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"Ratios & Harmonics: a Different Way to Trade." Summary 37 replies

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Attachments: Ratios & Harmonics: a Different Way to Trade
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Ratios & Harmonics: a Different Way to Trade

Quoting Dfn
Pretty new with this, Everything goes well except most of the setup limit is not being hit! {image} {image} Any idea how to overcome this?
Far better to put your focus on learning PA and short + long term order flow.

Pattern completions are very rarely pin-point accurate (although sometimes they are!).

Due to these inaccuracies in completion price levels you may need to adjust your limit orders to 'get into a trade'.

ps. it takes plenty of practice to get used to trading these patterns.

Good trading,

Masterrmind............
Master your Mind then Master your Trades
Quoting Masterrmind
{quote} GJ {image} Long now! Masterrmind...........
GJ

Hopefully a few other traders took this long trade.

Its kicking the ball out of the park.

Have a great weekend!

Masterrmind............
Master your Mind then Master your Trades
Nice one Mastermind,

Long on GJ doing well. And good chart for learning too!
Quoting Dfn
Pretty new with this, Everything goes well except most of the setup limit is not being hit! {image} {image} Any idea how to overcome this?
That is the problem with limit orders. They just sometime don't get triggered. Could be a spread too wide in thin markets type issue? Could be your broker? I never use limit orders unless I'm trading options where I want specific fills on Butterflies Spreads and Condors other then that it's all at market for me. I want in when I want in.
If you fail to plan, you plan to fail.
Quoting Masterrmind
{quote} Far better to put your focus on learning PA and short + long term order flow. Pattern completions are very rarely pin-point accurate (although sometimes they are!). Due to these inaccuracies in completion price levels you may need to adjust your limit orders to 'get into a trade'. ps. it takes plenty of practice to get used to trading these patterns. Good trading, Masterrmind............
Excellent point! Young traders are always eager to jump in without know how cold the water is. Patience plays such a significant part in the development of a successful trader. No matter how many time I stress this they just don't listen so I stopped saying it.
If you fail to plan, you plan to fail.
Quoting Masterrmind
{quote} GJ Hopefully a few other traders took this long trade. Its kicking the ball out of the park. Have a great weekend! Masterrmind............
Congrats nothing like a good trade to end the week!
If you fail to plan, you plan to fail.
Quoting Masterrmind
{quote} GJ {image} Long now! Masterrmind...........
Mastermind i must say u have got real beauty setup amazing trade all of them .....love it bro

God blessed

thanks and regards

Rashid Yousuf
Quoting Masterrmind
{quote} Yes good idea. Sometimes it pays to be watching a few other pairs as go-to-pairs. ps. I'm still looking for a suitable entry on EU but am also looking at AU, GU and one other volatile pair. Masterrmind............
Yea, I'm finding the PA for Gbp/Usd a lot clearer and smoother than Eur/Usd.
Gbp/Usd

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Reason for trade is the same as the first Gbp/Usd trade. NSH on the short expectation which match with the long-term NSH. Entry based on the many candle wick spike which represent demand, and price fail to close below that HL.

Edit: Close for 22 pip due to sign of weakness.
Quoting Sakeplz
Gbp/Usd {image} Reason for trade is the same as the first Gbp/Usd trade. NSH on the short expectation which match with the long-term NSH. Entry based on the many candle wick spike which represent demand, and price fail to close below that HL. Edit: Close for 22 pip due to sign of weakness.
Nicely done!
If you fail to plan, you plan to fail.
Quoting Mr. Pip
{quote} Nicely done!
Thanks Mr. Pip. I found that most of my good trade are the one where I waited and see a clear market structure vs. one that's not obvious. I enjoy your recent video and wish you a great weekend.
USD/CHF

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I entered a bit early but I followed my trading plan and didn't exit my trade when I see price steadily climb to the recent HL. My target would be the next structure but would exit early if there's a sign of weakness when it test the recent NSL.
Mr. Pip, I think it would be very helpful if you made a video on trading psychology. How you approach the markets psychologically, how do you maintain or have learned to maintain mental control, patience, getting over the fear of loss, letting profits run, etc.

