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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

  • #3,761
  • Apr 14, 2013 7:53am Apr 14, 2013 7:53am
Quoting Mr. Pip
Well Traders, I seems like the thread has dried up. It was indeed a honor to share with you the way I trade and hopefully I was able to point some of you in a good direction. I will continue to monitor the thread for a few weeks and see if you all post or pick a topic to discuss. I would like to see the thread continue as there have been some really valuable content here. Good luck to all and I hope to be able to interact with you soon.
Thank you Mr Pip! Im personally focusing on screen time in order to get better .My difficulties lie in the subjective department, I notice I dont take winning trades because the 'price action' just seems wrong or something, so Im working that out. Visualizing making the harmonic measurements and just taking the trades seems to work out well, and so does going into the past and working out what trades would be made (not could, would! yes, even when looking at future price action, I should be able to just ignore that).

So i guess im working on consistency in applying the skills of : structure, price action, order flow, and beauty (lol i added this one, i really think some trades really work out well, but it seems i only see how awesome it is after the fact. it is still beautiful (I really mean high probability) if it doesnt work out)

Drop by I'm sure the thread will pick up in the future. I feel like alot has already been said about harmonics, enough to get off the ground and running.
  • #3,762
  • Apr 14, 2013 8:26am Apr 14, 2013 8:26am
Mr pip , what do you use to confirm entry at PRZ?
  • #3,763
  • Apr 14, 2013 11:35am Apr 14, 2013 11:35am
Quoting trexy123
Mr pip , what do you use to confirm entry at PRZ?
I use order flow and price action. There has to be weakness evident in order flow and price a toon has to behave accordingly. If none of these elements are present I will pass on the pattern or setup. No if and or but.
If you fail to plan, you plan to fail.
  • #3,764
  • Apr 14, 2013 1:44pm Apr 14, 2013 1:44pm
I'm quite disappointed! I thought this thread was going to progress more than it has.

Quoting Mr. Pip
Well Traders, I seems like the thread has dried up. It was indeed a honor to share with you the way I trade and hopefully I was able to point some of you in a good direction. I will continue to monitor the thread for a few weeks and see if you all post or pick a topic to discuss. I would like to see the thread continue as there have been some really valuable content here. Good luck to all and I hope to be able to interact with you soon.
  • #3,765
  • Apr 14, 2013 2:04pm Apr 14, 2013 2:04pm
Quoting shadodwel
I'm quite disappointed! I thought this thread was going to progress more than it has.
It will
  • #3,766
  • Apr 14, 2013 2:16pm Apr 14, 2013 2:16pm
Quoting shadodwel
I'm quite disappointed! I thought this thread was going to progress more than it has.
Me too but I understand as traders have difficulty with the work end of this. It's easier to tray to if the easier 123 or when this indicator does this enter here. Very few traders are willing to put in the time to really learn how to trade like a professional and the reason for the 90-10 statistical fact.

I will remain here to help the committed.
If you fail to plan, you plan to fail.
  • #3,767
  • Apr 14, 2013 4:56pm Apr 14, 2013 4:56pm
Quoting Mr. Pip
Me too but I understand as traders have difficulty with the work end of this. It's easier to tray to if the easier 123 or when this indicator does this enter here. Very few traders are willing to put in the time to really learn how to trade like a professional and the reason for the 90-10 statistical fact. I will remain here to help the committed.

Don't give up on us
  • #3,768
  • Apr 14, 2013 5:36pm Apr 14, 2013 5:36pm
Quoting shadodwel
I'm quite disappointed! I thought this thread was going to progress more than it has.
If you truly are committed to becoming a trader there is a wealth of knowledge in this thread. Mr. Pip has many hints in his charts if you look and study hard enough. Dont' get discouraged. We are very lucky to have him donate his time for free here. Work the charts and do the PA exercise. When you post a chart post why you entered and what you were thinking at the time. Others may be able to help.

