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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

  • #19,601
  • May 25, 2016 1:45pm May 25, 2016 1:45pm
Quoting jmezz
{quote} Well since I'm on mobile and not at my screens I think you're good for new ATH's lol. But if that were me I'd prob move stop to underneath the support where it bounced twice and let it ride. Maybe take profit if you get a bad feeling
I think your right. This might of been a bad play but I got a little impatient with this trade. it just seemed weak. There seems to be participation but no real money.

I exited for + 25pips. Didn't like the rejection then the follow up got rejected too so......

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I'll monitor but I think that is it for me today.
  • #19,602
  • May 25, 2016 3:10pm May 25, 2016 3:10pm
Since my neighbour occupied me with legal aspects of vegetations and distances to the fence, I could only collect 6 points on YM.
  • #19,603
  • May 25, 2016 3:30pm May 25, 2016 3:30pm
Quoting Mack2013
{quote} I think your right. This might of been a bad play but I got a little impatient with this trade. it just seemed weak. There seems to be participation but no real money. I exited for + 25pips. Didn't like the rejection then the follow up got rejected too so...... {image} I'll monitor but I think that is it for me today.
Back at screens so I can see a bit more clear.

You managed this better than I would have. In my screenshot you can see the support that I was talking about with the red zone. I would have had my stop 1pt below that because in my mind, if the bulls were serious then price shouldn't get back under there after the clear shot of strength on the up leg prior.

I marked where my stop would be with a red dashed line and you can see I would have been taken out.

In the end, the NSH was made however you can't be too mad as you made it out with solid profit and you took the majority of the swing.
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  • #19,604
  • May 25, 2016 4:59pm May 25, 2016 4:59pm
got in to that
looks nice so far

edit: the trade was taken on 1M TF, after the price entered the target area of 61-78 fibs.

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  • #19,605
  • May 25, 2016 9:18pm May 25, 2016 9:18pm
Quoting jmezz
{quote} Back at screens so I can see a bit more clear. You managed this better than I would have. In my screenshot you can see the support that I was talking about with the red zone. I would have had my stop 1pt below that because in my mind, if the bulls were serious then price shouldn't get back under there after the clear shot of strength on the up leg prior. I marked where my stop would be with a red dashed line and you can see I would have been taken out. In the end, the NSH was made however you can't be too mad as you made it out with solid...
Uhmmmm I see. Originally I moved my stops to just under the 61.8 but then realized that it only left me with 8 or 9 pips so I decided just to go to B/E and let it play out. It turned out to be the right play but I'm not sure if I'm re-enforcing a bad habit

I'm kind of leaning toward that you were right and I should of exited at your red line. It may not have played out on this chart but in the future I'll have to consider it more.
  • #19,606
  • May 25, 2016 9:21pm May 25, 2016 9:21pm
Quoting evocpr19
Since my neighbour occupied me with legal aspects of vegetations and distances to the fence, I could only collect 6 points on YM.
Haha. You should of told him that stops go above swing high and 3 pips from the fence.
  • #19,607
  • May 26, 2016 12:15am May 26, 2016 12:15am
EURAUD trade update,

TP reached @ +65

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  • #19,608
  • May 26, 2016 2:25am May 26, 2016 2:25am
Hello everyone. Long on EU, got an expensive fill, but none the less its money spent, might as well stick it out. Price has been making NSH and finally retraced to the 61.8 fig. I entered at the close of that first green candle. #PipTrain
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Damn The Torpedoes, Full Speed Ahead!
  • #19,609
  • May 26, 2016 2:44am May 26, 2016 2:44am
This sure is tempting. If I wasn't in a trade already, I would jump on this short. Should give about 90 pips if it completes a 1 to 1.
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Damn The Torpedoes, Full Speed Ahead!
  • #19,610
  • Edited 5:50am May 26, 2016 5:06am | Edited 5:50am
Quoting DizzleFX
This sure is tempting. If I wasn't in a trade already, I would jump on this short. Should give about 90 pips if it completes a 1 to 1. {image}
Went to BE a little early. This current swing is really just a slow burner, not a lot of momentum.

