blue area is my area for shorts...
Ratios & Harmonics: a Different Way to Trade
- #26,963
- Mar 16, 2017 7:30pm Mar 16, 2017 7:30pm
I have no time to trade, because of work and a birthday
Hehe.. similar. I'm also working.
But my work is forex. About 6 months ago, i switched into a FX risk mitigation job - hedging FX exposures.
“Choose a job you love, and you will never have to work a day in your life,” Confucius once said.
That aside, all my time (during work and off work) is used for:
a) thinking of strategies and testing all sorts of EA. Was hoping to get a stable stream of income from auto trading then I can concentrate on manual trading. Unfortunately I came to the conclusion that not one EA can be left unattended. Situations change but EA do not change. So, EA can be used only with proper supervision.
b) manual trading and learning from Mr Pip. I find that success rate is very high when longer TF conforms to shorter TF.
-i) Use 1H to check for potential entries. Use structure analysis and basic order flow (momentum, projection, depth), supply and demand, to draw a zone for potential entry (PRZ).
-ii) Use 133 ticks for entries. Once price gets into the target zone, use short term order flow and bar by bar analysis to decide whether to enter or not.
-iii) TP & SL is based on the 1H chart.
*This method is similar to Mr Pip's method. He uses 233 ticks and 1597 ticks.
*One of the pitfall of this method is lesser entries because the Longer TF and Shorter TF must conform. But sucess rate is higher.
- #26,965
- Mar 17, 2017 5:55am Mar 17, 2017 5:55am
CHFJPY Short (M5) from this morning.
- Long Term, price had completed an AB=CD to the downside and a retracement to the 61.8 Fib of the overall swing.
- The rotation candle was not great as it traded a fair way above it's open.
- Stop placed above the 61.8 fib level and above an area which price had rejected several times previously (PA almost stopped me out as it made an upside completion)
- Exited manually as I was on my mobile and though I'd get out before PA reached the next PRZ. I also wanted to lock in some pips this week as I've had a few break evens, and I decided a 1:1.5 RR was a good result.
- Long Term, price had completed an AB=CD to the downside and a retracement to the 61.8 Fib of the overall swing.
- The rotation candle was not great as it traded a fair way above it's open.
- Stop placed above the 61.8 fib level and above an area which price had rejected several times previously (PA almost stopped me out as it made an upside completion)
- Exited manually as I was on my mobile and though I'd get out before PA reached the next PRZ. I also wanted to lock in some pips this week as I've had a few break evens, and I decided a 1:1.5 RR was a good result.
{quote} Yeah the bulls really need to step in right about now
It looks like it is just doing the same as yesterday, which ended up a losing day for me
.Never mind. You have to be in it to win it
- #26,975
- Mar 17, 2017 7:57am Mar 17, 2017 7:57am
{quote} I think the bulls have all gone home now. It looks like it is just doing the same as yesterday, which ended up a losing day for me
{quote} There still some hope for me, my stops below the swing low, so its not over just yet the bears have 1 more big hurdle to get through, good attitude though
Would really like to see the bears start to look like they are rolling over though before it gets down there though.
Bulls still showing no real strength, its not looking good, one can only keep their fingers crossed and hope for the best
Just need them to come in and start taking it back from the bears.