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Ratios & Harmonics: a Different Way to Trade

  • #1,701
  • Jan 18, 2013 3:19pm Jan 18, 2013 3:19pm
Quoting Floyd1
Glad you liked it, Buddy. And all thanks goes to you.

Those patterns really are some kind of magic, now that I know what to look for - they are in deed natural mystic.
If you fail to plan, you plan to fail.
  • #1,702
  • Jan 18, 2013 3:25pm Jan 18, 2013 3:25pm
ive noticed that aggressive ABC and ABCD trades are more accurate when they have confluence and structure, instead of just taking it off the 61.8 line. sometimes it will go past the 78.6 line just because theres a harmonic pulse that ends there/confluence thats just right above, and then i think its ok to take it even though it goes past 78.6
  • #1,703
  • Jan 18, 2013 3:44pm Jan 18, 2013 3:44pm
Quoting Starry
ive noticed that aggressive ABC and ABCD trades are more accurate when they have confluence and structure, instead of just taking it off the 61.8 line. sometimes it will go past the 78.6 line just because theres a harmonic pulse that ends there/confluence thats just right above, and then i think its ok to take it even though it goes past 78.6
Confluence and structure always adds strength to any trade setup. I for one like the aggressive C trades they are a great opportunity to capitalize on the pattern and also help absorb the loss if D fails to reverse. They are truly a win win.
If you fail to plan, you plan to fail.
  • #1,704
  • Jan 18, 2013 5:43pm Jan 18, 2013 5:43pm
Mr. Pip have you ever tested using stops in relation to the fib ext. of BC instead of AB?
  • #1,705
  • Jan 18, 2013 6:16pm Jan 18, 2013 6:16pm
Quoting Mr. Pip
Hello my friend you need to treat all trades as if they were real. This helps build confidence and teaches you how to deal with the emotional component to trading. This is why I don't like demo account. Open a real account with a couple of hundred bucks and trade the smallest position size possible. It's different when its for real.
I totally agree with this. For some reason just losing a couple of bucks just gets me into turmoil. But in real life we piss off that amount without flinching. This is a part of trading that I find most difficult in doing. Riding the pain while waiting for the analysis to pan out. I am just on a micro account now. I wonder how it would feel with hundreds or thousand in dd!
  • #1,706
  • Jan 18, 2013 6:33pm Jan 18, 2013 6:33pm
Quoting FineForex
Mr. Pip have you ever tested using stops in relation to the fib ext. of BC instead of AB?
actually this prolly doesnt matter cuz on better set ups they line up with one another
  • #1,707
  • Jan 18, 2013 7:32pm Jan 18, 2013 7:32pm
Quoting FineForex
Mr. Pip have you ever tested using stops in relation to the fib ext. of BC instead of AB?
This would not be the best practice because although you get a smaller stop it also always places it within structure and that is not a smart way to trade.
If you fail to plan, you plan to fail.
  • #1,708
  • Jan 18, 2013 7:36pm Jan 18, 2013 7:36pm
Quoting 45drive45
I totally agree with this. For some reason just losing a couple of bucks just gets me into turmoil. But in real life we piss off that amount without flinching. This is a part of trading that I find most difficult in doing. Riding the pain while waiting for the analysis to pan out. I am just on a micro account now. I wonder how it would feel with hundreds or thousand in dd!
I can definitely get hairy you can't focus on the cash or the last trade. The past is the past find the next trade and follow your rules again. Wash, rinse and repeat.
If you fail to plan, you plan to fail.
  • #1,709
  • Jan 18, 2013 7:55pm Jan 18, 2013 7:55pm
Quoting Mr. Pip
I can definitely get hairy you can't focus on the cash or the last trade. The past is the past find the next trade and follow your rules again. Wash, rinse and repeat.
yes i must admit this is the biggest issue I'm having as well, but getting better with each failed trade and win trade. Just need to step back breath and follow the analysis and where the price wants to go
  • #1,710
  • Jan 18, 2013 8:28pm Jan 18, 2013 8:28pm
Quoting Mr. Pip
I can definitely get hairy you can't focus on the cash or the last trade. The past is the past find the next trade and follow your rules again. Wash, rinse and repeat.
On days that I have big pips, my wife will asks me, why not use a full account. But frankly I am not emotionally ready. It's been a few months and now I can tolerate the pain much better but still have issues forgetting about past big lost. Well, it's a process and it is one that I have enjoyed taking.
Controlling emotion is such a big part of forex and I think besides trading, it's a big help for life in general too!
  • #1,711
  • Jan 18, 2013 9:13pm Jan 18, 2013 9:13pm
Hello Mr Pip,