Edit: Bumped it up BE +5.
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Damn The Torpedoes, Full Speed Ahead!
  • #19,611
  • May 26, 2016 5:58am May 26, 2016 5:58am
Quoting DizzleFX
{quote} Went to BE a little early. This current swing is really just a slow burner, not a lot of momentum. Edit: Bumped it up BE +5. {image}
That labored NSH had me get out after the first big rejection. Took 10 Pips with an expectation of a deep pullback and will look for another entry. #PipTrain
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Damn The Torpedoes, Full Speed Ahead!
  • #19,612
  • May 26, 2016 7:02am May 26, 2016 7:02am
With the current order flow of EU, it might be a time to short vice look for longs. Just my 2 yen!
Damn The Torpedoes, Full Speed Ahead!
  • #19,613
  • May 26, 2016 7:08am May 26, 2016 7:08am
One more post to make it 6 in a row. Absolutely nothing to do with trading. lol!
Damn The Torpedoes, Full Speed Ahead!
  • #19,614
  • May 26, 2016 7:39am May 26, 2016 7:39am
YM

Confused what to do so will prob give market some time before I try anything.

LTF down / STF up.

Expectation is for NSL however this retracement is deep (886) and the past 2 days have been mega bullish.

That said, it's hard to long a day 3 as typically this is a popular day when traders take profits on their longs.
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  • #19,615
  • May 26, 2016 7:49am May 26, 2016 7:49am
Quoting Mack2013
{quote} Uhmmmm I see. Originally I moved my stops to just under the 61.8 but then realized that it only left me with 8 or 9 pips so I decided just to go to B/E and let it play out. It turned out to be the right play but I'm not sure if I'm re-enforcing a bad habit I'm kind of leaning toward that you were right and I should of exited at your red line. It may not have played out on this chart but in the future I'll have to consider it more.
If following Damian's rules then you did well as he says he moves to b/e when price tests structure. Taking the profit is a judgement call and after seeing 2 rejections in a row I'd have done the same if I had made it that far in the position. So imo I don't think you were enforcing a bad habit.

Also here's a question - I'm not sure how it works with Forex and your lot size but are you unable to scale?

I've been meaning to ask Damian why he prefers not to scale when price tests the structure but he hasn't been around. You could take 1/2 or 1/3 on that structure test then move the rest of your position to b/e or b/e+a few so this way mentally you're not bummed out if you put in the effort for a trade and make it out with just a b/e.

Obviously this sacrifices overall PnL if the entire move were to work out but it gives piece of mind. Maybe a case-by-case thing as you judge the strength up to the structure test.

When I start trading more than 1 contract this is something I'm going to look to explore for sure.

Quoting DizzleFX
One more post to make it 6 in a row. Absolutely nothing to do with trading. lol!
I commend you for your achievement lol.
  • #19,616
  • May 26, 2016 7:58am May 26, 2016 7:58am
Just a quick look, no proper chart right now.
AU M3, EXP -NSH, target 1 to 1, right now moved to BE
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Even though I walk through the darkest valley, I will fear no evil
  • #19,617
  • May 26, 2016 8:06am May 26, 2016 8:06am
Quoting DizzleFX
{quote} That labored NSH had me get out after the first big rejection. Took 10 Pips with an expectation of a deep pullback and will look for another entry. #PipTrain {image}
I like it
Even though I walk through the darkest valley, I will fear no evil
  • #19,618
  • May 26, 2016 8:15am May 26, 2016 8:15am
Quoting monocor
Just a quick look, no proper chart right now. AU M3, EXP -NSH, target 1 to 1, right now moved to BE {image}
target reached +25 points
Even though I walk through the darkest valley, I will fear no evil
  • #19,619
  • May 26, 2016 9:00am May 26, 2016 9:00am
Heavy issues with Ninja this morning.

I was on the wrong tick for ES and changed back to 987 then the platform got ridiculously choppy.

Restarted several times and now it seems to be working well but I missed a golden setup on YM :/
  • #19,620
  • May 26, 2016 11:07am May 26, 2016 11:07am
Gooooood Morning

US30 - 89T

Uhmmmm. kind of feels like the market might consolidate today. Waiting for Yellens speech tomorrow but for now the Bears look stronger.

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