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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

  • #25,641
  • Feb 17, 2017 8:21pm Feb 17, 2017 8:21pm
Quoting hansma
Nice lifestream today . Thanks - took 46 pips today.- {image}
Nice work and thanks it was fun.
If you fail to plan, you plan to fail.
  • #25,642
  • Feb 17, 2017 8:23pm Feb 17, 2017 8:23pm
Quoting Arvs7
Hello all. I have question for Damian how do u try to join the price when its just going down half day. I was looking at USDJPY 5 min today didn't find any places to get in? Would u consider to enter? And what u would do in this situation ty for answer. {image}
Sometimes the risk reward is just not there and price does not give you the entry. I don't chase price and have no problem not taking an entry.
If you fail to plan, you plan to fail.
  • #25,643
  • Feb 17, 2017 8:25pm Feb 17, 2017 8:25pm
Quoting Mr. Pip
{quote} Thank you for staying up its hard to see who is on line watching. I love to to the live streams. For me it's not about winning or losing trades. To be honest I don't really care if I win or lose. I care more about the content and the educational value of the session. I also welcome these types of sessions as it help the new traders coming up how to handle these types of outcomes.
Being able to handle the difficult situations in trading will always be the "must know" knowledge otherwise an eventual fall from grace is to be expected.

Studying and practicing over these difficult terrains is key to longevity in this business.

There is something about studying these difficult trading conditions that continues to interest me ... something about improving oneself I suppose.

Masterrmind.............
Master your Mind then Master your Trades
  • #25,644
  • Feb 17, 2017 8:25pm Feb 17, 2017 8:25pm
Quoting Dfn
{quote} Thanks a lot for the explanation Mr. Pip, You're the best!
Thank you Dfn! I hope it helped you.
If you fail to plan, you plan to fail.
  • #25,645
  • Feb 18, 2017 4:51am Feb 18, 2017 4:51am
Eur 5min

Price had come down quickly, hit and turned at support and give re entry at 78.6 retracement. Got +40 on this.

Support resistance Fibonacci confluence and heavy volume also helped to pull the trigger to the short side.
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The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #25,646
  • Feb 18, 2017 5:00am Feb 18, 2017 5:00am
Quoting kelvinyun
Damian, Please help to process this USDJPY 5min chart / or to check if my thought process is correct. {image} The main move is still down, i.e NSL. Then it hit a roadblock and creates a complex correction. In the shorter term order flow, bulls is seen creating lower highs. But the momentum is not impressive. Every attempt to buy has been met with sellers. I would probably make a SELL at the area around 113.6-113.7 (62% - 79%) area: -a) follow d expectation of a NSL -b) as bulls aren't strong even as this is a complex correction -c) good structure...
If I may post my chart to help.
Price was in downtrend, so already you know to short.
You have multiple touches as price comes up to test resistance near 113.47
Price drops to 1:1 symmetrical extension as well as 161.8

For ME I would have risked about 11 pips on this to make 72. Not too bad 6.54 RRR
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The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #25,647
  • Feb 18, 2017 6:52am Feb 18, 2017 6:52am
Quoting Masterrmind
{quote} ... As I have said before its a shame that there are not more traders taking an interest because they will learn something very valuable. Their loss I suppose and our gain. Have a great weekend. Masterrmind............
Hi Mastermind,

I do not understand the obsession to have a maximum of traders in it. If I were Mr. Pip, I would be more happy to see committed traders regardless of the exact number (around 50-70 is not bad at all in my opinion).
Honestly, if the house were full like hell on those days, I would more ask myself the question if the sessions are missused as a signal service for entries.

For me, the livestreams are of great value, because the thought process can be followed in realtime. This has for me a lot of educational value (regardless of the outcome of an individual trade).
During the session, I took only a short on a second retest. This was for me at that time more likely to happen. Then I had to leave for a birthday party. When I came back, price ended in an intraday NSH. This, I would not have expected and I would not have seen it.
Hence, there is work for me to get better. I therefore also apologise in advance, if I ask (hopefully only sometimes) in view of others maybe stupid questions.
  • #25,648
  • Feb 18, 2017 7:22am Feb 18, 2017 7:22am
Quoting evocpr19
{quote} Hi Mastermind, I do not understand the obsession to have a maximum of traders in it. If I were Mr. Pip, I would be more happy to see committed traders regardless of the exact number (around 50-70 is not bad at all in my opinion). Honestly, if the house were full like hell on those days, I would more ask myself the question if the sessions are missused as a signal service for entries. For me, the livestreams are of great value, because the thought process can be followed in realtime. This has for me a lot of educational value (regardless...
I believe his post was maybe misunderstood. He will certainly answer for himself but I believe he meant it from the standpoint of educational value. The are so many traders here jumping from thread to thread hopelessly looking for real answers and real knowledge that it's a shame more traders don't take advantage of what I'm doing here. No one does this for a reason. And it's because they can't. This is not a challenge to anyone as I don't hold pissing matches but it's the truth. The main reason that I do the live streams once or twice a month is so that it does not become a signal service. You see on any given day I could win or lose so if traders copy my trades that day they could win or lose and that is ok. I'm not profitable every session. Now if I were to do live streams every day that would not only have tremendous slur from and educating perspective but also traders would make huge returns since I am very profitable overall. Something like that could not be free and I would have to charge trader a membership to trade live with me everyday. So by keeping it like this. I can offer free quality training and I wish more traders took advantage of what is happening here.

