If you fail to plan, you plan to fail.
Ratios & Harmonics: a Different Way to Trade
- #25,761
- Feb 21, 2017 11:27am Feb 21, 2017 11:27am
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
- #25,766
- Feb 21, 2017 12:55pm Feb 21, 2017 12:55pm
- | Joined Mar 2016 | Status: Trader | 1,068 Posts | Online Now
- #25,768
- Feb 21, 2017 1:16pm Feb 21, 2017 1:16pm
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
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
If you fail to plan, you plan to fail.
- #25,769
- Feb 21, 2017 1:46pm Feb 21, 2017 1:46pm
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!
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!
- #25,772
- Feb 21, 2017 2:32pm Feb 21, 2017 2:32pm
- | Joined Mar 2016 | Status: Trader | 1,068 Posts | Online Now
NQ +9.25 {image}
Patience would have paid on this as my target was the 47.25 that it eventually hit.
- #25,774
- Feb 21, 2017 5:36pm Feb 21, 2017 5:36pm
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #25,775
- Feb 21, 2017 5:37pm Feb 21, 2017 5:37pm
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #25,776
- Feb 21, 2017 5:38pm Feb 21, 2017 5:38pm
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #25,777
- Feb 21, 2017 5:38pm Feb 21, 2017 5:38pm
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #25,778
- Feb 21, 2017 5:39pm Feb 21, 2017 5:39pm
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #25,779
- Feb 21, 2017 5:48pm Feb 21, 2017 5:48pm
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