If Mr. Pip dropped dead tomorrow would you continue to trade as he has shown? We have to have some conviction here. Lets show him that we are serious. It takes lots of work to enter the 10%. Cheers.
Finally out of the shadows.
  • #3,769
  • Apr 14, 2013 11:29pm Apr 14, 2013 11:29pm
Quoting Mr. Pip
Well Traders, I seems like the thread has dried up. It was indeed a honor to share with you the way I trade and hopefully I was able to point some of you in a good direction. I will continue to monitor the thread for a few weeks and see if you all post or pick a topic to discuss. I would like to see the thread continue as there have been some really valuable content here. Good luck to all and I hope to be able to interact with you soon.
It would be real bad if you stop monitoring this thread. I am preparing myself to learn harmonics from this and It would be my bad luck if i am late enrolling here. I believe things would be much easier with you around.

In case i am late and you are not around, I would like to thank you for sharing your knowledge with us.
  • #3,770
  • Apr 15, 2013 6:31am Apr 15, 2013 6:31am
You probably misunderstood me. I am not asking Mr. Pip or anyone else to hold my hand while I trade. I don't need anyone to do that. As a matter of fact, I purchased Harmonic Trading Volume 1 & 2 because I wanted to learn more about these patterns. I am glad I did! Even more than that, I am glad this thread was started because I know for a fact, at this point in time, I would have never known about the patterns and how the market repeats itself. I know what it takes to become a successful trader. I was just looking forward for some fresh ideas on the patterns. Also, more particularly, I was looking for some more information on the newer patterns that were not presented in Harmonic Trading Volume 2 because they were discovered after the book was published. I am especially interested in the shark pattern. There are pictures of the pattern but I haven't found an explanation of this pattern or much discussion about it. So, if anyone traders the pattern, I would love to know more about it especially the ratios because when you look at the picture it is a little confusing.

I'm not discouraged.

I know for one I am going to continue to contribute to this thread. Oh, not all indicators are bad ones. Scott Carney uses RSI in his second volume of harmonic trading. It's when we become dependent on indicators we don't think. Jason Stapleton said in one of his videos that if have indicators on your charts that you aren't using, it's better to remove them.

