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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

  • #381
  • Jan 1, 2013 5:49pm Jan 1, 2013 5:49pm
now 3263
Quoting iqyu5an
EU now.. 1.3250
not euphoria follower
  • #382
  • Jan 1, 2013 5:51pm Jan 1, 2013 5:51pm
Quoting max pain
"upon trade entry you have to consider what price is doing" <<<<< That sums it all up Managing a trade is the key. Happy Green Pipping in 2013 to all.
If you fail to plan, you plan to fail.
  • #383
  • Jan 1, 2013 5:54pm Jan 1, 2013 5:54pm
Quoting winalot
Can someone please take a look at the attached chart and tell me if I am on the right track?

Hello winalot,

Yes you are on the right track.
If you fail to plan, you plan to fail.
  • #384
  • Jan 1, 2013 5:56pm Jan 1, 2013 5:56pm
.
Quoting iqyu5an
now 3263
Attached Image
not euphoria follower
  • #385
  • Jan 1, 2013 5:57pm Jan 1, 2013 5:57pm
Quoting Mr. Pip
Hello winalot,

Yes you are on the right track.
Thanks Mr. Pip.

Very clear and easy to follow thread!
  • #386
  • Jan 1, 2013 6:03pm Jan 1, 2013 6:03pm
Quoting Davit
Mr.PiP
My suspension has been lifted and I can post again.Thanks for your support.

I have a general question to ask.As harmonic trader how much time you spend going over fundamental staff like news.For example GU shot up unprecedented over 100pips on Fri and violated previous patterns.
Do you 1st check the news then pattern and mechanics? or you like many tech traders totally ignore fundamentals.
Thank you
I'm thrilled to hear that and posted a comment that hopefully won't get me in any trouble but it had to be said you are a good person and did not deserve what happened.

I'm glad you asked and I'm surprised no one has. I completely disregards news events for trade entry. I am only aware of news from a trade management perspective.

I am a100% technical trader and believe news is immediately reflected in price. A news event is nothing more then a period of volatility and therefore should only be considered to protect profit.

If a pattern gets blown out by news then the pattern is invalid and on the the next one.
If you fail to plan, you plan to fail.
  • #387
  • Jan 1, 2013 6:06pm Jan 1, 2013 6:06pm
3282 and other currency is flying too
not euphoria follower
  • #388
  • Jan 1, 2013 6:17pm Jan 1, 2013 6:17pm
Quoting Nate04
I was of this opinion as well, but then I went and looked back farther. it appears the main swing may actually occur between Oct. 17th 14:00 and Dec 12th 12:00. Unfortantly, my screen will not zoom out far enough on the 1 hr time frame to show this entire move. However, with this being the case, the dominate swing would then become Dec 12th 12:00 to current. Dec 26th 11:00 may end up being the end of the dominate swing, but that is yet to be determined as the retracement down is hanging around the 50% mark currently, and the move up has yet to reach...
It looks like Dec 12th 12:00 to Dec 26th 11:00 has become the dominate swing on AUD/USD on the 4HR and 1HR charts, as the retrace has hit the 50% level and climbing this evening... Now I need to get memorizing the if/then post Mr. Pip posted, so I can remember what patterns become valid at what levels!
  • #389
  • Jan 1, 2013 6:27pm Jan 1, 2013 6:27pm
Quoting horuxito
Excellent! I am one of those less experienced traders and want to thank you for the way you are managing this thread.

In the firsts posts it all seemed that it was only for experienced traders who knew all about abcd patterns, fib retracements and extensions. But then it all became clear. We first needed to identify the main and dominant swings, etc, etc, step by step.

One question about Scott Carney book. I know that it'd be best to anyone to read it, but some probably won't have the time to go through the 273 pages. Plus, you mentioned that...
Well, I think that you should read it at some point it will definately add value and depth to the knowledge base you are seeking. There is information in there that would be difficult for me to cover here. Also I have made these patterns my own. I have refined them through tons of testing for higher accuracty the priciples and foundation are the same.

When Idecided this was the type of trading I wanted to do I completely immersed myself in anything that said harmonics and yes I went through a lot of crap but I also went the some really great material this book was one of these really great materials ans if you really want to understand that you are trading them please find the time to read it at some point.
If you fail to plan, you plan to fail.
  • #390
  • Jan 1, 2013 6:28pm Jan 1, 2013 6:28pm
Quoting Mr. Pip
Jason,

The figures are not rigid but the rules are. We also have to remember that price will vary slightly between broker and price will not always come to anarea to the pip. In your analysis you will have to determine what is acceptable for you. I will give you some examples.

On a 1H Chart

If price comes to with in 5 pips to a fib target then I will accept as valid.

On a 15M Chart

If price comes to within 3 pips of a fib target I will accept as valid

You must be careful or you will start to lose the intergrity of the patterns. 5 pips...
Hi Mr. Pip,

Thanks for your precious education and comments on my previous posts. I have some points need your clarifications
1) For higher timeframe say H3, Daily, Weekly what will be your tolerance pips as I am trading at higher TF
2) When seeing the extremes (i.e. XABCD) , do we claculate the pattern by using Hi/Lo or using bar close?

