DislikedHad a good run before doing some traveling this morning. YM +51 Can any of you guys tell me how to get the "Entry" and "Stop" text off the chart on NinjaTrader 8? I like the arrows but the text gets in the way sometimes. Try as I might, I haven't been able to figure it out from any of the documentation with the software. Have a great day! Brent {image}Ignored
Ratios & Harmonics: a Different Way to Trade
- #35,482
- Edited 6:57am Jan 13, 2018 3:30am | Edited 6:57am
- | Joined Jan 2016 | Status: Trader | 1,719 Posts
{quote} Nice trades buddy, might explaining why you took some counter trend trades, as they seem to play out pretty well! 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 liveA real gem this thread is.
Beside that, I am still not in a position to advise others, because it runs wel onlyl since 6 months. My goal is to make out of this my fultime business, but I need for myself a longer track record (>18 months and the final confidence "feeling") in order to take the decision to leave my current job.
Everything is here in this thread, Damian did and does a perfect work and shows that he masters price (I am only a novice).
Peter: 6 months ago, my profit sheet looked much worser than yours (I guess; I had at that time MT4 and not this detailed overview). It was a long journey for me, many hours in this thread reading and asking (maybe stupid) questions and studying charts for myself beside my fulltime job and my family,... and I am still learning. I like how you approach the whole subject-matter.
- #35,484
- Edited 11:54am Jan 13, 2018 11:40am | Edited 11:54am
- | Joined Apr 2016 | Status: Trader | 410 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...
It is very interesting, i was doing the same during past few weeks with a lot of failure and loses.
So i also decided:
1)Not try to predict and trade the D point (Against Trend) any more , and trade only aggressive C, although the R:R ratio sometimes sucks.
2) Shift to a lower time frame 15-30 min to minimize the necessity of higher SL (and loss), and of course expecting lower profit, and more opportunity of trade, although as i mentioned before the price you would be paying is, a lot more commission.
3) The other thing that i learned from this journey was that, except AB=CD , no other harmonic pattern are reliable,and their failure rate are high, and i am not going to use them anymore.
wish you and myself more luck for the next week.
- #35,485
- Edited 2:11pm Jan 13, 2018 1:19pm | Edited 2:11pm
- | Joined Jan 2016 | Status: Trader | 1,719 Posts
- #35,488
- Jan 13, 2018 2:19pm Jan 13, 2018 2:19pm
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #35,489
- Jan 13, 2018 2:21pm Jan 13, 2018 2:21pm
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
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...
If you fail to plan, you plan to fail.
- #35,492
- Jan 14, 2018 1:56am Jan 14, 2018 1:56am
Good Day Damian,
Love and appreciate your work always. Hope you can spare me some of your precious time to explain what everybody seems to grasp but I do not know how to yet.
How do you/I determine that a particular structure is the lower high of the main swing or the intermediate. An example below from a few days ago on usd/jpy 5min. Structure labelled A is the higher lower that needs to be broken to determine a long term trend change. Price makes a new lower high and starts moving up. So we buy into that. But then price shoots down to C and breaks higher low B. Since B is the latest higher low this should indicate a change in trend. From benefit of hindsight we see that this is where the trend's descent began but its an area of uncertainty for me. How do I know structures like high low; B that come after the last lower high, count or don't count as "the" lower high that when broken; signals the change in trend.
Thanks a lot again Damian.
Also I think it would give some of us confidence if you gave us exams and questions to answer. When we get it right we know we have passed / mastered that concept. I think it would also be nice to know a pre-trade to do list kind of routine for the system. You have already done so much I feel like I am asking too much. Please don't be offended. Will understand if you feel it is not necessary.
Love and appreciate your work always. Hope you can spare me some of your precious time to explain what everybody seems to grasp but I do not know how to yet.
How do you/I determine that a particular structure is the lower high of the main swing or the intermediate. An example below from a few days ago on usd/jpy 5min. Structure labelled A is the higher lower that needs to be broken to determine a long term trend change. Price makes a new lower high and starts moving up. So we buy into that. But then price shoots down to C and breaks higher low B. Since B is the latest higher low this should indicate a change in trend. From benefit of hindsight we see that this is where the trend's descent began but its an area of uncertainty for me. How do I know structures like high low; B that come after the last lower high, count or don't count as "the" lower high that when broken; signals the change in trend.
Thanks a lot again Damian.
Also I think it would give some of us confidence if you gave us exams and questions to answer. When we get it right we know we have passed / mastered that concept. I think it would also be nice to know a pre-trade to do list kind of routine for the system. You have already done so much I feel like I am asking too much. Please don't be offended. Will understand if you feel it is not necessary.
- #35,493
- Jan 14, 2018 4:59am Jan 14, 2018 4:59am
Good Day Damian, Love and appreciate your work always. Hope you can spare me some of your precious time to explain what everybody seems to grasp but I do not know how to yet. How do you/I determine that a particular structure is the lower high of the main swing or the intermediate. An example below from a few days ago on usd/jpy 5min. Structure labelled A is the higher lower that needs to be broken to determine a long term trend change. Price makes a new lower high and starts moving up. So we buy into that. But then price shoots down to C and breaks...