I have been reading this wonderful and impressive thread since day 1 and this is my first comment. In your latest document on the Gartley pattern and for Criteria 2 you state that the point C remains valid as long as there is at least a 61.8% retracement of AB and there is not a candle close at or beyond the 88.6% retracement of AB. Is this 88.6% or 78.6%? Cheers and many thanks Ymmit
  • #1,712
  • Jan 18, 2013 10:31pm Jan 18, 2013 10:31pm
Quoting ymmit
Hello Mr Pip,

I have been reading this wonderful and impressive thread since day 1 and this is my first comment. In your latest document on the Gartley pattern and for Criteria 2 you state that the point C remains valid as long as there is at least a 61.8% retracement of AB and there is not a candle close at or beyond the 88.6% retracement of AB. Is this 88.6% or 78.6%? Cheers and many thanks Ymmit
Good catch it 78.6 please correct this on your documents. Thanks and I'm sorry for the error.
If you fail to plan, you plan to fail.
  • #1,713
  • Jan 18, 2013 10:54pm Jan 18, 2013 10:54pm
Greetings again Mr. Pip,

I was just wondering if you could take just a moment to advise on how to create the diagrams that you made in your awesome "advance pattern reference guide" and your latest "rules of engagement" document. Do you just create the diagrams in Ninja and then save the file and you are able to manipulate its size in Windows Paint or whatever? Do you need to create the diagrams on a white background and not a black one to print on white paper etc? I would like to create my own documents because I feel creating it on my own alone will help in grasping the concepts and I would like to add my own notes as well cypher and shark (not because I trade them but just to be aware of them). I think it would help everyone's understanding here to create their own guides and make it their own so a quick post, or a video would be even better!, to get us started on this endeavor would be greatly helpful and appreciated.

Thank you very much,

Moviemkr
  • #1,714
  • Jan 19, 2013 5:28am Jan 19, 2013 5:28am
Quoting Floyd1
Another great video - Big thanks again to Mr Pip !

Day off from work today - so been trading then in sted according to lessons learned. A long very enjoyable session.

Bagged 252 green pips in total - some mistakes was also made dragging this number down somewhat, but still ended the day well in the pluss.
Will be working to now elimenate those mistakes.

Also not all agressive C sells or buys will pay off - SL's will get hit from time to time - but it's so good to see when they do pay off.
Best trade of the day gave 96 pips alone - agressive...
great work Floyd.

Can you please let me know what price area the GJ aggressive C sell was so I can try to retrace the whole pattern to test myself.
Also if you can tell me where you took your profit that would be great.
Thanks.
  • #1,715
  • Jan 19, 2013 8:46am Jan 19, 2013 8:46am
Quoting well0143
yes i must admit this is the biggest issue I'm having as well, but getting better with each failed trade and win trade. Just need to step back breath and follow the analysis and where the price wants to go
WANT TO BUILD CONFIDENCE?

We know having confidence will help all of us overcome the fear of trading losses. Losses will always be part of trading.

