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Ratios & Harmonics: a Different Way to Trade

  • #12,181
  • Jan 22, 2015 10:16am Jan 22, 2015 10:16am
Hi Mr. Pip,

I posted yesterday, I think, back on page 605. Because I am a new poster, by the time it was approved by mods the conversation had moved on and I'm not sure if maybe my post was buried and you didn't see it. Anyway, I would like to participate more but I'm not sure if I'm trading at such a rookie level still that my involvement in the thread might simply bog things down. I suppose I could just start posting some of my charts, such as they are.

I really appreciate all you do here! Please don't get discouraged. I know people are learning.
  • #12,182
  • Jan 22, 2015 10:22am Jan 22, 2015 10:22am
It would be a shame to see the thread dry up. It is rare to find a decent discussion on this style of trading.
  • #12,183
  • Jan 22, 2015 10:42am Jan 22, 2015 10:42am
Quoting beepbop2015
Hi Mr. Pip, I posted yesterday, I think, back on page 605. Because I am a new poster, by the time it was approved by mods the conversation had moved on and I'm not sure if maybe my post was buried and you didn't see it. Anyway, I would like to participate more but I'm not sure if I'm trading at such a rookie level still that my involvement in the thread might simply bog things down. I suppose I could just start posting some of my charts, such as they are. I really appreciate all you do here! Please don't get discouraged. I know people are learning....
Hello beepbop2015,
I think it would be great to see some of your charts
  • #12,184
  • Edited 11:20am Jan 22, 2015 10:50am | Edited 11:20am
Mr Pip, I just wanted to send my gratitude for your postings they are very much appreciated from my end. I have posted a bit but am still in the beginning stages and aside from a few good days am still struggling a little. I am reading as much as I can and there is much to get through including the attachments of the thread. I think I am understanding the theory but I still need more practice to find the entries and importantly to get my trade management down-pat.

I have spent the day back testing and reading and tonight (Australian time) I have been on the sidelines due to the ECB and also watching a few LT trades I currently have going (yay for EU).

I do have a question though. I have noticed that you concentrate on GU and understand I think why you would with the bit of volatility it shows and it seems quite stable at the time of day you trade too. I have being trying to find a pair that may be as reliable and that has reasonable movement in the Asian session. I have being watching EA a bit and like it but with the market as it is atm it sometimes doesn't come up for air to produce swings for long periods of time. I was wondering what your thoughts were on other pairs. I apologise if this has been covered but am working through thread slowly

Again, I really do appreciate the time and effort you have spent on this thread and I too am a little surprised that not more people are involved. I have being trading for around 6 years and manage to stumble along with the bits and pieces I have learnt but this is the first "real deal" I have come across. I'm not sure people here understand what a rare find this thread is, maybe after they have spent thousands on useless courses, strategies, EA's etc they may wake up.
As the lights go by so too do the shadows move
  • #12,185
  • Jan 22, 2015 10:58am Jan 22, 2015 10:58am
Quoting Mr. Pip
If I do not get a significant turn around in participation I'm afraid I will not be able to continue. This works both ways. It's tiring and draining to offer so much and get so little back. There is no excuse!!! I'm reaching the end of my rope. I have been patient and even understanding but every cup has its limits. I highly suggest you pick up the pace and dig in. This is not a ten year plan!!!
I believe I speak for everyone in this community when I say it would be a shame if you were to leave Mr. Pip. That being said, I will do my part and start to post charts with my analysis....just so everyone is aware I'm only on page 97 of the thread so my charts may be very basic.

Mr. Pip, you are an inspiration to myself and certainly many others, so I hope you stick around and help us folks who have only just discovered your great thread.

Respectfully and with thanks,

Mikali
  • #12,186
  • Jan 22, 2015 11:10am Jan 22, 2015 11:10am
Quoting Matts Micro
I have being trading for around 6 years and manage to stumble along with the bits and pieces I have learnt but this is the first "real deal" I have come across. I'm not sure people here understand what a rare find this thread is....
I couldn't agree more Matts Micro !

I think part of the problem and I include myself is we get very excited and start with the thread and then go off trading without really putting the effort to read and digest all the precious nuggets of information contained in this thread.
Perhaps part of the problem is people think this is just a matter of ID a pattern and enter a trade. From what I have seen thus far (I have only scratched the surface) there are so many nuances and things that disqualify patterns/set-ups that only screen-time and help from a master such as Mr. Pip will help give us the skill-set to succeed. I speak for myself when I say we take Mr. Pip's presence for granted but as he himself said this is not an exercise for himself but rather for us.