Good question! I look forward to a response from Damian and the other senior followers of this thread.
I'm still new to this way of studying price action but I would like to add my two cents on your second question of quiz/exam questions. I think it's a great idea!
But I have a suggestion that might help even more....at least it has helped me in the past in similar situations of wanting to learn fairly intricate systems or lines of thinking.
Make your own quiz.
Start with the first video in the series of YouTube videos that Damian has made (the one on NSH, NSL, HLs, LHs, etc.) and take a few notes, thinking of good questions to ask yourself so that you can make this information "yours".What I've found in the past, with the way my brain works, is that if I do what I can to make the information being presented "mine" then I retain it much better. At the beginning I often ask myself if I could give a coherent "elevator talk" with what I know. That is to say, if I met someone on an elevator who asked me what I did for a living or for fun and I wanted to tell them about trading, could give them a description in the short amount of time it would take for the elevator to get to it's destination that was coherent and concise. This always helped me cement the basic idea of a concept in my mind. So after describing trading in my mind with an elevator talk (Buy low, sell high and buy high, sell low), I could move topic to topic coalescing each more involved topic into it's own elevator speech which I could give myself in my head. New structure highs and lows, lower highs, lower lows, projection, depth, momentum, etc, etc.
By doing it this way it always made it easier to find my weaknesses, as well. If there is a fuzzy part in my description then I'm generally not very clear in my mind on how to explain it to myself, so I know where I need to work on hammering out my perspective.
I think by doing this with each video, after the first three or four you will pretty clearly know what your trading plan and strategy are. You will know what your pre-trade checklist consists of, and you will own that information. You won't be trading Damian's plan you will be trading yours. And that's huge, because (again, I've found this out about myself) until I make what knowledge I've gained mine I won't accept responsibility for the results. If I have a winning trade then it's hooray! but there is always a bit a doubt in my mind because it really might have been blind luck (Cool! Gee whiz, I hope I can do that again.) If I have a bad trade then my mind tends to disown it and place the blame on someone's else's system. (Oh Man, this doesn't work. I'm going back to my squigglies!)
Most of you probably knew all the cool stuff that was hiding in the attachments on this thread. I'm slow so it took me a few weeks to find it. Damian and others have posted his trading plan, his "rules of engagement", a strategy for fixed vs smooth ratio money management, a book or two on trading and harmonics/ratios, etc. It's all great info, and a great template. I need to go back and start working on my own framework so I can make my own strategy. If you haven't dug through the attachments, etc, then check them out!
I'm really excited to have found this thread. Perhaps it's foolish optimism but after trying other favorite strategies on similar forums and threads it seems like I've stumbled onto one that really works and really makes sense. I have a long way to go. At this point I have no clue as to what I don't know, yet.
Thanks to all of you for sharing your knowledge and experience. It's invaluable. Sorry if I got long winded here. And wnabo please don't think I'm saying "Hey guy, you can figure this out on your own!" That's not my intention with my comments. I can't help much with the trading side of things yet but I thought maybe this perspective on studying might be helpful to someone.
Best wishes to all,
Brent
- #35,494
- Edited 5:59am Jan 14, 2018 5:29am | Edited 5:59am
- | Joined Jan 2016 | Status: Trader | 1,719 Posts
- #35,495
- Jan 14, 2018 7:13am Jan 14, 2018 7:13am
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
.... Thanks a lot again Damian. Also I think it would give some of us confidence if you gave us exams and questions to answer. When we get it right we know we have passed / mastered that concept.
My unsollicited opinion on how to learn it is:
- watch the videos very carefully, and take notes about everything that seems important to you. Write down what Mr. Pip explains so you can read it later like a book, a manual. Also, next to your notes, write down the time in the video for easier reference in the future.
- Apply what you learn. Watch charts, analyze charts, apply the method. You need charting time, lots and lots of charting time.
- The exam would be watching and analyzing a chart and taking trades. If your results are positive over a certain period of time, you passed.
If you are unsure about certain aspects and you have questions, post them in the thread and someone will answer them.
I think it is up to us to come up with the questions, not Mr. Pip. No offense!
.... I think it would also be nice to know a pre-trade to do list kind of routine for the system.
You can make checklists from it, a manual for the method, come up with questions etc.
Just trying to help wnabo, I don't mean to offend you or make you look bad.
Grtz Peter
- #35,496
- Edited 8:17pm Jan 14, 2018 7:58am | Edited 8:17pm
- | Joined Apr 2016 | Status: Trader | 410 Posts
Good Day Damian, Love and appreciate your work always. Hope you can spare me some of your precious time to explain what everybody seems to grasp but I do not know how to yet. How do you/I determine that a particular structure is the lower high of the main swing or the intermediate. An example below from a few days ago on usd/jpy 5min. Structure labelled A is the higher lower that needs to be broken to determine a long term trend change. Price makes a new lower high and starts moving up. So we buy into that. But then price shoots down to C and breaks...
