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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

  • #25,761
  • Feb 21, 2017 9:27am Feb 21, 2017 9:27am
Today's music

https://youtu.be/Z-LyvotnXBA
If you fail to plan, you plan to fail.
  • #25,762
  • Feb 21, 2017 9:29am Feb 21, 2017 9:29am
Quoting Forthebulls
Morning traders, Ninjatrader question for anyone who can help. I have moved away from FXCM to Ninjatrader and am currently using the Free direct version. However, it seems they won't allow me to associate a SL or TP with the ticket? Am I missing something? That field of the ticket is greyed out and non-selectable. {image}
the free version lacks chart trading and OCO orders. you need to do everything manually.
  • #25,763
  • Feb 21, 2017 9:42am Feb 21, 2017 9:42am
Quoting as002
{quote} the free version lacks chart trading and OCO orders. you need to do everything manually.
Thanks! May need to look at purchasing the license sooner than planned.
  • #25,764
  • Feb 21, 2017 10:11am Feb 21, 2017 10:11am
Took a long on 6J on a 233 tick chart. +13 ticks
Price had made a 1 tick lower NSL and then made a NSH on the immediate OF. Momentum to the downside was weaker then previous down move so I entered on strong rotation and trailed per rules. Price did not manage to hit the 1:1 completion.
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  • #25,765
  • Feb 21, 2017 10:31am Feb 21, 2017 10:31am
Quoting Mr. Pip
Today's music https://youtu.be/Z-LyvotnXBA
my sound isnt' working but that is some sweet music right there
Bulls nor Bears may hide their intent.
  • #25,766
  • Feb 21, 2017 10:55am Feb 21, 2017 10:55am
Quoting x3m-PippiN
{quote} Have you considered some type of SL trailing when presented with a situation like your second trade ?
I was thinking of leaving it at +2 ticks but price was having an issue getting below that close and we had an untested break down above.

Had I trailed I would have been taken out around the same area regardless because it would have been above that last big red bar right before price tested the close.

IME with scenarios such as this, majority of the time it's just better for me to bail on the trade with profit in hand and see if there's a re entry possible. Otherwise, I'll just get taken out at b/e or w/e.

Had price not been struggling with the prior close I most likely would have left it b/e.

If I were trading multiple contracts I'd have scaled 1 and kept the other at b/e for lower.
  • #25,767
  • Feb 21, 2017 11:05am Feb 21, 2017 11:05am
Thanks damian, appreciate the long video. learned loads.
Important lessions learned
1) Drawing 2 lines makes resistance stronger
2) Its ok to make your wife wait (:

Just kidding
  • #25,768
  • Feb 21, 2017 11:16am Feb 21, 2017 11:16am
Quoting DonaldTrunk
Thanks damian, appreciate the long video. learned loads. Important lessions learned 1) Drawing 2 lines makes resistance stronger 2) Its ok to make your wife wait (: Just kidding
Specially those two points
If you fail to plan, you plan to fail.
  • #25,769
  • Feb 21, 2017 11:46am Feb 21, 2017 11:46am
Hi Mr. Pip,
First off, thankyou very much for this thread.
Just by looking at the number of experienced traders posting here, I can see you have put together something really special. Good Work.
One of the main things I have taken out of your method is where stop losses should be placed and why.
If I was wrong, I now have a reason to be wrong, namely the market didn't agree with my expectations. Not just a randomly placed stop.
I tried the M1 charts yesterday, which failed dismally (as per reasons you mentioned in a post in the last day or so, which I agreed with 100%).
I thought I'd need the M1 chart to get more setups for short term order flow during the hours I'm at the computer, but as you said, there was basically too much clutter.
This morning, I traded the EJ using the M5, and I saw that there was more than enough short term order flow to keep me occupied.
My two images show the trade I took.
The way I saw it, long term order flow was bearish.
I entered above the 61.8 fib level (good R:R) on a strong move down from the bears beneath previous candles. Stop was above the 100 level.
I kept my trailing stop pretty close (too close in the end).
My TP was initially at the 00 fib.
I think I got a bit confused and trailed my stop based on short term order flow, when I was initially trading the longer term flow.
In hindsight, I could have made a few trades on the short term order flow (I almost pulled the trigger on one) and given my original trade more breathing space.
Please tell me what you think.
Thanks,
Finfresh

P.S. Sorry for the ugly looking charts. I will have to figure out away to work on my chart presentation skills!