Modeling your strategy is one thing, but the psychological part is what is going to make or break most people even if we think we have a good understanding of your methodology.
I tried to quote you Harmonic but it's taking too long to load.

From what I learn of trading psychology is that it's different for everyone. As for me when I trade and I start to panic and worry it is because I'm either risking too much or I jumped into the market too early without making clear of the market structure.
As for fear of loss and letting profit go, I see that if I were to enter a trade and I define that price is going to maker either a NSH or a NSL, but when it reach to the recent NSH and NSL and you start to see a sign of weakness you can either take profit at that point or move your stop to secure a portion of that profit. One of my mistake for a recent trade this past week is to let go of a 30 pip profit just to secure 5-6 pips, it's just not worth it.
So it depend on the type of trader you are, you can either take profit early when you see a sign of weakness for a 1:1- 1:2 R:R, or you can just accept taking a 5-6 pips hoping that the market will make a NSH or NSL and reap the extra profit from that.
Another one is that if you see a trading opportunity just jump and take it and not worry and think too much whether the trade might fail or not, because it could. I for one seen a trade this past week where I could had risk 30 pips to make 120 pips but I didn't take it cause I think too much and let go of that opportunity and it left a bitter taste in my mouth.
Quoting Harmonic1976
Mr. Pip, I think it would be very helpful if you made a video on trading psychology. How you approach the markets psychologically, how do you maintain or have learned to maintain mental control, patience, getting over the fear of loss, letting profits run, etc. Modeling your strategy is one thing, but the psychological part is what is going to make or break most people even if we think we have a good understanding of your methodology.
Let me ponder that thought. That is tough we are all so different but I can try to high light some characteristics the keep the head straight.
If you fail to plan, you plan to fail.
Quoting Harmonic1976
Mr. Pip, I think it would be very helpful if you made a video on trading psychology. How you approach the markets psychologically, how do you maintain or have learned to maintain mental control, patience, getting over the fear of loss, letting profits run, etc. Modeling your strategy is one thing, but the psychological part is what is going to make or break most people even if we think we have a good understanding of your methodology.
I'm also very curious on this subject. I tend to think that my technical analysis is good enough to make my way through the market (not saying that it can't be better) but my psychology is somewhat of a mess.
I agree with Sakeplz that it depends on the person and his belief system. What's behind his fear? What motivates him to trade? etc..

When I sense fear creeping in I always remember what Damian said in his last live trading session... PUT YOUR "BIG BOYS" PANTS ON!
Quoting Harmonic1976
Mr. Pip, I think it would be very helpful if you made a video on trading psychology. How you approach the markets psychologically, how do you maintain or have learned to maintain mental control, patience, getting over the fear of loss, letting profits run, etc. Modeling your strategy is one thing, but the psychological part is what is going to make or break most people even if we think we have a good understanding of your methodology.
From my modest experience I would say psychology is a big deal breaker in this business,beside money management.it s funny how when we work for someone else we follow his rules but when it comes to running our business which is trading it s hard for us to abide to our rules.trading is not rocket science but we tend to complicate things and make it harder.and I also think that when have confidence in our method or system with a predefined entry target and stoo loss and also stick to predefined time frame and follow the order flow of the specific tm.stick to our rules make things simple and dont overanalyse things cause when we do overanalyse we dont like to be wrong thus we let our losses run and when we are fearful cause of luck of confidence in our method we cut our profit short.also jumping too early in a trade comes from fear of missing out. Bottom line it all boils down to lack of confidence in this methodolgy that Mr pip outlined.
Also cant stress enough how important to be patient and wait for that good set up to show.when you see that 1 good trade that s your money go grab it.hope that helps.
  • #21,858
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  • Edited 3:17pm Nov 25, 2016 2:41pm | Edited 3:17pm
Quoting Masterrmind
{quote} Far better to put your focus on learning PA and short + long term order flow. Pattern completions are very rarely pin-point accurate (although sometimes they are!). Due to these inaccuracies in completion price levels you may need to adjust your limit orders to 'get into a trade'. ps. it takes plenty of practice to get used to trading these patterns. Good trading, Masterrmind............
Thank you for your reply,
For PA I'm used to it but the problem sometimes when I got the confirmation for reversal it makes the price go beyond the PRZ area and makes the RR ratio smaller.
For order flow, never heard about it. Will try to look up about it. Thanks!

