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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

  • #14,561
  • Oct 22, 2015 4:07am Oct 22, 2015 4:07am
Quoting honestknave
{quote} Nice analysis London bears charged out and then got stuck in the mud of previous structure and daily S2. Having started so strong, it will be very telling if they can't even test 1.1300 However, weekly S1 sits just below 1.1300 which also doesn't bode well for the bears. Lower highs. higher lows... when it pops it will probably do so quite violently. I'm leaning towards the bulls winning this one, but not confident enough to put my money on the table I also see my 1:1 eventually got hit {image}
upss, sorry for that. I didn't dare to enter yet. But you're right. The bear are weak as the price is testing structure. I'm waiting to see if it will bounce at 1.1335-40 and then might consider going short. Lance Beggs rules, if you happen to read his YTC book, say that the support/resistance area is supposed to hold (first test) but the trend is continue. So, in a downtrend market, as we are right now, scenario 2 seems more probable. But, let's not think too much and let the market do "the talk" and we accordingly "the walk" .
  • #14,562
  • Oct 22, 2015 4:10am Oct 22, 2015 4:10am
Quoting ujku80
{quote} upss, sorry for that.
Haha, it's all good. I took my profit and was happy enough with it. My trading model doesn't really include holding positions overnight, so I'd do the same again.

Quoting ujku80
I didn't dare to enter yet. But you're right. The bear are weak as the price is testing structure. I'm waiting to see if it will bounce at 1.1335-40 and then might consider going short. Lance Beggs rules, if you happen to read his YTC book, say that the support/resistance area is supposed to hold (first test) but the trend is continue. So, in a downtrend market, as we are right now, scenario 2 seems more probable.
Great that you bring up Lance Beggs - a lot of good stuff by him. I particularly like his take on candlestick analysis

Quoting ujku80
But, let's not think too much and let the market do "the talk" and we accordingly "the walk" .
Good plan
  • #14,563
  • Oct 22, 2015 6:47am Oct 22, 2015 6:47am
Quoting honestknave
{quote} Great that you bring up Lance Beggs - a lot of good stuff by him. I particularly like his take on candlestick analysis
yeah, as soon as I heard Mr Pip mentioning Lance Beggs in one of his videos, I didn't think twice getting the YTC PA volume. Although I wish I had waited a bit more, cuz later in the spread, somewhere between pages 250 - 300, someone placed a discount offer for his book (99$ instead of 197$), and it's still valid when I checked it (a few weeks back). So, if there is someone else who might want to read his book, try to get that offer hidden within the pages of this thread. It's still valid.

And yes, I love his candlestick analysis and his strength and weakness analysis also. Very much indeed. Mr.Pip teachings and his are complementary to each-other. But I have to say, Beggs' Support/resistance levels based on 30 min TF, don't work on E/U pair. Nope! I tried that. But everything else is great stuff.

This is where I am right now: Let's see if we get a good short entry.
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  • #14,564
  • Oct 22, 2015 6:54am Oct 22, 2015 6:54am
Quoting honestknave
Got to be one of my most tedious trades ever. Never did get the 1:1 {image} {image}
hahaha. I love the beating the dead horse icon. gold!
  • #14,565
  • Oct 22, 2015 7:06am Oct 22, 2015 7:06am
Quoting ujku80
yeah, as soon as I heard Mr Pip mentioning Lance Beggs in one of his videos, I didn't think twice getting the YTC PA volume. Although I wish I had waited a bit more, cuz later in the spread, somewhere between pages 250 - 300, someone placed a discount offer for his book (99$ instead of 197$), and it's still valid when I checked it (a few weeks back). So, if there is someone else who might want to read his book, try to get that offer hidden within the pages of this thread. It's still valid. And yes, I love his candlestick analysis and his strength...
I don't want to dissuade anyone from buying the book (I own it), but on a personal level I actually gleaned most benefit from his free stuff!
I would recommend people work through the free content first and see how they get on.
But in the interests of full disclosure: I do own PAT, but I never got around to finishing it

Quoting ujku80
But I have to say, Beggs' Support/resistance levels based on 30 min TF, don't work on E/U pair. Nope! I tried that. But everything else is great stuff.
Good to know. I've never actually tried to apply it: I'll look it up and see how it fairs on GU.

Quoting ujku80
This is where I am right now: Let's see if we get a good short entry. {image}
I've also got a similar level marked up on my chart. But watch out folks: USD Unemployment Claims and an ECB press conference in less than 30 mins
  • #14,566
  • Oct 22, 2015 7:08am Oct 22, 2015 7:08am
Quoting Mack2013
{quote} hahaha. I love the beating the dead horse icon. gold!
Morning Mack
Good hunting
  • #14,567
  • Oct 22, 2015 7:16am Oct 22, 2015 7:16am
Quoting honestknave
{quote} I wouldn't beat yourself up Mack, the entry call was spot on and you came out a few pips richer. Here is how it played out on a tick chart, it always intrigues me how different the same data looks on different styles of chart (renko, time, tick whatever): Arrows show the bull play (yes, I was sweating! ) {image}
Glad u hung in there.

