{quote} I enjoy seeing your charts - more than once I've found myself looking at the same trade opportunity, but through slightly different optics. Great stuffI think you're mainly a cable guy, yes? It's my backup currency to EURUSD, so the GBPUSD chart is normally open but only accounts for 20% of my trades.
Ratios & Harmonics: a Different Way to Trade
- #14,202
- Jul 10, 2015 6:43pm Jul 10, 2015 6:43pm
- Joined Nov 2014 | Status: Trader | 1,300 Posts
{quote} Yeah, I mostly just trade the GBPUSD. When I first started hashing out a strategy, the volatility wasn't there on the EURUSD but I've seen that its come back. I've been thinking of switching for awhile to see if I can gain more of an edge. Every little bit helps. Do you notice anything statistically trading the cable vs trading the Euro?
But when they are behaving properly (no Greek sagas or General Elections) both adhere very nicely to harmonic principles.
I simply happen to prefer the greater liquidity on EURUSD... plus I get better spreads
I just took a look at the stats on one of my accounts. I actually have a 10% better win rate on GBPUSD but my average win is 30% less than on EURUSD (and the average loss is higher on GBPUSD too)
But I'd need a bigger sample size before I was confident in those results (based on just over 100 trades)
- #14,203
- Edited 2:06pm Jul 14, 2015 10:27am | Edited 2:06pm
- | Joined Dec 2013 | Status: Trader | 1,118 Posts
Good morning
Got in on a really aggressive trade and will be managing as such.... already moved stops to B/E & trailing stops. Looking for a move to 1.1040. If approached with strength , I may extend but not likely. I'm expecting price to go further down L/T
update 0915 PST / 1215 EST: out at +8 pips. Price is just hanging around 1.1015 - 1.1000
Got in on a really aggressive trade and will be managing as such.... already moved stops to B/E & trailing stops. Looking for a move to 1.1040. If approached with strength , I may extend but not likely. I'm expecting price to go further down L/T
update 0915 PST / 1215 EST: out at +8 pips. Price is just hanging around 1.1015 - 1.1000
- #14,204
- Jul 14, 2015 12:19pm Jul 14, 2015 12:19pm
- Joined Nov 2014 | Status: Trader | 1,300 Posts
Good morning Got in on a really aggressive trade and will be managing as such.... already moved stops to B/E & trailing stops. Looking for a move to 1.1040. If approached with strength , I may extend but not likely. I'm expecting price to go further down L/T {image} update 0915 PST / 1215 EST: out at +8 pips
Price is currently at my first decision point. Now watching to see if it has enough strength to challenge that high, considering that London is shut.
- #14,205
- Jul 14, 2015 12:49pm Jul 14, 2015 12:49pm
- Joined Nov 2014 | Status: Trader | 1,300 Posts
{quote} Hello Mack2013 - looks like we've traded pairs today! I'm on GU and you're on EU (but pretty much looking at the same opportunity again I think) Price is currently at my first decision point. Now watching to see if it has enough strength to challenge that high, considering that London is shut. {image}
That AB=CD has completed early, suggesting that the bulls are still in charge and may well challenge higher. However, I'm happy to exit there as I can't babysit the trade indefinitely tonight.
- #14,206
- Edited 2:26pm Jul 14, 2015 2:05pm | Edited 2:26pm
- | Joined Dec 2013 | Status: Trader | 1,118 Posts
{quote} Hello Mack2013 - looks like we've traded pairs today! I'm on GU and you're on EU (but pretty much looking at the same opportunity again I think) Price is currently at my first decision point. Now watching to see if it has enough strength to challenge that high, considering that London is shut. {image}
Looks like your results were a lot better then mine. Good Job!
But, I'll take what I can get.Curious tho, on how you managed the trade. Correct me if I'm wrong... Entry was on a break higher on S/T order flow. Did you trail stops or move to B/E after price completed your smaller AB leg? When you go to B/E is it usual +1 to account for spread or something else?
BTW, I like the look of your chart. looks a lot like Mr.Pips. I've read that switching colors to more of a mono tone can help eliminate some of the bias presented by colored candles. not sure if that's true tho, what do you think?
