It's ok, I kind of did it on purpose, or at least consciously.
But I will stop experimenting with it in live trading and keep it for backtesting until it works.
So down 58 euro, or 5.8% account this week.
Still in green for the month. Let's do better next week