Disliked{quote} 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 ?Ignored
Ratios & Harmonics: a Different Way to Trade
- #11,144
- Nov 25, 2014 8:25am Nov 25, 2014 8:25am
{quote} 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...
Well Said Mr Pip
It only took me 8 years to figure that out. ha ha. I still do my homework.
Empower Your Mind
- #11,145
- Edited 9:51am Nov 25, 2014 9:35am | Edited 9:51am
Hey fellow traders.
I don't have much time to stick around but let me just share my only trade for the day which is the EJ. There was no harmonic 1-1 projection to my entry at all, but the remaining confluence was enough for me and so I chose to enter the trade with the intent of managing it aggressively. I placed stops to BE immediately after the first break of the previous high.
I was eyeing Target 2, but I just locked in profits for +32 on Target 1 instead because I don't have any time to manage the trade right now, and it would've sucked if it went against me while I'm not watching.
Have to go and many pips to you all.
I don't have much time to stick around but let me just share my only trade for the day which is the EJ. There was no harmonic 1-1 projection to my entry at all, but the remaining confluence was enough for me and so I chose to enter the trade with the intent of managing it aggressively. I placed stops to BE immediately after the first break of the previous high.
I was eyeing Target 2, but I just locked in profits for +32 on Target 1 instead because I don't have any time to manage the trade right now, and it would've sucked if it went against me while I'm not watching.
Have to go and many pips to you all.
- #11,149
- Nov 25, 2014 7:51pm Nov 25, 2014 7:51pm
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #11,151
- Nov 25, 2014 8:27pm Nov 25, 2014 8:27pm
Okay, here is a losing trade I had for the AU. I was trading against order flow so I managed this aggressively. Exited for a small loss of -8 as there is no reason to expose myself to further negative floating P/L when I am clearly wrong. The other side in me was trying to hope but I know fully well the destruction this mentality brings (at least on the context of trading. It's not bad to hope on other things! 
).
Here is the chart.
).Here is the chart.
- #11,152
- Nov 25, 2014 8:46pm Nov 25, 2014 8:46pm
Okay, here is a losing trade I had for the AU. I was trading against order flow so I managed this aggressively. Exited for a small loss of -8 as there is no reason to expose myself to further negative floating P/L when I am clearly wrong. The other side in me was trying to hope but I know fully well the destruction this mentality brings (at least on the context of trading. It's not bad to hope on other things!
Never said I was Batman,all I'm saying is you'll never see us together.
- #11,153
- Nov 25, 2014 8:59pm Nov 25, 2014 8:59pm
{quote} yeah its making multi year lows try and avoid buying those
- #11,154
- Edited 9:36pm Nov 25, 2014 9:02pm | Edited 9:36pm
Okay, here is a losing trade I had for the AU. I was trading against order flow so I managed this aggressively. Exited for a small loss of -8 as there is no reason to expose myself to further negative floating P/L when I am clearly wrong. The other side in me was trying to hope but I know fully well the destruction this mentality brings (at least on the context of trading. It's not bad to hope on other things!
Edit: Exit will be 0.8564 if it gets there
Empower Your Mind
- #11,156
- Nov 25, 2014 9:08pm Nov 25, 2014 9:08pm
{quote} Looks like a deeper C to me. Sit your hands and let it play out. lets see. risking 16 pips on it. will move to BE if it breaks structure {image}
- #11,157
- Nov 25, 2014 9:24pm Nov 25, 2014 9:24pm
{quote} Yep, saw that too. Nice trendline confluence as well. Would be a textbook agg C trade if it turned out fine. Anyway, I'll think I won't be trading till London Open. Good luck on your trade.
Empower Your Mind
- #11,158
- Nov 25, 2014 9:34pm Nov 25, 2014 9:34pm
{quote} stick to YOUR rules. it could go either way. the market will do what it will do Cheers! Its all about risk appetite for me. Just like you I'm a student perfecting my craft. Passing on tidbits of info. Each one teach one. Good luck on london
- #11,159
- Nov 25, 2014 11:40pm Nov 25, 2014 11:40pm
{quote} Hello Wolves77. I think I'm confused with how you draw your projection to the upside. If I'm not mistaken the projection arrow has to be drawn from swing high-swing high (for upward direction) or swing low-swing low (downward). I have drawn my interpretation of projection in the chart you provided. Hope you don't mind. Added some of my thoughts in there as well. {image}
There was a big increase in projection on the way up with a shallow 38.2 retracement, so assumption was a NSH, but price held and created a DT.
In Mr Pips video he draws projections from swing back to swing back, hopefully the pic below does a better job than my original chart
As for the second part (the trade itself), that was a great bit of observation, that seems so obvious when someone else points it out but for the life of me i just didn't notice, sometimes i can't see the wood for the trees lol. Anyway i've re-evaluated the trade after your suggestions and come up with a new set up that seems to make a lot more sense.
- #11,160
- Nov 25, 2014 11:45pm Nov 25, 2014 11:45pm
{quote} Yes, thanks for the heads up. I just sort of tried fiddling with the buy-low philosophy in addition to Mr. Pip's teachings. Anyway, it was a just bonus trade which I experimented on. It if works, great! If it doesn't, get out asap!
Never said I was Batman,all I'm saying is you'll never see us together.