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  • #25,770
  • Feb 21, 2017 11:52am Feb 21, 2017 11:52am
Quoting DonaldTrunk
Thanks damian, appreciate the long video. learned loads. Important lessions learned 1) Drawing 2 lines makes resistance stronger 2) Its ok to make your wife wait (: Just kidding
You can only do the second point when you are a professional trader.

If not, your wife will kick your ass ! Experience talking !
  • #25,771
  • Feb 21, 2017 11:56am Feb 21, 2017 11:56am
thnk you sir can you give me an indicateur to draw harmonic
  • #25,772
  • Feb 21, 2017 12:32pm Feb 21, 2017 12:32pm
Quoting jmezz
NQ +9.25 {image}
+2 more pts so +11.25 today.

Patience would have paid on this as my target was the 47.25 that it eventually hit.

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  • #25,773
  • Feb 21, 2017 2:43pm Feb 21, 2017 2:43pm
Thanks for the long video Mr Pip. What I got out of it was the need to have a Trading Plan on paper and infront of you at all times. I got over confident and trade without one because everything's still fresh in my mind. Leaned the hard way. Going to put all that knowledge down on paper tonight.
Play the hand you were dealt.
  • #25,774
  • Feb 21, 2017 3:36pm Feb 21, 2017 3:36pm
Quoting finfresh
Hi Mr. Pip, First off, thankyou very much for this thread. Just by looking at the number of experienced traders posting here, I can see you have put together something really special. Good Work. One of the main things I have taken out of your method is where stop losses should be placed and why. If I was wrong, I now have a reason to be wrong, namely the market didn't agree with my expectations. Not just a randomly placed stop. I tried the M1 charts yesterday, which failed dismally (as per reasons you mentioned in a post in the last day or so, which...
Nice work!
If you fail to plan, you plan to fail.
  • #25,775
  • Feb 21, 2017 3:37pm Feb 21, 2017 3:37pm
Quoting pereiraalex
{quote} You can only do the second point when you are a professional trader. If not, your wife will kick your ass ! Experience talking !
There is a lot of truth to that.
If you fail to plan, you plan to fail.
  • #25,776
  • Feb 21, 2017 3:38pm Feb 21, 2017 3:38pm
Quoting abdelmadjida
thnk you sir can you give me an indicateur to draw harmonic
I use no indicators sorry. I teach traders how to read the chart and draw everything by hand. No short cuts.
If you fail to plan, you plan to fail.
  • #25,777
  • Feb 21, 2017 3:38pm Feb 21, 2017 3:38pm
Quoting jmezz
{quote} +2 more pts so +11.25 today. Patience would have paid on this as my target was the 47.25 that it eventually hit. {image}
You were on fire today!
If you fail to plan, you plan to fail.
  • #25,778
  • Feb 21, 2017 3:39pm Feb 21, 2017 3:39pm
Quoting Maule
Thanks for the long video Mr Pip. What I got out of it was the need to have a Trading Plan on paper and infront of you at all times. I got over confident and trade without one because everything's still fresh in my mind. Leaned the hard way. Going to put all that knowledge down on paper tonight.
Awesome great!
If you fail to plan, you plan to fail.
  • #25,779
  • Feb 21, 2017 3:48pm Feb 21, 2017 3:48pm
Hello Traders,

Here is the link to the live stream. It was a very long one and also another small losing day. There are lots to good content if you can sit through it. We had lots of time to talk about non trading things as well. I am looking for a session when the market is flowing and offers multiple opportunities but unfortunately it has not been the case. We will fine it the last two live streams have been technically productive but not profitable and I'm fine with that. As long as we can learn for it then overall its a win for me and you.

We will see what day next month we choose. It will be complicated as my wife is due on the 15 of March.

https://youtu.be/mPYANGvOvEM
If you fail to plan, you plan to fail.
  • #25,780
  • Feb 21, 2017 7:37pm Feb 21, 2017 7:37pm
Hi, I have identified a possible setup on AUDJPY.
However, I have not sighted any good rotation. Would you guys sit on the side lines as well?

Order flow + Structure but lacking good rotation entry.
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