Disliked{quote} Entering short, ctrl, for great bull mmtum, when in doubt, go to BE. {image}Ignored
Attached Image (click to enlarge)
Ratios & Harmonics: a Different Way to Trade
- #13,265
- Feb 23, 2015 10:37am Feb 23, 2015 10:37am
Took some quick profit. H{image}
you don't really need a SL in a "trending mkt"
Please feel free to email me anytime when you know the market is starting
to trend. And Ill be all over it
Or to make it easier for you - please email me your account number and
withdrawal instructions and Ill take it from there
Regards,
H.
here you go!
Profit
18.29
12.83
-1.22
10.89
-2.04
-2.36
0.13
-0.13
5.63
6.47
5.55
5.76
16.54
14.78
8.92
10.69
5.25
1.13
1.25
-0.17
0.17
0.63
4.68
3.92
0.49
1.1
1.85
-2.15
0.23
-0.23
0.69
5.81
3.62
1.1
1.9
5.47
24.96
0.22
-1.88
-1.89
-2.28
-2.24
0.27
-2.21
0.07
0.44
0.06
-0.06
3.14
4.27
-3.72
-0.15
0.15
Daytrader
- #13,266
- Feb 23, 2015 9:39pm Feb 23, 2015 9:39pm
- Joined Aug 2011 | Status: Trader | 4,956 Posts
As the lights go by so too do the shadows move
- #13,267
- Feb 23, 2015 10:15pm Feb 23, 2015 10:15pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
USDCAD +33 pips taken in NY session.
Part of a much larger pattern (not included in the screen shot)
Note the S+R levels in confluence with Fib ratios (382 and 618 of the ABCD pattern) marked clearly on my chart
Note that my PRZ zone shows an "expected" price higher than where price actually went.
Was this a problem? NO
Why not? Because a major resistance level (clearly shown on the chart) was an excellent reason for suggesting that price may not travel to my PRZ
I was very aware of this situation and traded "with" the flow of the market.
It was tempting to drop a short as soon as bearish action was initiated but in my opinion this would have made the trade more risky.
My action: was to place a short as soon as the bears had taken price down below the previous candle lows (making it a far safer entry!!)
I was not able to babysit this trade through to completion (and that is why my SL was placed just above the high of the H1 candle)
If I had of been watching the trade throughout then I would have placed 2 short trades
Entry #1 and Entry #2 would have been similar to each other.
SL #1 as shown since I couldn't watch the trade otherwise a few pips above the recent structure high (highest point within my PRZ zone)
SL #2 if the trade was taken would have also been at a similar level.
TP #1 was at the 318 fib of the ABCD pattern which also fitted nicely with structure
TP #2 would have been at the 618 ABCD pattern and also nicely in tune with structure.
Very high probability trade setup in my opinion.......... TP #1 met...........
Price is currently still driving up to my PRZ zone and if most factors meet with my expectations then I will be looking for possible shorts again.
Masterrmind..........
Part of a much larger pattern (not included in the screen shot)
Note the S+R levels in confluence with Fib ratios (382 and 618 of the ABCD pattern) marked clearly on my chart
Note that my PRZ zone shows an "expected" price higher than where price actually went.
Was this a problem? NO
Why not? Because a major resistance level (clearly shown on the chart) was an excellent reason for suggesting that price may not travel to my PRZ
I was very aware of this situation and traded "with" the flow of the market.
It was tempting to drop a short as soon as bearish action was initiated but in my opinion this would have made the trade more risky.
My action: was to place a short as soon as the bears had taken price down below the previous candle lows (making it a far safer entry!!)
I was not able to babysit this trade through to completion (and that is why my SL was placed just above the high of the H1 candle)
If I had of been watching the trade throughout then I would have placed 2 short trades
Entry #1 and Entry #2 would have been similar to each other.
SL #1 as shown since I couldn't watch the trade otherwise a few pips above the recent structure high (highest point within my PRZ zone)
SL #2 if the trade was taken would have also been at a similar level.
TP #1 was at the 318 fib of the ABCD pattern which also fitted nicely with structure
TP #2 would have been at the 618 ABCD pattern and also nicely in tune with structure.
Very high probability trade setup in my opinion.......... TP #1 met...........
Price is currently still driving up to my PRZ zone and if most factors meet with my expectations then I will be looking for possible shorts again.
Masterrmind..........
