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Ratios & Harmonics: a Different Way to Trade

  • #14,601
  • Oct 23, 2015 8:04am Oct 23, 2015 8:04am
Quoting honestknave
{quote} My tick sizes are dynamic. 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...

Good morning

Just been watching the charts this morning. nothing really on the radar yet. just waiting for PA to indicate something to me. But I had a question. I'm interested in coding. think its awesome. cant do it tho. tried to learn, but I was terrible at it. Langauge is not my strong suit. Hell, I can barely read, write and speak English and I'm Canadian, ah!

"My tick sizes are dynamic. 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. "


did you code your chart to readjust to the dynamic timeframe? and do you round up or down to a tick frame supported by Fibonacci or stick with the calculated tick?
  • #14,602
  • Oct 23, 2015 8:10am Oct 23, 2015 8:10am
Quoting ujku80
{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. 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} well, to...
I do the same, sometime the patterns appear. I don't necessarily trade em but if they help build a case then I'll use it to support my opinion. But usually I use the 1 to 1. I do have wedge breakouts and head and shoulders in my arsenal as well which have been profitable for me. But again I use them to build a case. I usually put structure order flow, and strength & weakness as my primaries and use the other stuff to support such as patterns and PA
  • #14,603
  • Oct 23, 2015 8:32am Oct 23, 2015 8:32am
good morning.

looking at this on the EURUSD. as of now, i'm not interested in any long positions because I'm expecting price to move down to 1.1020 and test some structure there from a previous daily close/open.

I will be interest in taking a short at 1.1070 if price makes a complex pullback (1 to 1) to the previous structure lows

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  • #14,604
  • Oct 23, 2015 8:46am Oct 23, 2015 8:46am
Quoting Mack2013
{quote} Good morning Just been watching the charts this morning. nothing really on the radar yet. just waiting for PA to indicate something to me. But I had a question. I'm interested in coding. think its awesome. cant do it tho. tried to learn, but I was terrible at it. Langauge is not my strong suit. Hell, I can barely read, write and speak English and I'm Canadian, ah! "My tick sizes are dynamic. 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...
Hello Mack,

In my opinion, coding is a great hobby to complement trading. You're sat in front of a computer anyway, you have all the resources you need (computer, internet), it gives you the independence to create any tools you might need plus it is a transferable skill.

I started coding when I started trading... back when I had the stupidity to believe that armed with my free copy of MetaTrader and a modestly priced laptop, I was going to succeed in trading automation where countless financial institutions with almost limitless funds and resources had failed. With hindsight, the complete lack of trading knowledge, experience or coding ability should have ranked a little higher on my list of concerns

But, notwithstanding all that, I don't regret it. Some lessons have to be learnt the hard way and I've used the knowledge as a springboard onto other things.

The tick chart generator for MT4 is the only thing I use that isn't my own code; it's a commercial product (and very good). But I do keep meaning to come up with something myself, mostly as a challenge I guess.

If you want to learn coding, I'd suggest first thinking about what you'd like to code for. If it's trading software, further refine it to which platform. C and C++ are good languages to start with and there are plenty of online tutorials for that. Hit me up with a PM if you want to discuss anything further.

  • #14,605
  • Oct 23, 2015 9:13am Oct 23, 2015 9:13am
Quoting Mack2013
{quote} I do the same, sometime the patterns appear. I don't necessarily trade em but if they help build a case then I'll use it to support my opinion. But usually I use the 1 to 1. I do have wedge breakouts and head and shoulders in my arsenal as well which have been profitable for me. But again I use them to build a case. I usually put structure order flow, and strength & weakness as my primaries and use the other stuff to support such as patterns and PA
Yes, I hear you. It's a good strategy. You can't lose in the long run provided that you follow your own rules. I've tried those kinds of patterns before, and especially liked right angle triangles, and traded with some success. But with a bad MM blew my acc several times. Had this great idea of trading without stop loss. hehe...imagine that for a beginner.

I've been trading since November 2013 actually, but didn't waste so much time with indicators. When I was looking at them I was surprised how their values change as the market was making those up and down moves. This can't be it, thought to myself. So, all this time I've been trying to understand PA. Then I started trading candlestick patterns, Steve Nison style. Then combine H&S, triangles etc with Steve Nison candle patterns. Well, well. In the end, I realized that's much better if you simply follow HH and HL to go long, and LH and LL to go short. So, eventually, I realized that the price level is the most important thing here. I was taking a break from trading when I came across this thread. Started to read all the docs here, watched all the videos of Mr. Pip. Started trading with a demo acc (from March to June). Had to stop a bit on July. Bought Lance Beggs book and read it twice. Then started on Sept, a real acc, which I'm still trading. haha. It's the only acc that has survived so long. The first two weeks was just amazing actually. I was simply trading retracement to 61.8% after a new low or high. But then i got Lance Beggs ideas about S/R levels on 30 min chart..... and the magic was lost. For some time only. Now back to Mr.Pip full teachings. I'll be the best student he will ever have. Wait and see for that.

