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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

  • #40,501
  • May 15, 2018 2:54pm May 15, 2018 2:54pm
Quoting Coreg2004
Peter, you need to know what you are looking for, stay focused and concentrated on the task at hand (to find point C or D for entry)....train your eyes to find them and always trade the right side of the chart...that's right the side you don't see yet, so anticipate (and mark on the chart) where your PRZ might be...For now, we stay with Scott Carney's
Understood. Thanks for restoring the focus, I guess I needed that
  • #40,502
  • May 15, 2018 3:09pm May 15, 2018 3:09pm
Quoting fxboss69
Hi, I would like to ask if someone could tell me the exact definition of a "decision candle" which is used for trailing. I am sure that the definition has been mentioned here on the thread or in one of the various videos but I am not able to find it. Maybe someone could help. Thank you.
I looked it up for you and put it in the FAQ sheet. Hope this helps!

Mr. Pip FAQ (https://docs.google.com/spreadsheets/d/1J16U85CAktNbLyNxBFfLRV0LR0IXRdswWRvq3JuX8yQ/edit?usp=sharing)
  • #40,503
  • May 15, 2018 3:23pm May 15, 2018 3:23pm
Quoting Lundies10
{quote} Patience was good today - maybe because you reminded me. Waited and waited and waited some more and finally found entry. Only closed the trade because I am out of time. +95 pts. See you tomorrow guys. {image}
Nice one! I took the same entry but I exited because I thought I was making a mistake, ignoring the strong bullish move.
It's a confidence thing I guess.
  • #40,504
  • Edited May 16, 2018 3:09am May 15, 2018 3:37pm | Edited May 16, 2018 3:09am
Two good entries today.
Two very badly managed trades.

Trade 1:
Was actually an SOS3 entry: structure, 78.6-88.6% correction (EDIT: since it was not at a specific fibonacci level, this may not count and it was maybe an SOS2?), 1:1 harmonic, and good rotation candle.
I exited manually because I thought I was being reckless, the bulls looked too strong to expect a down move here, we just bounced off a long term support area so bullish move could cause an expectation failure..blablah..

Trade 2:
Long term support area, strong previous buying from the level, entered long when price returned to the support area, expecting strong buying again. Drew trendline on tops to have a target (EDIT: not part of Mr. Pip method). This was also in the golden zone correction of the previous swing down.
Changed my mind again, because I didn't want to be greedy, and decided to start trailing candles when reaching a 1:1.

So left a lot of points on the table, they could have been mine
But entries were good I think, so just need to build confidence.

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  • #40,505
  • May 15, 2018 3:37pm May 15, 2018 3:37pm
Quoting PeterT
{quote} Nice one! I took the same entry but I exited because I thought I was making a mistake, ignoring the strong bullish move. It's a confidence thing I guess.
I literally hear Mr. Pip say “I’m responsible for this trade” in my head whenever I am having early exit thoughts. Makes it easier to let it play out. Our expectation there was a deep correction since we just got a NEW NSL with a lot of volume I might add. The structure around 710 made for a nice PRZ. I managed tightly, moving to BE when price struggled around 650/660.
  • #40,506
  • May 15, 2018 4:05pm May 15, 2018 4:05pm
Adding this so the FAQ questions will always be searchable in the thread itself.

MRPIPFAQ What is a decision candle? (https://youtu.be/1wd-ALEwabA?t=2h4m14s)
  • #40,507
  • May 15, 2018 6:10pm May 15, 2018 6:10pm
Quoting PeterT
Adding this so the FAQ questions will always be searchable in the thread itself. MRPIPFAQ What is a decision candle? (https://youtu.be/1wd-ALEwabA?t=2h4m14s)
Thank you all for doing this!!!!
If you fail to plan, you plan to fail.
  • #40,508
  • May 16, 2018 12:17am May 16, 2018 12:17am
Wow, I'm really glad I have registered here. This is literally a goldmine when it comes to knowledge, so many different strategies, insights and patterns. Thanks a lot for making this thread @MrPip. I already did some reading on harmonics trading before, but had a huge trouble understanding the mechanism behind it. It's got a little bit clearer now though, so thanks a lot.

