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Ratios & Harmonics: a Different Way to Trade

  • #6,401
  • Dec 19, 2013 5:03pm Dec 19, 2013 5:03pm
Quoting TheScorpS
Potential EJ BAt pattern on the H1, entered the C aggressive on failing to close above 61.8 But cant figure how to set stop loss and take profit on Ninja Trader, tried for the last few days online and youtube but still, I see that in the Dom window there's no Forex instruments to choose from {image} {image}

You have to go into instrument manager. I think it's in control center and tools. You can add it there but it also depends on your data feed, which broker do you have
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Barry
  • #6,402
  • Edited 5:52pm Dec 19, 2013 5:22pm | Edited 5:52pm
I am long in EURUSD at 1.3635. If price gets to 1.3620 I will be fully loaded. (I have a 20 pip loading window for this one).

Nice harmonics along the way in a very exhausted bearish move to this area. Let's see how it works out. I feel confident about it. Confluence with a previous demand area and daily support.

SL 10-15 pips below 1.3620 and TP will be the 38.2%-50% of the whole bearish move. Some number between 1.3700-1.3720

These are the type of trades it's worth being patient for. 70% probabilities that will work out, and if it doesn't at least you cannot blame yourself since you were disciplined and had a hell of a great plan

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I can even see the mental picture in my head... is a ball that has bounced enough and now is at the end of the lever just about to suffer a little force to go up!

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Best time to plant a tree was 20 years ago, second best is now
  • #6,403
  • Dec 19, 2013 5:36pm Dec 19, 2013 5:36pm
Quoting Bary
{quote} You have to go into instrument manager. I think it's in control center and tools. You can add it there but it also depends on your data feed, which broker do you have{image}
I will check with Instrument Manger, I have put the pair and now its showing in the Dom, I will work with it and see how to set sl and tp

Thanks for the help
I Have Learned to Take Some Losses to Make Profits
  • #6,404
  • Dec 19, 2013 8:49pm Dec 19, 2013 8:49pm
It is a gartly, isn't it ?
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-milkeyway
  • #6,405
  • Dec 19, 2013 8:57pm Dec 19, 2013 8:57pm
I am not particularly a pattern seeker, but hey, if you can spot one easily, why not! Here is a possible Gartley Pattern in the GBPUSD with a lot of confluence in case price decides to go up and complete the magent ABCD.

Red rectangles in my picture are supply areas. There is the first exactly where the Gartley is suppose to complete. Price would also be trading near daily resistance wich is good if I have intentions for going short.

Price is hesitating a little to complete the ABCD journey right now, which could also mean that I will either get an ABCD to the downside or a double bottom.

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Best time to plant a tree was 20 years ago, second best is now
  • #6,406
  • Dec 19, 2013 9:07pm Dec 19, 2013 9:07pm
Gold : this was my analysis of buying at D
What was wrong with that?
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-milkeyway
  • #6,407
  • Dec 19, 2013 9:11pm Dec 19, 2013 9:11pm
Quoting kumaramy
Gold : this was my analysis of buying at D What was wrong with that? {image}
1 Hour chart, what was wrong? Maybe the FOMC in the middle of it creating a great momentum to the downside!
Best time to plant a tree was 20 years ago, second best is now
  • #6,408
  • Dec 19, 2013 9:13pm Dec 19, 2013 9:13pm
Quoting kumaramy
It is a gartly, isn't it ? {image}
Not at all a Gartley, at least not the D completion which should be near to the X level.

Please. Always print your ratios, otherwise we can't say.

I went to my charts and I see a possible Gartley to the upside with Supply Confluence and ABCD when (if) price gets there.

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Best time to plant a tree was 20 years ago, second best is now
  • #6,409
  • Dec 19, 2013 9:19pm Dec 19, 2013 9:19pm
Quoting horuxito
{quote} Not at all a Gartley, at least not the D completion which should be near to the X level. Please. Always print your ratios, otherwise we can't say. I went to my charts and I see a possible Gartley to the upside with Supply Confluence and ABCD when (if) price gets there. {image}
Why i am doing mistakes
-milkeyway
  • #6,410
  • Dec 19, 2013 9:25pm Dec 19, 2013 9:25pm
Quoting kumaramy
{quote} Why i am doing mistakes
Cheer up! You are doing your effort. Maybe you should review some of the concepts that's all.

Here, the Rules of Engagement for the Gartley: http://www.forexfactory.com/showthread.php?p=6376835#post6376835
Best time to plant a tree was 20 years ago, second best is now
  • #6,411
  • Dec 19, 2013 9:31pm Dec 19, 2013 9:31pm
Quoting horuxito
{quote} Cheer up! You are doing your effort. Maybe you should review some of the concepts that's all. Here, the Rules of Engagement for the Gartley: http://www.forexfactory.com/showthread.php?p=6376835#post6376835
The gartly i shown was a bullish gartly.
-milkeyway
  • #6,412
  • Dec 19, 2013 9:35pm Dec 19, 2013 9:35pm
Quoting horuxito
{quote} Cheer up! You are doing your effort. Maybe you should review some of the concepts that's all. Here, the Rules of Engagement for the Gartley: http://www.forexfactory.com/showthread.php?p=6376835#post6376835
I was wrong. D was not at the 127% extension of AB.
-milkeyway
  • #6,413
  • Dec 19, 2013 9:40pm Dec 19, 2013 9:40pm
Quoting kumaramy
{quote} The gartly i shown was a bullish gartly.
Yeah, well, the only problem is that was not a Gartley. The D completion has to form an ABCD with a 127.2% extension of AB and confluence with 78.6% of XA.

