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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

  • #17,921
  • Edited 11:52am Mar 7, 2016 11:38am | Edited 11:52am
Quoting Mr. Pip
{quote} Sorry I missed your question. This is what I would expect.
Thanks for the answer, mr. pip!


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s/l were set to BE and gonna trail below 38.2 if reached around 127.

another 2 are still running,
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and,
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The trade that I missed cause my trading plan is wait for price to get into the confluence zone then wait for bar by bar to get the enter timing...
  • #17,922
  • Mar 7, 2016 12:14pm Mar 7, 2016 12:14pm
I went long EUR/JPY on the four hour chart. I had been wanting to get long but had hoped for a better entry price. So not too sure about this trade, but here it is for what it's worth, along with my thoughts in notes on the chart.

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Edit:

Obviously a problem is that it is near an area of structure, but it has approached it with quite a bit of strength and also the recent pullbacks from the bears have not been very deep so I'm pretty sure it's not their market.
  • #17,923
  • Mar 7, 2016 12:25pm Mar 7, 2016 12:25pm
Quoting djbenny1
​Ujku80, no offence but do you think you could post a bit less? Every time I log in it seems you have posted 10 more comments when posting once and updating that post would be enough. I don't feel your trade calls are particularly helpful and in fact I think they dilute the work that Mr Pip is trying to do (especially when you change your mind 30 mins later). Please consider that dozens of people follow this thread and (again no offense) they probably don't come just to see dozens of posts from yourself every day. 1 post should be more than...
I don't find the posts a problem. In fact I usually read them and find them helpful as it's interesting to see how other people are processing and applying these principles as we learn.
  • #17,924
  • Mar 7, 2016 12:44pm Mar 7, 2016 12:44pm
Quoting beepbop2015
{quote} I don't find the posts a problem. In fact I usually read them and find them helpful as it's interesting to see how other people are processing and applying these principles as we learn.
Maybe we should all read Mr.Pips instructions for the training again

http://www.forexfactory.com/showthread.php?p=8722695#post8722695
Trading in the shadow of SM
  • #17,925
  • Mar 7, 2016 12:48pm Mar 7, 2016 12:48pm
Quoting Earleone
{quote} Maybe we should all read Mr.Pips instructions for the training again http://www.forexfactory.com/showthread.php?p=8722695#post8722695
Er, point taken.
  • #17,926
  • Edited 1:09pm Mar 7, 2016 12:52pm | Edited 1:09pm
Quoting beepbop2015
{quote} I don't find the posts a problem. In fact I usually read them and find them helpful as it's interesting to see how other people are processing and applying these principles as we learn.
Likewise, I think Mr. Pip will correct us if how we are viewing things aren't in line with the methodology that he is teaching.

Also - Having a community of people trying and learning from Mr. Pip (Who I consider to be a professional and top trader) will help all of us in the end. When we see posts from others we can comment and ask questions... and again I believe Mr. Pip is here to steer us in the proper direction.

I personally do not look at someone else's charts to "trade like them" but to learn from them and their mistakes as well. The only person I am trying to mimic is Mr. Pip because his methodology works and has proven itself time and time again.

We're here to learn from Mr. Pip and each other and I think any contribution is a valuable one and those who are choosing not to participate in the discussion or the markets are not adding any value.
  • #17,927
  • Mar 7, 2016 1:36pm Mar 7, 2016 1:36pm
Quoting Harmonic1976
{quote} Likewise, I think Mr. Pip will correct us if how we are viewing things aren't in line with the methodology that he is teaching. Also - Having a community of people trying and learning from Mr. Pip (Who I consider to be a professional and top trader) will help all of us in the end. When we see posts from others we can comment and ask questions... and again I believe Mr. Pip is here to steer us in the proper direction. I personally do not look at someone else's charts to "trade like them" but to learn from them and their mistakes as...
​
I think you answered your own question here.

Mr Pip is steering us in exactly the right direction, dozens of posts a day from amateurs (among whom I count myself) recommending trades and posting every thought or update does nothing but steer us OFF the course our teacher here is trying to keep us on.

By all means post, just don't go crazy with it - for me no one should be making more than 2-3 posts a day unless it's Mr Pip otherwise this will get out of control.