Respectfully,
Mikali
  • #12,187
  • Jan 22, 2015 11:28am Jan 22, 2015 11:28am
Hello Traders,

I just entered a trade on the EURUSD M1...AB=CD order flow is bearish trade. Decision to enter trade price reached the PRZ with confluence with previous structure. Stop Loss is 10 pips above 161 Fib extension which coincides with previous structure. Will move SL to break even once price reached TP1.

Hope I got it right

Mikali
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  • #12,188
  • Jan 22, 2015 11:31am Jan 22, 2015 11:31am
Quoting Mikali
Hello Traders, I just entered a trade on the EURUSD M1...AB=CD order flow is bearish trade. Decision to enter trade price reached the PRZ with confluence with previous structure. Stop Loss is 10 pips above 161 Fib extension which coincides with previous structure. Will move SL to break even once price reached TP1. Hope I got it right Mikali {image}
Me too... because I'm in the same trade!
  • #12,189
  • Jan 22, 2015 11:48am Jan 22, 2015 11:48am
Hey Traders,

Here is an update to my trade...Got stopped out at the 50 Fib of the AB Leg which coincided with previous structure...banked 17.5 pips.

Mikali
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  • #12,190
  • Jan 22, 2015 11:53am Jan 22, 2015 11:53am
Hello everyone this is my first post as I have been silently watching and trying my best to learn. To me this is simply the best thread and by far the most helpful. I took this trade because it was aligned with order flow at the end of an AB=CD pattern and bouncing off a former support area now a resistance area. After watching the bar by bar fight the bears clearly had overpowered the bulls when i took the trade.
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  • #12,191
  • Jan 22, 2015 11:57am Jan 22, 2015 11:57am
Hello Fellow Traders,

I have a question here is a chart USDJPY M1 I believe I'm looking at an ABCD patter but because the BC Leg retraced 78.6 Fib of the AB Leg the 1 to 1 Harmonic expectation falls short of the minimum 127 Fib extension...Does this invalidate the trade opportunity (I have seen this many many times).

Respectfully and with thanks,
Mikali
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  • #12,192
  • Jan 22, 2015 12:05pm Jan 22, 2015 12:05pm
Quoting beepbop2015
Hi Mr. Pip, I posted yesterday, I think, back on page 605. Because I am a new poster, by the time it was approved by mods the conversation had moved on and I'm not sure if maybe my post was buried and you didn't see it. Anyway, I would like to participate more but I'm not sure if I'm trading at such a rookie level still that my involvement in the thread might simply bog things down. I suppose I could just start posting some of my charts, such as they are. I really appreciate all you do here! Please don't get discouraged. I know people are learning....
Post order flow and structure analysis. It will be confirmed or corrected by the more advanced traders or myself. Just don't post things like is this a Bat or is this an ABCD.
If you fail to plan, you plan to fail.
  • #12,193
  • Jan 22, 2015 12:09pm Jan 22, 2015 12:09pm
Quoting Matts Micro
Mr Pip, I just wanted to send my gratitude for your postings they are very much appreciated from my end. I have posted a bit but am still in the beginning stages and aside from a few good days am still struggling a little. I am reading as much as I can and there is much to get through including the attachments of the thread. I think I am understanding the theory but I still need more practice to find the entries and importantly to get my trade management down-pat. I have spent the day back testing and reading and tonight (Australian time) I have...
Thanks for the comments, try the EJ its has decent movement and the spread is not too bad. If spread it an issue stay within the majors look at the AUDUSD NZDUSD
If you fail to plan, you plan to fail.
  • #12,194
  • Jan 22, 2015 12:10pm Jan 22, 2015 12:10pm
Quoting Matts Micro
I do have a question though. I have noticed that you concentrate on GU and understand I think why you would with the bit of volatility it shows and it seems quite stable at the time of day you trade too. I have being trying to find a pair that may be as reliable and that has reasonable movement in the Asian session. I have being watching EA a bit and like it but with the market as it is atm it sometimes doesn't come up for air to produce swings for long periods of time. I was wondering what your thoughts were on other pairs.
I trade almost exclusively EURUSD now, but I used to follow more pairs.