- #14,207
- Edited 3:12pm Jul 14, 2015 2:57pm | Edited 3:12pm
- Joined Nov 2014 | Status: Trader | 1,300 Posts
{quote} Haha! Yeah, I thought I would switch pairs for awhile so I can build a sample size to analysis my trading results. My focus isn't advanced enough to watch more then one pair which really limits my opportunities. I'm kind of a scatter brain and tend to over think or over analyze. Maybe after some time, I'll try to increase to both the Cable and Euro.
Looks like your results were a lot better then mine. Good Job!
Looking at the EURUSD chart, you made the right decision to exit as it never reacted properly. I'd have probably ended up at BE
Curious tho, on how you managed the trade. Correct me if I'm wrong... Entry was on a break higher on S/T order flow. Did you trail stops or move to B/E after price completed your smaller AB leg?
It was a consistent, strong bearish CD leg into my area of interest. This did concern me because there was no evident weakness.
Therefore I wasn't prepared to enter long until I saw a HH. This resulted in a much later entry, which always makes things more difficult when it comes to moving to BE; it is far more likely your stop will be hit than if you got an "early" entry.
You can see there was a smaller scale bullish AB=CD completing in an area of interest. If the bears intended to show up again, this is where they needed to do it. Therefore I decided to protect the trade by moving to BE. Even at this stage, I could see that the SL was below the 25EMA (technically off topic and a new addition to my trading) so I was comfortable with that.
Once price held above the BE the second time (making an ever so slightly HL) it moved up nicely. The problem with clean moves up is it becomes difficult to find an obvious position to move your SL to. However, price was interacting with the RN and so I was babysitting the trade. Therefore I left the SL at BE just as an emergency precaution (power failure etc).
When you go to B/E is it usual +1 to account for spread or something else?
BTW, I like the look of your chart. looks a lot like Mr.Pips. I've read that switching colors to more of a mono tone can help eliminate some of the bias presented by colored candles. not sure if that's true tho, what do you think?
- #14,210
- Jul 15, 2015 4:23am Jul 15, 2015 4:23am
- Joined Nov 2014 | Status: Trader | 1,300 Posts
{quote} Thank you for your response. Very valuable insight. Until tomorrow my friend...
- #14,211
- Jul 15, 2015 4:24am Jul 15, 2015 4:24am
- Joined Nov 2014 | Status: Trader | 1,300 Posts
Thanks for the thread is kept alive. I read the thread. Now on page 120. Even to read a lot.
- #14,212
- Jul 15, 2015 4:27am Jul 15, 2015 4:27am
- Joined Nov 2014 | Status: Trader | 1,300 Posts
Currently short GU because EU seems to be not doing very much 
Setup: Adverse news caused a large bear spike which set the tone for the new orderflow.
A fairly sharp retracement back up, but not when compared to the bear spike.
Point of interest was an AB=CD pattern completion where the bear spike originated.
A contentious trade, so waited for confirmation: price breaking structure and the 50% southbound. Currently SL set to BE
Setup: Adverse news caused a large bear spike which set the tone for the new orderflow.
A fairly sharp retracement back up, but not when compared to the bear spike.
Point of interest was an AB=CD pattern completion where the bear spike originated.
A contentious trade, so waited for confirmation: price breaking structure and the 50% southbound. Currently SL set to BE
Currently short GU because EU seems to be not doing very much
my trade is not perfect but similar.
- #14,214
- Edited 10:58am Jul 15, 2015 9:49am | Edited 10:58am
- | Joined Dec 2013 | Status: Trader | 1,118 Posts
Good Morning,
I think I might of missed this set Up on the EURUSD... Bears were strong going into completion so I didn't think the rejection then the engulfing was a strong enough buy signal. I was expecting and waiting for a second attempt from the Bears to put in a HL (S/T order Flow) so I can get a better entry. oh well. all is not lost, if Price bounces of 1 hour structure and makes a move lower and hopefully price signals around 1.0950 (HL) I'll try to get in there.
After then charts candles presented itself, it looks like the touch down into completion was an exhaustion move. How can I recognize this for next time?
