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Ratios & Harmonics: a Different Way to Trade

  • #2,441
  • Jan 30, 2013 10:31am Jan 30, 2013 10:31am
[quote=itinerant;6405459]Great post - very useful for those of us trying to learn.

I have a couple of questions:
Quote
1. What made you choose the low at circa 05:06:05 for your main swing rather
than the previous low just visible on your chart at 04:36:37? Or indeed the low
around 03:44 (not visible on your chart)

This was an AB=CD which retested the high and held that was my first trade. The other lose are too far away and price action was trapped within this one.

Quote

2. What triggered your 4th trade (short at approx 78.6%)



It was a supply zone from prior swing high and confluence 138, 78 and 161 and C sell
If you fail to plan, you plan to fail.
  • #2,442
  • Jan 30, 2013 10:34am Jan 30, 2013 10:34am
got stopped out at breakeven. i guess since it was against orderflow i should've taken profit at 61.8 of cd leg.
  • #2,443
  • Jan 30, 2013 11:00am Jan 30, 2013 11:00am
[quote=Mr. Pip;6405619]
Quoting itinerant
Great post - very useful for those of us trying to learn.

I have a couple of questions:


This was an AB=CD which retested the high and held that was my first trade. The other lose are too far away and price action was trapped within this one.



It was a supply zone from prior swing high and confluence 138, 78 and 161 and C sell
Thank you.
That all makes sense... the bigger hurdle is seeing it for myself without it being pointed out!
  • #2,444
  • Jan 30, 2013 11:28am Jan 30, 2013 11:28am
Quoting Damien1881
Hi, I'm using MB demo for ninja and still trading on mt4 with my brokers who don't support ninja. Go to www.mbtrading.com (http://www.mbtrading.com) and on the right hand side of that home page you should be able to find the demo acc. option, open the desktop account and not the mt4 account. There is no time limit on there demo accounts.
yep, sounds right.
  • #2,445
  • Jan 30, 2013 11:29am Jan 30, 2013 11:29am
Quoting Starry
got stopped out at breakeven. i guess since it was against orderflow i should've taken profit at 61.8 of cd leg.
Now you are thinking like a trader.
If you fail to plan, you plan to fail.
  • #2,446
  • Jan 30, 2013 11:30am Jan 30, 2013 11:30am
[quote=itinerant;6405697]
Quoting Mr. Pip

Thank you.
That all makes sense... the bigger hurdle is seeing it for myself without it being pointed out!
you will get there practice practice practice
If you fail to plan, you plan to fail.
  • #2,447
  • Jan 30, 2013 11:41am Jan 30, 2013 11:41am
Okay Traders here is the PA video you all havbe been waiting for. I had to rush at the end due to time but at least you can see how I handle price action.


Give me your thoughts, comments, and questions. I will answer them all.


http://www.youtube.com/watch?feature=player_detailpage&v=9nMXyhMgj-A
If you fail to plan, you plan to fail.
  • #2,448
  • Jan 30, 2013 12:34pm Jan 30, 2013 12:34pm
Quoting Starry
got stopped out at breakeven. i guess since it was against orderflow i should've taken profit at 61.8 of cd leg.
Starry, again Mr. Pip is really doing an outstanding job here, but if I am countertrend trading a harmonic pattern, tp will be 38.2. Can trail half if you want or let half run. Not exactly sure which trade you are referring to however. I think it was a butterfly and they are very powerful, can fail miserably or catch a turning point. But trading at the edges is dangerous, so need a disciplined system.

Nice job.
The world you desire can be won. It exists.. it is real.. it is possible..
  • #2,449
  • Jan 30, 2013 12:38pm Jan 30, 2013 12:38pm
Great video, as always.

I don't know if you have access to metatrader, but there is a fantastic trading simulator (http://www.forexfactory.com/showthread.php?t=70742) that has been written by a Forex Factory contributor called Quantem.

It behaves like a live market using historical data, painting the ticks as they appeared. You can also speed it up, for example you could trade a day in 15-20mins.

It's possibly too much work, but it would be great if you had time to pick a random day in the past and trade it through the simulator.

Just a thought.
  • #2,450
  • Jan 30, 2013 12:47pm Jan 30, 2013 12:47pm
Quoting Mr. Pip
Hello, Structure was your adversary, when it needs to be your ally. The ratios and the zone was correct but remember what I always say "Take a step back and see if you missed anything". You traded right into a demand zone. I hear that you trade the 1H only but it doesn't hurt to drop down to a lower timeframe once price is approaching a level you want to trade to zero in on the best entry but also get some detailed clues on if you should pass on the entry or confirm a better one. My chart explains. The first chart is the 1H and what is visible...
Mr Pip, could you please explain what is the meaning of Supply/Demand in relation to charts reading.
And probably only me but i am struggling reading some of the charts because of congested ratio lines which is making it hard to figure out which line to which swing?

