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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

  • #36,621
  • Feb 5, 2018 2:38pm Feb 5, 2018 2:38pm
Quoting Sheeep44
{quote} I also lost almost a full month of profit ( around 14-15% ) between christmas and new year. Slowly advancing every since, even went back to demo a few weeks back, just to get my A-game back on and filter out what I was doing wrong. I would rather learn these lessons with 10-50$ stops than with 150$+ stops. Remember the turtle wins the race, not the rabbit. It takes an average of 2,5/3 years to become fully profitable, with a normal job on the side. Some take 10 years and some 10 months, just don't give up and keep them charts coming, really...
Thanks man. I have to recover emotionally now.
Someone give me something to break
  • #36,622
  • Feb 5, 2018 2:43pm Feb 5, 2018 2:43pm
Quoting PeterT
The spike on UJ caused me another loss. -29 euro I'll provide some explanation as to why I took the trade. Really starting to doubt everything now.. Comments and tips appreciated thanks. {image}
First of all, stop trading as of right now, would be my first noobie advice.. Please don't blow up your account..
Okay so first off all, What I used to do as well was.. Stick with 1 orderflow, if you are switching to another different one, stay with ( for example ) the IOF. USE THE LONG TERM OF AS EXTRA CONFLUENCE.

1) is a very large NSH.
2) was a nice ( possible counter trend trade )
2+) that could lead into a nice short, trading after the D completion, ( the retrace with the expectation ) * orange box *
3) was an expectation IOF failure, happens. ( first cross )
4) ( second cross ) IOF failure, but due to the news ( I don't take it into account IMHO, except like NFP /interest rates .. just very important news I close /prevent myself from trading )

The first short was right in my opnion, can't see PA but there seems to be good structure + good confluence.
trade 2 could of been prevented, as you see PA making ridiclous dive south, should raise alarmbells, not changing expectation, just an extra awarness, so maybe wait for extra confluence like double bottom ( just an example ) or ridiculous good Rotation candle or whatever fits you best + there was good projection and medium/ good momentum so price '''' shouldn't ''''' retrace this deep, extra awarness. Third of all, ( my lesson to you, I don't know if you do this as well ) I always wanted to be in a trade, and at one point I saw that staying out of some trades, saved me actually more pips than it didn't, and taking the entry, even though a lot of the stopping signs screamed red. ( just an extra awarness, again I don't know if this is you. )

So end conclusion, if you stuck with the IOF ( just 1 OF ) you would of won, possibly 1 trade and lost 2 trades. Maybe even lost 3 trades, but seeing your trades the losses wouldn't be so big. + I personally use a set amount of SL lets say 10 pips for this example, if my SL is further away then 20 pips ( again just using an example) I pass, because it could blow up my account too fast, if I take x amount of losers.

And as you can see you have a lot of losing trades, maybe your decison making process is a little off due to emotions, read a good book , get a nice sleepy night. Tomorrow maybe do some backtesting and get your confidence back up, and start again ( on demo for this week maybe? ) on Wednesday. I heard someone say, they had 5 consecutive losing days in december, you only had 1 today.

Last of all, try to switch to only a handful of pairs. I used to switch too all the time. THen I went from expectation failure to expectation failure, instead of staying with 2-4 pairs, I would of made the money back, due to expectation playing out.

I think I covered it all!

PS: just my 2 cents

edit: sorry for my bad painting, I could clear it up tomorrow, don't got much time right now hahaha... BUT What I just saw, your first trade is 13:00 and your last trade is at 20:00 or so, that is 8 hours, I could imagine that after 8 hours of trading you are tired and maybe you are overtrading a little today? The market is there tomorrow, no need to stress over a trade brother, there is always a next opportunity, especially the TF we are trading.
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"Luck is when opportunity meets preparation"
  • #36,623
  • Feb 5, 2018 2:43pm Feb 5, 2018 2:43pm
Quoting PeterT
{quote} Thanks man. I have to recover emotionally now. Someone give me something to break
I like to split wood! The emotions are so hard for me to deal with, be good man.
Wow! I've got some experience to gain.
  • #36,624
  • Feb 5, 2018 2:49pm Feb 5, 2018 2:49pm
Quoting Lawnman
{quote} Thanks!Probably just luck, but I'll take it! Edit: looks like I left an easy 40 on the table, won't complain though. Alright I'm out
So in hindsight I left something like 1700 points on the table. This sucker's movin!
Wow! I've got some experience to gain.
  • #36,625
  • Feb 5, 2018 2:53pm Feb 5, 2018 2:53pm
Quoting Lawnman
{quote} So in hindsight I left something like 1700 points on the table. This sucker's movin!
You sure it aint 1750 points?
hahah
"Luck is when opportunity meets preparation"
  • #36,626
  • Feb 5, 2018 2:55pm Feb 5, 2018 2:55pm
Quoting Sheeep44
{quote} First of all, stop trading as of right now, would be my first noobie advice.. Please don't blow up your account.. Okay so first off all, What I used to do as well was.. Stick with 1 orderflow, if you are switching to another different one, stay ...
Sheeep, thanks for your advice, I see some very useful points in it.
Don't worry, I'm not going to take trades based on emotions and triple my lot size and stuff

