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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

  • #17,821
  • Mar 4, 2016 6:39am Mar 4, 2016 6:39am
Quoting beepbop2015
Well, I woke up this morning to the not very pleasant sight of a rather roomy stop loss on an overnight trade hit. It's okay. However, this combined with a couple other losses effectively wiped out my profitable trades of the week (I don't trade on Fridays) so I'm ending this week in a little bit of draw down too-- about -40pips from where I started. I'd blame myself but in retrospect honestly I'm not sure if there's a lot I'd do differently. I'm not at all inclined to the blame the system (or even my application of it) since I can see that it works....
yeah, even though it is simple process, mastering it will take some time, so keep working on that. and some time remember that even Damian has bad days...
  • #17,822
  • Mar 4, 2016 6:52am Mar 4, 2016 6:52am
Hang in there beepbop! Drawdowns can be a good test of character and fortitude. You're mindset and outlook is great as you're looking into the future and have not lost confidence in the system itself. I'm at a break even for the week currently in one of my accounts, and that's ok. I actually had about 25 break even trades this week, which for me is incredibly insane. It's insane because before MR. Pips training, those would have all been losses! Now that I see the market clearly, I am entering in such a good spot that if it goes against me, I'm already at breakeven. Now, that many break evens also means that I'm cutting out far far too early to protect my capital. SO, while I'm confident in the system and the entries, it appears as I'm still BUILDING my confidence when it comes to trade management and "letting the system work". I would be up about 15% on the week on that account had I not been so aggressive with getting to a break even to protect my precious capital. But, that comes with time, and I do think WE ALL are going to get to that confidence level Mr. Pip is at very very soon. Keep posting charts, keep practicing, keep focusing. It's going to pay off for all of us in the coming weeks and years ahead. :-)

Quoting beepbop2015
Well, I woke up this morning to the not very pleasant sight of a rather roomy stop loss on an overnight trade hit. It's okay. However, this combined with a couple other losses effectively wiped out my profitable trades of the week (I don't trade on Fridays) so I'm ending this week in a little bit of draw down too-- about -40pips from where I started. I'd blame myself but in retrospect honestly I'm not sure if there's a lot I'd do differently. I'm not at all inclined to the blame the system (or even my application of it) since I can see that it works....
Markets can remain irrational longer than you can remain solvent - JMK
  • #17,823
  • Mar 4, 2016 6:52am Mar 4, 2016 6:52am
well, for example I'm in a bad situation right now. i consider this a loss of 20 point. But there are good things to learn from this trade. i hope you can learn from my mistakes.
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  • #17,824
  • Mar 4, 2016 6:56am Mar 4, 2016 6:56am
I almost took that same trade! But with the news coming up at 8:30am, I was leery of entering at that pullback. Even though "expectation" was for a NSH there.

Quoting ujku80
well, for example I'm in a bad situation right now. i consider this a loss of 20 point. But there are good things to learn from this trade. i hope you can learn from my mistakes. {image}
Markets can remain irrational longer than you can remain solvent - JMK
  • #17,825
  • Mar 4, 2016 6:59am Mar 4, 2016 6:59am
Quoting Timwelch
I almost took that same trade! But with the news coming up at 8:30am, I was leery of entering at that pullback. Even though "expectation" was for a NSH there. {quote}
remember that price action Tim, and observe what price does when it gets there. Of course I'm not excluding the option that price may continue further up...everything is possible. but I think price has gone way to much high and maybe it's time for a decent pullback...before we see another NSH.
  • #17,826
  • Mar 4, 2016 7:01am Mar 4, 2016 7:01am
Quoting ujku80
{quote} Good job Asmodai. Unfortunately, I'm busy at work and missing trade opportunities. That's why i was saying that, in order to be successful at trading you have to invest a certain amount of time every day in it. But, from next week, I'm starting to work 50% in my job (i asked for a 50% job position and I just got that) and will be spending the rest of the time on the market, learning Damian's method and trying to be profitable in the same time. So, you could say that I'm officially a part-time trader now. Let's hope that reduction...
I know the feeling. But i try not to think about missed opportunities, new ones will eventually come.

I also have a very time consuming job (and very badly paid ), and usually i can only trade the first 3 or 4 hours of london session. Except when i have days off because i worked on the weekend or i'm on vacation.
Still, i spend all my mornings trading and studying, and at night when i have time i spend a few more hours.

