{quote} 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
Ratios & Harmonics: a Different Way to Trade
- #14,581
- Oct 22, 2015 9:25am Oct 22, 2015 9:25am
- Joined Nov 2014 | Status: Trader | 1,300 Posts
- #14,582
- Oct 22, 2015 9:40am Oct 22, 2015 9:40am
- Joined Nov 2014 | Status: Trader | 1,300 Posts
{quote}It looks the same at my screen. Honest uses finer ticks, 100s maybe, if not 50.
Bearing in mind that there is no centralised exchange for forex, every broker generates a different number of ticks. I've even seen different accounts with the same broker generating different numbers of ticks!! (different servers)
The differences can be huge; I remember one broker generating almost twice as many ticks as another
So, let's say that I want a tick chart that approximates the M5.
If there were 50,000 ticks in a 24 hour period...
And given that there are 288 bars on an M5 chart in a day...
50,000 ticks / 288 bars = 173 ticks.
To put it another way, on average each M5 bar had 173 ticks. So that is the setting I would use.
The concept can be grown out to give "better" averages (a week, a month whatever).
But tick settings really aren't transferable between brokers. Even with 2 people using the same broker, the start point of the first tick bar could well be different between charts. This effect is very noticeable, particularly for people who base any of their trading decisions on bar close. At least on a time chart, most people are in the same ball park for bar close.
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. {image}
- #14,583
- Edited 10:48am Oct 22, 2015 10:05am | Edited 10:48am
- | Joined Dec 2013 | Status: Trader | 1,118 Posts
{quote} 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 itSo I doff my hat to anyone that does
I'm looking at this on the GBPUSD looking for another stab at the 1.54. its a little early to call it out and i'll have to wait to see how PA establishes the CD leg.
update: entered short. not looking for a huge profit just a retest of 1.54
- #14,584
- Oct 22, 2015 10:15am Oct 22, 2015 10:15am
- Joined Nov 2014 | Status: Trader | 1,300 Posts
I'm looking at this on the GBPUSD looking for another stab at the 1.54. its a little early to call it out and i'll have to wait to see how PA establishes the CD leg. {image}
Price is rammed up against the daily open / yesterday's low and the bulls don't look like they want to let up.
But, a few bars earlier look at how decisively the bears regained control
- #14,585
- Oct 22, 2015 10:40am Oct 22, 2015 10:40am
The tick charts helped me out a bit today, got a bit lucky tho aswell, 2 trades for +10 and +16.
Just my 2 cents, but i'm not keen on the pa on tick charts, altho the overall flow of the charts seems much clearer.
took the long trade below ultimately because i had the tick chart open aswell.
exited the long for plus 10 then went immediately short at the red arrow and rode it down for 16. went short due to the bulls not being able to push through resistance and holding at the 50 fib and of course the market being extremely bearish plus pa.
Just my 2 cents, but i'm not keen on the pa on tick charts, altho the overall flow of the charts seems much clearer.
took the long trade below ultimately because i had the tick chart open aswell.
exited the long for plus 10 then went immediately short at the red arrow and rode it down for 16. went short due to the bulls not being able to push through resistance and holding at the 50 fib and of course the market being extremely bearish plus pa.
- #14,586
- Oct 22, 2015 10:45am Oct 22, 2015 10:45am
- Joined Nov 2014 | Status: Trader | 1,300 Posts
The tick charts helped me out a bit today, got a bit lucky tho aswell, 2 trades for +10 and +16. Just my 2 cents, but i'm not keen on the pa on tick charts, altho the overall flow of the charts seems much clearer. took the long trade below ultimately because i had the tick chart open aswell. exited the long for plus 10 then went immediately short at the red arrow and rode it down for 16. went short due to the bulls not being able to push through resistance and holding at the 50 fib and of course the market being extremely bearish plus pa. {image}...
Top marks on the long! I'm only just getting the balls to long now
- #14,589
- Oct 22, 2015 10:53am Oct 22, 2015 10:53am
- Joined Nov 2014 | Status: Trader | 1,300 Posts
{quote} out for + 17
I need to play catch up with you guys!
