Attachments: Ratios & Harmonics: a Different Way to Trade

Ratios & Harmonics: a Different Way to Trade

#14,941
Dec 1, 2015 1:19pm Dec 1, 2015 1:19pm

ujku80
| Joined Dec 2014 | Status: Trader | 1,008 Posts

ok, this is stupid of me. but this is the trade I placed and it isn't going the way I thought it will.

I entered short since i saw price break that low at 1.0610 at 15:53. and I realized that market wasn't going any higher today so time for a nice swing down (price retraced nicely after had tested an important zone, which lies somewhere 1.0635-40).

most probably it'll hit my SL which i'm not moving from where it is. just know that if price breaks that zone, then officially we're for a nice move up (note that the swing that price is breaking is the swing that leaded to the lowest low so far). So, tomorrow, we wait for a PB and go long preferably at the same zone.

good night

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#14,942
Dec 1, 2015 3:19pm Dec 1, 2015 3:19pm

fxnikolaev
| Joined Nov 2014 | Status: Trader | 724 Posts

Quoting Mr. Pip

Disliked

Well the Gartley failed miserably too much strength so I did not take the entry and price went on to test market highs and complete a very nice ABCD I did not take the short because of the strength by which price got there. Too bad! It was a home run! the market is very volatile today so caution must be taken on entries. {image}

Ignored

That is really nice double top at structure area

Mr. Pip if you dont mind, i would post some trade set up with double top, it is not harmonics, more about structure

#14,943
Dec 1, 2015 3:35pm Dec 1, 2015 3:35pm

Mr. Pip
| Membership Revoked | Joined Jul 2010 | 9,273 Posts

Quoting fxnikolaev

Disliked

{quote} That is really nice double top at structure area Mr. Pip if you dont mind, i would post some trade set up with double top, it is not harmonics, more about structure

Ignored

That would be fine.

If you fail to plan, you plan to fail.

#14,944
Dec 1, 2015 10:28pm Dec 1, 2015 10:28pm

smarajit1
| Joined Oct 2010 | Status: Trader | 30 Posts

[quote=Mr. Pip;8619240]{quote} My rules have not changed and will not change indicators will not place you ahead of price they ALL LAG. They are a derivative of price. They have 0 predictive value. If you are in tune with the price action you don't need them and will only add confusion because what they are telling you may not be the case when you look at price. Have I answered your post or is there a different point I need to make?[/quote

Thank you for Reply. i believe your strategy, but it needs a bit hard teach to myself to live without indicator.

#14,945
Dec 1, 2015 10:34pm Dec 1, 2015 10:34pm

smarajit1
| Joined Oct 2010 | Status: Trader | 30 Posts

Quoting ujku80

Disliked

{quote} oh sorry smarajit1, I had completely forgotten to answer that. Well, replying to you now, after Mr Pip, it'd be like a day after the fair. Anyway, as you might see in the trades that I take, I don't use indicators. And I'm far from being a professional trader. I've been trading for more than a year while most of people here, including those that may read this post, have been trading for a longer time (most probably). My point is, that even though I'm a novice, I don't need "confirmation" by indicators to enter in a trade. Whatever the pair,...

Ignored

Mr. Arjan,
sinearly taken your suggestion. now i have to travel the toughest path in trading that is teaching myself to leave a long practices bad habbit start new. BTW i need a help in identifying the profit limit? how? SL i know below/above the candlestick signal.-- but TP?

#14,946
Dec 1, 2015 11:51pm Dec 1, 2015 11:51pm

devontrader
Joined Feb 2013 | Status: Trader | 1,458 Posts

Quoting smarajit1

Disliked

{quote} Mr. Arjan, sinearly taken your suggestion. now i have to travel the toughest path in trading that is teaching myself to leave a long practices bad habbit start new. BTW i need a help in identifying the profit limit? how? SL i know below/above the candlestick signal.-- but TP?

Ignored

sl should be minimum 1 to 1 risk to reward.Maybe trail your stop and let the market give you your profit.ButDef put stops to breakeven quick as possible to take risk off table

#14,947
Dec 2, 2015 12:09am Dec 2, 2015 12:09am

smarajit1
| Joined Oct 2010 | Status: Trader | 30 Posts

Quoting devontrader

Disliked

{quote} sl should be minimum 1 to 1 risk to reward.Maybe trail your stop and let the market give you your profit.ButDef put stops to breakeven quick as possible to take risk off table

Ignored

Mr. Devon,
Do you mean automatic trailing of SL or Manual dragging? If manual, how to decide upto where to drag the stop?