Quoting Mr. Pip
{quote} That is the problem with limit orders. They just sometime don't get triggered. Could be a spread too wide in thin markets type issue? Could be your broker? I never use limit orders unless I'm trading options where I want specific fills on Butterflies Spreads and Condors other then that it's all at market for me. I want in when I want in.
Thank you for your reply,
That could be the problem either spread or the Broker. I'm using Tickmill at the moment because they have very narrow spread.
I use limit because if I'm waiting for PA confirmation oftenly the price already reverse pretty far and makes the RR ratio smaller.

When the price on the PRZ or near the PRZ you always for wait PA confirmation or you have another confirmation technique?

Also,
For Take Profit, how do you place your TP? For me I use the fibo .318 as first TP and .6xx as second TP.
Quoting Harmonic1976
Mr. Pip, I think it would be very helpful if you made a video on trading psychology. How you approach the markets psychologically, how do you maintain or have learned to maintain mental control, patience, getting over the fear of loss, letting profits run, etc. Modeling your strategy is one thing, but the psychological part is what is going to make or break most people even if we think we have a good understanding of your methodology.
just my two cents, but i think a lot of the psychological issues around trading are made worse by simply risking too much money before people have properly developed the skill of trading. There was a guy on this thread who was risking £1 per pip on a 200 account, he did ok for a while but then blew through the account in a couple of weeks. he then quit trading saying he wasn't cut out for it psychologically. I don't think anyone who's blowing 200 quid every couple of weeks is gonna handle it, especially if your just a regular guy. had he been trading less i'm sure he would still be here.

each to their own of course, but here's a thought, think of all the money you have that you can dedicate to trading, then take 20% of that money and put it into an account, trade it somewhere between 5:1 and 10:1 leverage. You'll find you have a freedom to trade that you never had before. you won't go making stupid decisions because you still have skin in the game, but you'll be able to concentrate fully on what your doing and will never find yourself trading your P & L.

If you can string together 3 to 6 winning months then increase the risk. This will vary massively between people. even though i've had 4 winning months out of the last 6 theres no way i feel ready to add more money to my account, not by a long shot. I want a bare minimum of 6 winning months in a row.

To use an analogy, imagine a guy decides to learn to play pool cause he heard that's where people made the big bucks and there were millionaire pool players, so he buys a cue and hits the circuit betting $100 a game, he understands it will take time to learn but bets anyway against guys who have been playing for decades, he wins the odd game but overall he keeps getting hammered, eventually the emotional pain gets too much and he quits, saying 'man this thing sucks, i thought this was where all the big money was'. He was focused totally on the money and never on developing the skill of playing pool. for me, trading's no different. trying to learn any new skill, while risking a load of money is like having a ball and chain round your neck.

mr. pip makes a lot of money, but that's because first and foremost he is very good at what he does, but this isn't exclusive to trading, its the same in any walk of life. if you have a skill that few people have then you will be rewarded financially, whether its trading, sport or what ever your chosen field.

At times trading gets under my skin and pisses me off like nothing iv'e ever known (apart from snooker lol), but i have parameters set up that protect me from myself, so at least i'm free to concentrate on what i'm doing. now, whether i'll ever be a decent trader or not i don't know.........
Quoting Dfn
{quote} Thank you for your reply, For PA I'm used to it but the problem sometimes when I got the confirmation for reversal it makes the price go beyond the PRZ area and makes the RR ratio smaller. For order flow, never heard about it. Will try to look up about it. Thanks! {quote} Thank you for your reply, That could be the problem either spread or the Broker. I'm using Tickmill at the moment because they have very narrow spread. I use limit because if I'm waiting for PA confirmation oftenly the price already reverse pretty far and makes the RR ratio...
I always wait for price action confirmation. I look for BE at the 38% and TP at the 61.8% The rules are posted.
If you fail to plan, you plan to fail.
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