I definitely think I should start using tick charts. can anybody recommend a good charting software that supports tick. I know ninja is recommended anybody know how to get it on the cheap instead of retail price
  • #14,568
  • Oct 22, 2015 7:19am Oct 22, 2015 7:19am
Quoting honestknave
{quote} Morning Mack Good hunting
I'm a little divided this morning. I'll be searching set ups but I think I try to stay away from the news events unless i'm in something already. Theres conflicting news events at 530 PST and 700 PST (830 & 1000 EST)
  • #14,569
  • Oct 22, 2015 7:24am Oct 22, 2015 7:24am
Quoting Mack2013
{quote} Glad u hung in there.
Well, not really my best. I could have taken more pips off the table 12 hours earlier

Quoting Mack2013
I definitely think I should start using tick charts. can anybody recommend a good charting software that supports tick. I know ninja is recommended anybody know how to get it on the cheap instead of retail price
You can get a free demo feed from certain brokers on NT - http://www.mbtrading.com/ninjatrader.aspx (just an example)
Possible to use it for charting, then place your orders on another platform.

I also really should look again at cTrader to see if they have fixed the tick chart limitations. That's got some potential, I think.
  • #14,570
  • Oct 22, 2015 7:31am Oct 22, 2015 7:31am
Quoting honestknave
when it pops it will probably do so quite violently.
10/10
Quoting honestknave
I'm leaning towards the bulls winning this one
0/10
Quoting honestknave
but not confident enough to put my money on the table
1 bonus point for applying common sense
  • #14,571
  • Oct 22, 2015 7:40am Oct 22, 2015 7:40am
Quoting honestknave
{quote} 10/10 {quote} 0/10 {quote} 1 bonus point for applying common sense
good call not to get involved
  • #14,572
  • Oct 22, 2015 7:43am Oct 22, 2015 7:43am
ah, i missed this trade. I was just hopping the price could go a little higher before entering short. What a beautiful 100 pip move. well well, better luck next time. The crock couldn't take his pray this time.

Lesson to learn:
1. weakness with the bears.
2. pullback at 50% fibbs.
3. Market tested three times the recent low.

Let's see where is the next pullback. we never chase price!!!
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  • #14,573
  • Oct 22, 2015 7:46am Oct 22, 2015 7:46am
This reminds me of 2 things:
1. Why I love harmonics/fibs
2. Why I don't trade into news

Blue rectangles show the 2 expectations, depending on the outcome of the news.

It's not pip-perfect, but given the magnitude of the move I'd say it was quite a good approximation!

And that is why fundamentals always trump technicals on the short timeframes

Can't guess the news but it can create good if-when scenarios
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  • #14,574
  • Oct 22, 2015 7:50am Oct 22, 2015 7:50am
That's annoying!
So busy looking at the GU chart I missed this gift

I hope someone managed to snag some pips off this
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  • #14,575
  • Oct 22, 2015 8:19am Oct 22, 2015 8:19am
Quoting honestknave
That's annoying! So busy looking at the GU chart I missed this gift I hope someone managed to snag some pips off this {image}

Haha that looks way better then this
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  • #14,576
  • Oct 22, 2015 8:54am Oct 22, 2015 8:54am
Hey mack, heres the difference between a 2 min chart and a 144 tick chart.

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If you want to check out ticks for a few weeks, have you tried Dukascopy, i think any non us resident can join, i keep trying the 2 week free trial while i consider openeing an account with them, its only £100 to start and i can trade micro's. the only thing that puts me off is i'm not that keen on the platform, altho its not too bad.
  • #14,577
  • Oct 22, 2015 8:56am Oct 22, 2015 8:56am
Quoting honestknave
That's annoying! So busy looking at the GU chart I missed this gift I hope someone managed to snag some pips off this {image}
i never trade when draghi speaks, he has a tendency to make me fall to sleep, which can have a negative effect on my trading
  • #14,578
  • Oct 22, 2015 8:58am Oct 22, 2015 8:58am
Quoting Mack2013
{quote} Haha that looks way better then this {image}
It looks the same at my screen. Honest uses finer ticks, 100s maybe, if not 50.

Could this be an opportunity to expect some bull exhaustion? Although it would be like caching a falling knife.

Wonder what Mr. Pip would do? There is a round nr there, 1.1120, and there is a support level if one looks at 4 hr charts, but with this speed... not a good idea. So, my gut feeling....not recommended. let it pass.
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  • #14,579
  • Oct 22, 2015 9:05am Oct 22, 2015 9:05am
Quoting Wolves77
Hey mack, heres the difference between a 2 min chart and a 144 tick chart. {image} {image} If you want to check out ticks for a few weeks, have you tried Dukascopy, i think any non us resident can join, i keep trying the 2 week free trial while i consider openeing an account with them, its only 100 to start and i can trade micro's. the only thing that puts me off is i'm not that keen on the platform, altho its not too bad.
thanks I'll take a look at there website.
  • #14,580
  • Oct 22, 2015 9:22am Oct 22, 2015 9:22am
Quoting Mack2013
{quote} Haha that looks way better then this {image}
I sound like a broken record, but I really can't trade this style for toffee on time based charts. I think I must have some form of mental block on it
So I doff my hat to anyone that does
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