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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

  • #17,061
  • Feb 23, 2016 5:09pm Feb 23, 2016 5:09pm
Hey traders,

took this trade, technically its against long term order flow but price came into a zone and reacted nicely. I wasn't too sure what type of correction to expect (shallow/deep) but went with the flow, and its working out ok so far.
im currently down 10pips on eur/gbp due to a pending order so i need to manage both aggressively.

the threads really buzzing now eh' alot of views and participants its nice.

eur/aud 15min
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  • #17,062
  • Feb 23, 2016 5:19pm Feb 23, 2016 5:19pm
Quoting gastonforex
{quote} Hello, Confluence in orange boxes. Just imagination. What do you think? Expectation is still NSH? Edit: Sorry, Mr Pip said weak NSL, but I am not sure if he is talking about current order flow (retractment)... Thank you, Gaston {image}
expectation is still NSH, but deeper the market pulls back, and stronger the momentum to the downside, weaker our expectation gets.

yes, Mr.PiP was talking about short term order flow. we expect a weak NSL as the market retraced very deep in the previous swing.

And yes, we may have a bullish bat. thx for that. wasn't aware of it.
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  • #17,063
  • Feb 23, 2016 5:24pm Feb 23, 2016 5:24pm
Quoting Asr1
Hey traders, took this trade, technically its against long term order flow but price came into a zone and reacted nicely. I wasn't too sure what type of correction to expect (shallow/deep) but went with the flow, and its working out ok so far. im currently down 10pips on eur/gbp due to a pending order so i need to manage both aggressively. the threads really buzzing now eh' alot of views and participants its nice. eur/aud 15min {image}
oh that's nice. congrats. the way it looks, there is even more potential than 1:1. so, keep an open mind on that.
  • #17,064
  • Feb 23, 2016 5:34pm Feb 23, 2016 5:34pm
Quoting ujku80
{quote} expectation is still NSH, but deeper the market pulls back, and stronger the momentum to the downside, weaker our expectation gets. yes, Mr.PiP was talking about short term order flow. we expect a weak NSL as the market retraced very deep in the previous swing. And yes, we may have a bullish bat. thx for that. wasn't aware of it. {image}
I understand, thank you.
  • #17,065
  • Feb 23, 2016 5:36pm Feb 23, 2016 5:36pm
Quoting gastonforex
{quote} Hello, Confluence in orange boxes. Just imagination. What do you think? Expectation is still NSH? Edit: Sorry, Mr Pip said weak NSL, but I am not sure if he is talking about current order flow (retractment)... Thank you, Gaston {image}
We are looking at different order flows. In the short term expectation is a weak NSL look at a 5 or 10 min chart. On the longer term you are correct a NSH is the expectation.
If you fail to plan, you plan to fail.
  • #17,066
  • Feb 23, 2016 5:53pm Feb 23, 2016 5:53pm
Quoting Mr. Pip
{quote} We are looking at different order flows. In the short term expectation is a weak NSL look at a 5 or 10 min chart. On the longer term you are correct a NSH is the expectation.
Thank you Mr Pip.
  • #17,067
  • Feb 23, 2016 6:07pm Feb 23, 2016 6:07pm
Quoting ujku80
{quote} expectation is still NSH, but deeper the market pulls back, and stronger the momentum to the downside, weaker our expectation gets. yes, Mr.PiP was talking about short term order flow. we expect a weak NSL as the market retraced very deep in the previous swing. And yes, we may have a bullish bat. thx for that. wasn't aware of it. {image}
Don't like the bat. Didn't quite make it to the 50% and it would complete lower then you have drawn out. 88% of XA 161 of AB
If you fail to plan, you plan to fail.
  • #17,068
  • Feb 23, 2016 6:16pm Feb 23, 2016 6:16pm
Quoting Mr. Pip
{quote} Don't like the bat. Didn't quite make it to the 50% and it would complete lower then you have drawn out. 88% of XA 161 of AB
should it touch 50% to be valid? i thought somewhere between 38.2-50 is good. And I was thinking it might complete at 161.8% extension of AB. but yeah, your rules are 78.6-88.6% of XA. so...

