Attachments: Ratios & Harmonics: a Different Way to Trade

Ratios & Harmonics: a Different Way to Trade

#15,541
Jan 27, 2016 5:15pm Jan 27, 2016 5:15pm

hovedguy
Joined Dec 2015 | Status: Trader | 487 Posts

EURJPY 1H, what you say?

Will enter at 23% if price bounces off 38%..

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#15,542
Jan 27, 2016 5:17pm Jan 27, 2016 5:17pm

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

Quoting hovedguy

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{quote} Hey Jason Could you explain it little more how the expectation to break that line? As I see till now its kept making HH and HLs. Also, the last projection is larger in size. {image}

Ignored

HH is NSH

If you fail to plan, you plan to fail.

#15,543
Jan 27, 2016 5:24pm Jan 27, 2016 5:24pm

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

Quoting hovedguy

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EURJPY 1H, what you say? Will enter at 23% if price bounces off 38%.. {image}

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this is possible..wait for the retrace.Dont predict the marketLet it tell you

#15,544
Jan 27, 2016 5:25pm Jan 27, 2016 5:25pm

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

Quoting hovedguy

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{quote} Hey Jason Could you explain it little more how the expectation to break that line? As I see till now its kept making HH and HLs. Also, the last projection is larger in size. {image}

Ignored

sorry my fault...not a clear picture.After ther last HH price came down and mafe Hl then put a retrace in to make a LH ( where top of yellow harmonic is)By making a LH its half an indication saying market is turning down...to confirm you expect a NSLIve taken entry based on failure to make HHprice held at structureExpecration to the down side along wirh harmonic confluence at structureRisk reward is 3 to 1Stops place abive the HH and moved to breakeven as soon ad possible to take risk off the table

#15,545
Jan 27, 2016 5:26pm Jan 27, 2016 5:26pm

hovedguy
Joined Dec 2015 | Status: Trader | 487 Posts

Quoting devontrader

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{quote} this is possible..wait for the retrace.Dont predict the marketLet it tell you

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By the way, learned a lot from you yesterday....Thanks man !!

#15,546
Jan 27, 2016 5:36pm Jan 27, 2016 5:36pm

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

Quoting lithium1

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hello Mr. Pip, This is what I think after learning your order flow analysis. Let me know your experience. Thanks in advance. I have been trading mostly gartley, bat and cypher, and my experience is the win rate is low, most of the time below 50%. With your order flow, we don't really try to enter the end of D anymore, more often we will try to exit at D. And using order flow, our entry will sometimes more likely at C of harmonic patterns. With your order flow trading method, we are not trading the typical Scott cartley way, but I start to have a...

Ignored

You are quite welcome. I never had this type of support when I was growing up so it's nice to give back and I'm tired of the statistics (90% failure rate) I'm going to change that. Anyway, these patterns typically have a higher success rate then you have experienced. This may be due to errors that you may have made. Errors stem out from not identifying proper anchor legs and accidentally forcing them into price action. I am a harmonic trader and these patterns are a part of harmonics. Scott Carney has been a pioneer and an amazing resource to pattern trading. Having said that I feel I have taken traditional harmonics to a different level. Whether that is good or bad I'm not sure, everyone would have to decide that for themselves? My point is, I'm not content with sitting around waiting for patterns to complete. I want to be as efficient as the markets are.

I have found a way to use what Scott Carney has taught me about Harmonics in general in a way that is productive to me and suits my style. I will also tell you that as technical traders it is imperative to properly read and process the information that the charts are telling you. That way you can make an informed decision when you set up appears on the chart, after all don't we make life's decisions in a similar fashion? Why should your business decisions be any different? Are they less important?

If you fail to plan, you plan to fail.

#15,547
Jan 27, 2016 5:37pm Jan 27, 2016 5:37pm

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

Quoting hovedguy

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{quote} By the way, learned a lot from you yesterday....Thanks man !!

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im like mr pipsLike to help.If mr pips take up my suggestion-------- watch this space

#15,548
Jan 27, 2016 5:42pm Jan 27, 2016 5:42pm

PipTrendz
| Joined Jul 2013 | Status: Trader | 402 Posts

Quoting Mr. Pip

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{quote} Hey Mack, Great question and I can see how this can become difficult or confusing. Working off of clear swing highs and lows helps with this issue. Until that high or low is broken the expectation stays the same. Any smaller swing within that high and low is what should be considered a complex correction. But your expectation needs to remain the same until a close outside that swing is achieved. Let me know if this is clear or I need to provide a chart for a visual.

