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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

  • #45,461
  • Apr 25, 2019 9:04am Apr 25, 2019 9:04am
Quoting mtzimmer1
Man this is frustrating... {image}
As per Hansl's comments, I add this a) because I'm learning too and b) hindsight makes everything easier. The first two shorts appear to conflict with structure, assuming we're looking at short term order flow. Off the NSL, there was an almost immediate expectation failure. The LH did not complete to a NSL. That meant your first short trade was a NSH which dutifully retraced and made a NSH for your second short trade. If you didn't consider the first minor retrace, then your first short was the LH which failed. The second short trade was still a NSH.
  • #45,462
  • Apr 25, 2019 9:27am Apr 25, 2019 9:27am
A little off the path on this one but this is one of those days where you don't get many swing opportunities due to swing size, etc...
+35. We pulled back to the trendline, exact same pullback (pts) as previous pullback, limit selling orders were really stacking up and price rolled over.
Stop went above the limit orders, target was retest of bottom.
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  • #45,463
  • Apr 25, 2019 9:43am Apr 25, 2019 9:43am
Quoting bmdenton23
A little off the path on this one but this is one of those days where you don't get many swing opportunities due to swing size, etc... +35. We pulled back to the trendline, exact same pullback (pts) as previous pullback, limit selling orders were really stacking up and price rolled over. Stop went above the limit orders, target was retest of bottom. {image}
Nice BMD. You're up like +250 pts in the past 3 days or so? You're almost out of the DD in 3 days!
  • #45,464
  • Apr 25, 2019 11:19am Apr 25, 2019 11:19am
One more today, SR setup at the top
+20

+55 on the day
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  • #45,465
  • Apr 25, 2019 2:50pm Apr 25, 2019 2:50pm
2 losers, and 1 winner today, for a total of +1.

I lost on the YM and NQ today, but I made a great profit on the CL which left me sitting pretty at +$5.00 on the day
  • #45,466
  • Apr 25, 2019 4:18pm Apr 25, 2019 4:18pm
Hello everyone.

I see that this thread has not been very active lately, but I hope that I will get some answers to my question.
I'm wondering, did anyone try to improve Mr. Pip's system? I mean, does anyone use other tools to determine strength and weakness of the market? Maybe someone is using footprint or other methods of order flow analysis, and how did that change your trading? Does someone know how to better understand market conditions in real time? It will be great if someone share their experiences.

P.S. All full time DEMO traders, who trades 150 contracts, please do not comment this post, I'm interested in traders with a serious approach. Thank you.
  • #45,467
  • Apr 26, 2019 2:10am Apr 26, 2019 2:10am
Quoting RussellShaw
Hello everyone. I see that this thread has not been very active lately, but I hope that I will get some answers to my question. I'm wondering, did anyone try to improve Mr. Pip's system? I mean, does anyone use other tools to determine strength and weakness of the market? Maybe someone is using footprint or other methods of order flow analysis, and how did that change your trading? Does someone know how to better understand market conditions in real time? It will be great if someone share their experiences. P.S. All full time DEMO traders, who trades...
You can use what ever suits you...but it's not the same system anymore. It's a new different system (with elements of Damian's approach) that hopefully fits your personality, requirements, needs etc.
  • #45,468
  • Apr 26, 2019 2:44am Apr 26, 2019 2:44am
Quoting x3m-PippiN
{quote} You can use what ever suits you...but it's not the same system anymore. It's a new different system (with elements of Damian's approach) that hopefully fits your personality, requirements, needs etc.
If it's not the same system anymore, what is it and when did it change? This thread is large, which makes it challenging to find 'stuff'.
  • #45,469
  • Apr 26, 2019 5:33am Apr 26, 2019 5:33am
I did mark this chart using another member picture. I think these notes reflect Damian's rules. Would you have took the 4th trade given the losses 1-2-3?

Perso, i think this is the main reason people modify or add to this system as at times it produces many losses in a row.

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  • #45,470
  • Apr 26, 2019 5:54am Apr 26, 2019 5:54am
Quoting crixus
I did mark this chart using another member picture. I think these notes reflect Damian's rules. Would you have took the 4th trade given the losses 1-2-3? Perso, i think this is the main reason people modify or add to this system as at times it produces many losses in a row. {image}
Are these adaptions talked about in this thread? Appreciate, traders are more likely to simply find their own way, based on experience.

