Just drew 5 W's in a 5 minute chart, some W's inside bigger W's .... its getting crazy ! weird thing is that they do follow the bearish harmonic behaviour, but their ratios are all wrong.
Ratios & Harmonics: a Different Way to Trade
- #23,162
- Edited 12:02pm Dec 27, 2016 10:46am | Edited 12:02pm
- Joined Mar 2008 | Status: He who believes has eternal life. | 3,764 Posts
{quote} EU Price is stuck around the blue colored demand zone (refer chart above) and PA is as slow as watching grass grow. So most likely no trades today for me. ps. there is some news coming out in just under 2 hours time so it might create a little PA ... keep a close watch if you are following the euro pair. Masterrmind.............
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
- #23,163
- Dec 27, 2016 10:54am Dec 27, 2016 10:54am
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #23,164
- Dec 27, 2016 10:55am Dec 27, 2016 10:55am
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #23,165
- Dec 27, 2016 11:02am Dec 27, 2016 11:02am
- Joined Mar 2008 | Status: He who believes has eternal life. | 3,764 Posts
{quote} Isn't it a beautiful thing?
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
- #23,167
- Dec 27, 2016 6:05pm Dec 27, 2016 6:05pm
- | Joined Mar 2016 | Status: Trader | 1,068 Posts
{quote} What do I make of it? The overall structure is down with weak pitch/momentum creating NSL. Currently, the orderflow is out of alignment as it is moving up. Because of the weak pitch my expectation is a deep correction to the upside. What do you do? If I was aggressive I would trade order flow long, otherwise will wait for a breakdown in PA in an area of structure and realign myself with overall short bias.
{quote} {image} Everybody, I wish you a well spent holiday time with your dearest friends and family. I hope there will be participation here before the end of the year because I really enjoy spending time in this wonderful thread. Best wishes to all and especially Damian without whom (like Jmezz) I'd probably given up on this hard but possible journey.
{quote} Thank you for the nice words. What would I do given this market? Go fishing, LOL just kidding. I will wait for more posts then I will give you my outlook. What instrument is it?
{quote} First short update on YM: On Friday I was looking for a long entry, since I thought that the "new" price drop which Mr. Pip traded was more a retest. I entered later long, but I was too optimistic on the determination of price to move up and I placed my SL too close. Hence, SL were hit (by a wick) and then price moved up to do a 1:1 harmonic completion of the previous up swing (then stock market closed). S--t happens. @jmezz: With respect to your quiz. A new NSL happened, but price took long time to produce it. Then a fight between sellers...
{quote} Longer term order flow as per only the candles shown on your chart is clearly to the downside. I would want to get into a trade where the short term order flow and the longer term order flow are in harmony. Draw in your 1 to 1 from the most recent NSL and project it upwards. I would want to observe what PA does at the 1:1 zone in the first place followed by the 127.2 then the 161.8 however initially I would be mapping out areas of possible confluence where exhaustion Fibs meet with key chart structural levels/zones. The bulls are showing...
{quote} Great answer Mastermind, we're on the same page with Jmezz question. My answer would have simply been that I would not trade this chart. I would need to see what's to the left of this chart before any informed decisions could be made.
{quote} What would I do? This would be my thoughts for the current situation and what I would like to see. If price doesn't happen to get to these areas on my terms then I would sit on my hands and wait for order flow to align or re-evaluate when a favorable opportunity presents itself. Edit: Masterminds answer is pretty good. look forward to the answer I hope the writing is big enough to read. {image}
{quote} A very quick annotated chart I have thrown together based on jmezz' supplied chart. {image} Note: Another trader could easily have a different take on this trade and some of the reasons will stem from what type of order flow you are following short or long term OF! The entry criteria will also be very different with respect to the PA based on whether a trader chooses to follow short, long term OF or to be in sync with both short AND long term OF. ps. I thoroughly enjoy chart analysis ... so thanks to jmezz for posting the initial chart ......
{quote} Here's my analysis. {image}
{quote} This is my take on your quiz... I see two areas of balance where the zone at the bottom was quickly rejected. We have not found selllers yet. Price could just as well reject the higher area of balance right at the bottom edge where it is right now or we might go deeper into this higher zone in search of sellers. Typical levels which might see the return of sellers is the middle of this zone or just above this zone in the upper part where the origin of the move down took place. Once price enter into an area of balance my expectation is for...
Looks like most people said that they'd be playing a long and a few said they'd then look for the short a little higher.
I saw Masterrmind say he wouldn't even be sniffing for a long, instead would be waiting for the short to go with long term expectation.
Rocky wouldn't do anything.
Damian would load up the poles and the tackle box then head out for some of those Florida Marlin.
Ok here's the ensuing PA and how I traded it:
The reason I posted this quiz is because I was upset that I missed out on that large move down and I wanted to see how others would gauge it to see if I missed something.
When I first saw the PA that day I said that I'd be looking to long around the 70's or short around the 80's. In taking the long, I lost sight of the short and instead of flipping short when I saw price reject 77 for the 3rd time, I just sat there like an idiot trying to figure out what price was trying to do.
Essentially what this comes down to is playing the short vs long term order flow. I chose the short term and choked when it came to trying to take advantage of the long term. However, I feel much better after reading responses that acknowledged that the short term was up.
{quote} 1 second that. I too really enjoy these quizzes
I might make these a regular thing if people don't mind some dissection every now and then. Maybe post 1 every Friday or every other Friday and give people the weekend to comment if they like.
- #23,169
- Edited Dec 28, 2016 3:55pm Dec 27, 2016 9:51pm | Edited Dec 28, 2016 3:55pm
- | Joined Dec 2013 | Status: Trader | 1,118 Posts
- #23,170
- Dec 27, 2016 10:38pm Dec 27, 2016 10:38pm
- Joined Mar 2008 | Status: He who believes has eternal life. | 3,764 Posts
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
- #23,173
- Dec 28, 2016 8:18am Dec 28, 2016 8:18am
...Ok first of all, major shout-out to everyone who gave their opinion on this price action! There was a ton of participation, that's awesome..
What followed and my structural framing:
- #23,174
- Dec 28, 2016 8:58am Dec 28, 2016 8:58am
- | Joined Mar 2016 | Status: Trader | 1,068 Posts
TF -.5, +2.9 = +2.4 total
Notes on chart
Notes on chart
- #23,177
- Dec 28, 2016 11:32am Dec 28, 2016 11:32am
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #23,178
- Dec 28, 2016 11:33am Dec 28, 2016 11:33am
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.