Master your Mind then Master your Trades
- #13,268
- Feb 24, 2015 2:31am Feb 24, 2015 2:31am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
USDCAD +33 pips taken in NY session. {image} Part of a much larger pattern (not included in the screen shot) Note the S+R levels in confluence with Fib ratios (382 and 618 of the ABCD pattern) marked clearly on my chart Note that my PRZ zone shows an "expected" price higher than where price actually went. Was this a problem? NO Why not? Because a major resistance level (clearly shown on the chart) was an excellent reason for suggesting that price may not travel to my PRZ I was very aware of this situation and traded "with" the flow of the market....
Lower red lines are TP1 and TP2 potential take profit levels (382 and 618 confluence with structure)
Price has entered (again) into my PRZ zone now looking for a shorting opportunity (if it presents itself)
Masterrmind...........
Master your Mind then Master your Trades
- #13,269
- Feb 24, 2015 2:40am Feb 24, 2015 2:40am
Trading the EUR/USD today. Here is my chart. Any comments, questions and especially advice is welcome. {image}
Looks like you had a great day yesterday, hope you get the same today!!
- #13,270
- Edited 3:12am Feb 24, 2015 2:52am | Edited 3:12am
1617828 {image}
I made a mess of this one I think. I was caught up with trading too soon, got an early start saw price dropping and wanted to get on it. Went in short in your PRZ there, then once the trade was running a few minutes and I actually sat down I saw the same pattern as you have marked here, and know I entered in a PRZ in the wrong direction
My trade is still live and may come for a retest of that level so I may try to exit at BE if I can, lesson learned!! Currently -8 pips
Edit, closed the trade manually for -10 pips
- #13,271
- Feb 24, 2015 2:56am Feb 24, 2015 2:56am
USDCAD +33 pips taken in NY session. {image} Part of a much larger pattern (not included in the screen shot) Note the S+R levels in confluence with Fib ratios (382 and 618 of the ABCD pattern) marked clearly on my chart Note that my PRZ zone shows an "expected" price higher than where price actually went. Was this a problem? NO Why not? Because a major resistance level (clearly shown on the chart) was an excellent reason for suggesting that price may not travel to my PRZ I was very aware of this situation and traded "with" the flow of the market....
Good to have you both back.
Nice trade to start the day and a good walk through
I have still been learning, making some mistakes but a little more controlled. Ended BE on Friday and -9 pips yesterday. I could have got to BE or a little in profit but I had to cut a trade short and take 20 pips from it rather than probably double that. But considering last money I ended more than 30 pips in the red it was a little better.
I will post my trades today.
- #13,272
- Feb 24, 2015 3:39am Feb 24, 2015 3:39am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Hey you are back too, you and Matts been off holidaying together lol. Good to have you both back. Nice trade to start the day and a good walk through
As you know its a shame that the participation level is so low for what is a "proper" trading methodology.
I certainly have not been holidaying but very very busy with chart analysis and setting up trades and then executing the trades (I simply will not be putting up all my trades in advance ie before the fact........ but I will strive for 1-2 before the fact trades per week which will have to suffice).
It makes it a little hard to keep posting trades up with little to no comment from onlookers.
I saw this thread as potentially useful to participate in and I rarely participate in many threads at all..........only those which I see as beneficial.
I don't do this solely for my benefit but rather for the benefit of other traders.......... I already know how to trade and am very happy with the trading space I occupy!
However, if the participation level was much higher then we all stand a chance to learn something because it would become more interesting!
My plan will be to put up maybe a few trade setups during the course of the week (before the fact follow through trades NOT after the fact......although it is true that my USDCAD trade I put up today was posted after the fact but its clear from my post that this was the case).
In short I might post 1-2 before the fact trades and
a few after the fact trades throughout the week............
My priority will always be to go about my trading business as usual but I will try to keep myself involved here.
Chart analysis using the above points correctly will change your trading........period!
Too many traders are too lazy to learn it properly....I've seen it again and again............
Its almost as if most traders simply want that "magic" button they can push to give them the reason to enter a trade for example when indicator 1,2 and 3 line up take that trade and "I'm" destined for greatness type of mentality because they think they've found the holy grail!?........
This could not be further from the truth.......watch PA.......learn to follow OF and the rhythm of the market.......learn to recognize S+R and pivots and to use Fibs correctly and the many trading patterns that come into play on a very regular basis. Control your risk and your emotions!
Lets hope things improve for the better but in the end a "trader" is free to do as he/she wishes!
Good trading,
Masterrmind.............