thank you
  • #2,451
  • Jan 30, 2013 1:25pm Jan 30, 2013 1:25pm
Quoting Georji
Mr Pip, could you please explain what is the meaning of Supply/Demand in relation to charts reading.
And probably only me but i am struggling reading some of the charts because of congested ratio lines which is making it hard to figure out which line to which swing?

thank you
Supply and demand is another way to say support and resistance. I hear you but if I remove lines and post the chart I will have a hundred question as to why I took that trade and why did you get out there. I know it's challenging to see things and if I wasn't posting the chart half of those lines would be gone. I only keep the ones I need. I kept them there now for you all to see.
If you fail to plan, you plan to fail.
  • #2,452
  • Jan 30, 2013 1:31pm Jan 30, 2013 1:31pm
Quoting Mr. Pip
Supply and demand is another way to say support and resistance. I hear you but if I remove lines and post the chart I will have a hundred question as to why I took that trade and why did you get out there. I know it's challenging to see things and if I wasn't posting the chart half of those lines would be gone. I only keep the ones I need. I kept them there now for you all to see.
Thank you for your reply and for an excellent video on PA
  • #2,453
  • Jan 30, 2013 3:16pm Jan 30, 2013 3:16pm
Quoting Mr. Pip
Hello, Structure was your adversary, when it needs to be your ally. The ratios and the zone was correct but remember what I always say "Take a step back and see if you missed anything". You traded right into a demand zone. I hear that you trade the 1H only but it doesn't hurt to drop down to a lower timeframe once price is approaching a level you want to trade to zero in on the best entry but also get some detailed clues on if you should pass on the entry or confirm a better one. My chart explains. The first chart is the 1H and what is visible...
WOW, THANK YOU!
this is GREAT! reallly!

think i will trade 5min or 15min from now, but zoom OUT and try to look for the big swings.
will practice more and more~

this is exactly what i needed

thank you once again.

jhfx
  • #2,454
  • Jan 30, 2013 3:47pm Jan 30, 2013 3:47pm
I'm not a fibbo expert, but I'd say attached pattern meets the rules for nice h1 potential short coming up...?


BR
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd_h1 pattern.gif Size: 53 KB
  • #2,455
  • Jan 30, 2013 5:10pm Jan 30, 2013 5:10pm
Mr pip,
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? Didnt you also have structure there too?
  • #2,456
  • Jan 30, 2013 5:13pm Jan 30, 2013 5:13pm
mr pip,
do you have any rules for where you offset imuplses due to harmonic disturbances. How far down are you willing to offset the impulses and does the new high you place the impulse on have to retrace close enough to the original placement?
  • #2,457
  • Jan 30, 2013 6:48pm Jan 30, 2013 6:48pm
Dear Mr. Pip:

Am reading your thread and recommended book "The Harmonic Trader" with great interest.
I use Ninjatrader and apparently need to program my Fib. Extensions to read anyhing other than 0-100%.
Please email me your preferred settings.
As for the member who cannot view your Utube videos, I use ExpressVPN.com when traveling in countries that do not allow access to U-Tube, Facebook, etc.
Eagerly awaiting your settings for Fib. Extensions.
Thank you.
  • #2,458
  • Jan 30, 2013 6:54pm Jan 30, 2013 6:54pm
Quoting Mr. Scott
Starry, again Mr. Pip is really doing an outstanding job here, but if I am countertrend trading a harmonic pattern, tp will be 38.2. Can trail half if you want or let half run. Not exactly sure which trade you are referring to however. I think it was a butterfly and they are very powerful, can fail miserably or catch a turning point. But trading at the edges is dangerous, so need a disciplined system.

Nice job.
Thanks, yeah he is really doing great
  • #2,459
  • Jan 30, 2013 8:32pm Jan 30, 2013 8:32pm
Mr pip,
why wouldnt you trade a prz like this? Because it paused before and blew through it? Whaat am i missing here, i mean i do see a larger main swing, but why would you use the larger one vs the smaller? Thanks! This was from today. Heck, there was even some structure nearby that it blew through before going up.

Attached Image (click to enlarge)
Click to Enlarge Name: prz_question.png Size: 210 KB
  • #2,460
  • Jan 30, 2013 8:40pm Jan 30, 2013 8:40pm
Quoting Damien1881
Hi, I'm using MB demo for ninja and still trading on mt4 with my brokers who don't support ninja. Go to www.mbtrading.com and on the right hand side of that home page you should be able to find the demo acc. option, open the desktop account and not the mt4 account. There is no time limit on there demo accounts.

Thanks Damien1881, Starry & dibo90 on the NinjaTrader.

I just opened up MBT demo for forex and downloaded "MBT Desktop Pro".

Attached is a screen shot showing EUR/USD at 60ticks.
It does NOT look like Ninja Trader, and it has only pre-selected options for ticks and not a number of ticks that I can specify.

What other steps if I missing ??


Attached Image (click to enlarge)
Click to Enlarge Name: MBT_DesktopPro.png Size: 19 KB
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