My criteria used to be decent volatility coupled with harmonic compliance. You might want to take a look at USDJPY, AUDUSD and NZDUSD.

Please bear in mind that I haven't traded those pairs for a while, and the nature of any pair changes over time.

Hope that helps
  • #12,195
  • Jan 22, 2015 12:17pm Jan 22, 2015 12:17pm
Quoting Mikali
Hello Traders, I just entered a trade on the EURUSD M1...AB=CD order flow is bearish trade. Decision to enter trade price reached the PRZ with confluence with previous structure. Stop Loss is 10 pips above 161 Fib extension which coincides with previous structure. Will move SL to break even once price reached TP1. Hope I got it right Mikali {image}
Thanks for the comments and for posting. This is what I'm talking about this is very helpful to me because I can see your strength and weaknesses. Your trade is not a bad one but the order flow is not bearish. Price broke structure to the upside and was unable to produce a NSH instead a HL was formed your point C and then a NSH to complete point D. This trade may work out but you are against order flow and don't give it too much room if it goes against you. If you need a chart on this let me know and I or someone else will be glad to help.
If you fail to plan, you plan to fail.
  • #12,196
  • Jan 22, 2015 12:18pm Jan 22, 2015 12:18pm
Quoting Mikali
Hey Traders, Here is an update to my trade...Got stopped out at the 50 Fib of the AB Leg which coincided with previous structure...banked 17.5 pips. Mikali {image}
Congrats!
If you fail to plan, you plan to fail.
  • #12,197
  • Jan 22, 2015 12:19pm Jan 22, 2015 12:19pm
Quoting ScarletIbis
Hello everyone this is my first post as I have been silently watching and trying my best to learn. To me this is simply the best thread and by far the most helpful. I took this trade because it was aligned with order flow at the end of an AB=CD pattern and bouncing off a former support area now a resistance area. After watching the bar by bar fight the bears clearly had overpowered the bulls when i took the trade. {image}
Well done!
If you fail to plan, you plan to fail.
  • #12,198
  • Jan 22, 2015 12:21pm Jan 22, 2015 12:21pm
Quoting Mikali
Hello Fellow Traders, I have a question here is a chart USDJPY M1 I believe I'm looking at an ABCD patter but because the BC Leg retraced 78.6 Fib of the AB Leg the 1 to 1 Harmonic expectation falls short of the minimum 127 Fib extension...Does this invalidate the trade opportunity (I have seen this many many times). Respectfully and with thanks, Mikali {image}
It does not a 1:1 or ABCD has not set ration PRZ you need to see where it completes and find the confluence in the area to strengthen your case.
If you fail to plan, you plan to fail.
  • #12,199
  • Jan 22, 2015 12:29pm Jan 22, 2015 12:29pm
Quoting Mr. Pip
{quote} Well done!
Thank you very much! I will be around to learn much more and I thank you for this wealth of information.
  • #12,200
  • Jan 22, 2015 12:30pm Jan 22, 2015 12:30pm
Hi Mr. Pip and fellow traders,

First Im sorry I haven't posted my trades but I found it stressful to post an analysis as I took my trade. I will post my trades in the future with a short explanation on long term and short term order flow and PA (structure and expectation will be seen in my charts). Aside from that I've been struggling this week but not so much with reading the chart but more so with emotional trading. From what I've learned from Mr. Pip rules are the way to combat emotions and I have the rules but still found myself second guessing some trades. This made me come up with a new rule, once I entered a trade I will never manage losers only winners (I have a SL and I stick with it). I did this the last few trades and it took away a lot of stress and emotions.

Here's my first trade that I took today, unfortunately it didn't work out but you can see my thought process below:
(Any input is appreciated)

GBPUSD 233T
Came up to test structure but failed to break through and on the short term we see a NSL followed by a LH. I entered short after seeing the red candle following the LH (see 2nd chart) with the expectation of a retest and potentially breakdown of 1.5130 (50% fib level). Green line TP, red line SL and red arrow entry. My R/R was ok, 1:1.5.

1. Long-term bearish main swing, bullish dominant swing currently in the golden zone (didn't close above 78.6% retracement)
2. Short-term order flow is breaking down with NSL and LH.
3. PA seems to confirm my PRZ.

Long term:
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Zoomed in:
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