Have to take a closer look at it, and at my trades.
Not sure if I will trade anymore this week.

A good night sleep, that's also good advice
  • #36,627
  • Feb 5, 2018 3:00pm Feb 5, 2018 3:00pm
Alright, I can't let you guys have all the fun! EU 5min short
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Wow! I've got some experience to gain.
  • #36,628
  • Feb 5, 2018 3:16pm Feb 5, 2018 3:16pm
Watching YM right now with the 233 and the DOM, it is going ape.
Wow! I've got some experience to gain.
  • #36,629
  • Feb 5, 2018 3:17pm Feb 5, 2018 3:17pm
Quoting evocpr19
Found a last trade: 1 win (+147) and 1 loss (-30) Total for today: +422 {image}
Wow evocpr19 you are on fire and exploding at the same time!
Really great trading!
  • #36,630
  • Feb 5, 2018 4:21pm Feb 5, 2018 4:21pm
Quoting Lawnman
Alright, I can't let you guys have all the fun! EU 5min short {image}
Out +33 pips
Wow! I've got some experience to gain.
  • #36,631
  • Feb 5, 2018 4:57pm Feb 5, 2018 4:57pm
Quoting PeterT
{quote} Thanks man. I have to recover emotionally now. Someone give me something to break
Hey Peter,

I agree with Sheeep, there seemed to be emotion even within your posts which I guess means there was in your trades and you may not see things as well as normal. So maybe put something in your trade plan about max loss within a day?

I get what you say about if you keep trading and continue to hit your % winning trades then you will make it back. Great in theory but if you go “on tilt” your % will enevetably drop and you may be more likely to lose more, as with today.

2 consecutive losing trades for me and I’m out. Learnt from experience that I start to go chasing at that point and listen less to my rules and more to my emotion. If you are a robot then it’s fine to keep going but we aren’t and emotion can have a habit of creating in.

I also think about money management here too, are you over leveraged? Trading too much risk per trade? This situation also has a habit to bring out our emotions easier with some losses. Yes I am speaking from experience again here lol!! I started with real money again today and kno I am a little under funded, so with more profit I am working on growing my balance and not increasing risk too much early on. (Currently have £700 in my account and risking £1 per pip as this is my minimum).

i have been lurking and catching up on the thread and all the awesome videos Damian has been doing. I’ve seen you getting some great progress and profit lately which most importantly is consistent. You clearly get it so just dust yourself off, have a critical review of your trades, then go again tomorrow with a fresh head.

hope this helps.
  • #36,632
  • Feb 5, 2018 5:28pm Feb 5, 2018 5:28pm
WTF happened to the YM. I marked an area of structure, then left when this hit and price reacted, then this happened...

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Over 1400 pip move in about an hour!! That would have been a nice short

