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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

  • #22,361
  • Dec 8, 2016 1:29pm Dec 8, 2016 1:29pm
YM

Order flow change up here.

Dare I even mention the "S" word?

Tempting...
  • #22,362
  • Dec 8, 2016 1:32pm Dec 8, 2016 1:32pm
Quoting Harmonic1976
For me, I was more than happy where the trade had gone and was trying to exit. The scary part was to be unable to. It would have been just as scary if not worse if the trade was going against me w that velocity. I closed my fxcm account and will look into futures and minimum requirements. The big take away lesson for me is never ever ever place an order that doesn't include both a stop and take profit. many times I would see an opportunity and act on it with a market order and go back and set my stop and tp. In this case, I had a market w a stop...
Maybe this will help? Both very good order managers

http://www.forexfactory.com/showthread.php?t=281772

http://www.forexfactory.com/showthread.php?t=428361
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #22,363
  • Dec 8, 2016 1:34pm Dec 8, 2016 1:34pm
YM

If price gets into this box I'll think about it.

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  • #22,364
  • Dec 8, 2016 1:37pm Dec 8, 2016 1:37pm
Short and b/e3
  • #22,365
  • Dec 8, 2016 1:40pm Dec 8, 2016 1:40pm
Quoting jmezz
Short and b/e3
I was thinking similar hit 161.8 ext then retracing.
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The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #22,366
  • Dec 8, 2016 1:43pm Dec 8, 2016 1:43pm
YM

Out +15 = +38 total today.

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  • #22,367
  • Dec 8, 2016 1:48pm Dec 8, 2016 1:48pm
Quoting eaglestar
{quote} I was thinking similar hit 161.8 ext then retracing. {image}
I've posted in here a few times how much I like playing the first pullback after an order flow change. This setup is high odds, even more so if it's out of a prz and even more so if it's an overnight inventory fade.

Order flow change shorts are a little more tricky than longs but I think that comes down to that whole bull market thing.
  • #22,368
  • Dec 8, 2016 1:52pm Dec 8, 2016 1:52pm
Quoting eaglestar
{quote} Exit with win and extension hit at 161.8 Thank you Mr. Pips for sharing. {image}
Beautiful.
  • #22,369
  • Dec 8, 2016 3:21pm Dec 8, 2016 3:21pm
Quoting Harmonic1976
...I had no idea how to close out at all and had a feeling the trade was going to soon be going against me quickly...
I'll repeat again as i think it needs to be repeated... you'll be subject to the same risk on the Future markets. Liquidity is dying during news, that's why it is recommended to not trade during news. Most brokers on Forex or Futures will tell you that trading is risky and you can lose more than there is in your account due to not beeing able to close your position. Your best bet when this occurs is to have two accounts or spread your trading account into two accounts from two different brokers and you open a position of the same size in the second account but in the opposite direction until liquidity returns to normal. Or to create a sub account on the same broker and hedge your position to minimize or neutralize your lost.
  • #22,370
  • Dec 8, 2016 3:37pm Dec 8, 2016 3:37pm
Quoting jmezz
YM If price gets into this box I'll think about it.
You're really a contrarian trader. Most if not all of your trades have been on the short side despite the strength of this bullish sequence since the election. Did you notice it?
  • #22,371
  • Dec 8, 2016 4:02pm Dec 8, 2016 4:02pm
Quoting Harmonic1976
For me, I was more than happy where the trade had gone and was trying to exit. The scary part was to be unable to. It would have been just as scary if not worse if the trade was going against me w that velocity. I closed my fxcm account and will look into futures and minimum requirements. The big take away lesson for me is never ever ever place an order that doesn't include both a stop and take profit. many times I would see an opportunity and act on it with a market order and go back and set my stop and tp. In this case,...
Better look @ margin requirements before jumping to futures.
***See list below. Varies among brokers.

As for your order you couldn't close, find a broker that will close @ market upon your request. You should have been able to close your long position where you wanted because the chart shows the "bid" price so doesn't matter how wide the spread was as your position didn't matter where the "ask" price was. If you didn't have an order in, brokers may not let you place an order (SL or TP) close to the market but if you scroll over the line showing your entry you can right click & "Close Order". Will close that position @ market.
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  • #22,372
  • Dec 8, 2016 4:21pm Dec 8, 2016 4:21pm
Quoting jandarana
Hi Mr Pip, thanks for the very helpful answer you gave me earlier. Here is a new trade, short on GU. We created a NSL. The momentum was a bit slowing down in the second leg down and we got a deep correction. I'm cautious but did take the trade. Is my analysis correct? Would you also have taken the trade? Is the peak which I marked as LH really a lower high? It is a very shallow pullback and I was a bit unsure if it really meets the criteria of LH. Thanks {image}
I like for the correction to at least achieve a 38% Fib retracement but you have decide what you would consider an appropriate correction. It could be a correction to an area of structure? It could be anything more then a certain number of candles. I personally would use a fib value or structure. Your rule could include both just remember that shallow corrections offer poor risk/reward but also the flip side to that coin is that in strong moving markets price may not correct to the 38% fib. You must consult that with your risk tolerances and comfort level.