Ignored

Great question Mac, I can get done in by these complex corrections too!! And of course great answer Damian.

#15,549
Jan 27, 2016 5:46pm Jan 27, 2016 5:46pm

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

Hello Traders,

I did not here much feedback on the video I made for you all? Was the picture quality good? Was the audio good as well? I want to make sure everything was satisfactory since I'm planning on making more. Did I do a good job explaining things out? I want to make sure I was not too technical or short and the information went over your heads. I'm a big boy I can take criticism. I helps me grow.

Thanks!

If you fail to plan, you plan to fail.

#15,550
Jan 27, 2016 7:23pm Jan 27, 2016 7:23pm

danielwang
| Joined Jan 2016 | Status: Trader | 88 Posts

Quoting Mr. Pip

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{quote} You tell me. Do I ne work. Tell me what pattern you think you have there and what is your expectations. Build your case.

Ignored

Hi Mr Pip,
Yes. Bullish BAT. However, X is quite far away from D, the risk reward looks less attractive in the case.

#15,551
Jan 27, 2016 7:24pm Jan 27, 2016 7:24pm

danielwang
| Joined Jan 2016 | Status: Trader | 88 Posts

Quoting danielwang

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{quote} Hi Mr Pip, Yes. Bullish BAT. However, X is quite far away from D, the risk reward looks less attractive in the case.

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Here is the chart

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#15,552
Jan 27, 2016 7:40pm Jan 27, 2016 7:40pm

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

Quoting danielwang

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{quote} Here is the chart {image}

Ignored

That is not a bat. Check your ratios and tell me what is the retracment of XA, BC AND D.

If you fail to plan, you plan to fail.

#15,553
Jan 27, 2016 7:57pm Jan 27, 2016 7:57pm

Timwelch
| Joined Jan 2016 | Status: Trader | 177 Posts

Mr. Pip is absolutely right on this. I cannot tell you how many times I have been "bitten" by a failed pattern (gartley, crab, butterfly, bat, you name it) when the price was moving rapidly into the PRZ. I used to think rapid price movement toward the PRZ was what made the patterns "more" valid. I will not take those trades anymore. It's not worth the losses. :-)

Quoting Mr. Pip

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{quote} I disagree that price often accelerates into the PRZ. Keep in mind that structure is expected to hold unless it is approached with strength. This hold true for PRZ. Don't jump in front of the freight train the outcome is usually not good for you.

Ignored

Markets can remain irrational longer than you can remain solvent - JMK

#15,554
Jan 27, 2016 8:35pm Jan 27, 2016 8:35pm

hovedguy
Joined Dec 2015 | Status: Trader | 487 Posts

AUDJPY 2min

Seeing equal projection, but higher slope, went for it at 38.2%. IMO so as to achieve next resistance, it needs to travel long distance, so shouldn't retrace deep.

How can I fine tune the entry point ??

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#15,555
Jan 27, 2016 9:45pm Jan 27, 2016 9:45pm

beepbop2015
| Joined Jan 2015 | Status: Trader | 88 Posts

Quote

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Mr. Pip is absolutely right on this. I cannot tell you how many times I have been "bitten" by a failed pattern (gartley, crab, butterfly, bat, you name it) when the price was moving rapidly into the PRZ. I used to think rapid price movement toward the PRZ was what made the patterns "more" valid. I will not take those trades anymore. It's not worth the losses. :-)

Thanks, Mr. Pip (and Timwelch)! I will definitely keep this in mind. I have had several losses that way as well. Thankfully still only trading a micro account until I can improve my profitability, which I feel is getting closer.

Mr. Pip I have a couple more questions if you don't mind. What do you think of the trade set up Scott Carney refers to as BAMM, where you get into a trade on the C-D leg once point B has been exceeded. I understand you find the aggressive C opportunities the most profitable, but do you consider BAMM trades viable opportunities from a technical perspective if one happens to miss C or pass it up for whatever reason?

Also, when trading smaller swings (if you do) do you always draw out the fib lines or just gauge them by eye? Just curious.

Thanks!

#15,556
Jan 27, 2016 10:20pm Jan 27, 2016 10:20pm

beepbop2015
| Joined Jan 2015 | Status: Trader | 88 Posts

P.S. I'm sorry, I forgot to comment on the video when I posted before.

I did find it very clear and helpful and loved the new intro! I'm sure I will be watching it again as I have watched all of your other videos multiple times and usually pick up something more on each viewing. Reading the charts accurately and making sound trading decisions are complex skills to learn, or so it seems to me, even if the process is ultimately simple. The way you have focused on specific facets in different videos helps it all come together, imo.