Quoting gaf
If you truly are committed to becoming a trader there is a wealth of knowledge in this thread. Mr. Pip has many hints in his charts if you look and study hard enough. Dont' get discouraged. We are very lucky to have him donate his time for free here. Work the charts and do the PA exercise. When you post a chart post why you entered and what you were thinking at the time. Others may be able to help. If Mr. Pip dropped dead tomorrow would you continue to trade as he has shown? We have to have some conviction here. Lets show him that we are serious....
  • #3,771
  • Apr 15, 2013 6:42am Apr 15, 2013 6:42am
this has been great thread mr pip has done an amazing job i have been watching this thread since it started i had a lot of input at the beginning with asking for help but it then turned me into learning more about trading and further analysis of the charts your a legend mr pip, I'm still not profitable lol but only been trading since november last year and have come a very very very very long way. If the thread decides to thin out a bit more for the new traders like me suss out baby pips they did just release a section under the school tab that goes right back to the basics of trend line analysis and then into some patterns suss it out its a great little website to learn stuff that could of been missed in you learning path way i think with that stuff as a foundation and then mr pips learnings on top the potential is huge unless your young like me and still haven't learnt how to control your ego and trade like a robot …. sigh lol
  • #3,772
  • Apr 15, 2013 7:08am Apr 15, 2013 7:08am
Quoting Mr. Pip
Well Traders, I seems like the thread has dried up. It was indeed a honor to share with you the way I trade and hopefully I was able to point some of you in a good direction. I will continue to monitor the thread for a few weeks and see if you all post or pick a topic to discuss. I would like to see the thread continue as there have been some really valuable content here. Good luck to all and I hope to be able to interact with you soon.
Mr Pip please don't be offended by my comment, and i'm only saying that from experience that i am a teacher. So the fact is; to keep my pupils focused and on track i have to show them that i am always available and keeping an eye on them and their work and behaviour no matter what age groub they belong to. they are easily distracted when i am not around even the bright ones they get bored and figity. so my point is you need to appear on this thread more often and keep things on the right track. ( i know and appreciate the fact that you have your own life and work to deal with) But man you only have yourself to blame for starting a great thread ( lol ) so i hope you'll have the time to persist with it till all of us graduate and won't be needing your constent appearence. like i said, it's a great thread which on behalf of everyone would like to thank you for providing it in the first place, but please don't let go YET.
  • #3,773
  • Apr 15, 2013 7:14am Apr 15, 2013 7:14am
Quoting Mr. Pip
Me too but I understand as traders have difficulty with the work end of this. It's easier to tray to if the easier 123 or when this indicator does this enter here. Very few traders are willing to put in the time to really learn how to trade like a professional and the reason for the 90-10 statistical fact. I will remain here to help the committed.
Guys, please read Mr.Pip's last post. Especially the highlighted part!
"The only thing I’m addicted to right now is winning."
  • #3,774
  • Apr 15, 2013 7:47am Apr 15, 2013 7:47am
Quoting shadodwel
You probably misunderstood me. I am not asking Mr. Pip or anyone else to hold my hand while I trade. I don't need anyone to do that. As a matter of fact, I purchased Harmonic Trading Volume 1 & 2 because I wanted to learn more about these patterns. I am glad I did! Even more than that, I am glad this thread was started because I know for a fact, at this point in time, I would have never known about the patterns and how the market repeats itself. I know what it takes to become a successful trader. I was just looking forward for some fresh ideas on...
Sorry I was only trying to help. I've read the books and I wasn't very impressed at his use of the RSI as that adds one more thing to distract from structure, momentum and price. But if it works for you awesome.

I know that Mr.Pip would rather us master Structure, Momentum and PA before introducing more patterns. If we all knew what it takes to be a professional traders we would not be on this forum .

I reached out to you as you mentioned earlier that you had a recent newborn and were passionate about making this your career. I am also in this situation so again I was just trying to help out. Best of luck to you. Cheers.
Finally out of the shadows.
  • #3,775
  • Apr 15, 2013 8:33am Apr 15, 2013 8:33am
Hi Mr Pip,

First time poster, Long time watcher. Just wanted to thank you for your generosity with your time and knowledge.

Have been paper trading since November of last year and so far so good. Managed to make 36.7% of my 'original investment' (paper only) using the principals (ABCD and Gartley) learned from this thread.

None of this would have been possible without your teachings, so once again thank you.

I have not been been feeling very confident, so was hesitant to post, but please be assured that I have been applying your principals on a daily basis and loving every minute

------------------------------------------------------------------------------------------------------
Go with the flow
Go with the flow
  • #3,776
  • Apr 15, 2013 8:59am Apr 15, 2013 8:59am
I keep up to date with the thread, but I haven't posted for some time.

In an effort to keep some momentum going, I'll post up a trade I made today for discussion.

It was an Aggressive C, which I entered late (wasn't at the computer). This had the benefit of confirming the reversal, but it reduced my profit.

Reasons for entering
Retracement 61.8 - 78.6 AB
Reversal confirmed by PA (and RSI... but by the ROE that is not needed)
With order flow

Stop Loss
Placed slightly above 88.6 (using BroncoCap's observation that retracements going beyond 78.6 typically fail)

Take Profit
Placed at confluence of 38.6 AB and 50 BC, which also tied in nicely with previous S/R

Result
17 pips, on account of late entry

Hindsight Observations
A smaller AB=CD is forming from the Aggressive C point. This may mean that I could have ridden the trade for longer, getting down to the 61.8 BC retracement point.
It may have been better to move SL to BE at my TP, and continued the trade.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.png Size: 59 KB
  • #3,777
  • Apr 15, 2013 9:30am Apr 15, 2013 9:30am
Awesome Itinerant!

