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Ratios & Harmonics: a Different Way to Trade

  • #27,101
  • Mar 21, 2017 3:13am Mar 21, 2017 3:13am
Took a loss on the CHFJPY this morning.
SL was above the swing high, so PA had to make a NSH to take me out, which it did.
And I'm fine with that, as long as it doesn't happen all of the time ha.

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  • #27,102
  • Mar 21, 2017 3:33am Mar 21, 2017 3:33am
Quoting jmezz
I think a couple of you asked where I've been... I've been a little busy but also still trading. Working some new things into my methodology and don't feel this thread is the place to share them as I don't want to derail it. Also don't think there's much else I can do in this thread to bring value to it. I'll check in from time to time though, good luck.
Hi jmezz, it's good to see you around. Your contributions to the thread were very helpful and much appreciated as u know it. I also think that it's good to test and try new methods so that we could grow as traders and improve ourselves. But don't let that stop you from posting here anytime you feel like.

good luck with your trading and green pips.
  • #27,103
  • Mar 21, 2017 3:40am Mar 21, 2017 3:40am
Quoting Milfortra
{quote} I thought that you would still be holding this trade since you said that you were leaving from work. Sorry to hear that you did not grab the full TP as anticipated. On to the next!
yes, i left from work. went home, had dinner (while keeping an eye at the screen) and the market was still holding around the same price. and when i finished dinner I felt too tired to stay in front of computer to attend the trade, so thought let's close it at BE as probably price will hang around for the rest of the day. and a few minutes after i did that price finally moved into the anticipated place. it would have been a good trade but then again...i've been in so many good trades where market has taken me out at BE for a pip and then continued in my direction so that it doesn't bother me anymore.
  • #27,104
  • Mar 21, 2017 3:49am Mar 21, 2017 3:49am
Quoting finfresh
Took a loss on the CHFJPY this morning. SL was above the swing high, so PA had to make a NSH to take me out, which it did. And I'm fine with that, as long as it doesn't happen all of the time ha. {image}
Hi finfresh, just my 2 cents on your trade, first your R:R is excellent but as Mr.Pip said in his video around 78.6% fibo and above R:R is good because risk is also higher.
On your graph we can see that bear momentum was weak, there was also a complex correction and price broke with bull and good bull momentum, as you enter around 78.6% after a nice bear engulfing i would probably keep my risk smaller and set my SL above the 113.200 key level which if the price broke this level it is a refutation of possible NSL. But of course keep in mind that your R:R is still excellent for this kind of trade.

Regards
Ockham
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There is no way to happiness , happiness is the way.
  • #27,105
  • Mar 21, 2017 3:50am Mar 21, 2017 3:50am
Quoting Maule
{quote} EJ 4hr Update#1 Same as above. {image}
i have no idea how this trade is going for you but you should note that price made a 1/1 harmonic move to the upside and then retraced. You entered in line with order flow but pls remember that it's not uncommon for price to retrace deeper after a harmonic move. So, in that case the stop should be placed at least below 61.8% of the ABCD swings (or harmonic moves). wonder if i made myself clear. good luck.
  • #27,106
  • Mar 21, 2017 3:59am Mar 21, 2017 3:59am
Quoting Ockham
{quote} is this possible to trade futures with a 2k$ account ? was thinking that the minimum deposit was 10K$ ..?!
yes it is possible to trade futures with just 2k$ but note that when trading futures you have only round number of contracts. you cannot trade less than one contract, which is equivalent to one full LOT in forex. for YM one pip is 5$, for ES it is 12.5$ for 6E (which is euro futures, equivalent to EUR/USD pair) it is 10$. OK?
I'd say a minimum to have in your account is 5k$ and to trade YM only (Which similar to having 10k$ for trading E/U, right?). And then, don't measure your trading by the money you make, but focus only on how many pips you take.
  • #27,107
  • Mar 21, 2017 4:52am Mar 21, 2017 4:52am
Quoting Maule
{quote} EJ 4Hr Update#2 Starting to turn in my favor. {image}
EJ 4Hr Trade. Update#3
Short term Order Flow in line with long term Order Flow. Price now up +21 pips in my favor.
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Play the hand you were dealt.
  • #27,108
  • Mar 21, 2017 4:52am Mar 21, 2017 4:52am
EU m5 finally stopped @be +41 nice run for a 6 pips stop loss.

and UJ m5 stopped 2 times @be +1 and +4 may be the third time is good for a run as well, trade already protected.
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There is no way to happiness , happiness is the way.
  • #27,109
  • Mar 21, 2017 4:53am Mar 21, 2017 4:53am
Quoting ujku80
{quote} i have no idea how this trade is going for you but you should note that price made a 1/1 harmonic move to the upside and then retraced. You entered in line with order flow but pls remember that it's not uncommon for price to retrace deeper after a harmonic move. So, in that case the stop should be placed at least below 61.8% of the ABCD swings (or harmonic moves). wonder if i made myself clear. good luck.
Thanks for pointing that out. So busy monitoring multiple pairs the fine details are easy to miss. It's good to have another set of eyes watching my trades.
Play the hand you were dealt.
  • #27,110
  • Mar 21, 2017 4:58am Mar 21, 2017 4:58am
Quoting Maule
{quote} GN 4Hr Update#2 2nd entry at better price and RR. {image}
GN 4Hr Trade. Update#3
Second Trade up +84 pips. Rescue Mission Success.

