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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

  • #22,821
  • Dec 20, 2016 11:00am Dec 20, 2016 11:00am
We are looking for price to close above the previous lower high. Come on bulls I've given you all my patience today and benefit of the doubt it's your turn to step it up and get me out of trouble. DO YOUR JOB!
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If you fail to plan, you plan to fail.
  • #22,822
  • Dec 20, 2016 11:03am Dec 20, 2016 11:03am
Oh lord here come the bears the bulls are running out of chances here. May crash and burn on this one. it's not over till its over but it looks like the fat lady is warming up to sing.
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If you fail to plan, you plan to fail.
  • #22,823
  • Dec 20, 2016 11:10am Dec 20, 2016 11:10am
Still dealing with this very difficult trade. Trade management here is as hard as I had it in a while. My goal here is if price gets to entry I will lock in at -5 to secure the graceful exit and still give the trade a chance to pay something. Intense! definitely not watching paint dry now.
Attached Image (click to enlarge)
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If you fail to plan, you plan to fail.
  • #22,824
  • Dec 20, 2016 11:17am Dec 20, 2016 11:17am
Locked in a graceful exit now lets see if the bitch pays
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If you fail to plan, you plan to fail.
  • #22,825
  • Dec 20, 2016 11:23am Dec 20, 2016 11:23am
Wow out for -3 points well you guys got to see every step of how you can salvage a bad trade and find a graceful exit. I hope you all found value in this most difficult situation. As you can see the reasons for getting in the trade were severely weakened but were never gone. so implementing a rescue mission was justified as I planed for the added risk by reducing my initial position size. I am extremely pleased with the outcome here.
Attached Image (click to enlarge)
Click to Enlarge Name: YM 03-17 (233 Tick) 2016_12_20.png Size: 59 KB
If you fail to plan, you plan to fail.
  • #22,826
  • Dec 20, 2016 11:26am Dec 20, 2016 11:26am
OK Traders, I will be heading out for lunch I will be coming back and answer all questions to include the one I have pending from yesterday. Was everyone able to follow along and able to appreciate how emotions never became an issue? Its when the shit is hitting the fan that you must remain calm and patient and follow your trade plan with confidence and skill.
If you fail to plan, you plan to fail.
  • #22,827
  • Dec 20, 2016 11:40am Dec 20, 2016 11:40am
YM / TF

YM - Was a little early on the short, price did fade to test ~harmonic pb.

TF - hit target.

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  • #22,828
  • Dec 20, 2016 11:46am Dec 20, 2016 11:46am
Quoting Mr. Pip
Wow out for -3 points well you guys got to see every step of how you can salvage a bad trade and find a graceful exit. I hope you all found value in this most difficult situation. As you can see the reasons for getting in the trade were severely weakened but were never gone. so implementing a rescue mission was justified as I planed for the added risk by reducing my initial position size. I am extremely pleased with the outcome here. {image}
Nice save on this!

Today was tricky.
  • #22,829
  • Dec 20, 2016 12:01pm Dec 20, 2016 12:01pm
Quoting eaglestar
{quote} Yep, everyone wrapping up P and L for trading and getting off early to shop, vacations, etc. The only other time that is this bad is maybe August I have noticed. Double Top dropping down on Euro at the moment, lets see where it lands. {image}
Price didn't get to the planned 61.8, stopped shy of 50, and bounced on trendline confluence. Price should get a few more pips before session end, but may reverse here at the 127.2 below the 00's
Attached Image (click to enlarge)
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The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #22,830
  • Dec 20, 2016 12:48pm Dec 20, 2016 12:48pm
Quoting jmezz
{quote} Nice save on this! Today was tricky.
It was slow more then tricky for me. The issue is that the longer price hangs around an entry or at a structure area the easier it becomes for the undecided and un committed to come in and sometimes screws up your trade. I'm happy with the outcome though thanks my friend!
If you fail to plan, you plan to fail.
  • #22,831
  • Dec 20, 2016 12:52pm Dec 20, 2016 12:52pm
Quoting wigtrade
I got stopped out for the full amount here and can't help thinking I shouldn't have taken a full loss as in hindsight I had plenty of opportunity to get a graceful exit once the bears took control. could have got stop to breakeven at the first bearish engulfing but I guess greed took over onto the next setup {image}
Tou need to have clear decisive rules for graceful exits or recuse missions so that emotions don't interfere. It's when we are in these situations that the emotions are at their strongest. We cannot let them in. Emotions usually will cost you more money then they will make you.
If you fail to plan, you plan to fail.
  • #22,832
  • Dec 20, 2016 1:44pm Dec 20, 2016 1:44pm
Quoting Mr. Pip
{quote} Tou need to have clear decisive rules for graceful exits or recuse missions so that emotions don't interfere. It's when we are in these situations that the emotions are at their strongest. We cannot let them in. Emotions usually will cost you more money then they will make you.
Thank you. Usually I look to move stop to b/e at structure but when price reverses sharply like this it throws me, otherwise I've no reason to tighten my stop or look for a graceful exit until a lower low is formed but then I'm thinking "complex pullback" and justifying reasons to stay in the trade!
Bulls nor Bears may hide their intent.
  • #22,833
  • Dec 20, 2016 2:16pm Dec 20, 2016 2:16pm
Hi to everyone, in particular to the creator of this 3D Mr. Pip.
The huge size of this 3D and the activity, clearly show me a big interest on Harmonic Trading also nowadays. (I guess is a good sign)
I'm a beginner on trading, but I came along with this particular technique of harmonic trading and I liked it!
I did read the book of Scott mc Carney and I'm trying at the moment some backtesting using Voenix ea scanner for MT4.
On a backtest looks quite good on profit, but I would like to ask to all of you (thanks to almost 4 year of experience) different of questions.

