DislikedYM - well I'm short at 25283 on 1:1 completion into the 76 fib of the larger swing down. This thing is really struggling to find direction though....Ignored
2
Ratios & Harmonics: a Different Way to Trade
- #37,145
- Feb 16, 2018 11:23am Feb 16, 2018 11:23am
I think I’m done for the day. This week has wrecked me. Down 15% on my live account. I hope next week will be better. Have a good weekend everyone.
Im writing the above in large bold letters sticking it to my computer screen
- #37,146
- Feb 16, 2018 11:40am Feb 16, 2018 11:40am
- | Joined Dec 2017 | Status: Trader | 1,054 Posts
{quote} Notes for next week to myself... don’t trade before 9:30, don’t trade against the expectation even if you expect a deep correction (you’re awful at this just don’t do it), stop trying to call tops and bottoms, wait for that perfect rotation candle (be patient), if your expectation is for a NSH or NSL and it retraces above 78 fib you need to get out or create a rescue mission and start looking for trades the other way. Im writing the above in large bold letters sticking it to my computer screen
- #37,148
- Feb 16, 2018 12:26pm Feb 16, 2018 12:26pm
- Joined Nov 2009 | Status: Trader | 2,232 Posts
Luck has no place in trading. Leave that for the poker table.
- #37,150
- Feb 16, 2018 12:46pm Feb 16, 2018 12:46pm
{quote} Most of that sounds like good advice to any of us, I don't understand the part about retracing to the 76 and looking to get out. Most of my trade setups retrace from a NSH(L), to the 61 or 76 before I even take the trade. I may not be understanding what you're talking about.
Im going to attach a screen shot. I should have explained more in depth. Ive only been trading this way since Christmas so I may be wrong. When I woke up this morning an hour before market open I could see we were on our way down so my mind was made that I would be looking for shorts. Since the second swing was very large and double the size of the first swing we should have gotten a small correction. I took a short at the 32 fib but as you can see price went higher and higher. It then closed a bit above the 78 fib. Buyers shouldn't haven been able to achieve this. So at this point I sold again at the high to get a better price and made a BE exit on that short that would have cost me -111 points. So price came down and the buyers were defending the 25148 and those nice big candles were screaming in my head to buy but since my previous expectation had failed I backed down. This exact trade happened last week and I took it but I had an off day today. Does this make sense. The only reason price shouldn't have gotten to the 78 fib because the swing was very much over the 1:1 so price should have made a weak LH.
- #37,156
- Feb 16, 2018 2:35pm Feb 16, 2018 2:35pm
Started well with my trading today, then finished with a lot of BE (effectively) trades to finish the day. That said rules followed, which is my main focus at the moment (as I know the profit will come from it) so a winning day. 
Trade 1 - Price corrected to area of support, hit the 32.8% also and slow momentum compared to the previous push up. Didn't enter on the first rotation as didn't like the candle too much, then the second time in this area got the candle I wanted, without any rejection. Started to trail and then got taken out for +35. The only thing I could have done better here was to closely trail when the 1:1 completed, this would have got me another 15 pips or so.
Trade 2 - Following a NSH waited for a deep correction and got the rotation I was looking for in the golden zone so entered, then moved to BE when price got close to structure and got taken out, shame as was +50 at one point, but followed rules.
Trade 3 & 4 - Following price correcting deeper got another good rotation (candle looked a bit better than on the chart as I have reloaded since taking the trade), price went against me but my SL was below structure. Got another rotation and entered again for a better price (still within my margins), although this SL was a little lower. My first trade was just taken out by a couple of pips for a loss of 50 (could/should this have been lower?), then price corrected and my 4th trade lived on and set TP to 50 to get BE for both these trades. Unfortunate that I was just taken out as would have been some nice profit there.
Still +37 for the day.
Have a great weekend everyone!!
Trade 1 - Price corrected to area of support, hit the 32.8% also and slow momentum compared to the previous push up. Didn't enter on the first rotation as didn't like the candle too much, then the second time in this area got the candle I wanted, without any rejection. Started to trail and then got taken out for +35. The only thing I could have done better here was to closely trail when the 1:1 completed, this would have got me another 15 pips or so.
Trade 2 - Following a NSH waited for a deep correction and got the rotation I was looking for in the golden zone so entered, then moved to BE when price got close to structure and got taken out, shame as was +50 at one point, but followed rules.
Trade 3 & 4 - Following price correcting deeper got another good rotation (candle looked a bit better than on the chart as I have reloaded since taking the trade), price went against me but my SL was below structure. Got another rotation and entered again for a better price (still within my margins), although this SL was a little lower. My first trade was just taken out by a couple of pips for a loss of 50 (could/should this have been lower?), then price corrected and my 4th trade lived on and set TP to 50 to get BE for both these trades. Unfortunate that I was just taken out as would have been some nice profit there.
Still +37 for the day.
Have a great weekend everyone!!
- #37,157
- Feb 16, 2018 2:59pm Feb 16, 2018 2:59pm
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
Hi guys.
Update.
Not that anyone was waiting for it but I don't want to just disappear.
Well I blew a decent portion of my account two weeks ago.
I tried to be brave and not let emotions dictate my trading.
So I continued trading, kind of fearless and mostly with confidence.
I blew another portion of my account.
I started doubting my skills, or the fact that I have any.
I explored more territory (fib extensions, trend lines and channels..)
Not as substitute, but for confluence or additional possibilities.
Traded demo. Went ok. I was excited about it. It worked perfectly!
Traded live. Picked every wrong side there was.
Lost another quite decent portion of my account.
I continued trying things out on live account. Sometimes it worked, sometimes it didn't.
Kept losing money.
So in total I blew half of my account.
Gonna retreat for a while and reassess.
Get some meditation or something.
Have a nice weekend and see you later
Update.
Not that anyone was waiting for it but I don't want to just disappear.
Well I blew a decent portion of my account two weeks ago.
I tried to be brave and not let emotions dictate my trading.
So I continued trading, kind of fearless and mostly with confidence.
I blew another portion of my account.
I started doubting my skills, or the fact that I have any.
I explored more territory (fib extensions, trend lines and channels..)
Not as substitute, but for confluence or additional possibilities.
Traded demo. Went ok. I was excited about it. It worked perfectly!
Traded live. Picked every wrong side there was.
Lost another quite decent portion of my account.
I continued trying things out on live account. Sometimes it worked, sometimes it didn't.
Kept losing money.
So in total I blew half of my account.
Gonna retreat for a while and reassess.
Get some meditation or something.
Have a nice weekend and see you later