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Ratios & Harmonics: a Different Way to Trade

  • #11,121
  • Nov 24, 2014 9:44am Nov 24, 2014 9:44am
Well Traders not the best day for me it was all about the trade management today ended up with 13 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: EU.png Size: 73 KB
If you fail to plan, you plan to fail.
  • #11,122
  • Nov 24, 2014 10:02am Nov 24, 2014 10:02am
Quoting Mr. Pip
Well Traders not the best day for me it was all about the trade management today ended up with 13 pips. {image}
Thank you Mr Pip for your break down of this trade. I too was watching, took a short trade at the completion of the Gartley but got stopped out as price climbed higher than expected. As you mentioned earlier this is where trade management is needed and yet another field I need to learn
  • #11,123
  • Nov 24, 2014 10:07am Nov 24, 2014 10:07am
Quoting Mr. Pip
Well Traders not the best day for me it was all about the trade management today ended up with 13 pips. {image}
It was very interesting and enlightening, your trade management, following your trades, trying to see what your seeing, and how you are see them.
As I said before its all there on the chart, but my eyes and mind are seeing what your seeing, but I have yet to interpret it, as you do.
So for me, it was a great day.


Aj1
  • #11,124
  • Nov 24, 2014 10:45am Nov 24, 2014 10:45am
Traders,

Are we over thinks? Are we complicating simplicity? If it's not there don't trade it. It's OK not to see something it happens to me. But what I don't do is chase after it. I missed a couple of opportunities today but I took the ones I saw and manged my trade. Exercise control in everything you do from analyzing the chart to identifying a setup to pulling the trigger and managing your trade. Do not let the market handle you. Own your process. Simplify your approach own it! it needs to be and feel natural for you kind of like breathing.

When you break this down to its simplest form price can only do two things from your entry go up or down that's it. It's our job to identify setups that increase the odds of entering a position in the direction price is moving. Create efficiency in your processes and place those odds in your favor.
If you fail to plan, you plan to fail.
  • #11,125
  • Nov 24, 2014 10:56am Nov 24, 2014 10:56am
Quoting Mr. Pip
The 1.2443 should hold that would have been my preferred short but weakness got me in early. Now its trade management time. Down 3.5 at the moment
Hello Mr Pip,

I find your expectations to be quite good.
Could I please ask why you took the second trade today and why you expected 1.2443 to hold?

Thanks
  • #11,126
  • Nov 24, 2014 11:21am Nov 24, 2014 11:21am
Here is what was going through my mind during both trades. Hope this helps. It's always about the expectation and how price reacts to it.
Attached Image (click to enlarge)
Click to Enlarge Name: $EURUSD (233 Tick) 11_24_2014.jpg Size: 154 KB
If you fail to plan, you plan to fail.
  • #11,127
  • Nov 24, 2014 11:25am Nov 24, 2014 11:25am
Quoting amfx
{quote} Hello Mr Pip, I find your expectations to be quite good. Could I please ask why you took the second trade today and why you expected 1.2443 to hold? Thanks
Sure This area has heavy longer term structure and the market was way overbought at a 161.8 Fib ext. Unfortunately I got a weaker reaction then I had expected and being that I was against order flow on both trades I needed to be aggressive managing them. Not the best day overall but was able to grab some profit for the day.
If you fail to plan, you plan to fail.
  • #11,128
  • Nov 24, 2014 1:15pm Nov 24, 2014 1:15pm
Just 1 trade for me today was a goody though



Attached Image (click to enlarge)
Click to Enlarge Name: Aussie 15m ratio trade 2511.jpg Size: 74 KB
Never said I was Batman,all I'm saying is you'll never see us together.
  • #11,129
  • Nov 24, 2014 1:41pm Nov 24, 2014 1:41pm
Quoting headfake
Just 1 trade for me today was a goody though {image}
Beautiful trade congrats!!!
If you fail to plan, you plan to fail.
  • #11,130
  • Nov 24, 2014 1:52pm Nov 24, 2014 1:52pm
Quoting Mr. Pip
{quote} Beautiful trade congrats!!!

Never said I was Batman,all I'm saying is you'll never see us together.
  • #11,131
  • Nov 24, 2014 1:54pm Nov 24, 2014 1:54pm
any date on the trading room thing happening Mr Pip (i know your busy)
Never said I was Batman,all I'm saying is you'll never see us together.
  • #11,132
  • Nov 24, 2014 3:35pm Nov 24, 2014 3:35pm
Quoting headfake
any date on the trading room thing happening Mr Pip (i know your busy)
Min thinking mid to ending December since things are slow and people can get time off. I'm looking at options for hosting. Maybe go to meeting or something like that as a venue.
If you fail to plan, you plan to fail.
  • #11,133
  • Nov 24, 2014 3:56pm Nov 24, 2014 3:56pm
Quoting Mr. Pip
{quote} Min thinking mid to ending December since things are slow and people can get time off. I'm looking at options for hosting. Maybe go to meeting or something like that as a venue.
good idea, there'll be plenty of interest
Never said I was Batman,all I'm saying is you'll never see us together.
  • #11,134
  • Nov 24, 2014 4:15pm Nov 24, 2014 4:15pm
Hi mr. Pip !
I want to show this trade todays as You could also take it and make nice profits on...so I am asking why you dont look on other pair for nice opportunities ...isnt your main goal to do the best profits or why ? I saw that you trade 5 lots, but if you are that good I would like to know if you connect with other accounts then to manage more capital and make more lots ?
heres the trade I think it was very nice reading... sorry if I bothered with money but I really want to see the sky coming in this success story
Attached Image (click to enlarge)
Click to Enlarge Name: Momentum and projection increased + C agg.png Size: 57 KB
  • #11,135
  • Nov 24, 2014 4:58pm Nov 24, 2014 4:58pm
Quoting Mr. Pip
Traders, Are we over thinks? Are we complicating simplicity? If it's not there don't trade it. It's OK not to see something it happens to me. But what I don't do is chase after it. I missed a couple of opportunities today but I took the ones I saw and manged my trade. Exercise control in everything you do from analyzing the chart to identifying a setup to pulling the trigger and managing your trade. Do not let the market handle you. Own your process. Simplify your approach own it! it needs to be and feel natural for you kind of like breathing. When...
Thanks, Mr. Pip.