Also, what do you think about all sorts of software for harmonics trading? I mean basically all platforms have already in-built indicators drawing a chart pattern, that will allows to have a better vizualisation and following the Fibonacci ratios, but using some software that make the process more automated and will guarantee a proper timing doesn't seem like a bad idea.

What I like about harmonic trading pattern the most is the fact, that it actually gives us the reason to buy/sell a certain pair. I mean, I only understood the reasoning once I grasped the method itself (more or less), still have tons to learn in order to be able to apple it properly.

Cheers
  • #40,509
  • May 16, 2018 2:12am May 16, 2018 2:12am
Quoting Trader818
Hey Damian, How did you manage the time to work in medicine and serve in the Air force and learn to trade? I am incredibly impressed! Time management is a hard thing for me to conquer.
I also struggle with time management!

It'd be great to see how Damian accomplished this...

Aaron
  • #40,510
  • May 16, 2018 2:24am May 16, 2018 2:24am
Gbpusd M5 Long IOF
get in premature
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  • #40,511
  • May 16, 2018 2:52am May 16, 2018 2:52am
Quoting Aaron4X
{quote} I also struggle with time management! It'd be great to see how Damian accomplished this... Aaron
Whatever this may be helpful or not. What helped me was, set a fixed time. Where you don’t have to prepare dinner, you don’t have to do ANYTHING and defend that timezone ( an hour or whatever it may be ) like a hawk. So you can fully focus on trading and don’t have to worry about anything else. When the time is over you just walk away and don’t worry about until the next scheduled trading time is due. That’s it. You get consistent results id you trade the same time over and over again. You results will benefit from this, believe me. Green pips to you!
"Luck is when opportunity meets preparation"
  • #40,512
  • May 16, 2018 3:50am May 16, 2018 3:50am
Quoting Sheeep44
{quote} Whatever this may be helpful or not. What helped me was, set a fixed time. Where you don’t have to prepare dinner, you don’t have to do ANYTHING and defend that timezone ( an hour or whatever it may be ) like a hawk. So you can fully focus on trading and don’t have to worry about anything else. When the time is over you just walk away and don’t worry about until the next scheduled trading time is due. That’s it. You get consistent results id you trade the same time over and over again. You results will benefit from this, believe me. Green...
Thanks... Much appreciated.
  • #40,513
  • May 16, 2018 7:51am May 16, 2018 7:51am
Best of ‘probability’ to everyone today!
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"Luck is when opportunity meets preparation"
  • #40,514
  • May 16, 2018 7:58am May 16, 2018 7:58am
Hello Traders, Here is the link to the live stream

https://www.youtube.com/channel/UCy5Zq25cFK3FZeF26wn4m0w/live
If you fail to plan, you plan to fail.
  • #40,515
  • May 16, 2018 8:07am May 16, 2018 8:07am
Quoting Sheeep44
Best of ‘probability’ to everyone today! {image}
Love it!
If you fail to plan, you plan to fail.
  • #40,516
  • May 16, 2018 8:10am May 16, 2018 8:10am
Quoting Mr. Pip
{quote} Love it!
Can’t attend today, but will certainly watch it. It is a great gift that you serve a lot of newer traders. Keep doing these kind of livestreams, we all benefit from them the most!
"Luck is when opportunity meets preparation"
  • #40,517
  • May 16, 2018 9:45am May 16, 2018 9:45am
Price is driving me crazy today.. +43
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  • #40,518
  • May 16, 2018 9:52am May 16, 2018 9:52am
Quoting Prock
Price is driving me crazy today.. +43 {image}
Its not easy to read today. Happy you were able to pull some points out for yourself. I'm on the pain train atm
EDIT: I know its a little messy...
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  • #40,519
  • May 16, 2018 9:57am May 16, 2018 9:57am
Quoting Lundies10
{quote} Its not easy to read today. Happy you were able to pull some points out for yourself. I'm on the pain train atm
Oh no! If it gets through the structure at the very top then it should make it but... looking at it now its playing games.
  • #40,520
  • May 16, 2018 10:02am May 16, 2018 10:02am
Quoting Prock
{quote} Oh no! If it gets through the structure at the very top then it should make it but... looking at it now its playing games.
I read price differently than you - maybe to my downfall. It's a short trade. We had a NEW NSL at 673 level so our expectation is a complex correction. I thought about entry where you did but my expectation was different. UPDATE: Finally getting a little action on my short
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