I believe most traders and this proves why the statistics are so high the wrong way is that they are lazy not willing to put in the work and free them themselves from the illusion. So they go on the hopeless and endless search for the manic green dot to buy and red dot to sell or the cross of this or the cross of that, you get the point. In the end lazy people work harder and get nowhere. They chase their own tell while everyone here has made significant progress and has a better idea of what the market is looking to achieve better then most. This my friends is called empowerment and you are just some practice away from leaving them in your wake.
If you fail to plan, you plan to fail.
  • #25,649
  • Feb 18, 2017 8:15am Feb 18, 2017 8:15am
Quoting Mr. Pip
{quote} I believe his post was maybe misunderstood. He will certainly answer for himself but I believe he meant it from the standpoint of educational value.
No problem. I just wanted to add my 2 cents.

I can only speak for myself, I thank you really for what you are doing and I try to learn and apply your teaching.
I am still not there where I want to be, but maybe one day I will be or I will have to conclude that I am not bright as others and I have to stop.

I still have to watch again your video about immediate order flow and longer term order flow, because my problem mentioned in an earlier post with respect to the video before the last still persists.
  • #25,650
  • Feb 18, 2017 8:52am Feb 18, 2017 8:52am
[quote=Mr. Pip;9572352]{quote} I believe his post was maybe misunderstood. He will certainly answer for himself but I believe he meant it from the standpoint of educational value.


Very well spoken as always Those who are willing to put in the work will succeed - this goes for every aspect of life
"The future is already written in the past"
  • #25,651
  • Feb 18, 2017 9:06am Feb 18, 2017 9:06am
Quoting evocpr19
{quote} Hi Mastermind, I do not understand the obsession to have a maximum of traders in it. If I were Mr. Pip, I would be more happy to see committed traders regardless of the exact number (around 50-70 is not bad at all in my opinion). Honestly, if the house were full like hell on those days, I would more ask myself the question if the sessions are missused as a signal service for entries. For me, the livestreams are of great value, because the thought process can be followed in realtime. This has for me a lot of educational value (regardless...
My comments revolve around the fact that I view the information presented as highly valuable and I've been around for a very long time.

There are trading rooms filled from time to time with hundreds of 'students' and all too often presented by smooth snake oil salesmen that would have trouble trading their way out of a wet paper bag.

The material here is filled with the good stuff ... hence my dismay at what I view as limited numbers in the context of what is being shared.

I view the live stream to gain insight and am never interested in 'milking' the presenters trades (I don't trade YM in any case).

I doubt Damian would be bothered about 'milking' spectators because if he was worried about that he simply wouldn't trade live on a live stream.

I suppose I'm a bit biased in that I'd like to see more than 100 in the live stream ... he deserves it!

Good trading,

Masterrmind...........
Master your Mind then Master your Trades
  • #25,652
  • Feb 18, 2017 9:10am Feb 18, 2017 9:10am
Quoting Mr. Pip
{quote} I believe his post was maybe misunderstood. He will certainly answer for himself but I believe he meant it from the standpoint of educational value. The are so many traders here jumping from thread to thread hopelessly looking for real answers and real knowledge that it's a shame more traders don't take advantage of what I'm doing here. No one does this for a reason. And it's because they can't. This is not a challenge to anyone as I don't hold pissing matches but it's the truth. The main reason that I do the live streams once or twice a...
Bingo!

Masterrmind........
Master your Mind then Master your Trades
  • #25,653
  • Feb 18, 2017 9:48am Feb 18, 2017 9:48am
Quoting Mr. Pip
{quote} Please point out where the entry took place and your thought process build your case for entry. I will help you grow but I need to see where you are at. I want to speak to you directly at your level. So build me your case and point out your entry.

Appreciate that, I have a long way to go but hope to level up soon.