The thing for me is find a time when you can regularly trade and pick 1-4 pairs max that move well in that time.

Asmodai
  • #17,827
  • Mar 4, 2016 7:11am Mar 4, 2016 7:11am
Quoting Asmodai
{quote} I know the feeling. But i try not to think about missed opportunities, new ones will eventually come. I also have a very time consuming job (and very badly paid ), and usually i can only trade the first 3 or 4 hours of london session. Except when i have days off because i worked on the weekend or i'm on vacation. Still, i spend all my mornings trading and studying, and at night when i have time i spend a few more hours. The thing for me is find a time when you can regularly trade and pick 1-4 pairs max that move well in that time....
i think 3-4 hours of london session are enough for a couple of trades every day. But, I'd suggest you follow the example of Damian who is only focusing and trading one pair. even two could be a distraction. you need to learn them before you trade them. and more you know about a pair better chances you have for success in that pair. just my opinion here...
  • #17,828
  • Mar 4, 2016 7:18am Mar 4, 2016 7:18am
now let the fun begin. Let's sit back and relax while watching price dancing around (the show will cost me 20 points of 4 contracts at 12.5$ per point). So, I got to enjoy this one...
  • #17,829
  • Mar 4, 2016 7:35am Mar 4, 2016 7:35am
Hope you got to a break even before the hammer fell.

Quoting ujku80
now let the fun begin. Let's sit back and relax while watching price dancing around (the show will cost me 20 points of 4 contracts at 12.5$ per point). So, I got to enjoy this one...
Markets can remain irrational longer than you can remain solvent - JMK
  • #17,830
  • Mar 4, 2016 7:35am Mar 4, 2016 7:35am
Quoting ujku80
now let the fun begin. Let's sit back and relax while watching price dancing around (the show will cost me 20 points of 4 contracts at 12.5$ per point). So, I got to enjoy this one...
Hi there,

With such an increased volatility - you may want to make sure if there are no potential PRZ at higher time frames before taking Longs? Just my 2 cents.
Regards.
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  • #17,831
  • Mar 4, 2016 7:35am Mar 4, 2016 7:35am
ok guys, here is the news regarding my trade. Either SL was hit or TP was hit, right? What do you think just happened?

Well, ladies and gentlemen, let me show once more the power of harmonics and how f@cking precise these 1/1 calculations are. I'm a scientist and we all know that there is no such thing as a measurement without error. but look at this case here...comments are unnecessary.
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  • #17,832
  • Mar 4, 2016 7:36am Mar 4, 2016 7:36am
i have to add that i adjusted my TP exactly based on the last swing. ok?

so, + 14 points so far.
  • #17,833
  • Mar 4, 2016 7:40am Mar 4, 2016 7:40am
Update. Things like to act faster with news and NSH/NSL rejections.
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  • #17,834
  • Mar 4, 2016 7:54am Mar 4, 2016 7:54am
Quoting Mbj
Update. Things like to act faster with news and NSH/NSL rejections. {image}
yeah, i'm thinking more like this. but not suggesting an entry as the risk is too high...
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  • #17,835
  • Mar 4, 2016 7:57am Mar 4, 2016 7:57am
Quoting Timwelch
...Even though "expectation" was for a NSH there.
Are you sure of that?

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  • #17,836
  • Mar 4, 2016 8:02am Mar 4, 2016 8:02am
I did not see that coming...

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Markets can remain irrational longer than you can remain solvent - JMK
  • #17,837
  • Mar 4, 2016 8:04am Mar 4, 2016 8:04am
Quoting crixus
{quote} Are you sure of that? {image}
yeah i think so now. Market is up. it retraced at 50% of the major swing. and now is headed to complete the second swing. I'd like to see to where it will retrace and look for longs again.
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  • #17,838
  • Mar 4, 2016 8:08am Mar 4, 2016 8:08am
I think the most important thing I learned today is not to trade Non-Farm.
  • #17,839
  • Mar 4, 2016 8:08am Mar 4, 2016 8:08am
it didn't make a strong NSH, so I'd expect it to retrace a little deeper, maybe at 50% of the swing...be careful to wait for short term order to confirm the long one.

or even better. avoid trading today, and start fresh on monday....
  • #17,840
  • Mar 4, 2016 8:10am Mar 4, 2016 8:10am
For the n'th time. Same situations.
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