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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

  • #15,641
  • Edited 5:39pm Jan 29, 2016 5:27pm | Edited 5:39pm
Quoting Timwelch
For others in the thread, who are coming in like me. I'm a veteran trader (or at least I call myself such). But it wasn't until recently that I actually KNEW how to read a price chart. A naked price chart. Without indicators. I always thought indicators were what made the chart, but price is what makes the chart. I hit my profit target goal for the past 3 days straight! That's consistency I haven't seen. It's small, but it's a really good beginning. I've been able to keep myself out of bad trades because I am watching price action, and I have...
Welcome Tim it brings me joy to here your progress keep up the great work and let price keep leading the way!
If you fail to plan, you plan to fail.
  • #15,642
  • Jan 29, 2016 5:52pm Jan 29, 2016 5:52pm
Quoting evocpr19
Dear Mr. pips, I am following your thread silently since approx. 6 weeks. I started to read from page 1 to 70 (until now) and the daily new threads (last 20 to 30 pages). I would welcome a lot your weekly lessons plan, since I had not the luck to follow from day 1. The reason to start reading your thread was that I wanted to find a way to "confirm" the patterns (gartley,...) in a given chart. Sometimes I saw a given pattern, but the chart overran the normal expected entry point. The subject-matter onto which a struggle most is the ideas of symmetry....
Happy to do it.
If you fail to plan, you plan to fail.
  • #15,643
  • Jan 29, 2016 10:55pm Jan 29, 2016 10:55pm
Thank you for doing this!
I have a question: where/when will you publish your video?
On this thread and/or youtube?

Quoting Mr. Pip
I want to run something by you all. Jason Devontrader and I spook through Skype and he had a suggestion that I feel is a good idea and makes sense. I would like you feedback on this. Part of the challenges of the thread is that the valuable information is scattered throughout hundreds of pages and difficult to get to. Also there is a gap in experience levels here that sometimes the newer people are lost and start trying to trade these advance formations without knowing how to read the chart or how to even qualify a setup.......
  • #15,644
  • Jan 30, 2016 12:26am Jan 30, 2016 12:26am
Quoting Mr. Pip
{quote} You need to process the information and have an expectation. We don't walk away, we listen and read the chart if an expectation fails we wait for the next and take the appropriate action. If I misunderstood you let me know, I might have.
Hi Mr Pip,

I havent finished reading all your post and dont know what "expectation" is. i will try to catch up a bit.

Finally saw some PA at CD 1.382 extension. My set up is as attached. Appreciate your comments. Thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: USDCHFH4, completion of Gartley.png Size: 39 KB
  • #15,645
  • Jan 30, 2016 12:29am Jan 30, 2016 12:29am
Quoting c49
{quote} Well Bulls are still in control but if they are strong enough to reach for that level today ? I don't know , otherwise I would be the richest man on earth. But if you look close at my chart I have drawn the daily highs nearby , now from the high at 1.0265 there was a huge downfall , probably so quick that a lot of big players which would like to short have missed the boat and now are trying to push price up to fill the resting short orders lying there . Maybe they can reach the level and even can push further or they will drop it now like...
hi bro, thanks for sharing your view. ya, still a lot to learn from now.
  • #15,646
  • Jan 30, 2016 5:49am Jan 30, 2016 5:49am
Quoting danielwang
{quote} Hi Mr Pip, I havent finished reading all your post and dont know what "expectation" is. i will try to catch up a bit. Finally saw some PA at CD 1.382 extension. My set up is as attached. Appreciate your comments. Thanks. {image}
question.....is your stop loss 116pips at the pink small line?Stops should go above "X".What you got to ask your self is.......if 116 pips min is your risk...how much money is that in which you.could.lose if the pattern failed and how much would that decrease your account.Lets say yo took 1 lot trade which is $10 a pip and your account was $2000 Your loss would be 116pips x $10= $1160Taken from your account $2000 - $1160 =$840Would that be acceptable to you? Hell no!So 3 choices1.reduce your trade amount 2.reduce your risk3.pass the trade The key note is no.1 always look after the risk.Are you happy with what your risking?When you answer your own questions...you are then looking at the next question.What is my reward?All important things to.consider once you found your setup
  • #15,647
  • Jan 30, 2016 6:16am Jan 30, 2016 6:16am
Ok guys

Just caught up to date with postings.