,
Update: 0800 PST / 1100 EST Entered at 1.0957. Chased price a little , oh well
Update: 0900 PST / 1200 EST Looks like Price is waiting for the second coming of Jesus.
I think I might of missed this set Up on the EURUSD... Bears were strong going into completion so I didn't think the rejection then the engulfing was a strong enough buy signal. I was expecting and waiting for a second attempt from the Bears to put in a HL (S/T order Flow) so I can get a better entry. oh well. all is not lost, if Price bounces of 1 hour structure and makes a move lower and hopefully price signals around 1.0950 (HL) I'll try to get in there.
After then charts candles presented itself, it looks like the touch down into completion was an exhaustion move. How can I recognize this for next time?
Update: 0800 PST / 1100 EST Entered at 1.0957. Chased price a little , oh well
Update: 0900 PST / 1200 EST Looks like Price is waiting for the second coming of Jesus.
- #14,215
- Jul 15, 2015 9:55am Jul 15, 2015 9:55am
- | Joined Dec 2013 | Status: Trader | 1,118 Posts
Currently short GU because EU seems to be not doing very much
- #14,216
- Jul 15, 2015 10:06am Jul 15, 2015 10:06am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
GOLD [H1 Chart]
Looking at a possible long entry but monitoring bearish intent to the down side at this stage......
Buying physical gold is starting to look very good...... how far down can or will it go... time will tell!
Masterrmind..........
Looking at a possible long entry but monitoring bearish intent to the down side at this stage......
Buying physical gold is starting to look very good...... how far down can or will it go... time will tell!
Masterrmind..........
Master your Mind then Master your Trades
- #14,217
- Jul 15, 2015 11:24am Jul 15, 2015 11:24am
- | Joined Dec 2013 | Status: Trader | 1,118 Posts
Good Morning, I think I might of missed this set Up on the EURUSD... Bears were strong going into completion so I didn't think the rejection then the engulfing was a strong enough buy signal. I was expecting and waiting for a second attempt from the Bears to put in a HL (S/T order Flow) so I can get a better entry. oh well. all is not lost, if Price bounces of 1 hour structure and makes a move lower and hopefully price signals around 1.0950 (HL) I'll try to get in there. After then charts candles presented itself, it looks like the touch down into...
- #14,218
- Jul 15, 2015 12:44pm Jul 15, 2015 12:44pm
- Joined Nov 2014 | Status: Trader | 1,300 Posts
{quote} Thx.
Nice exit before the reversal!
- #14,219
- Jul 15, 2015 12:47pm Jul 15, 2015 12:47pm
- Joined Nov 2014 | Status: Trader | 1,300 Posts
Good Morning, I think I might of missed this set Up on the EURUSD... Bears were strong going into completion so I didn't think the rejection then the engulfing was a strong enough buy signal. I was expecting and waiting for a second attempt from the Bears to put in a HL (S/T order Flow) so I can get a better entry. oh well. all is not lost, if Price bounces of 1 hour structure and makes a move lower and hopefully price signals around 1.0950 (HL) I'll try to get in there. After then charts candles presented itself, it looks like the touch down into...
I traded the short a little later on. I set up my stop and went away for a bit
Such is the risk of not babysitting ones open trades.
- #14,220
- Jul 15, 2015 5:52pm Jul 15, 2015 5:52pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
GOLD [H1 Chart] {image} Looking at a possible long entry but monitoring bearish intent to the down side at this stage...... Buying physical gold is starting to look very good...... how far down can or will it go... time will tell! Masterrmind..........
price did not drop much lower than my PRZ so entered long (about 7 hours ago)
trade will be closely monitored as necessary
price is at a crucial cross road at present (WS level) and at the 382 Fib
not expecting much movement in price this early in the trading day but it always pays to be alert!
Any bearish intent to the down side and I'll consider whether or not to close out in profit and then re-enter again if the bulls take price above nearby levels.
Expectation is for price to test and drive above the high of the previous candle and head towards the TP shown on the chart.
Masterrmind...........
Master your Mind then Master your Trades