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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

  • #27,181
  • Mar 23, 2017 4:24pm Mar 23, 2017 4:24pm
NJ 4Hr Trade
Entered Short (a bit late). Noticed in the past that this pair goes in a sideways range for a few days before forming any new structure, so I had no worries of price running away and leaving me.
Price corrected Shallow and formed a Bearish Rotation at 23.6% so my TP set after the 161.8%.
Leaving SL in it's place for this trade. I entered a trade on this pair recently and was taken out at BE. (@ 79.500). If i hadn't done that I'd be still in this trade at even better RR. So not moving SL to BE this time.
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Play the hand you were dealt.
  • #27,182
  • Mar 24, 2017 2:52am Mar 24, 2017 2:52am
Quoting Maule
{quote} GN 4Hr Trade. Update#7 Target hit on 1st entry for +139 pips. Personal Comments/observations: I Noticed one particular live trade that Mr Pip did was during news time and the candles did not spike up/down. but if we trade FX during news time the candle always spikes. This got me thinking about the difference in Volatility between the FX and Futures markets. Along with what Mr Pip said about how FX brokers manipulate the spread. (I noticed my own in particular would widen the spread from 5 to 100 pips just before news.) So I conclude that...
You can get around that personal observation by using a broker that lets you put stops based on the opposite price ( ask for long or bid for short ). That way, they may widden the spread all they want, they are actually getting away from your stop.

There is one broker that I have my eye on that has such features. Maybe my next broker if I get problems with my current one. If you want, msg me to know which one it is. ( don't want to pub in here ).
  • #27,183
  • Mar 24, 2017 4:23am Mar 24, 2017 4:23am
Quoting pereiraalex
{quote} You can get around that personal observation by using a broker that lets you put stops based on the opposite price ( ask for long or bid for short ). That way, they may widden the spread all they want, they are actually getting away from your stop. There is one broker that I have my eye on that has such features. Maybe my next broker if I get problems with my current one. If you want, msg me to know which one it is. ( don't want to pub in here ).
It's okay. I've got no problems with the one I'm with. Just learning to adapt my own trading style to beat the system (thanks to Mr Pip's training) is more than enough.
Play the hand you were dealt.
  • #27,184
  • Edited 1:54pm Mar 24, 2017 4:26am | Edited 1:54pm
Short on USDJPY before Frankfurt Open (M5)
- Good R:R with stop initially above the swing high, then moved to BE.
- Looking to weather any re-trace from the short term 1:1 and aim for a re-test of the NSL.

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*Update
- After moving my SL several times, trying to lock in profit, I managed to give the trade enough room for a proper pullback.
- I then adjusted my TP to a few pips above the completion of the harmonic pattern as PA might not test the NSL within the day, and there was some structure below this level

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  • #27,185
  • Mar 24, 2017 9:23am Mar 24, 2017 9:23am
At the beginning of febuary i opened my first real live account after reading and practicing with this thread for nearly 2 years and having 3 months profitible in a row from november to january. I was keen to get going and full of confidence that i had "gotten it" and in my first month in febuary this proved correct with me being up by a decent amount, however this month has been a complete disaster i have given all that profit back and more money totalling around 10% of my trading funds. Its been very discouraging for me to go through this and i have not coped with the pain of it well, resulting in me trying to come back from loosing trades with very bad decision making to try to cover my losses. Ive taken a step back and i can see this month ive made so many total gamble trades that have been a result of the feeling of loosing. Ive wanted to succeed at this for so long and to be hit with this huge streak of losses has really left me doubting my own abilities as a trader. I really dont want to give up at this, ive spent 1000s of hours in front of the charts and would hate for this to be wasted, is anyone else perhaps going through something similar? >.<
  • #27,186
  • Mar 24, 2017 9:44am Mar 24, 2017 9:44am
Quoting Hazza88
At the beginning of febuary i opened my first real live account after reading and practicing with this thread for nearly 2 years and having 3 months profitible in a row from november to january. I was keen to get going and full of confidence that i had "gotten it" and in my first month in febuary this proved correct with me being up by a decent amount, however this month has been a complete disaster i have given all that profit back and more money totalling around 10% of my trading funds. Its been very discouraging for me to go through this and...
Hang in there! I've been in very dark places also. Doubting, wondering and just feeling like this is a lost cause. What helped and still helps me is asking myself "Is this really how I want to earn money ?" and the answer is yes. I still can't say that I'm earning a living out of trading but I have rented out my own apartment and I'm living with my mother and sister and I've dedicated myself to trading... no social life, no nothing ..the only other thing I do is workout at the gym and read books. If I have to I'll get somekind of a job but I'm not going to give up! Earning money is easy, earning money at your terms ...now that's pretty hard and IMO the sacrifice is well worth it. One other thing that I constantly remind myself is that if other people have done it, so can I.
  • #27,187
  • Mar 24, 2017 9:48am Mar 24, 2017 9:48am
Tough market to trade today being in a range. Will wait for price to give a better direction.
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  • #27,188
  • Mar 24, 2017 9:49am Mar 24, 2017 9:49am
Thanks for the encouragement, im actually doing this full time too, i have rented someone very cheap and i dedicate every day to this, although im slowly running out of funds to support myself without taking money from my "trading" funds. I really want to make this work more then anything but this has been the toughest month on record, with pretty much every day being a huge loosing day. Just as i wrote this i just got stopped out again! haha its unbelieveable.