Just going to watch some Bloomberg before bed to see whats going down.
  • #36,633
  • Feb 5, 2018 5:55pm Feb 5, 2018 5:55pm
Quoting PipTrendz
WTF happened to the YM. I marked an area of structure, then left when this hit and price reacted, then this happened... {image} Over 1400 pip move in about an hour!! That would have been a nice short Just going to watch some Bloomberg before bed to see whats going down.
The market is
Wow! I've got some experience to gain.
  • #36,634
  • Feb 5, 2018 6:00pm Feb 5, 2018 6:00pm
Ok Traders today fortunes were made and lost without a doubt. Looks like manny blew some accounts as well. Tomorrow is the live stream. I’m not sure how it’s going to be but we will give it a shot. We will talk about scaling in, graceful exits and focus Trade management. Let’s see if there is a market to work with. Catch you all tomorrow! I will share my longer term trade with you all. No I did not make 1000K points it was a rescue mission and I was able to come out with 6K of profit.
If you fail to plan, you plan to fail.
  • #36,635
  • Feb 5, 2018 6:07pm Feb 5, 2018 6:07pm
Quoting Mr. Pip
Ok Traders today fortunes were made and lost without a doubt. Looks like manny blew some accounts as well. Tomorrow is the live stream. I’m not sure how it’s going to be but we will give it a shot. We will talk about scaling in, graceful exits and focus Trade management. Let’s see if there is a market to work with. Catch you all tomorrow! I will share my longer term trade with you all. No I did not make 1000K points it was a rescue mission and I was able to come out with 6K of profit.
Cool, I was wondering if you caught any of that drop. Glad you came out positive. I have a lawn client who trades (other peoples $ as well), I texted him asking if he was on the right side of the market, his response, "dented, but drivable".
Wow! I've got some experience to gain.
  • #36,636
  • Feb 5, 2018 6:14pm Feb 5, 2018 6:14pm
Quoting Lawnman
{quote} Cool, I was wondering if you caught any of that drop. Glad you came out positive. I have a lawn client who trades (other peoples $ as well), I texted him asking if he was on the right side of the market, his response, "dented, but drivable".
Funny response I took that Gardley and got ito some trouble but I deployed a rescue mission and then I had to send in the SEALS and cane it ok. We will discuss it tomorrow
If you fail to plan, you plan to fail.
  • #36,637
  • Feb 5, 2018 7:33pm Feb 5, 2018 7:33pm
Quoting Mr. Pip
{quote} Funny response I took that Gardley and got ito some trouble but I deployed a rescue mission and then I had to send in the SEALS and cane it ok. We will discuss it tomorrow
  • #36,638
  • Feb 5, 2018 7:34pm Feb 5, 2018 7:34pm
Quoting Mr. Pip
Ok Traders today fortunes were made and lost without a doubt. Looks like manny blew some accounts as well. Tomorrow is the live stream. I’m not sure how it’s going to be but we will give it a shot. We will talk about scaling in, graceful exits and focus Trade management. Let’s see if there is a market to work with. Catch you all tomorrow! I will share my longer term trade with you all. No I did not make 1000K points it was a rescue mission and I was able to come out with 6K of profit.
Looking forward to tonight's session. Thanks Mr Pip for doing this!
  • #36,639
  • Feb 5, 2018 8:41pm Feb 5, 2018 8:41pm
Quoting Sheeep44
{quote} First of all, stop trading as of right now, would be my first noobie advice.. Please don't blow up your account.. Okay so first off all, What I used to do as well was.. Stick with 1 orderflow, if you are switching to another different one, stay with ( for example ) the IOF. USE THE LONG TERM OF AS EXTRA CONFLUENCE. 1) is a very large NSH. 2) was a nice ( possible counter trend trade ) 2+) that could lead into a nice short, trading after the D completion, ( the retrace with the expectation ) * orange box * 3) was an expectation IOF failure,...

Sheeep44 , thanks for your sharing.

Between , for market like that which the order flow range keep changing , example before news and after news , were totally different , and what i can see from Mr.Pip was he will change from 233tick to 144tick shall the market range are too large to be traded.

What do you think for forex , should we change to 1min from 5min after the news where UJ started to go up with strong candle .

The problem i have was , i can be started trading the short term order flow , after sometime , i found myself trading the long term order flow or else , immediate order flow , due to the range changing of market. ( or to say that i plan to trade a 1hour ranging swing , after awhile the market go into another swing that need 3hour to complete )
  • #36,640
  • Edited 12:48am Feb 6, 2018 12:19am | Edited 12:48am
Quoting PipJr
{quote} I do not understand how you find your entries. I would love to know though!
I saw the above area as a brick wall and took therefore a short. Once price came again in this area, I took another short. Probably, you could better see it on these order flow tools (do not remember the name of these things), but I do not have that. I try to base my entries on chart reading, fibs, harmonics ,symmetries and hope, luck.

Currently, I try to improve my entries in order to avoid that price runs against me, before starting to go in the right direction.
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