I'm not focused so much on that actually. I just need to calculate that it could be a possibility and if I happen to go long before that completes, I should place my SL below that completion area. But that maybe is too far anyway...
  • #17,069
  • Feb 23, 2016 6:35pm Feb 23, 2016 6:35pm
Quoting ujku80
{quote} should it touch 50% to be valid? i thought somewhere between 38.2-50 is good. And I was thinking it might complete at 161.8% extension of AB. but yeah, your rules are 78.6-88.6% of XA. so... I'm not focused so much on that actually. I just need to calculate that it could be a possibility and if I happen to go long before that completes, I should place my SL below that completion area. But that maybe is too far anyway...
I like to see it hit the 50 as it makes for a more symmetrical pattern. It actually one of my favorites and the Gartley.
If you fail to plan, you plan to fail.
  • #17,070
  • Feb 23, 2016 6:37pm Feb 23, 2016 6:37pm
Quoting Mr. Pip
{quote} I like to see it hit the 50 as it makes for a more symmetrical pattern. It actually one of my favorites and the Gartley.
I see. I'll remember this.
  • #17,071
  • Feb 23, 2016 6:43pm Feb 23, 2016 6:43pm
Quoting Mr. Pip
{quote} Wow almost seems like an interview LOL just kidding. I've been trading for about 14 years now and my road was long and painful. I'm sure you can relate in fact most traders can. It wasn't till about 6 years ago that I managed to piece this together. I read Scott Carney's book and fell in love with Harmonics. I've also developed an obsession with price action and the need to understand strength, weakness and where decisions were likely to be made. It took lots of time, blood, sweat, tears and fights with the Mrs because she thought I cared...
Bravo to this statement I too can relate to alot of what you have said here!

Studying multiple strategies over the years and slowly piecing together and applying the best of what I thought gave me a better understanding of how price moves across a given chart.

It is far from an easy journey with much frustration along the path and an unfathomable number of hours in deep study mode.

The key really is to not give up, discard what doesn't work and quickly adapt what does work and keep in tune with the market from all angles.

Masterrmind..........
Master your Mind then Master your Trades
  • #17,072
  • Feb 23, 2016 6:58pm Feb 23, 2016 6:58pm
Quoting Masterrmind
{quote} Bravo to this statement I too can relate to alot of what you have said here! Studying multiple strategies over the years and slowly piecing together and applying the best of what I thought gave me a better understanding of how price moves across a given chart. It is far from an easy journey with much frustration along the path and an unfathomable number of hours in deep study mode. The key really is to not give up, discard what doesn't work and quickly adapt what does work and keep in tune with the market from all angles. Masterrmind.............
The path is never easy but with perseverance and the I'll die before I fail attitude success can be achieved. They say that on the road less traveled there are no shortcuts. I'm not giving shortcuts but I am paving the road for those that are willing to get on it.
If you fail to plan, you plan to fail.
  • #17,073
  • Feb 23, 2016 7:00pm Feb 23, 2016 7:00pm
Quoting Masterrmind
{quote} The key really is to not give up, discard what doesn't work and quickly adapt what does work and keep in tune with the market from all angles. Masterrmind..........
well said! so true. I'm a scientist and basically that's how science works. Before we find out what works, sometimes we try to find out what doesn't work so that we can learn from it. Remember Edison, when he invented the incandescent light bulbs, and he had tested more than 1000 various materials. When a journalist asked him "what is it like to fail 1000 times?" - he answered "I didn't fail 1000 times. I just found 1000 things that do not work". hehe.

