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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

  • #11,841
  • Jan 14, 2015 3:51am Jan 14, 2015 3:51am
My second trade this day on the French CAC40
1 strong bullish move
2 Weak bearish counterattack
3 followed by an immediate upsurge by the bulls
I enter a long and get a really bad fill
4 despite the bad fill I stay long as long as structural support holds
I take profit when 161.8 fibextension is reached and a correction seems to come.
( afterwards it went to 4300 and it was acomplete 1 :1 )
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  • #11,842
  • Jan 14, 2015 3:52am Jan 14, 2015 3:52am
Quoting Mikali
{quote} Hey Matts, Per Mr. Pip's Rules of engagement on a Gartley Pattern point AB needs to fulfill at a minimum a 61.8 Retracement of the XA leg. Mikali
Cheers for response,
Yer I've found that sticking to exact measurements in forex is a difficult thing to do (maybe just for me )and though "perfect" setups do come along the slightly wonkey ones can work too. Just need to practice correct MM etc. I found several reasons to enter the trade (confluence) and it has reached +20pips but is now currently on a pullback. I have covered the trade +4 (initial risk was -10) but am expecting a further push as several levels have been breached.
As the lights go by so too do the shadows move
  • #11,843
  • Jan 14, 2015 4:02am Jan 14, 2015 4:02am
Quoting Matts Micro
{quote} Cheers for response, Yer I've found that sticking to exact measurements in forex is a difficult thing to do (maybe just for me )and though "perfect" setups do come along the slightly wonkey ones can work too. Just need to practice correct MM etc. I found several reasons to enter the trade (confluence) and it has reached +20pips but is now currently on a pullback. I have covered the trade +4 (initial risk was -10) but am expecting a further push as several levels have been breached.
Hello Matts,

Personally I'm just starting down on this road of Harmonics and everything is still very new to me....I guess I'm at the point where I look for the perfect set-up....I suppose with months and months of screen time I will be able to identify a position which is not to the pip.

Congrats on your profit thus far and many more pips to you !!!

Mikali
  • #11,844
  • Jan 14, 2015 4:04am Jan 14, 2015 4:04am
Just lost 11 pips on a trade!! Went for an AB=CD with a large bearish candle as my decision maker.

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Looking at it now I should have waited for a deeper correction, the momentum down was not massive so should have been expecting at least a 50% pull back. Plus it is a HL on the short term OF, although the longer term is down.

Live and learn
  • #11,845
  • Jan 14, 2015 4:15am Jan 14, 2015 4:15am
Quoting Mikali
{quote} Hello Matts, Personally I'm just starting down on this road of Harmonics and everything is still very new to me....I guess I'm at the point where I look for the perfect set-up....I suppose with months and months of screen time I will be able to identify a position which is not to the pip. Congrats on your profit thus far and many more pips to you !!! Mikali
Yeps screen time is the only way to learn

Got a slight spread spike that took me out... ffs didn't want to be out at that level, it still could move. That's trade management though
The market could be moving however with a st (unconfirmed) H&S on AU and importantly UJ. There could be some interesting news coming up. Sidelines till after anyway.

GL.
As the lights go by so too do the shadows move
  • #11,846
  • Jan 14, 2015 4:38am Jan 14, 2015 4:38am
Another trade on the day taking profit of 17 pips, so 3 trades 2 taking 17 pips and 1 losing 11, up 23 on the day so far.

Price on the GBPUSD is in a bit of a range so traded in at the top after a large rejection indicating price reacting to the top of the range and then the next candle made my decision.

I then jumped out of the trade as this area has found a lot of support in the past and getting near to the bottom of the previous swing, so took my profit and ran

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Time for some lunch then back on it.
  • #11,847
  • Jan 14, 2015 5:11am Jan 14, 2015 5:11am
First one of the day.
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If you fail to plan, you plan to fail.
  • #11,848
  • Jan 14, 2015 5:14am Jan 14, 2015 5:14am
Quoting honestknave
{quote} Well done! You can't lose it if it isn't on the table. Price turned at the 61.8 fib, but I'm holding on for a little bit longer. Like you, I think the bears still have control.
Stopped out at BE, so you made the better call
  • #11,849
  • Jan 14, 2015 5:21am Jan 14, 2015 5:21am
Out with +14
If you fail to plan, you plan to fail.
  • #11,850
  • Jan 14, 2015 5:22am Jan 14, 2015 5:22am
Quoting honestknave
{quote} Stopped out at BE, so you made the better call
Thanks