Yes mr pips and i had a chat and i put forward the suggestions to him.

Id like to put suggestions to everyone.

When mr pips decides the starting day is of day 1 weeks id like to.ask everyone.

Could we please minimise the amount of pairs we look at in the group..so when posting charts we look only at maybe 1 . 2 or 3 pairs max
This way everyone can compare there anaysis to others and save effort for mr pips looking thru so many charts b4 looking at yours here.

Also

Please please only post what the topic.is for the week ..that way we all stay together in sync and learn with oit being confused my multiple postings off topic.

Any other suggestions please post before mr pips calls the starting point
  • #15,648
  • Jan 30, 2016 6:59am Jan 30, 2016 6:59am
Good suggestion devontrader,

Only 3 pairs.

I suggest
1. Equity index, Dow 30, the one Mr. pip is trading daily, to minimize his time spent.
2. Currency, I suggest EURUSD or GBPUSD?
3. Commodity, I suggest Oil or Gold?

What do you guys think? So it covers all popular instruments, Equity index, forex and commodity. I guess individual stocks is not interesting for us right?
  • #15,649
  • Jan 30, 2016 7:21am Jan 30, 2016 7:21am
Quoting marcb
Thank you for doing this! I have a question: where/when will you publish your video? On this thread and/or youtube? {quote}
I will post all of the details tomorrow I will be working on the lesson one video today but it will be posted on Monday.
If you fail to plan, you plan to fail.
  • #15,650
  • Jan 30, 2016 7:27am Jan 30, 2016 7:27am
Quoting danielwang
{quote} Hi Mr Pip, I havent finished reading all your post and dont know what "expectation" is. i will try to catch up a bit. Finally saw some PA at CD 1.382 extension. My set up is as attached. Appreciate your comments. Thanks. {image}
Your stop is not above X. The pattern looks fine from your chart. I don't know if you are trading a real or demo account and I see you only have 1 micro lot which is great since you are learning this but, if it is a small account perhaps the 4H chart is not the best TF to trade. Stops are way to big which could weigh heavily on your account.
If you fail to plan, you plan to fail.
  • #15,651
  • Jan 30, 2016 7:33am Jan 30, 2016 7:33am
Quoting lithium1
Good suggestion devontrader, Only 3 pairs. I suggest 1. Equity index, Dow 30, the one Mr. pip is trading daily, to minimize his time spent. 2. Currency, I suggest EURUSD or GBPUSD? 3. Commodity, I suggest Oil or Gold? What do you guys think? So it covers all popular instruments, Equity index, forex and commodity. I guess individual stocks is not interesting for us right?
Keeping it to a few pair is best for me and my time. Keep in mind that once you become proficient in the steps it doesn't matter what instrument your trade or time frame. So lets not worry about the pairs. I like the DOW since that is what I trade and EURUSD. How about those two to keep it simple and to save time? your thoughts are welcomed.
If you fail to plan, you plan to fail.
  • #15,652
  • Jan 30, 2016 7:41am Jan 30, 2016 7:41am
Quoting Mr. Pip
{quote} Keeping it to a few pair is best for me and my time. Keep in mind that once you become proficient in the steps it doesn't matter what instrument your trade or time frame. So lets not worry about the pairs. I like the DOW since that is what I trade and EURUSD. How about those two to keep it simple and to save time? your thoughts are welcomed.
I think Dow and Eurusd is great since it saves you time. Thanks Mr.pip! All these while I have been learning and reading about trading on my own, I'm very glad to have someone like you as mentor and "sifu" (teacher in Chinese) now :-)
  • #15,653
  • Jan 30, 2016 8:02am Jan 30, 2016 8:02am
Quoting lithium1
{quote} I think Dow and Eurusd is great since it saves you time. Thanks Mr.pip! All these while I have been learning and reading about trading on my own, I'm very glad to have someone like you as mentor and "sifu" (teacher in Chinese) now :-)
If you fail to plan, you plan to fail.
  • #15,654
  • Jan 30, 2016 9:34am Jan 30, 2016 9:34am
Hello Traders,

