Ratios & Harmonics: a Different Way to Trade

YM +1

Tried short at rejection of supply / resistance and weakening of leg.

Scratched trade when I saw reaction off the open and dom orderflow.

stop moved to breakeven at double top. Another breakeven for the day

I know the trade is not a high probability trade but the imbalance is what I'm after and the bears are accumulating.

Also the odds here are 70+% against me so a trade that most traders should not take.

Shake it off.

I always hold price to the expectations but sometimes I don't mind taking on the risk when the price action is speaking to me. Hopefully is is not telling lies.

ok, now I'm afraid it's my time to collect your money guys.

edit: moved SL to BE.

Well not working out too great but I knew the risk going into the trade. I adjusted the stop to a better place but it might not make a difference.

you go man!

YM

Market looks weak but so far wants no business in going down, these types of days are hard.

bears are coming. it might end at BE. don't know. but not closing it too soon. let's see.

Let's see if I can get out of this with a graceful exit or some profit.

Dear Ujku80,

I also support Pippin's suggestion waiting for confirmation, eg, "engulfing a few bars" before enter.

There are times when price hit our target zone, but... no confirmation.... and it continues on its trajectory (dis-favorably).

Entering at a slightly more expensive price should not be much of an issue as you already have the 1:1 target profit.

Moreover, setting a "buy/sell limit" at, eg 38% 50% Fib retracement, is risky to say the least. Getting price to move into our entries zone is not sufficient to justify an entry.

The reason is situational awareness. The last swing, the price action, the order flow, the final few bars that takes price to your entries zone, is the most important factor to consider prior to making that decision to buy/sell.

A recent example is the EURUSD trade just now. I wanted to enter at the 79% Fib area, but the bears bring down price with such force that I stepped away... went to do some carpentry instead LOL. But at least, now we are clear of the expectation - a NSL.

YM

So far price just missed the 113. If we get a direct hit I might look to try and fade that depending how pa looks going into the level.

Or if we go higher could see 3rd drive completion and possible fade there.

We'll see

I will consider the following I extended the risk to 75 to add in at around 66 to rescue the trade. Hopefully I won't have to make those decisions and I get out of this before.

A bit rouge here trading outside of my trade plan so after this trade I will slap myself with my trade plan which is always on my desk. Broken every rule here let's see if I don't pay the heavy price.

SOH here, possibly done for day.

This pa is a bitch.

ok, sorry guys. hope it all works out for you. I got to leave for like 45 min to send my daughter to piano lessons. i'll be back at 11 your time? (5 pm my time) I'm not touching my trade. probably a BE one, who knows. GL and catch u later

I see the YM as bullish:

Struggling here but Trying to decide on the rescue entry.

Trading outside of the trade plan sucks everything feels uncomfortable

Rescue mission deployed