What everyone should do is go thru past charts, using strategy tester or just scrolling back and advancing chart bar by bar in the time frame you trade and the trading hours you trade and draw fibs and harmonics on every swing identifying trade opportunities. I record every C and D trade and review the results. I can now quickly identify patterns in live trading. It is also building my confidence. I am now sure of my trades and I know if I follow the rules and trade management I will not suffer large draw downs and I will win much more than I lose. I do that 2-3 nights a week and on weekends.

If anyone needs the simulator for MT4 do a search (LFH trading simulator 3) or I have it if you can't find it.

Have a great week end traders. Now go thru some charts!!!
Barry
  • #1,716
  • Jan 19, 2013 8:55am Jan 19, 2013 8:55am
Quoting Bary
WANT TO BUILD CONFIDENCE?

We know having confidence will help all of us overcome the fear of trading losses. Losses will always be part of trading.

What everyone should do is go thru past charts, using strategy tester or just scrolling back and advancing chart bar by bar in the time frame you trade and the trading hours you trade and draw fibs and harmonics on every swing identifying trade opportunities. I record every C and D trade and review the results. I can now quickly identify patterns in live trading. It is also building my confidence....
Thanks Barry excellent advise! I still constantly go threw charts and especially the trades that don't work out to see if I missed something. I think the trade simulator is a useful tool but nothing beats the live market. Feel free to post is here if it is something that can be done. This will help some of the traders.
If you fail to plan, you plan to fail.
  • #1,717
  • Jan 19, 2013 9:02am Jan 19, 2013 9:02am
Quoting Moviemkr
Greetings again Mr. Pip,

I was just wondering if you could take just a moment to advise on how to create the diagrams that you made in your awesome "advance pattern reference guide" and your latest "rules of engagement" document. Do you just create the diagrams in Ninja and then save the file and you are able to manipulate its size in Windows Paint or whatever? Do you need to create the diagrams on a white background and not a black one to print on white paper etc? I would like to create my own documents because I feel creating it on my...
I draw it on a chart and do a print screen, then I paste it in paint and crop to liking and then paste it into a word document. I use the white background because its easier to see on paper and saves mucho ink. After it is in word you can size it to liking or do many other things.
If you fail to plan, you plan to fail.
  • #1,718
  • Jan 19, 2013 9:10am Jan 19, 2013 9:10am
My first try with this, can any one tell me if i did good plz ? thanks

Eur/Aud H4
Attached Image (click to enlarge)
Click to Enlarge Name: try.jpg Size: 120 KB
  • #1,719
  • Jan 19, 2013 9:10am Jan 19, 2013 9:10am
Hi Mannai70

Agressive C sell GBP/JPY - sold at 144.04

This trade was not perfect by any means, neither entry and especially not the TP
Took profit already at 143.10, so bagged 96 pips

So as you will see I should definatly have let it go all the way to D as there were much more pips on offer in the trade

New at this and really need to work on my confidence and take the time to let the patterns play out
Nice ride down though from C

Lesson must be to stay in the trade until complesion of pattern
Big movements in the JPY pairs these days, so more opertunities will come to improve I hope
Still 96 pips is 96 pips, so can't feel to bad about not staying with it
  • #1,720
  • Jan 19, 2013 10:48am Jan 19, 2013 10:48am
About the agressive sell GBP/JPY I told you guys about yesterday

See enclosed chart

Price bounced off 144.00 area several times so major resistance was evident - projected swings etc are entirely mine and I am not sure they are even correct
As said I am new at this and still very much learning

This was my thinking when I sold at 144.04 see arrow in chart

Do you agree we are looking at valid patterns or did I just get lucky with this sell ?

It also got a bit hairy when down at 143.20 area so opted to get out there - bagged 94 pips (and not 96 pips for those who can count ref my previous posts)

Do you agree this trade was valid according to what mr Pip has been trying to learn us - or did I just get lucky, and bouncing off resistance was all that happened here ?All opinions on this trade are more than welcome
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY(15 minutes)20130119171545.png Size: 34 KB
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