Been having issues with my recording software. Very frustrating had to step away and get some fresh air after recording the video it failed to render and I lost the recording. I will to my best to get to the bottom of the issue and re record the video. My goal is to still get this up Monday morning.
If you fail to plan, you plan to fail.
  • #15,655
  • Jan 30, 2016 9:51am Jan 30, 2016 9:51am
Quoting Mr. Pip
{quote} Your stop is not above X. The pattern looks fine from your chart. I don't know if you are trading a real or demo account and I see you only have 1 micro lot which is great since you are learning this but, if it is a small account perhaps the 4H chart is not the best TF to trade. Stops are way to big which could weigh heavily on your account.
yes. it is a real account. i set it as the most min lot size now.
My stop loss is actually above X, it is at 1.03339 (the red line above X).
true that the stop loss is too huge. but in terms of RR, it should be the same for lower time frame
  • #15,656
  • Jan 30, 2016 9:58am Jan 30, 2016 9:58am
Quoting devontrader
{quote} question.....is your stop loss 116pips at the pink small line?Stops should go above "X".What you got to ask your self is.......if 116 pips min is your risk...how much money is that in which you.could.lose if the pattern failed and how much would that decrease your account.Lets say yo took 1 lot trade which is $10 a pip and your account was $2000 Your loss would be 116pips x $10= $1160Taken from your account $2000 - $1160 =$840Would that be acceptable to you? Hell no!So 3 choices1.reduce your trade amount 2.reduce your risk3.pass the trade...
the stop loss is at the red line, 1.03339.
I trade very small now. set it as the min. trade lot size. thanks for your comments.
  • #15,657
  • Jan 30, 2016 9:59am Jan 30, 2016 9:59am
Quoting Mr. Pip
{quote} Keeping it to a few pair is best for me and my time. Keep in mind that once you become proficient in the steps it doesn't matter what instrument your trade or time frame. So lets not worry about the pairs. I like the DOW since that is what I trade and EURUSD. How about those two to keep it simple and to save time? your thoughts are welcomed.
Thanks to Devontrader for suggesting the idea. Special thanks to Mr. Pip for agreeing to do it.!!!!

I hope everyone understands the amount of time and effort Mr. Pip is putting into this thread and the 5 week training process. It takes alot time out of his day to keep up with the thread, make all the videos and be a full time trader, husband and father.
I've been trading along time, paid lots of money for systems, seminars, trading rooms etc. Nothing compares to what Mr Pip is about to share with us. This is "PRICELIST" information/training you wont get anywhere else FREE of charge. Mr Pip is a real trader and makes a living trading. And I'm sure you noticed he's a damn good teacher with alot of patience.
All Mr. Pip wants is the same effort in return. You need to put in the time to listen, study and practice what he teaches us the next 5 weeks if you want to be a successful trader.
HIS REWARD IS YOUR SUCCESS so lets not disappoint him.

I agree with the 2 instruments for the 5 weeks of Mr. Pip's training video's. It will limit the posts on the thread. Also limit questions to that weeks topic.
Good luck to all traders.
THANKS MR. PIP
Barry
  • #15,658
  • Jan 30, 2016 10:13am Jan 30, 2016 10:13am
Exciting! What time frame EUR/USD chart will we be focusing on? Or will we be using tick charts?
  • #15,659
  • Jan 30, 2016 12:13pm Jan 30, 2016 12:13pm
Quoting Mr. Pip
I want to run something by you all. Jason Devontrader and I spook through Skype and he had a suggestion that I feel is a good idea and makes sense. I would like you feedback on this. Part of the challenges of the thread is that the valuable information is scattered throughout hundreds of pages and difficult to get to. Also there is a gap in experience levels here that sometimes the newer people are lost and start trying to trade these advance formations without knowing how to read the chart or how to even qualify a setup. This is a problem because...

I like this idea and want to thank you in advance for taking your time to teach us. I know making these videos is very time consuming. It is very generous of you.

I've been on this thread for a long time. through the ups and downs but i still go back and watch the videos u make. I'm a visual learner and I always pick up new tidbits of information every time. Your lessons also help by separating what I think I know (as I grow as a trader) from what I actually know.

I look forward to them and I will try to post relevant ideas as your lessons come out.
  • #15,660
  • Jan 30, 2016 12:53pm Jan 30, 2016 12:53pm
Quoting Mr. Pip
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!
A: 8 / V:10

Length was perfect on the subject and your explanation was clear. Good format, as traders can use this forum for Q and A.
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