Depending on how you manage your trades, the first three could have closed at breakeven, if your stop is moved when price makes the 38. I can't measure it accurately, but they all look close. Trade 2 for sure.
  • #45,471
  • Apr 26, 2019 7:35am Apr 26, 2019 7:35am
Quoting rabbitran
{quote} If it's not the same system anymore, what is it and when did it change? This thread is large, which makes it challenging to find 'stuff'.
By "not the same system" I meant if you try to "improve" Damian's approach it becomes something different and its not his anymore. His approach is perfect but for him. I'm very grateful for what he has taught us and most likely I wouldn't be in this business if I hadn't stumbled upon his thread... whit that said I have taken what he has presented to us and through trial and error and going back and forth the last 1 year I've made my own approach to the market that suits me and makes sense to me. But that doesn't mean that I have improved his strategy..I've just found how to use it in a better way for me.
  • #45,472
  • Apr 26, 2019 7:53am Apr 26, 2019 7:53am
Quoting crixus
I did mark this chart using another member picture. I think these notes reflect Damian's rules. Would you have took the 4th trade given the losses 1-2-3? Perso, i think this is the main reason people modify or add to this system as at times it produces many losses in a row. {image}
Technically the yellow oval area did not pull back to the 38.2 of the downswing. Tough area to do anything. I would have taken number 1 though.

Then if you continue, number 2 makes sense. You had an expectation failure and should expect a deep correction.

However, number 3 uses the wrong high. You have to use the full swing that created the expectation failure. Your point number 2 is no longer an HL so the peak after it is nothing. You have to go back farther to the previous NSH. It was still a loss though. So if you use this approach, the stop for 4 is very much lower.

We have seen him use your approach though in a live stream trying to play the immediate. Speaking of this, if you used the little pullback below your number 1 as the next swing up, your point number 2 could have been a NSL so then you would be looking short right after that and would have a winner.

Its still a losing day.
  • #45,473
  • Apr 26, 2019 8:17am Apr 26, 2019 8:17am
Can you describe what price action considerations you took for your second trade today? Why didnt you enter at the place you exited your first trade?
  • #45,474
  • Apr 26, 2019 8:49am Apr 26, 2019 8:49am
Quoting RussellShaw
Hello everyone. I see that this thread has not been very active lately, but I hope that I will get some answers to my question. I'm wondering, did anyone try to improve Mr. Pip's system? I mean, does anyone use other tools to determine strength and weakness of the market? Maybe someone is using footprint or other methods of order flow analysis, and how did that change your trading? Does someone know how to better understand market conditions in real time? It will be great if someone share their experiences. P.S. All full time DEMO traders, who trades...
Level II. I highlighted this in my post yesterday, taking a rotation after the sizable limit orders start showing up. Ignore large order that are pushing price but pay attention to the large orders against the pullback. This is not really in addition to anything that Damian does, he just sees absorption without looking at the level ii, I need the level ii to identify it.
  • #45,475
  • Apr 26, 2019 10:12am Apr 26, 2019 10:12am
Quoting bmdenton23
{quote} Level II. I highlighted this in my post yesterday, taking a rotation after the sizable limit orders start showing up. Ignore large order that are pushing price but pay attention to the large orders against the pullback. This is not really in addition to anything that Damian does, he just sees absorption without looking at the level ii, I need the level ii to identify it.
Thanks, BM
  • #45,476
  • Apr 26, 2019 11:36am Apr 26, 2019 11:36am
1 trade today +25

YM week
5x swing trades 5 winners = +266
2x s/r trades 2 winners = +64
-------------------------------------------
Total 7 for 7 for +330
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  • #45,477
  • Apr 26, 2019 1:21pm Apr 26, 2019 1:21pm
Probably my worst trade yet with the live account.

Attached is a perfect example of a few things:
-Greed
-Unwillingness to accept where I am wrong
-A lucky exit in extended hours
-Greed again during today's session
-A painful exit

I have learned a lot about the devastating role emotions play in trading during the course of this trade. Taking a losing trade outside the bounds of the trade plan is far more painful than taking a losing trade that fits your rules. I am grateful to learn these lessons on a small account, and will strive to hold myself more accountable to my trade plan going forward.
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  • #45,478
  • Apr 26, 2019 3:01pm Apr 26, 2019 3:01pm
47 points for the day. I kept my position open although the situation became a bit sticky after a while.
My second entry right before the close was just a mistake in clicking..
Have a good weekend everyone..
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  • #45,479
  • Apr 29, 2019 4:39am Apr 29, 2019 4:39am
Quoting bmdenton23
1 trade today +25 YM week 5x swing trades 5 winners = +266 2x s/r trades 2 winners = +64 ------------------------------------------- Total 7 for 7 for +330 {image}
A really great example to us of how you divorced your emotions and continued to trade your plan even in drawdown periods. Well done.
  • #45,480
  • Apr 29, 2019 9:39am Apr 29, 2019 9:39am
One and done. Felt very disciplined and robotic today. Bulls ripped up to new highs at close on Friday. I was surprised to see that we didn't gap down today and that there were actually willing buyers up this high. After high of day, I watched bears retrace past structure and where I believed bulls should enter the market. For this reason, I entered short. I took less than half my position off at the 1:1 and moved the rest to BE behind structure. Bulls tested that area and took me out. Day looks range-y to me so I am leaving the office early today to enjoy the beautiful spring weather outside.

1 win
+.45R

Wishing a week of prosperous trading to all.
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