I highlighted the entry with a black circle, The green arrow inside the circle shows the exact entry.

1: Due to the main swing ,green line marked X, I was only looking for shorts
with the target being the green line projected from D
2: Marked up the ABCD Pattern, D would have been a nice trade but I missed that.
3: It looked like A was likely still weak as the retest marked C was a deep retest
4: The marked light blue Areas are my areas of Interest(AOI), where I wanted to enter shorts
due to the SR or ticks played in these areas.
5: Measuring the swing just before my entry still allowed a 1:1 with a stop above the main swing
which is why I entered their.

I did close for just shy of a 1:1 as it was late Friday evening here but in hindsight I can see their were better places to enter the trade and where I entered was likely chasing price a little.

Would you have considered the trade? Is my thought process in the correct direction?
Thanks again for your time.
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  • #25,654
  • Feb 18, 2017 10:51am Feb 18, 2017 10:51am
Hey guys happy Saturday, hope everyone is enjoying their day off! I am just wishing the markets were open on weekends . I have been away from the forum (posting - still been reading, can't look away lol) for a bit and just taking my time on the lessons. I have just "finished" the order flow lesson and wanted to post a chart so I can be sure I am on the right track. I realize that I am pretty far behind most of you on the lesson content so I appreciate the feedback and time it takes to reply. Mr. Pip - of course a big thanks for what you do I would've lost interest in teaching long ago lol. I have a few questions that I haven't found in the thread yet (I'm on page 816): When the market closes for the weekend, do our expectations reset on Monday or can we expect the same price action to continue from last week? How does the 2-day break affect our expectations? Also - I remember reading something about FX trading vs. Options or Futures - couldn't find the post when I looked back for it. Mr. Pip, what kind of benefits do you notice when trading Futures over FX? I remember reading something about more fees in FX? Thanks in advance, here is my EUR/USD 15m. Yellow arrows = projection. Pink arrows = depth.

EDIT: My expectation is for a mid-range LH correction followed by a NSL - but I am about to learn the answer to my question about the market closure over the weekend I think .
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  • #25,655
  • Feb 18, 2017 12:01pm Feb 18, 2017 12:01pm
Quoting evocpr19
{quote} Hi Mastermind, I do not understand the obsession to have a maximum of traders in it. If I were Mr. Pip, I would be more happy to see committed traders regardless of the exact number (around 50-70 is not bad at all in my opinion). Honestly, if the house were full like hell on those days, I would more ask myself the question if the sessions are missused as a signal service for entries. For me, the livestreams are of great value, because the thought process can be followed in realtime. This has for me a lot of educational value (regardless...
I second that. I really hope that instead of becoming a large community, it stays a great friendly community. And from what I have seen, I am not so sure more in terms of numbers is good. Don't want here people saying Mr. Pip is "an idiot" because "we are entering the chinese calendar of the rooster", or "the Earths mass is shrinking". ( I guess I will never forget that day where I was insulted by stating that those were not good reasons to short the market and that one should always use stoplosses ).

But I honestly understand why there isnt great ( in terms of numbers only, it great in terms of the quality of the people ) following here. Its not easy to "start from scratch", read some thousand posts, learn, practice, doing it wrong, read again, pratice, do it wrong, read again , practice, do it right, next teaching , etc. If the thread below has a "Become millionaire on a day by following RSI or MACD or EMA's" ... Mr. Pip has no chance .

I have been a trader for one year and few months. I read more than 20 books, tried to reach out to alot of people and communities. So, two years ago I didn't even knew that currency exchanges were in pairs ( I guess my first broker got a good laught when I asked if I wanted to buy Dollars, why asking if in euros, gbp or jpy or chf or etc ). I sometimes wonder, if I am more interested in making money, or learning and getting a "true knowledge of the market".
  • #25,656
  • Feb 18, 2017 1:48pm Feb 18, 2017 1:48pm
Quoting Lundies10
{image}
Your expectation remains the same after the weekend.
Regarding spot FX and the futures market... spot FX brokers change the spread during low liquidity periods or very high volatility which can mess up even a very profitable trade. The futures market is regulated much better then the spot FX and there is no spread (there is a commission though).
  • #25,657
  • Feb 18, 2017 2:38pm Feb 18, 2017 2:38pm
Quoting pereiraalex
{quote} I second that. I really hope that instead of becoming a large community, it stays a great friendly community. And from what I have seen, I am not so sure more in terms of numbers is good. Don't want here people saying Mr. Pip is "an idiot" because "we are entering the chinese calendar of the rooster", or "the Earths mass is shrinking". ( I guess I will never forget that day where I was insulted by stating that those were not good reasons to short the market and that one should always use stoplosses ). But I honestly understand why there...
For me Quality over Quantity win hands down
Empower Your Mind
  • #25,658
  • Edited 6:21pm Feb 18, 2017 4:08pm | Edited 6:21pm
Sorry for the Rant:
There are three more variables that must be achieved before I will call myself a fulltime trader which are Order flow Determination, Situational Awareness and Repeated live practical experience during US session. Yes profitability, but that is a "direct reflection of good descison making." and mastering variables will help this. With Damien's help and ALOT (years) of screen time I have developed the necessary skills to find trades on the chart using ABCD completion, Orderflow, Structure, projection and depth(I call it breakdown), Rotation(which was HUGE), Ratios, Harmonics and SR-SD Zone(Support/Resistance,Supply/Demand) which what he marks but he just call them zone. I have learned to be a Purest in his teaching. I do peek in on the daily to look at over projection and depth applying same teachings. Not sure but I want to say I added a corrective determination based off pitch but it has give me confidence to add it to my rules to know where price will likely come back to based on it. I don't use 38.2 only 50,618 and 786 zone. Technically I can now say I am in the B+ area and just need to fine tune those variables.