Let see how i would have done money management wise, if i was in your situation: i have numbered the swings for better clarification
1)lets say that we are at the time when 1-2 is our main swing and has been corrected to 3, and i would take a long position, expecting 1:1 projection. Naturally my SL would be bellow #1.
2) Price goes up and as soon as it breaks the #2 level ,it is the time to move my SL to #3(BE ).
3)Now the price do another correction at#5 and goes to #6 , again as soon as price breaks the previous high ,it is time to trail SL to point#5.
4)After that, price comes down and at SL take me out, but , i took my profit already. now it is Expectation Failure and so i will wait ,price goes down and pass the #1 and goes even lower to point #7.
at this point , a New Main Swing has formed, and this time on the bear side.
5) so i expect and will wait for a deep correction, and it form at point#8, when i take a short position at this point, and my Sl would be above point#6.
I hope that this may help you in some way.
- #35,497
- Edited 10:37am Jan 14, 2018 10:17am | Edited 10:37am
- | Joined Apr 2016 | Status: Trader | 410 Posts
Hi:
Once more i want to try predicting the next week price movement of EURUSD H4 .
What we can see in the picture is two AB=CD pattern, inside each other and a bullish trend channel .
The smaller ab=cd ,has already reached its d point at >141.4% fib projection, and price has broken the upper trend line boundary.
From here we may expect a correction:
1)Either down to the retest of trend line and then continuing upward to complete the larger AB=CD.
2)Or Going even more down, breaking the 1.2020 level, forming a NSL , which in this case , i expect a larger movement down to 1.1950 as its 1st target.
3) From the momentum on the bullish side during formation of the cd leg of the smaller ab=cd , i believe the first possibility is higher and bulls prevail taking the price even higher.
Let's Wait and See.
and this is the wider view of the same area trough D1 time frame.
Once more i want to try predicting the next week price movement of EURUSD H4 .
What we can see in the picture is two AB=CD pattern, inside each other and a bullish trend channel .
The smaller ab=cd ,has already reached its d point at >141.4% fib projection, and price has broken the upper trend line boundary.
From here we may expect a correction:
1)Either down to the retest of trend line and then continuing upward to complete the larger AB=CD.
2)Or Going even more down, breaking the 1.2020 level, forming a NSL , which in this case , i expect a larger movement down to 1.1950 as its 1st target.
3) From the momentum on the bullish side during formation of the cd leg of the smaller ab=cd , i believe the first possibility is higher and bulls prevail taking the price even higher.
Let's Wait and See.
and this is the wider view of the same area trough D1 time frame.
- #35,498
- Jan 14, 2018 11:42am Jan 14, 2018 11:42am
- | Joined Dec 2017 | Status: Trader | 1,054 Posts
Hi: Once more i want to try predicting the next week price movement of EURUSD H4 . What we can see in the picture is two AB=CD pattern, inside each other and a bullish trend channel . The smaller ab=cd ,has already reached its d point at >141.4% fib projection, and price has broken the upper trend line boundary. From here we may expect a correction: 1)Either down to the retest of trend line and then continuing upward to complete the larger AB=CD. 2)Or Going even more down, breaking the 1.2020 level, forming a NSL , which in this case , i expect...
- #35,500
- Edited 3:25am Jan 15, 2018 2:41am | Edited 3:25am
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
Since USD is on holiday I'm watching different pairs today
GBPJPY long
Got a bit more than I expected
Was trading the immediate OF on 58 tick chart
Immediate OF expectation NSH, short term OF expectation NSL, and longer term OF NSH
Was actually expecting one more move up, followed by the OF changing back to the downside (to fulfill the short term expectation of a NSL).
But bulls suddenly produced a spike up.
I was way beyond my profit target and a bit confused as it happened so fast.
When price was at the top of the first peak I drew a fib extension and while price was dropping again I realized maybe I should have taken profit at the 127 ext.
But because the move up was very strong I expected price to come back to the 127 ext level at least.
Put my SL to BE+2 and waited through the consolidation period, then as price moved up again and reached the 138.2 extension level, I started trailing candles on the 144 tick chart.
Got +40 pips. Since I was actually trading the immediate, I was trading a 30K lotsize, which produced a nice profit of +85 euro.
Nice start for the week!
GBPJPY long
Got a bit more than I expected
Was trading the immediate OF on 58 tick chart
Immediate OF expectation NSH, short term OF expectation NSL, and longer term OF NSH
Was actually expecting one more move up, followed by the OF changing back to the downside (to fulfill the short term expectation of a NSL).
But bulls suddenly produced a spike up.
I was way beyond my profit target and a bit confused as it happened so fast.
When price was at the top of the first peak I drew a fib extension and while price was dropping again I realized maybe I should have taken profit at the 127 ext.
But because the move up was very strong I expected price to come back to the 127 ext level at least.
Put my SL to BE+2 and waited through the consolidation period, then as price moved up again and reached the 138.2 extension level, I started trailing candles on the 144 tick chart.
Got +40 pips. Since I was actually trading the immediate, I was trading a 30K lotsize, which produced a nice profit of +85 euro.
Nice start for the week!