It is easy to say yes with the benefit of hindsight the truth is that in real time, I am always very cautious with shallow corrections. I'm afraid that I don't know if I would have or not.
If you fail to plan, you plan to fail.
  • #22,373
  • Dec 8, 2016 4:27pm Dec 8, 2016 4:27pm
Quoting jandarana
{quote} Closed it for -25. The move up was so fast and powerful that I didn't want to take the full stop. NOrmally I'm at work right now and I would have taken the -50. Another trade: Long EA We had a NSH with string momentum but we also had a deep correction. I took the trade because we had 4 H1 candles with the support and a nice pinbar before. What do you think? TP based on harmonics and the deep correction is the last NSH. {image}
Looks ok but you must consider the context of what you are trading into. Your timing was off giving you a less favorable R/R and retail price entry being almost towards the middle of the area. I do like the weakness on the way down though that is a plus.
If you fail to plan, you plan to fail.
  • #22,374
  • Dec 8, 2016 4:32pm Dec 8, 2016 4:32pm
Quoting Harmonic1976
Well guys, I'm done with FXCM and will have to save some more money up and trade futures eventually. I entered my trade and went to go put in my stops and the trade took off before I could set my tp order which was going to be at to 8550 mark. I've had my last straw with spot forex, I entered at the bottom blue line and tried exiting from the top blue line and couldn't exit on my platform or phone and even when I set my stop midway of the move after trying to exit since the top blue line.... ended up at break even somehow. That was the biggest bunch...
I understand! I had similar issues with FX so I don't do business with crooks. No more FX for me. You can trade the same instrument on the futures side with no bullshit.
If you fail to plan, you plan to fail.
  • #22,375
  • Dec 8, 2016 4:36pm Dec 8, 2016 4:36pm
Quoting jmezz
{quote} I'm going to be honest here and say that I don't really know why anyone is wasting their time with spot forex. I could see if someone was new to markets and they are trading a micro account to get a feel for the market but other than that, why? I looked into it briefly, demo'd it before I started trading futures, and when I do charts for some people in here it occurs to me that there is substantially more fuckery in the forex market. In addition, I would think that the CHF peg clusterfuck would have opened many eyes. Can some people trade...
100% agree
If you fail to plan, you plan to fail.
  • #22,376
  • Dec 8, 2016 4:38pm Dec 8, 2016 4:38pm
Quoting crixus
{quote} But here we are talking about a problem of liquidity during news time. Same thing can occur on Futures, i have seen it before.
Not to that extent. You might get some slippage but not that extreme. At least that has been my experience.
If you fail to plan, you plan to fail.
  • #22,377
  • Dec 8, 2016 4:50pm Dec 8, 2016 4:50pm
Quoting Harmonic1976
{quote} Currently was trading a micro account with .1 to .2 lots and you have a lot of good points there. If I was trading with any decent size and couldn't close out a trade that had that kind of momentum (and if it was going against me even though it wasn't in this case), that would have been devastating account wise and psychologically. Are futures 24 hours? Are there smaller accounts that can be traded with Futures? I typically can only place trades in the morning before 8:30ish and then can trade again in the evening around 6pm onward.
I trade with NinjaTrader Brokerage they are the IB for Dorman Trading. They have good pricing and leverage. You can trade with as little as 1K intraday margins are nice 500 per contract not bad. Give them a call they are friendly and helpful.
If you fail to plan, you plan to fail.
  • #22,378
  • Dec 8, 2016 5:18pm Dec 8, 2016 5:18pm
Quoting crixus
{quote} I'll repeat again as i think it needs to be repeated... you'll be subject to the same risk on the Future markets. Liquidity is dying during news, that's why it is recommended to not trade during news. Most brokers on Forex or Futures will tell you that trading is risky and you can lose more than there is in your account due to not beeing able to close your position. Your best bet when this occurs is to have two accounts or spread your trading account into two accounts from two different brokers and you open a position of the same size in...
This makes little sense to me. Sounds like Russian Roulette to me. Why don't we try having a bias and an expectation and entering the market when price reacts in a favorable way where you have that expectation. Forget the news it is volatility and nothing more. There is usually but on very rare occasion enough liquidity on either side of an event to get filled or out. The strength of that volatility will cause slippage but FX brokers are famous for screwing retail traders. There is not one person on this planet that can argue enough liquidity to get out of a micro lot. Unless you are the only one trading. I may understand if you were in with 10 or 20 lots.

The only time I found no liquidity was about a year ago around Oct when the DOW was crashing due to the China crash. I was long and up about 15 points and boom out of nowhere a massive selloff that caught me by surprise and they implemented a circuit broker when the market opened again it opened on the other side of my stop and the selling frenzy was so huge that I could not get out of my 20 contract. I lost 53K that day. Luckily I finally found some liquidity. I was trading with a student and he almost passed out when he say that. He will tell you that after that I did not trade for a couple of days then it took me about a month and a half to get it all back. Short of that shitty ass day I have never not been able to get out of a trade when I wanted to in the Futures market with my broker and I usually trade 20-30 contracts at a time. After the new year I will be back to my standard 20-30 contracts.
If you fail to plan, you plan to fail.
  • #22,379
  • Dec 8, 2016 9:56pm Dec 8, 2016 9:56pm
Quoting jmezz
{quote} Beautiful.
Thank you for your kind words as mentioned I am always learning, ando thanks to all posters for warm welcome.
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #22,380
  • Dec 9, 2016 2:12am Dec 9, 2016 2:12am
6B ( gbp/usd futures) 89 tick chart

Price made a NSL. Harmonic correction is right at the 61.8 fib but judging by momentum and structure PRZ is most likely to be between 38.2 and 50.

Also watching 6E and 6J.
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