- #14,590
- Oct 22, 2015 10:55am Oct 22, 2015 10:55am
{quote}
- #14,591
- Oct 22, 2015 11:07am Oct 22, 2015 11:07am
- | Joined Dec 2013 | Status: Trader | 1,118 Posts
{quote}
- #14,593
- Oct 23, 2015 1:40am Oct 23, 2015 1:40am
- | Joined Dec 2014 | Status: Trader | 1,008 Posts
Anyway, I just took a trade now, before London open. Let's see how this plays out. I'm managing it a bit aggressively as there is news coming at 9.am (my time). {image} {image}
...part of the business.
- #14,594
- Oct 23, 2015 1:59am Oct 23, 2015 1:59am
- | Joined Dec 2014 | Status: Trader | 1,008 Posts
{quote} oopps, stopped out. maybe my Stop was too aggressive... aah.
- #14,596
- Oct 23, 2015 5:19am Oct 23, 2015 5:19am
- Joined Nov 2014 | Status: Trader | 1,300 Posts
new areas of trading opportunities??? maybe....:nerd: {image}
I was tracking this long opportunity, but didn't take it (I don't like the bear strength running into it).
If price returns to here, I'll consider it.
- #14,598
- Oct 23, 2015 6:19am Oct 23, 2015 6:19am
- Joined Nov 2014 | Status: Trader | 1,300 Posts
{quote} If I understand correctly, you were looking to go long at 61.8% retrace of the second wave (at the light blue rectangle in the image)? I thought about it, but I'm not confident of going long just yet. Too strong momentum down. You never know when those bear will show up and push the price a hundred pips more south. But I might be wrong, of course. I'm still novice here and have a lot to learn. But can you tell me if my previous chart made any sense to you? I mean, let's assume that price reaches those high levels; it would made a valid bat...
I'm not the best person to be asking about 5-point patterns (bat, crab, butterfly etc) because I don't trade them. I only look at 4 point patterns.
When I see a (bearish) bat, I just see the bears in control with a strong move south (X-A) followed up by an over-expanded AB=CD pattern to the north which ultimately failed to take out the bearish XA leg. Which would suggest another move south. I can never remember all the ratios to trade the 5 point patterns!
As for confluence, I think your top red-dashed line would be a very interesting confluence point if it lined up with the completion of a bullish AB=CD pattern. How does that sit with a fib thrown up from the swing generated by yesterday's huge bearish move?
- #14,599
- Oct 23, 2015 6:51am Oct 23, 2015 6:51am
- | Joined Dec 2014 | Status: Trader | 1,008 Posts
{quote} Hello Arjan, I'm not the best person to be asking about 5-point patterns (bat, crab, butterfly etc) because I don't trade them. I only look at 4 point patterns. When I see a (bearish) bat, I just see the bears in control with a strong move south (X-A) followed up by an over-expanded AB=CD pattern to the north which ultimately failed to take out the bearish XA leg. Which would suggest another move south. I can never remember all the ratios to trade the 5 point patterns!
but, it's of no use. ABCD and AB=CD ending up at confluence zones are everything you need to become the next Soros, if you ask me.{quote} As for confluence, I think your top red-dashed line would be a very interesting confluence point if it lined up with the completion of a bullish AB=CD pattern. How does that sit with a fib thrown up from the swing generated by yesterday's huge bearish move?
- #14,600
- Oct 23, 2015 7:36am Oct 23, 2015 7:36am
- Joined Nov 2014 | Status: Trader | 1,300 Posts
{quote} Yes, I do the same as you. i don't look for patterns and don't trade them. But they just seem to pop up at me. in all time frames, especially at lower ones. Actually, when I started reading this thread, on March this year, I printed the advance patterns from Mr Pip, and learned them by heart. If you wake me up from the sleep and ask me what ratios are gartly and bat etc.. I can answer that.
I've not opened a single trade today, let's hope the US session brings some opportunity