One lesson I've learned from almost two years trading now, is that you can't repeat doing the same things and expecting to get different results.

And that you don't need to prove that you're right. Accept that you're wrong and move on.

Now this is how I see my chart (image below). I still have my emotions on place, so I can't take the actions I should, but the time will come when I just trade what I see, and fear and hope are no part of me. Time will tell.

cheers and green pips.
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  • #14,606
  • Oct 23, 2015 10:12am Oct 23, 2015 10:12am
Quoting honestknave
{quote} Hello Mack, In my opinion, coding is a great hobby to complement trading. You're sat in front of a computer anyway, you have all the resources you need (computer, internet), it gives you the independence to create any tools you might need plus it is a transferable skill. I started coding when I started trading... back when I had the stupidity to believe that armed with my free copy of MetaTrader and a modestly priced laptop, I was going to succeed in trading automation where countless financial institutions with almost limitless funds and...
cTrader has cAlgo which you can get contracts to build indicators and stuff on there website. it might be an idea. I might take you up on that offer.
  • #14,607
  • Oct 23, 2015 10:17am Oct 23, 2015 10:17am
Quoting ujku80
{quote} Yes, I hear you. It's a good strategy. You can't lose in the long run provided that you follow your own rules. I've tried those kinds of patterns before, and especially liked right angle triangles, and traded with some success. But with a bad MM blew my acc several times. Had this great idea of trading without stop loss. hehe...imagine that for a beginner. I've been trading since November 2013 actually, but didn't waste so much time with indicators. When I was looking at them I was surprised how their values change as the market was...
oh I know that story all so well. here is an added rule....

Lesson 3: Yelling at your computer monitor wont effect price
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  • #14,608
  • Oct 23, 2015 10:29am Oct 23, 2015 10:29am
Quoting Mack2013
{quote} cTrader has cAlgo which you can get contracts to build indicators and stuff on there website. it might be an idea. I might take you up on that offer.
I like cTrader and I love any platform with native tick chart support. But you can't get anything larger than a 34 tick chart
Although I'm feeling it's about time for a change from MT4... perhaps I'll be joining you retrying cTrader
  • #14,609
  • Oct 23, 2015 11:07am Oct 23, 2015 11:07am
Quoting Mack2013
{quote} Lesson 3: Yelling at your computer monitor wont effect price {image}
  • #14,610
  • Oct 23, 2015 11:09am Oct 23, 2015 11:09am
Quoting Mack2013
{quote} cTrader has cAlgo which you can get contracts to build indicators and stuff on there website. it might be an idea. I might take you up on that offer.
I can't remember where, but I've seen that smone had made some scripts for tick chart on MT4. I'm sure I've seen it in this forum. I'll search for it...
  • #14,611
  • Oct 23, 2015 11:14am Oct 23, 2015 11:14am
Quoting ujku80
{quote} I can't remember where, but I've seen that smone had made some scripts for tick chart on MT4. I'm sure I've seen it in this forum. I'll search for it...
Might be this one (http://www.forexfactory.com/showthread.php?p=7349716#post7349716)? I was planning on using it as the springboard for my attempt. Didn't seem to be working out the box for me
  • #14,612
  • Oct 23, 2015 11:17am Oct 23, 2015 11:17am
Quoting Mack2013
{quote} cTrader has cAlgo which you can get contracts to build indicators and stuff on there website. it might be an idea. I might take you up on that offer.
I found out this thread:
http://www.forexfactory.com/showthread.php?t=287284

