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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

  • #44,601
  • Feb 4, 2019 11:52pm Feb 4, 2019 11:52pm
Hi Pradlal,

Thank you for your response, I do understand I have somewhat hijacked the thread with an off-topic question so for that i do apologise.

As for your comments, I completely agree that when trading using Mr Pips method it requires constant monitoring of bars as they develop, unfortunately I have been unable to prioritise the time to trade this way, hence the slight adaptions I have made to his method to try and work it on a 4HR chart. I could just focus on a single instrument and that would completely resolve any correlation issues.

I think for now I will just trade the way I have planned and will make the above adjustment (my original post splitting the position size across correlated pairs).

A big thank you to Mr Pip for all his hard work in providing such great resources to all.
  • #44,602
  • Feb 5, 2019 6:36am Feb 5, 2019 6:36am
Quoting Pair-me-up
I expected price to do some retracement. I then added to my long positions. So far so good, but anything can happen. After all.. Past performance is no guarantee of future results. {image} {image}
I am still long on my little position trade. So far so good. Be careful with any counter trend trade.
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Luck has no place in trading. Leave that for the poker table.
  • #44,603
  • Feb 5, 2019 7:46am Feb 5, 2019 7:46am
Quoting Kayjay2011
{quote}I was also looking at the 1597t and saw great support below the NSL so in hindsight I should have skipped the trade. Thanks for your input and good luck with your trading! Looking forward to tomorrow's session.
I thought about this for a while and came to the conclusion that, sure, in hindsight I should have skipped the trade but while trading it was the right decision to take the short cause I'm not here to filter out trades. I've skipped a lot of entries where I felt like the expectation had no chance to play out but in the end it did, so consistently taking the entries that fit into my plan seems to be the way to go for me even if that means taking a hit.

Shifting my focus from trying to win as many trades as possible and skip what I think are going to be losers towards following my trade plan consistently is probably going to be easier from an emotional perspective and a lot more useful long term.

Anyway, good luck with today's session everyone!
  • #44,604
  • Feb 5, 2019 8:09am Feb 5, 2019 8:09am
Quoting bmdenton23
{quote} Your markup looks fine to me. In hindsight I would've liked to have traded it as shown. I wouldn't have taken your last short against that vertical momentum. {image}
Thank you for the response bmdenton. So would you normally take a counter trade if strength is building in the opposite direction and 100% retracement?

I appreciate your feed back and help.
  • #44,605
  • Feb 5, 2019 9:00am Feb 5, 2019 9:00am
Here's how I tackled the first 3 out of the gates this morning.
Not the best RR but hot market.
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  • #44,606
  • Feb 5, 2019 9:07am Feb 5, 2019 9:07am
Quoting S41nt
{quote} Thank you for the response bmdenton. So would you normally take a counter trade if strength is building in the opposite direction and 100% retracement? I appreciate your feed back and help.
Not not until a counter trend IOF identifies itself and only if there's enough room to trade that counter trend IOF.
  • #44,607
  • Feb 5, 2019 10:19am Feb 5, 2019 10:19am
Hello Traders, live stream om Thursday the 7
If you fail to plan, you plan to fail.
  • #44,608
  • Feb 5, 2019 10:49am Feb 5, 2019 10:49am
Calling it a day, only took the 3 trades from the pic earlier +44 total.
  • #44,609
  • Feb 5, 2019 10:50am Feb 5, 2019 10:50am
Hi all,

3 trades. Total: -7

-21 +32 -18

Welcome to any comments.
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  • #44,610
  • Feb 5, 2019 11:31am Feb 5, 2019 11:31am
Quoting Mr. Pip
Hello Traders, live stream om Thursday the 7
Live stream! Hallelujah! Not sure what's going on in my brain, but zone trading Asia (what I have to work with currently) has been ugly so far this year.

Makes me not so much question what I'm doing as if it were wrong or emotionally blown out, but makes me go back to fundamentals and invest additional time reviewing the foundational video lessons for that next trade.

More please!

Cheers!
  • #44,611
  • Feb 5, 2019 11:52am Feb 5, 2019 11:52am
Quoting bmdenton23
Here's how I tackled the first 3 out of the gates this morning. Not the best RR but hot market. {image}

Good day, bmdenton23

Could you tell please, what was the reason for your third long?