Great trade and good read. You had angry bears on the previous big leg so more down to be expected or at least a correction. You had price stalling in the 61-78 zone with rejection off of the resistance area 3 times showing sellers were interested. The PA confirmed this after failing to close higher. You recognized where price may have trouble and took profit there. Price confirmed that there were buyers at the level on the next bar although not super aggressive compared to the selling on the previous bar (we are ranging so price is jumpy).

The only thing you may be concerned about is your R:R from being late. If its at the 88 then its 20:17 which is still ok given the probability of being right and the confluence supporting this trade. Glad you made bank! Cheers.
Attached Image (click to enlarge)
Click to Enlarge Name: $EURUSD (5 Min) 15_04_2013.jpg Size: 105 KB
Finally out of the shadows.
  • #3,778
  • Apr 15, 2013 9:48am Apr 15, 2013 9:48am
Hi Mr Pip,
I am glad that you started this thread and I had been following it since the start. I believe it was not by coincident that I stumbled on your thread on the day you started it on 26th December 2012 while looking for more details on harmonics after a brief introduction from another website. I have since started on a small live account in February 2013 and have some degree of success. I have not posted any charts yet. Your way of trading I felt made sense as I spend time looking for these patterns ie ABCD, AB=CD or aggressive C and I can see them on a daily basis. The simple and uncluttered way of just using Fibs to anticipate the PRZ and learning price action for entry gave me confidence when taking the trades.
I do hope there is a way to keep learning from you but all the same your unreserved sharing have help a lot of traders as most in this thread will attest to. I will keep following this trade and will post some of my charts soon when I get a hang of how to to do this here.
  • #3,779
  • Apr 15, 2013 10:39am Apr 15, 2013 10:39am
No worries man. We are all on our way to becoming professional traders. Although there are a million ways to do something right, I believe harmonic trading is the best way to trade. You are 100% correct, mastering structure and PA are the two most important things. This thread has opened my eyes on how to learn more of what really matters in trading; the basics, structure. I've removed most indicators from my chart, simply because for me, they haven't worked. I believe that the RSI BAMM method is very powerful, which is the reason I said that some indicators are useful; just don't rely on them solely for your trading decisions.

I know that because of this thread, I have no doubts about becoming a successful trader. I wish everyone the same.

On the side note, I took two trades today on the GBPJPY and EURJPY. The GBPJPY formed a Gartley (+15 pips) and the EURJPY formed a butterfly (+2 as of now, seems to be testing structure there).

Quoting gaf
Sorry I was only trying to help. I've read the books and I wasn't very impressed at his use of the RSI as that adds one more thing to distract from structure, momentum and price. But if it works for you awesome. I know that Mr.Pip would rather us master Structure, Momentum and PA before introducing more patterns. If we all knew what it takes to be a professional traders we would not be on this forum . I reached out to you as you mentioned earlier that you had a recent newborn and were passionate about making this your career. I am also in this...
  • #3,780
  • Apr 15, 2013 10:47am Apr 15, 2013 10:47am
Quoting CNTrader
Hey Traders this is a trade opportunity Im currently involved with. Bearish Shark and Butterfly completion. Enjoy and may we all make Bank!! {image}
Hey Traders hope this finds you all doing well. As I say this is one of my fav patterns as it opens the door to many others and banking some nice pips. Takes Discipline and the understanding of PA to trade it well. With that said all 3 targets were attained over night and here is a new Bearish shark Pattern developed that i am now involved with. Trade your plan. Have fun, stay disciplined and may we all make bank!!
Attached Image (click to enlarge)
Click to Enlarge Name: audusd.gif Size: 74 KB
Don't follow me! You can and most likely will LOSE all your money!!!!
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