#14,948
Dec 2, 2015 1:53am Dec 2, 2015 1:53am

ujku80
| Joined Dec 2014 | Status: Trader | 1,008 Posts

Quoting ujku80

Disliked

ok, this is stupid of me. but this is the trade I placed and it isn't going the way I thought it will. I entered short since i saw price break that low at 1.0610 at 15:53. and I realized that market wasn't going any higher today so time for a nice swing down (price retraced nicely after had tested an important zone, which lies somewhere 1.0635-40). most probably it'll hit my SL which i'm not moving from where it is. just know that if price breaks that zone, then officially we're for a nice move up (note that the swing that price is breaking is the...

Ignored

In case you might want to hear, that trade ended with SL getting hit even though the market didn't make it that far. It was smth like a 8 pip slipage. I've sent a ticket to FXCM but chating with costumer service last night i'm not optimistic. the answer you get is the same standard "you were looking at the bid and not at the ask chart and bla bla bla). whatever. Since this is not the first time that has happened, I've decided to close my account with them and start trading futures instead.

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Now, the idea of trading futures came first when I read YTC of Lance Beggs. I've also mentioned before that Lance Beggs highly recommends trading futures instead of forex. the main reason being is that in futures you don't have problems with spread.

The following paragraph is taken from his book YTC Price Action Trader (I hope he doesn't mind me refering to his book):

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Other reasons beside those, are that in futures there are not many price manipulations such as those "tricks" that happen in forex, futures are not so much affected by news, and on top you might get even better commissions. What filled a cup which was half filled, was that Mr.Pip has also moved from forex into futures. Now, I'm simply following them.

#14,949
Dec 2, 2015 2:10am Dec 2, 2015 2:10am

ujku80
| Joined Dec 2014 | Status: Trader | 1,008 Posts

Quoting smarajit1

Disliked

{quote} Mr. Arjan, sinearly taken your suggestion. now i have to travel the toughest path in trading that is teaching myself to leave a long practices bad habbit start new. BTW i need a help in identifying the profit limit? how? SL i know below/above the candlestick signal.-- but TP?

Ignored

please read the docs attached.

You need to know structure before you know where to place SL and TP. market is moving from a zone into another. You need to learn where these zones are. They are supply and demand zones. If you look at my chart on EU I note them with red lines (but actually they are zones not fixed levels). Depending on the pair, and TF their depth, or size ranges. OK? try to learn where they are. I will help later when I have some time and will show you how i draw these lines in my chart.

GL

Attached File(s)

Advance Pattern Reference Guide.pdf 647 KB | 867 downloads

DCAST CAPITAL ADVANCE PATTERNS RULES OF ENGAGEMENT written.pdf 316 KB | 1,096 downloads

#14,950
Dec 2, 2015 5:44am Dec 2, 2015 5:44am

fxnikolaev
| Joined Nov 2014 | Status: Trader | 724 Posts

Perfect gartley ))))

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#14,951
Dec 2, 2015 5:50am Dec 2, 2015 5:50am

fxnikolaev
| Joined Nov 2014 | Status: Trader | 724 Posts

Quoting ujku80

Disliked

{quote} In case you might want to hear, that trade ended with SL getting hit even though the market didn't make it that far. It was smth like a 8 pip slipage. I've sent a ticket to FXCM but chating with costumer service last night i'm not optimistic. the answer you get is the same standard "you were looking at the bid and not at the ask chart and bla bla bla). whatever. Since this is not the first time that has happened, I've decided to close my account with them and start trading futures instead. {image} Now, the idea of trading futures came first...

Ignored

There two types of structure trading, first is trend, second is reversal. Reversal- you need to have structure, ABCD coming in to that area, or some other fibs, and double top, your entry point. Trend - we are looking for retracement to a previous structure, some where in the area between previous HH and HL, it has to be between 61 and 100% retracement, and you need a signal to buy in that zone, it can be ABCD completion, HH higher close, or some thing like this.
If you have harmonic pattern completion in to the structure that is 80% win

#14,952
Dec 2, 2015 6:00am Dec 2, 2015 6:00am

fxnikolaev
| Joined Nov 2014 | Status: Trader | 724 Posts

My signal in the zone is inside or outside bar. It gives me a good filter. Risk Reward is crucial for entry point

#14,953
Dec 2, 2015 6:02am Dec 2, 2015 6:02am

ujku80
| Joined Dec 2014 | Status: Trader | 1,008 Posts

Quoting fxnikolaev

Disliked

{quote} There two types of structure trading, first is trend, second is reversal. Reversal- you need to have structure, ABCD coming in to that area, or some other fibs, and double top, your entry point. Trend - we are looking for retracement to a previous structure, some where in the area between previous HH and HL, it has to be between 61 and 100% retracement, and you need a signal to buy in that zone, it can be ABCD completion, HH higher close, or some thing like this. If you have harmonic pattern completion in to the structure that is 80% win...

Ignored