DislikedBe careful in these market conditions. Better to stay away than to lose your money! Here are the limits for YM for toady and you can check for other instruments on the CME site posted below. {image} https://www.cmegroup.com/trading/price-limits.html#equityIndexIgnored
Ratios & Harmonics: a Different Way to Trade
- #49,242
- Mar 9, 2020 7:14am Mar 9, 2020 7:14am
Be careful in these market conditions. Better to stay away than to lose your money! Here are the limits for YM for toady and you can check for other instruments on the CME site posted below. {image} https://www.cmegroup.com/trading/price-limits.html#equityIndex
Crazy shit!
Wow! I've got some experience to gain.
- #49,246
- Mar 9, 2020 8:57am Mar 9, 2020 8:57am
- Joined Nov 2009 | Status: Trader | 2,232 Posts
Luck has no place in trading. Leave that for the poker table.
- #49,247
- Mar 9, 2020 9:04am Mar 9, 2020 9:04am
- Joined Nov 2009 | Status: Trader | 2,232 Posts
Luck has no place in trading. Leave that for the poker table.
- #49,248
- Mar 10, 2020 10:52pm Mar 10, 2020 10:52pm
Now that the chaos is settling down a bit, stepped back in the market this evening. One last post here on this great thread. I am grateful for Damian, his efforts and his teachings on how to read the charts. It has totally changed the way I follow price. Hopefully, he is able to get back soon.
Tonight’s trade is basically what my trade plan has evolved into. Just focusing on the ABCD patterns for D entries, following the harmonics and targeting the 61.8 of the AD leg. I have virtually removed the “aggressive” C entry from the plan.
Wish you all the best in your trading.
Tonight’s trade is basically what my trade plan has evolved into. Just focusing on the ABCD patterns for D entries, following the harmonics and targeting the 61.8 of the AD leg. I have virtually removed the “aggressive” C entry from the plan.
Wish you all the best in your trading.
Good work is the key to good fortune
WTF! I hope somebody was on the right side of that one! {image}
You have to ask yourself, can I actually see the large players in that candle? Can I see the Delta imbalance of Bids/Ask in that candle? Is the imbalance, if any, at the beginning of the candle, is it in the middle of the candle, or is it at the top of the candle? You simply do not know just looking at a chart.
I feel that if a person is day trading the YM, then using a 30 to 40 pip stop on a consistent basis will crush your account. That means to be a consistently profitable trader you would have to have a risk to reward of 1 (risk) to 2 (reward) which translates into making 80 ticks every 2 trades and doing that consistently, day in and day out. The edge is in the risk/reward ratio. Saying that a trading style has a 75% win rate has nothing to do with being a successful trader. In fact most people who say they win 75% of their trades blow their account every 50 trades.
Like I said I see some very good traders here and by simply adding order flow to Mr. Pips technique you will be able to cut you risk down drastically and make more $$$.
I've posted a few charts for your observation to show you the power of order flow. I was also challenged by my mentor to compete with other traders (roughly 300 of them) for a nice prize if I could make the top 10 within 6 weeks. I started that challenge and posted my first trade on this thread. 6 weeks later I made the top 10. I post this not to brag but to show you the power of Order flow. Thanks for your time in reading my post.
{quote} Hi, after reading a lot of the post on this thread I see some really good traders, however, I also see a major flaw that 95% of all retail traders do that are being made here. I also watched some of Mr. Pips videos and with all due respect, I see a lot of trades that should have never, ever been taken. Simply looking at a chart rotation and saying buyers are entering the market here and taking a long makes no sense what so ever. You have to ask yourself, can I actually see the large players in that candle? Can I see the Delta imbalance of...
Also, lots of people here are using footprint charts. Though .... me personally still don't know what to think of them, as used in my trading style, as in a valid solid addiction or just placebo.
From the rest of the post, you actually say what Mr PIP says, I think your most problem is the lack of orderflow/footprint chart. If you go back in this thread, you can see that Mr PIP has actually tried to incorporate footprint charts into the trading style. I can see and understand the reasoning of him not using them.
Also, 30/40 pip stop is explained by Mr. PIP as being maximum, but, since the years, YM volatility has really picked up.
Thank you for explaining ( at least a bit ) your reasoning. Hope you win the competition, good luck !
- #49,253
- Mar 12, 2020 6:20am Mar 12, 2020 6:20am
Hi everyone, just came across the thread today and already watched the first couple of videos by Mr Pip. Glad i found this, its the first thing makes perfect sense to me, thank you very much Mr Pip and will stick around to learn from you guys. 
- #49,256
- Mar 12, 2020 8:31pm Mar 12, 2020 8:31pm
just finished the first lesson, about structure analysis and have something really buzzling me, hope you don't mind explaining things even though its been covered awhile back, or if you can direct me to the right post I am more than happy to read and understand on my own. hope I don't bother anyone here
which structure analysis should I be identifying? main swings (long legs/ scenario 1 in my chart) which wouldn't identify change in direction until its too late, but will keep us in if its only complex correction. or minor swings (short legs/ scenario 2 in my chart) which would get us on the new structure direction early and perhaps have more wining trades, BUT if the change was complex direction will be taken out before it turns back to the major swing direction? I hope It make sense of what I am trying to say here. thanks very much for your help in advance.
which structure analysis should I be identifying? main swings (long legs/ scenario 1 in my chart) which wouldn't identify change in direction until its too late, but will keep us in if its only complex correction. or minor swings (short legs/ scenario 2 in my chart) which would get us on the new structure direction early and perhaps have more wining trades, BUT if the change was complex direction will be taken out before it turns back to the major swing direction? I hope It make sense of what I am trying to say here. thanks very much for your help in advance.
- #49,257
- Mar 12, 2020 8:59pm Mar 12, 2020 8:59pm
- | Joined Dec 2017 | Status: Trader | 1,054 Posts
just finished the first lesson, about structure analysis and have something really buzzling me, hope you don't mind explaining things even though its been covered awhile back, or if you can direct me to the right post I am more than happy to read and understand on my own. hope I don't bother anyone here
Looks like you already understand the structure part pretty well and have marked up your chart well. The answer to your question is that you should trade whichever order flow fits your desired trading frequency/risk tolerance. Obviously you’d like to know which will work better. In my experience and testing larger order flow has only a very slight advantage over small order flow and that may not apply to all instruments equally. For instance on the YM I like to trade swings that range in size from 40 to maybe 120 points. Once the swing exceeds maybe 200 points I’m looking to requalify my order flow. That requalification may end up being against the larger swing. If I trade into the larger swing AOI I may very well see some problems but I’ve never been able to statistically prove that trading against the larger swing has any affect on the outcome over x number of trades. So pick the swings that suit your style/risk best and when price doesn’t cooperate wait until you can qualify swings as such.
- #49,260
- Mar 13, 2020 12:18pm Mar 13, 2020 12:18pm
4 trades for the day . +76
1 and 4 entries were according to rules
2 and 3 not that good.
Most of my entries are good but I cannot stay on a trade.
#1 for example was 3A setup. Perfect entry. The trade expectation for 1/1 was met. Only I was not there. Took 52 out of 300 .
Any advice ???
1 and 4 entries were according to rules
2 and 3 not that good.
Most of my entries are good but I cannot stay on a trade.
#1 for example was 3A setup. Perfect entry. The trade expectation for 1/1 was met. Only I was not there. Took 52 out of 300 .
Any advice ???