I know the projection on the last push up was crap but the bears seemed weak coming down is this a trade i should not of taken?

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  • #27,189
  • Mar 24, 2017 10:00am Mar 24, 2017 10:00am
Quoting Hazza88
Thanks for the encouragement, im actually doing this full time too, i have rented someone very cheap and i dedicate every day to this, although im slowly running out of funds to support myself without taking money from my "trading" funds. I really want to make this work more then anything but this has been the toughest month on record, with pretty much every day being a huge loosing day. Just as i wrote this i just got stopped out again! haha its unbelieveable. I know the projection on the last push up was crap but the bears seemed weak coming down...
I think we have all been there. I do. But I am learning and trade small amounts until I get more confident.
If you can’t take a small loss, take the mother of all losses.
  • #27,190
  • Mar 24, 2017 10:15am Mar 24, 2017 10:15am
Quoting Hazza88
At the beginning of febuary i opened my first real live account after reading and practicing with this thread for nearly 2 years and having 3 months profitible in a row from november to january. I was keen to get going and full of confidence that i had "gotten it" and in my first month in febuary this proved correct with me being up by a decent amount, however this month has been a complete disaster i have given all that profit back and more money totalling around 10% of my trading funds. Its been very discouraging for me to go through this and...
Totally agree with x3n-PippiN. I have been there so many times and the question I like to ask myself is - Would I regret if I died tomorrow knowing that I did not give my all to becoming a consistantly profitable trader? And if the answer is 'Yes' - then what the hell am I even contemplating on giving it all up? There is a video I saw recently which sums it all up..... The bottom line is 'Don't give up till you succeed!'
  • #27,191
  • Mar 24, 2017 10:25am Mar 24, 2017 10:25am
Was looking to long at the Golden Ratio upon completion of the 1 to 1 but the momentum and strength of the bears is very worrisome.
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  • #27,192
  • Mar 24, 2017 10:58am Mar 24, 2017 10:58am
Quoting Milfortra
Was looking to long at the Golden Ratio upon completion of the 1 to 1 but the momentum and strength of the bears is very worrisome. {image}
Long.
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  • #27,193
  • Mar 24, 2017 11:14am Mar 24, 2017 11:14am
Quoting Milfortra
{quote} Long. {image}
SL
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  • #27,194
  • Mar 24, 2017 11:46am Mar 24, 2017 11:46am
Quoting Hazza88
At the beginning of febuary i opened my first real live account after reading and practicing with this thread for nearly 2 years and having 3 months profitible in a row from november to january. I was keen to get going and full of confidence that i had "gotten it" and in my first month in febuary this proved correct with me being up by a decent amount, however this month has been a complete disaster i have given all that profit back and more money totalling around 10% of my trading funds. Its been very discouraging for me to go through this and...
https://www.youtube.com/watch?v=ja-n5qUNRi8&t=7s
  • #27,195
  • Mar 24, 2017 1:12pm Mar 24, 2017 1:12pm
I feel you there Hazza88. I was doing great all month and then this week I got utterly destroyed. From accidentally putting a too large of a lot size right when news hit against me to being turned around in order flow. Just persevere brother, it'll be worth it in the end. Just keep this quote in mind and keep pushing because in the end you'll be happy you never gave up.

"The best feeling in the whole world is watching things finally fall into place after watching them fall apart for so long." -Unknown
  • #27,196
  • Mar 24, 2017 1:28pm Mar 24, 2017 1:28pm
Quoting Hazza88
Thanks for the encouragement, im actually doing this full time too, i have rented someone very cheap and i dedicate every day to this, although im slowly running out of funds to support myself without taking money from my "trading" funds. I really want to make this work more then anything but this has been the toughest month on record, with pretty much every day being a huge loosing day. Just as i wrote this i just got stopped out again! haha its unbelieveable. I know the projection on the last push up was crap but the bears seemed weak coming down...
Have been there many times. I was a profitable trader until the rate hike. March is not good for many traders. Especially EU that hits the roof of 108. And UJ that drops like a rock to 110. Maybe should try more crosses.
  • #27,197
  • Mar 24, 2017 1:38pm Mar 24, 2017 1:38pm
Quoting Hazza88
At the beginning of febuary i opened my first real live account after reading and practicing with this thread for nearly 2 years and having 3 months profitible in a row from november to january. I was keen to get going and full of confidence that i had "gotten it" and in my first month in febuary this proved correct with me being up by a decent amount, however this month has been a complete disaster i have given all that profit back and more money totalling around 10% of my trading funds. Its been very discouraging for me to go through this and...
Hi Hazza88,
I think you have pretty much diagnosed and fixed the problem yourself. You took a step back, looked at all of your losing trades, and saw where you went wrong. I assume you strayed from your trading plan and traded with your emotions. Maybe take another look at your trading plan and see what the results would have been had you stuck by it. This should give you back that confidence in knowing that your system does work, and if you stick by it, you will be profitable.
  • #27,198
  • Mar 24, 2017 10:35pm Mar 24, 2017 10:35pm
Hello everybody,