On a side note. I will stop moving SL to BE and observe how that goes for the next few trades. If successful, i'll make that a permanent part of my trading plan.
Reason: I realize FX is more volatile than Futures so that's why we all keep getting BE Trades.
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Play the hand you were dealt.
  • #27,111
  • Mar 21, 2017 5:01am Mar 21, 2017 5:01am
Quoting ujku80
{quote} yes it is possible to trade futures with just 2k$ but note that when trading futures you have only round number of contracts. you cannot trade less than one contract, which is equivalent to one full LOT in forex. for YM one pip is 5$, for ES it is 12.5$ for 6E (which is euro futures, equivalent to EUR/USD pair) it is 10$. OK? I'd say a minimum to have in your account is 5k$ and to trade YM only (Which similar to having 10k$ for trading E/U, right?). And then, don't measure your trading by the money you make, but focus only on how many pips...
Thanks ujku80, yes will probably be something like under pressure to trade @10$/pip for a 2k$ K, of course most important at the begining it is to focus on trade and not on results.
Will probably start a challenge soon with Mr.Pip system and with his MM smooth ratio, trying something like 1k€ to 10k€ risking 2% by trade that could be interesting with my tight SL as you can see on all my charts, will attached a TE when i'll start this.
There is no way to happiness , happiness is the way.
  • #27,112
  • Mar 21, 2017 5:02am Mar 21, 2017 5:02am
Quoting Ockham
{quote} Thanks ujku80, yes will probably be something like under pressure to trade @10$/pip for a 2k$ K, of course most important at the begining it is to focus on trade and not on results. Will probably start a challenge soon with Mr.Pip system and with his MM smooth ratio, trying something like 1k to 10k risking 2% by trade that could be interesting with my tight SL as you can see on all my charts, will attached a TE when i'll start this.
Maybe you could include Scaling in/ scaling out to manage risk as well? Just a suggestion.
Play the hand you were dealt.
  • #27,113
  • Edited 6:36am Mar 21, 2017 5:05am | Edited 6:36am
Quoting Maule
USDCAD 4hr Short {image}
USDCAD 4Hr Trade. Update#1
Price just moving sideways at entry point.
Up coming news in 2 hours. "Core Retail Sales".
The Major Players are on the sidelines till that comes out I guess...
I'm off to the day job. Stops in Place. Letting it run.
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Play the hand you were dealt.
  • #27,114
  • Mar 21, 2017 5:29am Mar 21, 2017 5:29am
Quoting Maule
{quote} Thanks for pointing that out. So busy monitoring multiple pairs the fine details are easy to miss. It's good to have another set of eyes watching my trades.
u seem to be doing great. keep up.
  • #27,115
  • Mar 21, 2017 6:22am Mar 21, 2017 6:22am
Quoting Maule
{quote} Maybe you could include Scaling in/ scaling out to manage risk as well? Just a suggestion.
sorry i don't understand what do you mean by scaling in/out to manage the risk ?
There is no way to happiness , happiness is the way.
  • #27,116
  • Mar 21, 2017 6:24am Mar 21, 2017 6:24am
UJ m5 after 2 attempt @be+ the third was the good one ! tp1 80% @+30 pips new SL @+15 ready to test the previous NSL
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There is no way to happiness , happiness is the way.
  • #27,117
  • Mar 21, 2017 6:25am Mar 21, 2017 6:25am
the power of harmonics:
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whoever says that harmonics doesn't work and that market is random deserves to be hanged at dawn.

anyway, situation for YM is that we just completed a nice harmonic move to the upside (pink lines) and those moves came with good momentum (compare the slope of the recent swing to the slope of the previous up-swings in the image above). Immediate support zone is around 870-850. going long would require stop to be placed at least below 850 which lies below 61.8% of the ABCD (pink harmonic line) moves and below the recent short term swing. see image below.

let's see how situation unfolds...
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  • #27,118
  • Mar 21, 2017 6:33am Mar 21, 2017 6:33am
Quoting Milfortra
{quote} Very very nice Hazza88!.
Cheers mate, hope we all have a profitable session today
  • #27,119
  • Mar 21, 2017 6:50am Mar 21, 2017 6:50am
Quoting Ockham
{quote} sorry i don't understand what do you mean by scaling in/out to manage the risk ?
It's like when Mr Pip does a "Rescue Mission" on a few of his live trades.
Lets say you were entering with 2 contracts. Scaling in would be entering twice with 1 contract.
Your first entry would with one contract and your second entry would be with one contract as well, for a total of two. It's simply splitting up your order.
Lets say your expectation is for a NSH, Mr Pip's training says to enter at the next HL. So you enter at the first HL with 1 contract instead of 2. Price then Forms a NSH then another HL but you're still in the trade. You simple re-enter (scale in) with another 1 contract at the new HL. Overall you've entered (scaled in) with two contracts.
scaling out would be the opposite. Lets say price reaches your target but you think it can go further.. Scaling out would be taking partial profit, moving the SL to Break even for a risk free trade and letting profits run.
Hope that helps. NB it isn't necessary by the way, just a suggestion. Do what works for you.
Edit: good thing about scaling in is if you made a bad entry and SL is hit, you only lose half.
Play the hand you were dealt.
  • #27,120
  • Mar 21, 2017 7:09am Mar 21, 2017 7:09am
Quoting ujku80
...whoever says that harmonics doesn't work and that market is random deserves to be hanged at dawn
This is a phenomenon you can see easily after the fact. Very difficult to exploit at the right edge of the chart. Remember that with any charting technique, theres a human tendency to look at the chart and only see cases where the rule holds. We ignore the multitude of cases where the rule doesnt hold. As a result, you might judge that those events are more frequent and possible than others. You give greater credence to this information and tend to overestimate the probability and likelihood of similar things happening in the future.
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