Ratios & Harmonics: a Different Way to Trade

Piptrendz, thanks for posting your trades - 3 out of 4 looked well set up to me. The other one looks like you were trying to go with strong bear trend. One question I would like to ask - where do you put your SL? I have been stopped out of some trades that ultimately worked so I may be using too tight stops.

Late, but looking to get some pips. We are in a long wait at the entry point, see if broken, we, if we do not go,
Greetings.

Yeah that third trade was a total goof!!

I normally put stops below recent structure in places where if price goes then it is invalidating my entry and reason for being in the trade (sometimes it gets really close lol).

So on trade 1 it was below the last low or at least 10 pips away, so around the 1.5195.

Trade 2 - Again below the previous low which was on the previous candle, around the 1.590
Trade 3 - This was a wild one and I gave it a lot more room after I quickly noticed my mistake. So I put it around the 88.6% retracement of the last swing so around the 1.5215. This was a wild trade though and I would not normally expose myself to such risk as the RR ratio was not worth it.
Trade 4 - This was also just above the previous high from the last candle. As this had already turned in the golden zone if it went back up or past that level then it would in essence invalidate the trade.

If I went with my normal 10 pips SL then the third one would have stopped out, but as I identified my error I gave it more room to accommodate. The OF had changed with failure to make a NSH and making LL's so I knew I was with the change in OF and the chart was telling me it was heading down but my stupid decision to enter where I did could have made a losing trade.

Saying that I know SL can be a real pain and I am still tweaking how I manage it to get the best out of my trades. If you look at some of my other trades over the last week you will see them being hit and then price jumping in the direction I thought it would, more often though it is when the trade has already gone in my favour and I have moved the SL to BE.

I am trying to be a little more lenient with moving stops to BE if the chart is still telling me it wants to go in the direction I think it is telling me.

Still learning but hope that helps.

Hello Fellow Traders,

Here is another trade ABCD EURJPY M1 Chart
50 Retrace of the AB Leg
PRZ Between 138 and 161 FIB Extension of the AB Leg with confluence of strong prior structure.

All comments and feedback are greatly appreciated.

Respectfully and with thanks,
Mikali

Hello Traders,

Just an update to my EURJPY trade place take target of 61 Fib of DC while I was away from my desk....+18 pips.

So for today 2 trades:
1 BE
1 +18 pips

Respectfully,
Mikali

Hello Mikali,

Looks like the trade is working out really well for you!

It was interesting to see how price fell into a pennant in your PRZ (marked in green), which patterns traders typically consider a continuation pattern rather than reversal. Just goes to show!

Thanks honestknave,

After taking a second look at the trade...after the second higher high from point C momentum really accelerated into the PRZ...It just so happens that the confluence of the PRZ was with strong Support/resistance...Not sure if I got lucky or if price just respected the pattern....More screen time needed.

Thanks again,
Mikali

Thanks Piptrendz, that was really useful. I will take a close look at your entry positions and visualize the stop losses.
Vince

I guess this was more of a quick scalp than anything, but it was one made wholly with the principles of orderflow and structure I've learned from this thread. Yay Mr. Pip! I came to check the computer to see how the currencies were faring after the FOMC, and noticed that EUR/USD had continued (on my hourly chart) to put in lower highs on the short term orderflow and that the price of the previous bar had closed solidly at short term support with no rejection. The new candle, which had just started, was falling below it. So I entered short and set an initial target for the .618 of the ABCD on the chart. . . price started to fall rapidly not long after, but I noticed hesitating around the 1.12850 area where there was also some structure, so I decided to just get out while the getting was good without waiting to see if it would retrace back and how far. It may well continue to fall but I am happy with the 22 pips.

Adjusted SL by the news, having situational awareness, where would go the money, I stayed outside, for the shake out
-11 Pips. regards
The market told me, and did not see, he played a 1to1, and his retro 38% and 61%, and from there ran to meet the bat placed.
Learning always learn, especially these errors so easy.
Greetings, if someone sees something else, say so and welcome.

Hello Traders,

Possible bearish Gartley forming on the USDJPY M1 chart...Please let me know if I'm on track here.

Respectfully and with thanks,
Mikali

Congratulations, is an aggressive C, for you went ?, you expected ?, are questions to be answered before entering, I give my view the issue, Greetings

Hello pampaq,

No I did not attempt an aggressive C Buy as price did not close below the 61 Fib at C. I have only ever taken an aggressive C Buy on a bearish bat....I could be wrong not sure...still working through all the info on this thread.

Respectfully and with thanks.
Mikali

Hello Traders,

Here is an update on that bearish Gartley USDJPY M1 chart.

Entered short @ 117.747
Moved my SL to BE +2 once price broke the 38 Fib DC Leg
Closed Manually @ 117.663 once price created a higher high for profit of 8.4 pips.

I look forward to any and all comments and feedback.

Respectfully and with thanks,
Mikali

Have entered a D sell at the quoted PRZ (it hasn't changed). Risk 14 pips.

Green dotted line is my entry, was tempted to do very aggressive sell when PA reached the top of the yellow TL which the is AB leg, because PA is already above 76.8 fib of XA. Will watch for this in future to confirm if is a good strategy in this setup.

Got taken out. I was watching PA and after a minor swing retrace only to the 38.2 before making continuous higher closes and I was thinking while I was still 7 pips in profit that I should exit. A little more discipline/trust in what I'm seeing, I tend to trade on hope sometimes .

Goodmorning everybody,

Trading the EU today. No trade yet but here are my thoughts:

Hello Fellow Traders,

Here is my first trade this morning....bearish bat EURUSD M1
Entered Trade @ PRZ 1.12963
TP 61 Fib CD Leg @ 1.12812
Moved SL to BE on break of the 38 Fib CD Leg
Taken out @ BE

All comments and feedback is greatly welcomed.

Respectfully and with thanks,
Mikali

Update.
First trade of the day exit with 13 pips.

Watching this possible setup. Quite bullish atm though.