I know I have been away for a while but duty called (military deployment) but I have been following the forum and watching all the videos from Damian! (thank you again for that sir). Anyways I finally got a live account going with small deposit just to have a feel of trading for real money instead of demo trading, which I've been doing now for a while. Because of my work schedule I have decided that it was best for me to trade the higher timeframes (normally 4H and 1H charts). Now I took this trade today with the EUR/JPY and everything seemed to line up perfectly, at least in my eyes lol... but that last candle of the day got me worried. Did I miss something or should I be content that I made a good decision regardless of the outcome? Any suggestions are very much appreciated. Good weekend to all.
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  • #27,199
  • Mar 25, 2017 6:15am Mar 25, 2017 6:15am
Quoting jlares
Hello everybody, I know I have been away for a while but duty called (military deployment) but I have been following the forum and watching all the videos from Damian! (thank you again for that sir). Anyways I finally got a live account going with small deposit just to have a feel of trading for real money instead of demo trading, which I've been doing now for a while. Because of my work schedule I have decided that it was best for me to trade the higher timeframes (normally 4H and 1H charts). Now I took this trade today with the EUR/JPY and everything...
Perspective/Expectation
From a short term structure perspective, once it broke structure(noted by big red candle) the expectation should have continued to the downside because of high volume in that candle,but it didn't. That was the first clue. Second clue from a bar-bar perspective there was rejection to the upside that failed. Third clue when price reached AOI(area of interest) and gave you a bearish signal take note of the previous two candles. They rejected to the downside which suggest bullish intent is to take price higher or the very least bull are still in play. Lastly, once price reached your AOI take note of the correction(depth) that was created. There was an increase depth. Increase depth=likely reversal or shallow projection.

Hope it helps and made sense to you. Hope the trade works out. It may open higher next week its a wait and see
Empower Your Mind
  • #27,200
  • Mar 25, 2017 9:33am Mar 25, 2017 9:33am
Quoting Hazza88
At the beginning of febuary i opened my first real live account after reading and practicing with this thread for nearly 2 years and having 3 months profitible in a row from november to january. I was keen to get going and full of confidence that i had "gotten it" and in my first month in febuary this proved correct with me being up by a decent amount, however this month has been a complete disaster i have given all that profit back and more money totalling around 10% of my trading funds. Its been very discouraging for me to go through this and...
Hello Hazza,
I think any trader questions themselves at some point, it is not an easy game. I always hear that 95% of traders give up, but no idea if that is actually accurate. Let me ask you a question, has your focus only been on currency pairs? If you read across threads from other professional and successful traders: Mr Pip& Rocky from ForexFactory or FuturesTrader71 & Big Mike from Futures io; what they have in common is that none of them trade currency because they realized long ago there are much more profitable markets to trade.

Also, I will add my opinion about something as it relates to psychology. We can't all just implement a foreign system tic for tac and expect the same level of consistency or profits. A person's system must be built upon what they honestly believe for it to truly empower their trading. I've learned a lot from many traders. Damian is one of the best and a great mentor to us all but he's been in this business for many years and due to that experience alone, I believe he still has subconscious advantages that many new traders who adapted his system still would not have. So all I can say is never stop looking and learning, there are so many different ways to trade and analyze the market, you have to find the one that fits your personality. For example most of my success lately, with limited time to trade NY/Chicago hours has come from scalping crude with footprint charts and volume profile. I'm not at a point where I am ready to quit my day job but feel confident that the day will be here soon. Also, one last note on risk:reward, remember the stop loss is your decision and Mr Pips system sets the stops at the tops and bottoms of legs. But just because he does, does not mean you have to adapt that same method. Trading crude for example I am trying to catch the bottoms and tops within a few ticks, and usually set my stop loss at a max of 5-10 ticks. If the market goes against me, it is an easy loss to swallow and I can look for a much better entry without being psychologically damaged and going into gambling/recover mode. Ultimately, once we enter the market, the market will do what it do, all we can control is our risk.

Just food for thought my friend, I've appreciated reading your contributions on this thread and honestly hope everyone here who aspires to become a full time trader can achieve that goal.
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