Thanks in advance.
  • #391
  • Edited 6:58pm Jan 1, 2013 6:29pm | Edited 6:58pm
Quoting ForexWinners
I have an indicator called "Gartley v102", it can help harmonic traders
I appreciate your jesture but please do not post it. If you depend on indicators to trade you are not truly learning how to trade.
If you fail to plan, you plan to fail.
  • #392
  • Jan 1, 2013 6:48pm Jan 1, 2013 6:48pm
Well traders I have caught up with all the posts and look forward to sharing more with you all. I am surprised that I only had a couple of questions about the PRZ and entries. Do you feel good about price action in the PRZ or would like to see some more examples? Also how are we doing with drawing our fibs?

This is important folks so ask away. The first pattern we will be discusssing tomorrow afternoon is the ABCD pattern. This the most common and one of my favorites particularly on the lower timeframes. I'll hang out for a few more minutes before I turn in. I will pop in and out in the tread tomorrow. I like to tade the lower timeframes and since this is how I make a living I have to attend to that first. Once I hit my goal. I'll answer questions and we will discuss the ABCD.
If you fail to plan, you plan to fail.
  • #393
  • Jan 1, 2013 6:57pm Jan 1, 2013 6:57pm
Quoting jasonckb
Hi Mr. Pip,

Thanks for your precious education and comments on my previous posts. I have some points need your clarifications
1) For higher timeframe say H3, Daily, Weekly what will be your tolerance pips as I am trading at higher TF
2) When seeing the extremes (i.e. XABCD) , do we claculate the pattern by using Hi/Lo or using bar close?

Thanks in advance.
Anytime, they are always calculated on the high and low. The tails are even more important then the close from a price action perspective.

That is a good questio, I'm not sure since I have not tested but an educated guess would say max 10 pips on the daily and weekly and 5 pips on the H3.

If this is your chosen timeframe take the time to do some testing to validate. Remember we trade what se see not what we think.

Also, if it cannot be measured, varifiable and reproducible then it cannot be tested and it has no place in our trade plan.
If you fail to plan, you plan to fail.
  • #394
  • Jan 1, 2013 7:00pm Jan 1, 2013 7:00pm
Quoting Mr. Pip
Well traders I have caught up with all the posts and look forward to sharing more with you all. I am surprised that I only had a couple of questions about the PRZ and entries. Do you feel good about price action in the PRZ or would like to see some more examples? Also how are we doing with drawing our fibs?

This is important folks so ask away. The first pattern we will be discusssing tomorrow afternoon is the ABCD pattern. This the most common and one of my favorites particularly on the lower timeframes. I'll hang out for a few more minutes before...
To be quite honest, I need to study your PRZ posts some more. Examples would be excellent! I think I'm becoming fairly comfortable with identifying swings and dominate swings over the holiday. I honestly can't wait to start learning to the patterns.
  • #395
  • Jan 1, 2013 7:01pm Jan 1, 2013 7:01pm
Quoting Nate04
To be quite honest, I need to study your PRZ posts some more. Examples would be excellent! I think I'm becoming fairly comfortable with identifying swings and dominate swings over the holiday. I honestly can't wait to start learning to the patterns.
Okay Nate we will do some tomorrow, please remind me if I forget.
If you fail to plan, you plan to fail.
  • #396
  • Jan 1, 2013 7:05pm Jan 1, 2013 7:05pm
Hi Mr. Pip

Do you always enter in PRZ with your full position....or would you ever enter partial position at around 127 level and rest of position if it pulled back to 138 ?

You mentioned you use 244 tick. Have you ever tried harmonics with range bars and if so...what is your feeling on trading 3-5 size range bars and how the PRZ reacts with tick and range bars compared with minute charts?

Thanks again for your commitment in helping us all learn

Ed
  • #397
  • Jan 1, 2013 7:05pm Jan 1, 2013 7:05pm
Quoting Mr. Pip
Okay Nate we will do some tomorrow, please remind me if I forget.
No problem... Hope you had a good vacation.
  • #398
  • Jan 1, 2013 7:09pm Jan 1, 2013 7:09pm
111 pip range arleady today ...
better waiting another setup. market is hot
Attached Image (click to enlarge)
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not euphoria follower
  • #399
  • Jan 1, 2013 7:16pm Jan 1, 2013 7:16pm
I agree with Nate, would like a couple more examples of PRZ.
I look forward to tomorrow afternoon
  • #400
  • Jan 1, 2013 7:30pm Jan 1, 2013 7:30pm
Mr Pip, I do have a Q and no hurry to answer, but I was wondering just where you start your first X to A...there was a post #277 by Ezzy that involves the USDCAD where he starts his X way at the top and then you posted a chart in post #349 where you started your XA at the bottom.....Im thinking, which is dangerous, that maybe you just go back to see the most significant high or low and start from there....I imagine it may also has to do with what time frame you are viewing .......I just want to get this right and want to get on this boat before it really starts sailing and discussing other things.....thanks in advance..
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