Your first triangle only has a 50%, so that invalidates a Gartley. You'd had a valid retracement if you merged both triangles, however you wouldn't be trading a Gartley in that case but an aggressive C.

Besides, even if you would had a Garley, price was going up already, which puts you in a very exposed situation in R:R terms.
Best time to plant a tree was 20 years ago, second best is now
  • #6,414
  • Dec 19, 2013 9:41pm Dec 19, 2013 9:41pm
Quoting kumaramy
{quote} I was wrong. D was not at the 127% extension of AB.
Yup there must be 127 extension of AB that converge with 78.6 of XA for confluence to say that its a Gartley, Mr.Pip search for these tight confluence for have high probability trade setup

I have print these setups that Mr. Pip provided and place them on the wall in front of my computer, at work on my table, also sent them to a print house to make them available as a wallet reminder , like business card, hope they can do it though
I Have Learned to Take Some Losses to Make Profits
  • #6,415
  • Dec 19, 2013 10:44pm Dec 19, 2013 10:44pm
Quoting horuxito
{quote} Yeah, well, the only problem is that was not a Gartley. The D completion has to form an ABCD with a 127.2% extension of AB and confluence with 78.6% of XA. Your first triangle only has a 50%, so that invalidates a Gartley. You'd had a valid retracement if you merged both triangles, however you wouldn't be trading a Gartley in that case but an aggressive C. Besides, even if you would had a Garley, price was going up already, which puts you in a very exposed situation in R:R terms.
Sometimes price retraces from 61, sometime 78, sometimes 88. How to indentify it ? and How to know how long it would run after retrace ?
-milkeyway
  • #6,416
  • Dec 19, 2013 10:52pm Dec 19, 2013 10:52pm
Depth to upside increased.
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-milkeyway
  • #6,417
  • Dec 19, 2013 11:05pm Dec 19, 2013 11:05pm
Quoting kumaramy
{quote} Sometimes price retraces from 61, sometime 78, sometimes 88. How to indentify it ? and How to know how long it would run after retrace ?
That will depend on basically what dimension are we talking about.

If to get to that 618 or whatever ratio you had harmonic AB=CD moves, then you have a confluenced entry. You are, say, aggressive from a higher timeframe perspective, while you are just being conservative from the lower timeframe view since you are taking a PRZ at D. So if you combine both elements I think you have better chances.

I particularly don't take aggressive C's just because. I need to see harmonic moves to that C along the way. My favorites are those runs where you had 3 equal harmonic projections to get to the higher TF C.

When you are good at this you can take aggressive C's in the micro persective, because you are going with the trend... however I'm not that good yet. For now, I am ok by being patient. Hey, I'm still alive after 2 weeks live trading without indicators!

You open your charts and is not a matter of choosing if you should be buying or selling. You project swings and you draw your little boxes either to buy or sell IF price gets there. Once you are happy about where price is trading and the way it got there, then you pull the trigger.

I don't fish but I guess that fishing is the same thing. You place your fishing rods to both sides, with baits a little beyond (trying to capture exhausted fish) and if they bite then you smile, otherwise you are just cool, protecting your already captured fish.

See this picture. You project swings from existent swings and you get an idea of where price might be going to both sides. You don't know where it will go, no one knows, but you will be ahead if you an expectation.

I enjoy confluence but I prefer exhaustion, that's why I enjoy the golden extension 161.8%. If you have both the better.

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Best time to plant a tree was 20 years ago, second best is now
  • #6,418
  • Dec 19, 2013 11:19pm Dec 19, 2013 11:19pm
Quoting horuxito
I am not particularly a pattern seeker, but hey, if you can spot one easily, why not! Here is a possible Gartley Pattern in the GBPUSD with a lot of confluence in case price decides to go up and complete the magent ABCD. Red rectangles in my picture are supply areas. There is the first exactly where the Gartley is suppose to complete. Price would also be trading near daily resistance wich is good if I have intentions for going short. Price is hesitating a little to complete the ABCD journey right now, which could also mean that I will either get...
Total change of plans and upated expectations. Possible Gartley violated and now looking to see price trading below at daily resistance after a bigger ABCD completion to the downside. Seing a smaller ab=cd along the way that'd be exhausted if price gets to the end of the purple line.

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Best time to plant a tree was 20 years ago, second best is now
  • #6,419
  • Dec 20, 2013 1:15am Dec 20, 2013 1:15am
Quoting horuxito
{quote} That will depend on basically what dimension are we talking about. If to get to that 618 or whatever ratio you had harmonic AB=CD moves, then you have a confluenced entry. You are, say, aggressive from a higher timeframe perspective, while you are just being conservative from the lower timeframe view since you are taking a PRZ at D. So if you combine both elements I think you have better chances. I particularly don't take aggressive C's just because. I need to see harmonic moves to that C along the way. My favorites are those runs where...
And Mr. Pip was saying something about round numbers. What does round numbers mean ?
-milkeyway
  • #6,420
  • Dec 20, 2013 1:20am Dec 20, 2013 1:20am
Quoting kumaramy
{quote} And Mr. Pip was saying something about round numbers. What does round numbers mean ?
Price often interacts with the round numbers (for example, 1.35000, 1.36000, 1.37000 etc).
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