Master your Mind then Master your Trades
- #13,273
- Feb 24, 2015 4:15am Feb 24, 2015 4:15am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} UPDATE on USDCAD potential setup {image} Lower red lines are TP1 and TP2 potential take profit levels (382 and 618 confluence with structure) Price has entered (again) into my PRZ zone now looking for a shorting opportunity (if it presents itself) Masterrmind...........
Current price resting exactly on my PRZ price .............
Note the recent bullish behavior of price........
No entry yet I want to see a break down in bullish strength and a rise in the power of the bears.
I do not see that yet..............so I will wait patiently for the right timing!
It is very clear where my TP1 and TP2 positions on the chart will be entered and my SL's will be about 3-5 pips above recent structure highs, risk to reward will be most favorable for an earlier entry but a later entry may offer a safer trade.
I am aware that previous structure highs have been taken out (also within my PRZ zone) which might indicate that going short could increase my risk on the trade.
This suggests that if I enter a short trade then I will need to keep a very close eye on the downward progression of price.
This means that the trade could be terminated sooner such as at the 382 fib retracement of the most recent leg up.
Observation time and I need to see bearish confirmation!..........
Masterrmind...........
Master your Mind then Master your Trades
- #13,276
- Feb 24, 2015 4:32am Feb 24, 2015 4:32am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Master your Mind then Master your Trades
- #13,277
- Feb 24, 2015 4:33am Feb 24, 2015 4:33am
{quote} Hi PipTrendz, As you know its a shame that the participation level is so low for what is a "proper" trading methodology. I certainly have not been holidaying but very very busy with chart analysis and setting up trades and then executing the trades (I simply will not be putting up all my trades in advance ie before the fact........ but I will strive for 1-2 before the fact trades per week which will have to suffice). It makes it a little hard to keep posting trades up with little to no comment from onlookers. I saw this thread as potentially...
You are right in that order flow, price action and reading the chart are really important. I feel I am at a BE with this strategy, just treading water. For me I think this is a good place to be as I know with more chart time I will slowly start making headway forward.
I am getting better at handling my emotions although they do still play a part, I am just working on reducing this as much as I can.
I used to be one of those traders looking for the magic indicators, I remember one using bollinger bands and if the MACD changed and something else then I entered,lol!! Needless to say I lost
So on to today's trades.
The first was a reaction to the OF of the chart and I got in later than I should of but this was the time I hit the chart. If I was in earlier I would have probably been in and out for a quick gain. As was drawn out by Matts there was a PRZ in the area I entered short so was a little worried when I saw this. I eventually exited manually for - 10 pips (which was the high before price then went in my direction, doh!!)
Then the second trade was short again as OF told me the PRZ was not going to hold So entered short looking to take about 12 pips down to structure and a completion of an AB=CD. Price missed my TP by about half a pip and went up. I eventually exited manually as the bulls entered the market. Typically price did hit my TP but I still made 5 pips from the trade.
-5 pips total for the day so far.
Might be entering long, just looking for confirmation as price is hanging around this new PRZ with an AB=CD completion previous structure from yesterday and the RN.
- #13,278
- Feb 24, 2015 4:57am Feb 24, 2015 4:57am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} USDCAD (H1 chart) UPDATE {image} Current price resting exactly on my PRZ price ............. Note the recent bullish behavior of price........ No entry yet I want to see a break down in bullish strength and a rise in the power of the bears. I do not see that yet..............so I will wait patiently for the right timing! It is very clear where my TP1 and TP2 positions on the chart will be entered and my SL's will be about 3-5 pips above recent structure highs, risk to reward will be most favorable for an earlier entry but a later entry may...
Price has started to pullback somewhat but we are none the closer to enter a short position..........
Will put this on the back burner for the time being and look at other setups on other pairs I've also been watching.
This UCAD trade might take a few hours to materialize ...... if at all.......its all about patience and timing!
Masterrmind...........
Master your Mind then Master your Trades
- #13,280
- Feb 24, 2015 5:18am Feb 24, 2015 5:18am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Thanks Mastermind for your feedback,, i'm re-entering this trade based on the Daily and the 240 mn at good structure level and a perfect ABCD PRZ so let's see if it is a 2nd time lucky {image}
The easy part is determining the PRZ.
The hard part is correctly executing the entry in or near the PRZ.
Typically this is the discretionary part which can and almost will be different from 1 trader to the next.
It would be nice to have traders enter with the right timing and within a few pips of each other........
Price has continued to come down on the UCAD so a few pips could be there for the taking....however I'm after a different setup for this pair so I'm not entering yet!
I hope you pull some pips out of the market........
Masterrmind...........
Master your Mind then Master your Trades