If you fail to plan, you plan to fail.
Ratios & Harmonics: a Different Way to Trade
- #28,221
- Apr 26, 2017 8:24am Apr 26, 2017 8:24am
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
- #28,222
- Apr 26, 2017 8:27am Apr 26, 2017 8:27am
- | Joined Mar 2016 | Status: Trader | 1,068 Posts
YM Want to long for that ONH as long as we're holding 967
Left more on the table but target was reached.
- #28,223
- Apr 26, 2017 8:31am Apr 26, 2017 8:31am
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #28,225
- Edited 9:00am Apr 26, 2017 8:45am | Edited 9:00am
Looking for a short at structure (882 area). Price made a 1 to 1, structure is at 61.8. Lets see.
EDIT: Or could this last swing be a hail mary by the bears since there is significant break down prior???
EDIT: Or could this last swing be a hail mary by the bears since there is significant break down prior???
- #28,226
- Apr 26, 2017 10:58am Apr 26, 2017 10:58am
Looking for a short at structure (882 area). Price made a 1 to 1, structure is at 61.8. Lets see. EDIT: Or could this last swing be a hail mary by the bears since there is significant break down prior???
- #28,227
- Edited 11:16am Apr 26, 2017 11:05am | Edited 11:16am
- | Joined Jan 2016 | Status: Trader | 1,719 Posts
- #28,228
- Apr 26, 2017 11:49am Apr 26, 2017 11:49am
- | Joined Mar 2016 | Status: Trader | 1,068 Posts
{quote} I'm thinking it was a hail mary? What do you guys make of this? Waited for price to get to the 61.8, entered short and immediately taken out. My stop placement was not ideal AND there was breakdown in the bears before this correction. Any signs on here that I missed that might say "don't enter"? {image}
Here are some points I would have been looking at:
Nice entry, right at short term supply. However, due to the slope of the decline flattening out and basing, I may have been a little bit more diligent with moving to a b/e or locking some in at the opposing structure test (.0862).
And a couple points here...
I like to keep my main focus on the current leg that price is in, and the leg that price is retracing. I do this because significant peaks and valleys on the way up will be significant on the way down (and vice versa). Once price broke and started to retrace the large leg up I'd be making note of the significant levels. I did not draw all of them as to not clutter the chart, but I did draw 2 which were relevant to the area price was in when you took your trade. When price encounters these levels they will almost always pop / fade or at the very least, pause. Therefore, it's a good idea to keep in mind what you are trading into and what happens to momentum.
Also, you'll see a blue line and a red line off to the bottom left - these are daily open / daily close markers (which I've extended with the green line). Price usually respects these and it's a good idea to keep in mind where they are. Price pierced through them, then popped back up, and on the 2nd attempt down price was unable to close beneath them and held on, so this was a good indication that you might be in for higher prices in the short term.
What I've listed here is not in Damian's playbook however I have found these pieces of analysis useful in conjunction with his methodology.
- #28,230
- Apr 26, 2017 12:00pm Apr 26, 2017 12:00pm
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
{quote} I'm thinking it was a hail mary? What do you guys make of this? Waited for price to get to the 61.8, entered short and immediately taken out. My stop placement was not ideal AND there was breakdown in the bears before this correction. Any signs on here that I missed that might say "don't enter"? {image}
Also it happened "around" the 61.8% retrace of the longterm swing, that made me cautious for taking shorts.Grtz Peter
- #28,231
- Apr 26, 2017 1:01pm Apr 26, 2017 1:01pm
{quote} Think that rip was due to news volatility entering the market. Here are some points I would have been looking at: {image} Nice entry, right at short term supply. However, due to the slope of the decline flattening out and basing, I may have been a little bit more diligent with moving to a b/e or locking some in at the opposing structure test (.0862). {image} And a couple points here... I like to keep my main focus on the current leg that price is in, and the leg that price is retracing. I do this because significant peaks and valleys on...
Peter-
I had my finger on the trigger for that one too. It was a really nice bear candle. I didn't take it because the candle was so long I had to enter at a bad price. So the big candle also saved me
- #28,232
- Apr 26, 2017 2:05pm Apr 26, 2017 2:05pm
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
Peter- {quote} I also noticed it was not exactly the 61.8 fib - is this a sign of lower probability success for you?
I thought the area around 61.8 might act as support area before going up towards that NSH. Plus if I'm not mistaking there was also first level pivot support S1 area.
Also I saw more bullish action in the candles. All of that made me cautious, and if I wanted to go short, I needed more room to protect my trade, and I didn't get that with that large candle.
So it was not just the 61.8, it's all of it together..
I hope that answers your question.
Please note that I am just a student.
Experts here may correct me now
Grtz Peter
- #28,233
- Apr 26, 2017 4:26pm Apr 26, 2017 4:26pm
{quote} Yes Kelvinyun i agree that whith full time job it is not ideal so your 10-12 trade with your EA will be a good compromise and hope you will be profitable, keep us inform.
Trades executed: 3
Winners: 3
Losers: 0
EA Settings
{quote} Day 1 Trades executed: 3 Winners: 3 Losers: 0 EA Settings {image} {image}
very nice
will be great that you could be profitable with your pending order strategy !I took this trade on 6E after ab=cd and strong rotation and i hesitate to exit @ +10 +11 which was stupid because it was a PRZ so was stopped @+6 just to say i think it is very possible to take 2,3 trades with just tp 10 every day like we said yesterday, 20-30 pips daily is more than enough on long term.
There is no way to happiness , happiness is the way.
- #28,236
- Apr 26, 2017 10:30pm Apr 26, 2017 10:30pm
{quote} very nice
- #28,240
- Apr 27, 2017 1:37am Apr 27, 2017 1:37am
this one, is a glorious -21 on EurAUD
this is what happens when trading against all rules.
against short term order flow, long term, negative RR, enormous SL etc. .......everything messed up.
absolutely no reason to enter LONG.
I will make a HUGE poster and stick it on top of the screen.
this is what happens when trading against all rules.
against short term order flow, long term, negative RR, enormous SL etc. .......everything messed up.
absolutely no reason to enter LONG.
I will make a HUGE poster and stick it on top of the screen.