Yes, I am so guilty of this. Overthinking. I want to grab every opportunity available in the market. I guess my daytrading temperament keeps on wanting me to take trades here and there. I had some degree of control though, and that was why I didn't take that Gartley completion. Still, it really bothers me that I'm zero for the day. I always just keep telling to myself that at least it's better than a negative day.
  • #11,136
  • Nov 24, 2014 5:56pm Nov 24, 2014 5:56pm
Quoting LuisPrinc
Hi mr. Pip ! I want to show this trade todays as You could also take it and make nice profits on...so I am asking why you dont look on other pair for nice opportunities ...isnt your main goal to do the best profits or why ? I saw that you trade 5 lots, but if you are that good I would like to know if you connect with other accounts then to manage more capital and make more lots ? heres the trade I think it was very nice reading... sorry if I bothered with money but I really want to see the sky coming in this success story {image}
It's never about the profits, the profits are the by product of a good trade. There may be more or greater opportunities on other pairs but I don't need to complicate my process scanning through different pairs. I trade my own capital and manage some accounts. On occasion I will look to the GBP when the EU is flat but I can usually find all the opportunities I need in one pair.

Its also not not about being that good. I don't consider myself an amazing trader. I do however try to be the best I can be when I step on to the battle field and hold myself accountable for whatever happens. We can't always be great at identifying a setup. But we can be great at managing our trades and managing our accounts.

I never trade race with a quota. My only goal for the day is to identify high probability setups and to take them. That's it!
If you fail to plan, you plan to fail.
  • #11,137
  • Nov 24, 2014 6:03pm Nov 24, 2014 6:03pm
Quoting YoungCroc
{quote} Thanks, Mr. Pip. Yes, I am so guilty of this. Overthinking. I want to grab every opportunity available in the market. I guess my daytrading temperament keeps on wanting me to take trades here and there. I had some degree of control though, and that was why I didn't take that Gartley completion. Still, it really bothers me that I'm zero for the day. I always just keep telling to myself that at least it's better than a negative day.
Don't be so hard on yourself. Not every opportunity is worth taking. Take the ones you are comfortable with and manage your trade. Don't let the chart handle you. Build your posture, as a market professional you should always be in control. Whether your trade is progressing fine or it's a complete disaster. Your posture will maintain your ability to execute when is needed. Once that trade is behind you, win, lose, or draw that is exactly where it should stay. You don't carry that baggage with you on your next trade. Your task is simple. Wash rinse and repeat!
If you fail to plan, you plan to fail.
  • #11,138
  • Nov 24, 2014 7:31pm Nov 24, 2014 7:31pm
Quoting Mr. Pip
{quote} Don't be so hard on yourself. Not every opportunity is worth taking. Take the ones you are comfortable with and manage your trade. Don't let the chart handle you. Build your posture, as a market professional you should always be in control. Whether your trade is progressing fine or it's a complete disaster. Your posture will maintain your ability to execute when is needed. Once that trade is behind you, win, lose, or draw that is exactly where it should stay. You don't carry that baggage with you on your next trade. Your task is simple....
hi mr pips thnx for sharing you insight im just wondering tf you recommend in metatrader 4 that is closer to 244 tik the one you use in nijatrader ?
  • #11,139
  • Nov 24, 2014 7:45pm Nov 24, 2014 7:45pm
Quoting Mr. Pip
{quote} Don't be so hard on yourself. Not every opportunity is worth taking. Take the ones you are comfortable with and manage your trade. Don't let the chart handle you. Build your posture, as a market professional you should always be in control. Whether your trade is progressing fine or it's a complete disaster. Your posture will maintain your ability to execute when is needed. Once that trade is behind you, win, lose, or draw that is exactly where it should stay. You don't carry that baggage with you on your next trade. Your task is simple....
hi mr pips thnx for sharing you insight im just wondering what tf you recommend in metatrader 4 that is closer to 244 tik the one you use in nijatrader ?
  • #11,140
  • Nov 24, 2014 9:06pm Nov 24, 2014 9:06pm
Quoting Mr. Pip
{quote} Don't be so hard on yourself. Not every opportunity is worth taking. Take the ones you are comfortable with and manage your trade. Don't let the chart handle you. Build your posture, as a market professional you should always be in control. Whether your trade is progressing fine or it's a complete disaster. Your posture will maintain your ability to execute when is needed. Once that trade is behind you, win, lose, or draw that is exactly where it should stay. You don't carry that baggage with you on your next trade. Your task is simple....
Thanks.
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