Disliked{quote} I drew a bigger swing, so it has just hit (and hopefully reacting to) the 38.2% fib... lets see if this is a turning point....Ignored
Ratios & Harmonics: a Different Way to Trade
- #16,849
- Feb 22, 2016 7:50am Feb 22, 2016 7:50am
- | Joined Dec 2014 | Status: Trader | 1,008 Posts
{quote} I was expecting a deep correction on this one, price barely made it to 127 extension, only momentum in favour... so strength was not so high imo. We will see NSH don't worry.. LOL..
- #16,853
- Feb 22, 2016 8:06am Feb 22, 2016 8:06am
EURUSD / 161 tick
Our expectation of a NSL never failed us. It retraced a bit, but it never got back up to make a high above structure. I took another trade and changed my expectations to a one-to-one from there. As I saw price shoot below the blue box of structure and close, I waited until it tapped the tip of the box again on the up side, because that is now resistance and not support. That was my entry. When it got past the one-to-one harmonic expectation, I let it go a little further and when it tapped the 127% fibonacci extension and aggressively bounce off of it, I took profit.
And with that, I'm done for the day. 256 points (25.6 pips) total on the day. ;-)
And with that, I'm done for the day. 256 points (25.6 pips) total on the day. ;-)
Markets can remain irrational longer than you can remain solvent - JMK
- #16,854
- Feb 22, 2016 8:08am Feb 22, 2016 8:08am
{quote} :nerd:
Short opportunity if corrects at 50% region?
momentum is equal, depth projection unfavourable, bounce from 138 % extension.... hence mid ranged correction is expected....
- #16,855
- Feb 22, 2016 8:09am Feb 22, 2016 8:09am
{quote} if you took the trade at 38% PB, SL should be at least at 50% which corresponded with the LH from where I measured the gartley pattern, if I'm not wrong. we had 1:1 harmonics completed there, and when they complete suggesting going short in a downtrend market, that's the time you take it, in principle. OK. {image}
The thing to remember is that the expectation is a zone, not a pin point... so I took at the first rejection, before price went through my expected zone, and went to the 38.2%.
when the Low was tested, I moved by stop to lock in profits, as it could have been the start of a weakening...
- #16,857
- Feb 22, 2016 8:11am Feb 22, 2016 8:11am
- | Joined Dec 2014 | Status: Trader | 1,008 Posts
{image}Our expectation of a NSL never failed us. It retraced a bit, but it never got back up to make a high above structure. I took another trade and changed my expectations to a one-to-one from there. As I saw price shoot below the blue box of structure and close, I waited until it tapped the tip of the box again on the up side, because that is now resistance and not support. That was my entry. When it got past the one-to-one harmonic expectation, I let it go a little further and when it tapped the 127% fibonacci extension and aggressively bounce...
and i lost that opportunity
. well, that's life. A tough day for me. 
- #16,858
- Feb 22, 2016 8:13am Feb 22, 2016 8:13am
- | Joined Dec 2014 | Status: Trader | 1,008 Posts
{quote} Real money
- #16,859
- Feb 22, 2016 8:16am Feb 22, 2016 8:16am
You'll get it next time. Last week I hesitated on 4-5 really good trades. It becomes easier with experience. As we get past our old failures and realize the potency and power of the trading method we are using now (70%+ expectation completions), we will all get better and trade without limit or hesitation. :-) Thanks again, Mr. Pip! I have never had so many winning days in a row in my life as a trader (trading for 7 years now). It's absolutely amazing.
{quote} great trade. well done Tim. i wanted to enter when the harmonics completed but then I hesitated
Markets can remain irrational longer than you can remain solvent - JMK
- #16,860
- Feb 22, 2016 8:17am Feb 22, 2016 8:17am
- | Joined Dec 2014 | Status: Trader | 1,008 Posts
{quote} That would be true if i had taken it at the 38.2% pull back....