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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

  • #46,881
  • Aug 6, 2019 1:57pm Aug 6, 2019 1:57pm
Couldn't start trading today until just after 11:00am. Which, turns out, is when the bulls took back over. I traded the bearish expectation and the bulls ran over me. -22, -23, +2. "Hoping for a little calmer markets to come. Every day that I practice the plan is a good day.

"Determine your risk, it works or it doesn't, and go to the next trade. That's all it is."

Mark Douglas
  • #46,882
  • Aug 6, 2019 3:24pm Aug 6, 2019 3:24pm
Yesterday I made a lot of mistakes with expectations, totally throwing everything out of the window and just hoping market goes my way to the point i went from -600 to -1100.

Today I changed a few things and cleared my head. Mr.Pip mentioned in his QA video to me that I need to stick to one order flow which was my biggest mistake yesterday. today I played the expectations on one chart regardless of what a higher time frame says and behold I start recovering. Made a total of 1200 for the day and back to break even.
  • #46,883
  • Aug 6, 2019 3:32pm Aug 6, 2019 3:32pm
Quoting Mr. Pip
{quote} yes i will make it a QA video
I think a Q/A about Frequency and Risk Reward as the pertain to taking entries at level 1 structure when the expectation is a shallow pullback would be valuable.

I know our expectation is a 1/1 or 127 fib of the swing but just getting to BE on Level 1 entries of expected shallow pullbacks has the initial less then 1 to 1 Risk to Reward profile on the trade.

You talked about this on the 7/19/2019 post trade session and you said something along the lines of decreasing your frequency will hurt us in the long run and not increase the small accounts efficiently.

Thanks again Damian
  • #46,884
  • Aug 6, 2019 5:08pm Aug 6, 2019 5:08pm
Quoting standrdtrde
{quote} I think a Q/A about Frequency and Risk Reward as the pertain to taking entries at level 1 structure when the expectation is a shallow pullback would be valuable. I know our expectation is a 1/1 or 127 fib of the swing but just getting to BE on Level 1 entries of expected shallow pullbacks has the initial less then 1 to 1 Risk to Reward profile on the trade. You talked about this on the 7/19/2019 post trade session and you said something along the lines of decreasing your frequency will hurt us in the long run and not increase the small accounts...
I am curious about this as well. I have a small account, so I am essentially forced to take trades around the 61.8 or above, and that provides great R/R. I can’t take trades near the 38.2 because it just takes the R/R out of my favor
  • #46,885
  • Aug 6, 2019 8:14pm Aug 6, 2019 8:14pm
Quoting spetscom
{quote} I am curious about this as well. I have a small account, so I am essentially forced to take trades around the 61.8 or above, and that provides great R/R. I can’t take trades near the 38.2 because it just takes the R/R out of my favor
This is so true and i'm facing the same situation...
  • #46,886
  • Aug 6, 2019 8:24pm Aug 6, 2019 8:24pm
Locked in some profits on EURCAD, going to bed...
Attached Image (click to enlarge)
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Would be nice to get an EA with my trade management rules manage these trades . My trades are LTOF making it difficult to manage as I would have to stay up at odd hours
  • #46,887
  • Aug 6, 2019 8:35pm Aug 6, 2019 8:35pm
Today's Post Session Review. Live Stream tomorrow.

https://youtu.be/YdkMXMtKdZk
If you fail to plan, you plan to fail.
  • #46,888
  • Aug 6, 2019 8:36pm Aug 6, 2019 8:36pm
Quoting BlacMoni
{quote} This is so true and i'm facing the same situation...
This is not the the case Guys I will make a video on this and I will address this in the live stream tomorrow.
If you fail to plan, you plan to fail.
  • #46,889
  • Aug 6, 2019 9:06pm Aug 6, 2019 9:06pm
got taken out fast...on to the next trade
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  • #46,890
  • Aug 6, 2019 9:18pm Aug 6, 2019 9:18pm
Quoting spetscom
{quote} I am curious about this as well. I have a small account, so I am essentially forced to take trades around the 61.8 or above, and that provides great R/R. I can’t take trades near the 38.2 because it just takes the R/R out of my favor
Hi Spets,

I trade FX and practising with a small account too, I had the same thoughts and issue as you so I drew this up to help me.

As you can see if you take an entry at the 38 level the R:R is still good if your targeting the 1:1 harmonic of the move, my trade management for this type of entry is too reduce risk on a break of the last swing high rather than a move to BE. I did notice someone else say that their 38 level entry would be moved to BE on price reaching the 127 level.