And some files. Please use them carefully and try at a demo acc first.
cheers
Attached File(s)
File Type: ex4 Tick Chart(1).ex4   12 KB | 202 downloads
File Type: ex4 Tick Chart.ex4   12 KB | 213 downloads
File Type: ex4 TickChart.LogTickData.ex4   5 KB | 238 downloads
File Type: ex4 TickChart.PostTickData v1.1.ex4   8 KB | 203 downloads
File Type: ex4 TickChart.PostTickData.ex4   7 KB | 245 downloads
  • #14,613
  • Oct 23, 2015 11:31am Oct 23, 2015 11:31am
Well, got to get out the gates at some point I suppose.
Short on GU.
Very tight leash, will be SL to BE ASAP.
Good R:R but a little late in the day/week for my liking.
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  • #14,614
  • Oct 23, 2015 11:33am Oct 23, 2015 11:33am
recent analysis. let me know what do you think of that.
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  • #14,615
  • Oct 23, 2015 11:47am Oct 23, 2015 11:47am
Quoting honestknave
Well, got to get out the gates at some point I suppose. Short on GU. Very tight leash, will be SL to BE ASAP. Good R:R but a little late in the day/week for my liking. {image}
I really hate GU. It was one the pairs that wiped my acc once Now i get terrified of that. too much volatility for my liking. Although, I have to admit, that if you want more straight forward trading, i.e. HH-HL or LH-LL, that's the pair. It moves much more smoothly than EU. I'll stick with EU for some time until I'm confident enough to trade two or more pairs simultaneously (well, if I'll ever need that). I wonder if you have ever tried futures. Mr. Pip seemed to have moved to that area. Wonder why.
  • #14,616
  • Oct 23, 2015 11:59am Oct 23, 2015 11:59am
Quoting ujku80
recent analysis. let me know what do you think of that. {image}
Looks good. Price got caught up in a smaller harmonic terminating at the DS1.
Possible play (but I'm not playing!):
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PS: nothing wrong with wedges. It's just a name for a certain combination of highs / lows / projections etc
  • #14,617
  • Oct 23, 2015 12:03pm Oct 23, 2015 12:03pm
Quoting ujku80
{quote} I really hate GU. It was one the pairs that wiped my acc once Now i get terrified of that. too much volatility for my liking. Although, I have to admit, that if you want more straight forward trading, i.e. HH-HL or LH-LL, that's the pair. It moves much more smoothly than EU. I'll stick with EU for some time until I'm confident enough to trade two or more pairs simultaneously (well, if I'll ever need that). I wonder if you have ever tried futures. Mr. Pip seemed to have moved to that area. Wonder why.
I used to dislike GU, but I moved over to it when EU changed (and not for the better ) Now I trade probably a 50:50 split between the two.

Funny you should mention futures - a good friend of mine has been trying to get me interested in them. I've just never got around to looking yet
  • #14,618
  • Oct 23, 2015 12:20pm Oct 23, 2015 12:20pm
Quoting honestknave
{quote} I used to dislike GU, but I moved over to it when EU changed (and not for the better ) Now I trade probably a 50:50 split between the two.
Which pair gives you better return? EU?

Quoting honestknave
{quote} Funny you should mention futures - a good friend of mine has been trying to get me interested in them. I've just never got around to looking yet
Well, you know, Lance Beggs recommends only forex futures. He's trading 6B, british pound forex futures, equivalent to GU. Apparently with futures you don't have spread. Which is an advantage to those scalping the market (I do that sometime). FXCM can only give one account either for spot forex or for futures. Interactive Brokers (https://www.interactivebrokers.com/en/home.php) though allow you to have one account for several markets (stocks, futures, forex etc). Beggs uses them as a broker, or at least that's what I understood from his book (all the charts in his book have copy right to interactive brokers). But, I was really wondering what made Damian move to futures?
  • #14,619
  • Oct 23, 2015 12:36pm Oct 23, 2015 12:36pm
Quoting ujku80
{quote} Which pair gives you better return? EU?
Good question. I decided to start keeping an eye on the stats more last week:
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Fairly even split between the two pairs at this stage, which is what I suspected. As the sample size grows, I'll have a better idea.

Quote
Well, you know, Lance Beggs recommends only forex futures. He's trading 6B, british pound forex futures, equivalent to GU. Apparently with futures you don't have spread. Which is an advantage to those scalping the market (I do that sometime). FXCM can only give one account either for spot forex or for futures. Interactive Brokers (https://www.interactivebrokers.com/en/home.php) though allow you to have one account for several markets (stocks, futures, forex etc). Beggs uses them as a broker, or at least that's what I understood from his...
Thanks for the info - I'll take a look into this a bit more I think
  • #14,620
  • Oct 23, 2015 12:39pm Oct 23, 2015 12:39pm
Quoting honestknave
{quote} Looks good. Price got caught up in a smaller harmonic terminating at the DS1. Possible play (but I'm not playing!): {image}
Well Arjan, price has made it. How big is the bounce going to be?
Can't help but feel there's going to be some profit taking going on at the RN / end of the week, which should cause some sort of bounce
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