Good day, Mr. Damian Last one EURUSD + 17p I am trading in MT5 but making technical analysis in Ninja Trader. On this picture lower pink line is the enter. Higher pink line is the stop-loss. My question: When correction was started and we see strong increasing of momentum is it means that trend is weakening? Thank you. {image}
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Mr.Pip is currently away on vacation so he may not see this till later. If you watch his video here: https://m.youtube.com/watch?v=99cXblx8Ng4
He talks about it. However I will say the expectation is KEY. I have taken counter trend trades because I was analyzing the momentum, correction expectation (was expecting a shallow correction and market produced a very deep one) - just to be taken out and watch the expectation play out.
Its nice to analyze the swing but it will get to you mentally. If the expectation plays out 60% of the time (and it does if not more) just go with the expectation and remember to protect your trade when it hits structure. The last couple of months I haven’t taken trades to due over analyzing and it can mess with your trading plan. Always trade the expectation I wouldn’t make it too complicated.
Im a bit confused by your chart. You say the bottom pink line is your entry and top pink line is your Stoploss so you’re going short? If so there’s a new swing high that was created so you went against the expectation by shorting.
{quote} Mr.Pip is currently away on vacation so he may not see this till later. If you watch his video here: https://m.youtube.com/watch?v=99cXblx8Ng4 He talks about it. However I will say the expectation is KEY. I have taken counter trend trades because I was analyzing the momentum, correction expectation (was expecting a shallow correction and market produced a very deep one) - just to be taken out and watch the expectation play out. Im a bit confused by your chart. You say the bottom pink line is your entry and top pink line is your...
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Good day, Sir.
Thank you for reply. I saw this video.
I meant that I bought at the bottom pink line after that I moved my stop loss to the top. +17p
{quote} Good day, Sir. Thank you for reply. I saw this video. I meant that I bought at the bottom pink line after that I moved my stop loss to the top. +17p
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Oh okay you were trailing with your stoploss! Got it
The loss was taken on rotation on the 89T so showing both charts....
The 2nd trade for +30 was following an expectation failure and so the expectation was for a deep correction however price rotated nicely at structure. Looking back there was quite a bit of bearish momentum heading into that rotation and the pullback was not as deep as the expectation so I should've and would have been better off with a deeper AOI.
Expectation failure on the 6E. New expectation is for a deep correction into the AIO where I will be looking for shorts. {image}
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It was actually a continuation of this longer swing
abit hard to trade with the strong down
have a profit on the way up then loss again more when the expectation fail
been losing 79pips this week till now , don't think will be profitable this week
been on small profit after last few week but this week become negative again
YM233 Intraday trade LONG - Took trade at the 61% rotation. Entry: 25534 Target: 25590 Stop: 25493 Note took trade at 12.48 (GMT) - moved stop to BE+5 {image}
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Funny. I'm looking at it from a NSL perspective. And that's IOF as well.
{quote} Funny. I'm looking at it from a NSL perspective. And that's IOF as well. {image}
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You may well be right to look for shorts. Sometimes I interpret complex corrections inaccurately. I am new to Harmonic trading.
Initially I was looking for shorts but I saw the price rise to 25572 which I interpreted as an expectation failure (as it was higher than the 25564 previous high) in the immediate order flow.
{quote} You may well be right to look for shorts. Sometimes I interpret complex corrections inaccurately. I am new to Harmonic trading. Initially I was looking for shorts but I saw the price rise to 25572 which I interpreted as an expectation failure (as it was higher than the 25564 previous high) in the immediate order flow. {image}
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You're right about the NSH in the complex correction, but the main swing is still intact. I updated the picture to make more clear how I am looking at it.
Would love to hear to opinion of others, though. Anyone?
{quote} Same here. Somewhat later, though. Will manage this trade a little more aggressive, so when price hits the 38.2% level my S/L to B/E. Edit: Stopped out. {image}
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Had no patience for this trade in demo on this hot day here in Germany. Locked in BE and went away from the charts. I will call it a day.
Ratios & Harmonics: a Different Way to Trade
