What is market harmonics? Is it possible that the marketsare not random? The answer is yes there is nothing random about this or any other market or instrument you wish to trade. Harmonics is the process of identifying the market’s rhythm or its pulse if you will and exploiting any and all opportunities. There are visual occurrences that have tendencies to repeat themselves over and over again. It is our job as chart technicians to identify them and trade them. The principles of harmonics and ratios have no boundaries. They can be applied to any...
{quote} Sorry to hear about the continued beatdown .. may I ask why did you move your stop to BE on the first trade? Wasn't that too soon or were you trading the gartley pattern?
2 Losers, 1 BE today for a total of -26 points on the YM. The BE would have been a nice winner if I didn't get to BE so early.
Emotionally, I have to keep myself in check. I have a 33% win-rate for March, whereas Jan+Feb I was holding 80%. Two losing days in a row for me. I begin to get a little antsy. But then I look at guys like bdmenton who has a 200 point DD and the guy still shows up everyday and trades his plan. I aspire to be like that, so I am focusing on getting that mentality. I DID place my trades with ease today, NO hesitation at all. Hope you all had a good day.
What I did well:
Identified exhaustion in the buyers on the first trade.
Identified the likelihood of a deep correction on the third trade and traded the BC leg instead of the CD leg.
Took the long on the fourth trade instead of being set in my ways on my bearish bias.
What I could have done better:
Allowed the fourth trade to run its course instead of getting out early. Even if I didn't believe the expectation of a NSH would play out I could have taken profit when the gartley-ish pattern appeared because that was somewhat of a more concrete reason to no longer be in the trade.
Not taken the gartley against expectation.
All in all not horrible trading. Hope all of you had profitable days!
These are my 3 trades for today. I wonder if the red one could have been avoided..
I'll take a look to see if anything else presents itself, if not see you guys tomorrow..
Hey again, I want to try out the emini DOW, but my broker doesn't offer it. Do you guys have recommendations for specific brokers? Best EDIT: I use FXCM, but they don't seem to have the YM, only the US30. Is this correct?
Ignored
Hi, I am also with FXCM and I trade the US30. https://help.fxcm.com/uk/Product-Guide/Indices/82324235/US30.htm
Ratios & Harmonics: a Different Way to Trade