Why this rant?
These variables were in full effect Friday during 2:00-5:00 EST. I determined when I sat down based on orderflow I wanted to go short(orange). Did my analysis and waited and read bar by bar up to the D completion point. I did take an aggressive trade with -7 loss. bullish bars with strong breakdown into area, but kept going. Was I upset no because I held price accountable and it achieved a NSH and got my to my completion point. Here's the situation awareness comes in. If I was expecting a NSH why didn't I trade long by finding short term flow to get in. There were two entries that were missed.

Lesson: Choose orderflow I want to trade and stick to it. After this I believe this will help. These are my thoughts any words of wisdom from the group. If I am off base let me know. Rubber meets the road Once I move and find a second shift job to join US session.
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Empower Your Mind
  • #25,659
  • Feb 18, 2017 6:43pm Feb 18, 2017 6:43pm
Quoting Avail
{quote} Appreciate that, I have a long way to go but hope to level up soon. I highlighted the entry with a black circle, The green arrow inside the circle shows the exact entry. 1: Due to the main swing ,green line marked X, I was only looking for shorts with the target being the green line projected from D 2: Marked up the ABCD Pattern, D would have been a nice trade but I missed that. 3: It looked like A was likely still weak as the retest marked C was a deep retest 4: The marked light blue Areas are my areas of Interest(AOI), where I wanted to...
Your trade was not that bad actually, I understand the thought process behind it. The only thing you could have done better was assess the strength of the bulls. Those lows were consistently rejected and very strongly and the bulls increased their will to by and take price deep to these the deeper areas of the main swing. Your entry swing showed good volume and decent momentum and you could have been a bit more patient on pulling the trigger looking for the better priced entry. The good thing is that your stop was in the right place and although you took some pain the overall market responded and price did come down to test support.
If you fail to plan, you plan to fail.
  • #25,660
  • Feb 18, 2017 6:57pm Feb 18, 2017 6:57pm
Quoting Lundies10
Hey guys happy Saturday, hope everyone is enjoying their day off! I am just wishing the markets were open on weekends . I have been away from the forum (posting - still been reading, can't look away lol) for a bit and just taking my time on the lessons. I have just "finished" the order flow lesson and wanted to post a chart so I can be sure I am on the right track. I realize that I am pretty far behind most of you on the lesson content so I appreciate the feedback and time it takes to reply. Mr. Pip - of course a big thanks for what you...
The expectation does not change until price changes it. We never know with exact certainty how long the expectation will hold as we can always into into a range and it may delay thing. But every new trading session we must see if the expectation is the same of if it has changed.

As for FX vs Futures. I am in love with the Futures market. There is not spread changes and the data is not filtered like the FX market data is. There are no games and everyone is equal from a pricing stand point. The cost will vary slight depending on which broker you go with some give you room to negotiate depending on how much money you bring to the table and how active are you.

The exchange fees are the same for everyone the difference is the commission. I pay 3.60 round turn per contract and there is no spread. So if I lock in 1 point I get a BE and a couple of bucks.

Since there is no spread you don't have to worry about the spread widening that the FX brokers do to take people out. There is just no funny business and If I ask for money in the morning it's in my bank account by the next morning always. In forex you have to wait until they feel like doing it. I was never the same amount of time. I'm never going back. You also have higher leverage in futures and that is good and bad.

Your expectation is correct. The projection was great so I would expect a more shallow then mid correction and you have nice structure just before the midway point. Let's see what the weekend does to it.
If you fail to plan, you plan to fail.
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