Quoting Mr. Pip
First one of the day. {image}
Lol, your entry was 2 pips above where I made my exit, I must be doing something right

Quoting Mr. Pip
Out with +14
Yeah price has been struggling to get higher than that zone all day.
  • #11,851
  • Jan 14, 2015 5:24am Jan 14, 2015 5:24am
Quoting PipTrendz
{quote} Thanks {quote} Lol, your entry was 2 pips above where I made my exit, I must be doing something right {quote} Yeah price has been struggling to get higher than that zone all day.
Yeah really has it should go a bit higher though didn't want to give it back so took the 14
If you fail to plan, you plan to fail.
  • #11,852
  • Jan 14, 2015 5:26am Jan 14, 2015 5:26am
Quoting YoungCroc
{quote} Yeah. Thanks. Now consistency is the thing I need. Gah. I will be resting until the NY open. A tired mind will not make good trading decisions. I also saw your recent trade on the EU and I would've taken that as well if I didn't have a "one-pair-only" exposure plan. Anyway, good job on getting those greens.
Talking of a tired Mind

Try Googling 'Decision fatigue New York times'

They wrote an article discussing the drop off in mental performance from making just the sort of decisions we make every day.

Its enlightening and drove home to me why sometimes I make stupid rash decisions at the end of a trading session

Hope you find it a worthwhile read

Regards

Chalky

PS thanks for all your Hard work Mr Pip.......My trading has really improved of late and I have you to thank for that..
  • #11,853
  • Jan 14, 2015 5:33am Jan 14, 2015 5:33am
Quoting Mr. Pip
{quote} Yeah really has it should go a bit higher though didn't want to give it back so took the 14
There it goes, up 30 + pips on the news, time to step away for a coffee and let things settle!!

Edit: Make that 50 pips, crazy time!!
  • #11,854
  • Jan 14, 2015 5:35am Jan 14, 2015 5:35am
Quoting Chalky600
{quote} Talking of a tired Mind Try Googling 'Decision fatigue New York times' They wrote an article discussing the drop off in mental performance from making just the sort of decisions we make every day. Its enlightening and drove home to me why sometimes I make stupid rash decisions at the end of a trading session Hope you find it a worthwhile read Regards Chalky PS thanks for all your Hard work Mr Pip.......My trading has really improved of late and I have you to thank for that..
I see a lot of improved trading and I'm really pleased with the performance and high level trading. The winner circle is getting closer. I want you all to post this years performance if you don't mind sharing. This will encourage and motivate everyone.
If you fail to plan, you plan to fail.
  • #11,855
  • Jan 14, 2015 5:52am Jan 14, 2015 5:52am
Aggressive (high risk) short AJ. Risk: 12. Made 60 with risk 7 early this morn as per post so feel it's worth it.
...too aggressive by looks of, I'm going to be taken I think.....
Edit taken.. hehe ah well, may try conservative if it breaks again
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As the lights go by so too do the shadows move
  • #11,856
  • Jan 14, 2015 6:14am Jan 14, 2015 6:14am
second trade
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If you fail to plan, you plan to fail.
  • #11,857
  • Jan 14, 2015 6:16am Jan 14, 2015 6:16am
Quoting Mr. Pip
second trade {image}
Me too Although I got in a little later for you as wanted a little more confirmation.

Edit: Just moved to BE
  • #11,858
  • Jan 14, 2015 6:21am Jan 14, 2015 6:21am
Took 5 did not like the price action. In very bullish strength. Looks like it's still going may have gotten out a bit early but I don't expect this to drop much.
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If you fail to plan, you plan to fail.
  • #11,859
  • Jan 14, 2015 6:25am Jan 14, 2015 6:25am
Looks like Mr. Pip is a little off today. Crap, Leaving a lot on the table.

I guess we can't be sharp every day.
If you fail to plan, you plan to fail.
  • #11,860
  • Jan 14, 2015 6:48am Jan 14, 2015 6:48am
Quoting Mr. Pip
{quote} I see a lot of improved trading and I'm really pleased with the performance and high level trading. The winner circle is getting closer. I want you all to post this years performance if you don't mind sharing. This will encourage and motivate everyone.
Sure can. As you see I trade minis and only 1 mini lot (1 pip= $1) atm simply because I want to make sure Im a winner before I put more money on the table.

What's interesting is that after I watched your last video it felt like I finally saw the market as you see it. Also learned trade management and so far I made 102 pips as a result. All in all Im up 66 pips.

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Rise and rise again until lambs become lions
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