Have a conversation with Mr Pip about a subject offline on PM etc. and post the outcome in here in one concise post, that way it is useful to other people. He's a very approachable guy, as I have found out myself - but also a busy one so just don't expect a response straight away. What he can tell you is worth waiting for.

Post trades in a concise format, once the trade closes, put up your chart and give a description of why you took the trade, why you exited, what you believe happened. Again - this is useful, it's the entire "trade story", as I like to call it, in one place... not spread over 2-3 pages.

I believe trading is 90% discipline, why should that stop with the trading? How you share your thoughts and information will be more valuable to everyone (yourself included when you look back on them) if we show a little discipline when doing so.

Again, just my 2 cents but I believe it will make the thread better for everyone and will make sure Damian's message remains the focus of our attention, which is why (I hope) we are all here.... and with that I'll bow out on the subject.

Edit - PS Sigill thanks for the great work with your summary! If only there was a way to make the pics a little bigger! I have done a similar thing in the past for a Forex thread so if you plan on doing this on an ongoing basis, if you're interested I'd love to share some thoughts with you! Feel free to PM me!
  • #17,928
  • Mar 7, 2016 1:46pm Mar 7, 2016 1:46pm
Quoting djbenny1
{quote} ​ I think you answered your own question here. Mr Pip is steering us in exactly the right direction, dozens of posts a day from amateurs (among whom I count myself) recommending trades and posting every thought or update does nothing but steer us OFF the course our teacher here is trying to keep us on. By all means post, just don't go crazy with it - for me no one should be making more than 2-3 posts a day unless it's Mr Pip otherwise this will get out of control. Have a conversation with Mr Pip about a subject offline on PM etc. and...
  • #17,929
  • Mar 7, 2016 2:26pm Mar 7, 2016 2:26pm
Quoting Mr. Pip
Hello Traders, Luckily I was able to save the week and end up with some profit for the week . That was a very tough first half of the week. This week we are going to discuss harmonics and get into some money management. Sorry for the lack posting but had personal thing to take care of during the week. I'm looking forward to a much better week and remember to follow the process some tough trading days does not mean anything needs to be changed. We are masters of price action at this point and adding harmonics will add the icing to the cake. Take...
Glad to hear it

Tough here too but scraped a profit too
  • #17,930
  • Mar 7, 2016 3:57pm Mar 7, 2016 3:57pm
Hello Traders,

Why don't we let the house keeping to me. I like to see your post and your process in real time and there is something to learn from everyone. I don't like assumption being made or traders disrespecting other traders. Let's play nice with one another OK?
If you fail to plan, you plan to fail.
  • #17,931
  • Mar 7, 2016 4:27pm Mar 7, 2016 4:27pm
Quoting Mr. Pip
Hello Traders, Why don't we let the house keeping to me. I like to see your post and your process in real time and there is something to learn from everyone. I don't like assumption being made or traders disrespecting other traders. Let's play nice with one another OK?
Yeah totally agree Mr Pip. I know sometimes I don't like to read everyone's trades, so I just skip/skim them. Just depends on my mood and time I have. Also, it is sometimes good to see others thoughts, their good calls and their mistakes as it all helps the learning.

We can't always expect a reply from Damian but when we do get it then it is an opportunity for all to learn more or reinforce what knowledge we have.

Will post my trades for the day shortly too.
  • #17,932
  • Mar 7, 2016 4:46pm Mar 7, 2016 4:46pm
Quoting PipTrendz
{quote} Yeah totally agree Mr Pip. I know sometimes I don't like to read everyone's trades, so I just skip/skim them. Just depends on my mood and time I have. Also, it is sometimes good to see others thoughts, their good calls and their mistakes as it all helps the learning. We can't always expect a reply from Damian but when we do get it then it is an opportunity for all to learn more or reinforce what knowledge we have. Will post my trades for the day shortly too.
100% we can all learn from each other and our experiences. At this point we got the basics out of the way and should be reading the charts with more proficiency so feel free to post any chart and time frame you or anyone trades. What I have taught you all is applicable to any instrument and time frame. so post away.
If you fail to plan, you plan to fail.
  • #17,933
  • Mar 7, 2016 5:19pm Mar 7, 2016 5:19pm
Here is the step by step of my trade today. Manual exit for 40 points.
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If you fail to plan, you plan to fail.
  • #17,934
  • Mar 7, 2016 5:28pm Mar 7, 2016 5:28pm
Here are my trades for the day with some self critique but feel free to comment. Also, just downloaded a MT demo account and the numbers seem to be out by about 20 pips?? The high for the end of the day for me was 17100 but this is showing closer to 17080, but in essence the charts are visually the same.