Well, I guess that's why science only goes forward, whereas history repeats itself. probably because people don't accept that there might be a slight, small, tiny probability that they actually might be wrong....(yeah, tell that to hitler, stalin, mao ce dun...and to all the worlds crooks then)...

just wondering Masterrmind, are u trading for a living like Damian is, or you're not there yet?
  • #17,074
  • Feb 23, 2016 7:25pm Feb 23, 2016 7:25pm
I've said this before people when they get into this business go on an endless search for the Holy Grail. And many never stop searching for this mystic, elusive thing. Many say it doesn't exist. My strategy certainly is not the Holy Grail of trading but I did find my Holy Grail. I will share it with you, I have done it in the past but it's barried deep in the hundreds of pages. So here is my Holy Grail it's a statement that I try to live by and my mission statement on my trade plan.

Here it is:

The Holy Grail

Gaining mastery over my destructive propensities, through the exercise of awareness and self discipline with regard to my trading frees me from the inner turmoil that naturally arises when my emotions are at odds with my process. In place of this turmoil come confidence, clarity, and the strength to follow my plan.

- Damian Castilla
If you fail to plan, you plan to fail.
  • #17,075
  • Feb 23, 2016 7:34pm Feb 23, 2016 7:34pm
Quoting Mr. Pip
The Holy Grail

Gaining mastery over my destructive propensities, through the exercise of awareness and self discipline with regard to my trading frees me from the inner turmoil that naturally arises when my emotions are at odds with my process. In place of this turmoil come confidence, clarity, and the strength to follow my plan.

- Damian Castilla


was it a hard process, did it took you very long to discipline yourself into, you know, becoming what you are now?
  • #17,076
  • Feb 23, 2016 7:35pm Feb 23, 2016 7:35pm
Its in the attachment section. It's a power point I made and printed an live in a frame on my wall left to my trade desk.
If you fail to plan, you plan to fail.
  • #17,077
  • Feb 23, 2016 7:40pm Feb 23, 2016 7:40pm
Quoting ujku80
{quote} was it a hard process, did it took you very long to discipline yourself into, you know, becoming what you are now?
Yes it was tough. And there are days where I am undisciplined still but they are few and the trader always prevail. The emotions never completely go away but you must have control. That's how the Holy Grail was born. I read it often. I would be lying if I told you that I read it everyday. But I do read it free m time to time. To keep me focused. I also revisit my trade plan every few weeks. To drill it into my head. This is a lifestyle for me.
If you fail to plan, you plan to fail.
  • #17,078
  • Feb 23, 2016 7:41pm Feb 23, 2016 7:41pm
Quoting Mr. Pip
Its in the attachment section. It's a power point I made and printed an live in a frame on my wall left to my trade desk.
this one. yeah, I had it.
Attached File(s)
File Type: pdf Holy Grail.pdf   433 KB | 1,037 downloads
  • #17,079
  • Feb 23, 2016 7:45pm Feb 23, 2016 7:45pm
i placed a pending order at the cyan area in the red resistance zone because I thought price would try to test that area before attempting a new structure low. I stepped away and came back only to see it hit and within a few pips reverse downward on its way to test the structure low. My stop was the red rectangle up top and I did take profits in the area marked green.

Its difficult to not to take profit > 1:1 right now, the struggle is real. Profit is profit, but I know based on lessons and expectation that this should push lower. Still, it's hard to let it ride and just leave a break even. It's a work in progress.
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  • #17,080
  • Feb 23, 2016 7:46pm Feb 23, 2016 7:46pm
Quoting Mr. Pip
{quote} Yes it was tough. And there are days where I am undisciplined still but they are few and the trader always prevail. The emotions never completely go away but you must have control. That's how the Holy Grail was born. I read it often. I would be lying if I told you that I read it everyday. But I do read it free m time to time. To keep me focused. I also revisit my trade plan every few weeks. To drill it into my head. This is a lifestyle for me.
trade plan...hm. i don't have one...yet
i thought my plan is to learn how to be profitable
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