n.1 An EA used as a scanner or as an automated trading, can be useful or there are some misleading information on using it?
n.2 I'm trying to figure out if Harmonic trading, works out for every symbols at any timeframe... I'm currently selected EURUSD - BUND - ESP35 - US30 - FRA40 - AUDUSD - XAUUSD on multiple time frame m15 m30 h1 h4 d1 as my backtesting suggest those as winners pairs/tf. Am I wrong, or not seeing something? Which do you suggest me to trade?
n.3 May I use the completed patterns as a pure indication to entry the trade? Or Is it better to evaluate my entry base on price action, as on reversal bars, engulfing bar, pin bar etc...?

Thanks to all of you for your support and for your time.
I wish for you best trading :-)


I apologize for my english, I'm not mother tongue
  • #22,834
  • Dec 20, 2016 2:18pm Dec 20, 2016 2:18pm
Quoting Mr. Pip
Wow out for -3 points well you guys got to see every step of how you can salvage a bad trade and find a graceful exit. I hope you all found value in this most difficult situation. As you can see the reasons for getting in the trade were severely weakened but were never gone. so implementing a rescue mission was justified as I planed for the added risk by reducing my initial position size. I am extremely pleased with the outcome here. {image}
Thank you for sharing. I am amazed about how you dealt with the situation and how you switch off emotions. It would have been a mess for me.
  • #22,835
  • Dec 20, 2016 4:09pm Dec 20, 2016 4:09pm
Quoting mrwhit3
Hi to everyone, in particular to the creator of this 3D Mr. Pip. The huge size of this 3D and the activity, clearly show me a big interest on Harmonic Trading also nowadays. (I guess is a good sign) I'm a beginner on trading, but I came along with this particular technique of harmonic trading and I liked it! I did read the book of Scott mc Carney and I'm trying at the moment some backtesting using Voenix ea scanner for MT4. On a backtest looks quite good on profit, but I would like to ask to all of you (thanks to almost 4 year of experience) different...
Your questions shows that you did not read a lot here. There is no use of any EA and most do not use any indicators. I do not know your EA, but if you think that you can "set and forget", you will at least on long term bust your account (if this would be the miracle tool, do you believe you woud get it? and only for a fews bucks?). The patterns have to fit in the context of the price action. I personally do not trade them, but I know that they exist.
You said that you like harmonic trading, so why do you not try to apply it?
  • #22,836
  • Dec 20, 2016 7:09pm Dec 20, 2016 7:09pm
Hello Traders my apologies. I got tied up today and did not have a chance to catch up. I will do so tomorrow after trading. Thanks.
If you fail to plan, you plan to fail.
  • #22,837
  • Dec 20, 2016 9:24pm Dec 20, 2016 9:24pm
Hi Mr PIP and all,

Thanks for the video I have watch most if not all of it.Just downloaded the ABCD pattern PDF from your thread and saw this very similar pattern developing and decided to take the trade Not too sure about point C cause the wick was almost 100%.

Thanks again
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  • #22,838
  • Dec 20, 2016 9:39pm Dec 20, 2016 9:39pm
Quoting eaglestar
{quote} Price didn't get to the planned 61.8, stopped shy of 50, and bounced on trendline confluence. Price should get a few more pips before session end, but may reverse here at the 127.2 below the 00's {image}
Price came back down to 38.2 and is going up look for new abcd
Attached Image (click to enlarge)
Click to Enlarge Name: 2016-12-20_223746.png Size: 41 KB
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #22,839
  • Dec 21, 2016 1:51am Dec 21, 2016 1:51am
Okay ninja demo trial was short lived. My free data has expired so no more trading until I can get my live account funded next year. Market a bit slow maybe due to christmas holidays in USA. Merry Christmas to all and see you next year. In the mean time will continue to listen to videos, but its nothing like having a hands on approach and practice. That's what I am use too.

Monday Breakeven
Tuesday: -20T
Empower Your Mind
  • #22,840
  • Dec 21, 2016 1:59am Dec 21, 2016 1:59am
Quoting vqtrader
Okay ninja demo trial was short lived. My free data has expired so no more trading until I can get my live account funded next year. Market a bit slow maybe due to christmas holidays in USA. Merry Christmas to all and see you next year. In the mean time will continue to listen to videos, but its nothing like having a hands on approach and practice. That's what I am use too. Monday Breakeven Tuesday: -20T
You can always create a new demo account and you will have free data feed. And yes the market is slower this days but still gives nice moves if you are patient.
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