Thank you.
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  • #44,612
  • Feb 5, 2019 1:04pm Feb 5, 2019 1:04pm
Quoting Kayjay2011
{quote}...I'm not here to filter out trades. I've skipped a lot of entries where I felt like the expectation had no chance to play out but in the end it did, so consistently taking the entries that fit into my plan seems to be the way to go for me even if that means taking a hit.
I appreciate this perspective. I will factor it in for possible inclusion, though I find that I need to first be selective to my primary criteria. You may already be there.
Thanks for your post.
  • #44,613
  • Feb 5, 2019 1:15pm Feb 5, 2019 1:15pm
Quoting Bogdanlinee
Hi all, 3 trades. Total: -7 -21 +32 -18 Welcome to any comments. {image}
Congrats on the second trade. You must have stayed true to your plan to not have covered when PRZ retracted to your entry.
To me that looked gutsy given the weak retest.
(Please don't take this as criticism. I appreciate your posting.)
  • #44,614
  • Feb 5, 2019 1:45pm Feb 5, 2019 1:45pm
Quoting Bogdanlinee
{quote} Good day, bmdenton23 Could you tell please, what was the reason for your third long? Thank you. {image}
Ultimately, had we not been in this ridiculously strong bull market I would not have taken that trade.
I post my trades everyday, you know I follow the pip rules pretty closely. I need a lot of conviction about direction to take a trade after a clear break of structure.
I was watching the level II, there was a very larger buyer who ended up absorbing and overcoming all the sellers that sold into that level.

Since we technically broke structure (your short was according to the rules), I wasn't willing to risk many points.
I was tempted to put my SL below the rotation candle but since there were several pinbars to the left (possibly same larger buyer), I chose to put my stop under those pins which was just 3 points lower than the rotation candle low.
  • #44,615
  • Feb 5, 2019 2:12pm Feb 5, 2019 2:12pm
Trading was an all out war today. Was down 35 ticks ended up +8
instagram: stepbystepforex
  • #44,616
  • Feb 5, 2019 3:04pm Feb 5, 2019 3:04pm
Quoting NNtrader
{quote} Congrats on the second trade. You must have stayed true to your plan to not have covered when PRZ retracted to your entry. To me that looked gutsy given the weak retest. (Please don't take this as criticism. I appreciate your posting.)

Thank you.

This entry was rubbish cause it was near local resistance area. Need more room for this trade.
  • #44,617
  • Feb 5, 2019 3:09pm Feb 5, 2019 3:09pm
Quoting bmdenton23
{quote} Ultimately, had we not been in this ridiculously strong bull market I would not have taken that trade. I post my trades everyday, you know I follow the pip rules pretty closely. I need a lot of conviction about direction to take a trade after a clear break of structure. I was watching the level II, there was a very larger buyer who ended up absorbing and overcoming all the sellers that sold into that level. Since we technically broke structure (your short was according to the rules), I wasn't willing to risk many points. I was tempted to...

Thanks a lot. Can understand your trade.
  • #44,618
  • Feb 6, 2019 2:51am Feb 6, 2019 2:51am
Quoting Bogdanlinee
Hi all, 3 trades. Total: -7 -21 +32 -18 Welcome to any comments. {image}
Hello Bogdanlinee,

Seems like we read market the same way.

For my first entry I did not want to look for shorts because I did not like the way price made a NSL. On a different tick chart it would be a retest with a wick going below the last HL. Took it anyway because rules are rules and risk was very low.

Second trade we took the same long for obvious reasons. Now harmonically and "visually" I would choose the whole swing as my new main swing (yellow line) but if we follow Damian's rules we did get a valid correction before so I sticked to the swings marked with the pink line.

My third trade could have been avoided if I chose the whole downswing as my main swing. I did not for the first trade because price just corrected to the .38 on my chart. I did go short a second time because of that. I decided to go to a BE +3 early cause this was just a few minutes before the end of my session.

+12
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  • #44,619
  • Feb 6, 2019 9:35am Feb 6, 2019 9:35am
Quoting Pair-me-up
{quote} I am still long on my little position trade. So far so good. Be careful with any counter trend trade. {image} {image}
Update on my position trade.

Price is very close to my targets. I have moved my stops closer to price. My expectation is for price to hit my TP. Nevertheless...I still need to trail it.
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Luck has no place in trading. Leave that for the poker table.
  • #44,620
  • Feb 6, 2019 10:13am Feb 6, 2019 10:13am
Hi all! Recently discovered Damian's work and have poured over all of the lesson videos on youtube as well as reading many of your contributions to this thread! I am practicing these strategies in Demo until I feel confident in my consistency! My first trade for today!
Reasons: First attempt to make a NSH failed so I was originally bearish in bias. Then as price moved down it seemed that the bears were losing strength. We approached the 78.6% of the main swing and simultaneously had an ABCD pattern completion in a clear area of supply. I took the long, with an initial stop loss placed 40 points lower.
Management: I moved to Break Even at 25300 which was the 38.2% retracement of the ABCD pattern. My original profit target was the 25340-25350 area because I saw lots of structure there. I did not think a NSH on the long term (above 25375) was realistic so I set my target at a more achievable level. Once we got in the vicinity of 25340 projection had increased tremendously on the short term order flow and I felt that a correction was imminent. I trailed and was taken out for a 60pt win!
1:1.5 Risk:Reward! Very happy with this trade even though price went on to achieve the expectation of a NSH.

Any comments are appreciated and I want to sincerely thank Mr. Pip and everyone else that has contributed to this thread!
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