Trade 1 and 2 were both bad trades IMO, for slightly different reasons. Really they should have been one winning trade but ended up +4 and -23.

Trade 1 entry was a good entry in line with OF after a test of previous structure. I often go for a 20 pip TP which would have hit but I have been trying to manage my trade to get more from it, in this case my move to BE was too high, and set it to take 4 pips, if I would have left at BE it would have missed and continued up to a completion of a small AB=CD. So a profit but I class as slightly poor management.

Trade 2 was then a trade in error, got in late, probably due to the emotion from the last trade, plus the momentum/Projection were indicating a change. All this was seen after the trade was going south!!

Trade 3, following actually reading the chart and seeing a possible reversal I decided to get into the momentum of the swing at the start of the 5th and last bear candle, managed tight and took some profits to get back to just below BE.

Trade 4 & 5 were both my best trades of the day, 1st was in a little early but the second was on point. Short term moving back down and after a correction a clear entry to go short and bam, in for 2 trades of a total of 60 pips.

+56 pips for the day (Net 45 pips at my normal contract size as had some smaller ones in there)
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Still making mistakes but still learning.
  • #17,935
  • Mar 7, 2016 5:40pm Mar 7, 2016 5:40pm
Quoting PipTrendz
Here are my trades for the day with some self critique but feel free to comment. Also, just downloaded a MT demo account and the numbers seem to be out by about 20 pips?? The high for the end of the day for me was 17100 but this is showing closer to 17080, but in essence the charts are visually the same. Trade 1 and 2 were both bad trades IMO, for slightly different reasons. Really they should have been one winning trade but ended up +4 and -23. Trade 1 entry was a good entry in line with OF after a test of previous structure. I often go for a 20...
It's only a mistake is we fail to learn from it. Well done! You fought the market and came out on top.
If you fail to plan, you plan to fail.
  • #17,936
  • Mar 7, 2016 6:16pm Mar 7, 2016 6:16pm
My goal tomorrow is to make the video on harmonics and to put it out. Let's see if I get the chance. This week is a tough and busy one.
If you fail to plan, you plan to fail.
  • #17,937
  • Edited 7:40pm Mar 7, 2016 7:11pm | Edited 7:40pm
Limit orders in for USDJPY (5Min) None of the orders may trigger but placed them at structure & fib confluence.

Update: Orders cancelled, missed the move. Fulfilled Expectation and bar by bar analysis would have suggested the move was going to happen early with the topping tail and a bearish indecision candle after.
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  • #17,938
  • Mar 7, 2016 7:55pm Mar 7, 2016 7:55pm
Quoting Harmonic1976
Limit orders in for USDJPY (5Min) None of the orders may trigger but placed them at structure & fib confluence. Update: Orders cancelled, missed the move. Fulfilled Expectation and bar by bar analysis would have suggested the move was going to happen early with the topping tail and a bearish indecision candle after. {image} {image}
Reading price like a pro. Nicely done! The power of Bar by Bar.
If you fail to plan, you plan to fail.
  • #17,939
  • Edited 10:17pm Mar 7, 2016 8:22pm | Edited 10:17pm
Quoting Mr. Pip
{quote} Reading price like a pro. Nicely done! The power of Bar by Bar.
Thanks, Have a great teacher

Let's see if I can catch the next move down. Price played out to previous target area and 1:1 harmonic looks like it is to the pip. I actually just changed E2 to the .618 because there is structure there and a 00 number so if price does go that high... that should be the turning area. Not expecting it to get that far though. E1 is at a minor structure area.

Update #1 Progress - Bulls gained momentum but failed to close above .786. Stop moved from above structure to above the candles that failed to close above .786 to limit risk. Expectation is still for NSL

Update #2 Stopped Out
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  • #17,940
  • Mar 8, 2016 1:41am Mar 8, 2016 1:41am
Quoting Mr. Pip
My goal tomorrow is to make the video on harmonics and to put it out. Let's see if I get the chance. This week is a tough and busy one.
thanks mr.pip. I'm waiting for that.
Risk comes from not knowing what you're doing.
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