The correction would be considered shallow and therefore expectation of a strong New Structure High hence why I target the 1:1 over the 127 level.

Sorry about the mistakes in there, it was only meant as a personal reference.

Hope this helps
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  • #46,891
  • Aug 6, 2019 9:19pm Aug 6, 2019 9:19pm
Quoting Mr. Pip
Today's Post Session Review. Live Stream tomorrow. https://youtu.be/YdkMXMtKdZk
Really valuable stuff, complete transparency, thank you! I want to add more, but I don't know what to say, intense.
Wow! I've got some experience to gain.
  • #46,892
  • Aug 7, 2019 1:01am Aug 7, 2019 1:01am
Good day traders.

Tough session yesterday with 3 structure fails before we got some nice harmonic price-action going.

Was at -135p but managed to end the day with +76p after 3 (or 4 losers, depends on how you want to see it) losers and two winners. Overtime was worth it this time.

Looking forward to the livestream!
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  • #46,893
  • Aug 7, 2019 2:03am Aug 7, 2019 2:03am
Quoting shevshenko7
Hi guys. Completely new member here. Sorry if it has been covered before but what timeframe would you recommend for someone who has a dayjob and maybe has a couple of hours each day to trade?

Mr. Pip is trading a couple of hours, at US market`s open (9:30-12:00 NY time). I see you`re from Europe, same as I, so starting 15:30 CET you can choose your interval to trade the 144 tick chart from mini/micro Dow futures. Usually it moves acceptable even after 18:00 CET.
I coudn`t find for myself a better instrument to be available during London session, both as liquidity and as price/point. Dax is not moving like miniDow, at least not in this period of the year.
Hope it helps.
  • #46,894
  • Aug 7, 2019 3:20am Aug 7, 2019 3:20am
Hi guys, after a while a I back to trading again. Thank you Mr. Pip and all of you for your valuable knowledge. I took a trade this morning. Worked well. I have just notice micro Dow exists. That could solve my "small account" problem when trading classic YM.
Attached Image (click to enlarge)
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  • #46,895
  • Aug 7, 2019 5:30am Aug 7, 2019 5:30am
Quoting belsug
{quote} Mr. Pip is trading a couple of hours, at US market`s open (9:30-12:00 NY time). I see you`re from Europe, same as I, so starting 15:30 CET you can choose your interval to trade the 144 tick chart from mini/micro Dow futures. Usually it moves acceptable even after 18:00 CET. I coudn`t find for myself a better instrument to be available during London session, both as liquidity and as price/point. Dax is not moving like miniDow, at least not in this period of the year. Hope it helps.
Thank you so much for your help! Really appreciate it!
  • #46,896
  • Aug 7, 2019 6:49am Aug 7, 2019 6:49am
Am I right in assuming that for this type of trading you don't need a huge setup in regards to screens and other technical setups? Just curious as to what your setup looks like
  • #46,897
  • Aug 7, 2019 7:01am Aug 7, 2019 7:01am
Hi Everyone,

This is my first post on this wonderful forum. Can anyone give their advise on this picture, as I'm not very sure about the expectiop . I reckon the expection is for the price go long.

As the price make a NSH, then the price retrace to 38.2%, and make HL. do you look for rotation here fo long or short.
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  • #46,898
  • Aug 7, 2019 7:35am Aug 7, 2019 7:35am
Quoting Hgo
Hi Everyone, This is my first post on this wonderful forum. Can anyone give their advise on this picture, as I'm not very sure about the expectiop . I reckon the expection is for the price go long. As the price make a NSH, then the price retrace to 38.2%, and make HL. do you look for rotation here fo long or short. {image}
Expectation for the Orange Higher Time Frame(HTF) is higher and at rotation you go long since retrace. The Lower Time Frame(LTF) order flow turned bearish when the previous HL broke and you are looking for shorts at greater than 38.2 retrace of the LTF
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Anything is Possible!Side with the Probable!
  • #46,899
  • Aug 7, 2019 7:59am Aug 7, 2019 7:59am
Quoting shevshenko7
Am I right in assuming that for this type of trading you don't need a huge setup in regards to screens and other technical setups? Just curious as to what your setup looks like
A notebook and ... cafecito!
  • #46,900
  • Aug 7, 2019 8:03am Aug 7, 2019 8:03am
Quoting FiftyFibFX
{quote} Expectation for the Orange Higher Time Frame(HTF) is higher and at rotation you go long since retrace. The Lower Time Frame(LTF) order flow turned bearish when the previous HL broke and you are looking for shorts at greater than 38.2 retrace of the LTF {image}
FiftyFibFX; Thank you for clearing my doubt.
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