Guys what difference is there between a 3 drive push and the 5 waves count?
Ratios & Harmonics: a Different Way to Trade
- #29,223
- Jun 8, 2017 8:40am Jun 8, 2017 8:40am
- | Joined Jan 2014 | Status: Trader | 1,089 Posts
Guys be carefull, today is a very "political" day
- #29,224
- Edited Jun 9, 2017 12:09am Jun 8, 2017 10:47am | Edited Jun 9, 2017 12:09am
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
USDJPY long
After 1:1 completion, didn't wait for confirmation candle because I expected strong support @110 level
Target of 68.1% was hit on the pip.
But I trailed with my SL so didn't capture the whole move. Wanted to give it room for more.
SL hit at +17 pips
Experts or almost-experts please feel free to comment if in your opinion I'm making mistakes or taking unnecessary risks, I want to know!
EDIT: 68.1% should be 61.8%
After 1:1 completion, didn't wait for confirmation candle because I expected strong support @110 level
Target of 68.1% was hit on the pip.
But I trailed with my SL so didn't capture the whole move. Wanted to give it room for more.
SL hit at +17 pips
Experts or almost-experts please feel free to comment if in your opinion I'm making mistakes or taking unnecessary risks, I want to know!
EDIT: 68.1% should be 61.8%
- #29,225
- Jun 8, 2017 11:15am Jun 8, 2017 11:15am
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
NQ +16.25 YM +34 {image}{image}
Do you mind if I ask about those red and yellow lines on your chart?
Does the color have to do with the level being untested or not?
If yes, do you have a rule for which levels are marked and which not? Only the larger and clear swings?
And when are they marked as tested, at the first small test, even if it is the next candle? Or you wait for a bigger move and a test?
Do you mark them manually or do you have a automatic or semi-automatic tool for it?
Sorry if you already explained this in the past, just say so and I'll look it up in your posts
Grtz Peter
- #29,226
- Edited 11:51am Jun 8, 2017 11:37am | Edited 11:51am
- | Joined Mar 2016 | Status: Trader | 1,068 Posts
Guys what difference is there between a 3 drive push and the 5 waves count?
{quote} Very nice! Do you mind if I ask about those red and yellow lines on your chart? Does the color have to do with the level being untested or not? If yes, do you have a rule for which levels are marked and which not? Only the larger and clear swings? And when are they marked as tested, at the first small test, even if it is the next candle? Or you wait for a bigger move and a test? Do you mark them manually or do you have a automatic or semi-automatic tool for it? Sorry if you already explained this in the past, just say so and I'll look it...
I like marking prior day high or low because if price breaks this level and then reverses to lose it then it offers a great opportunity with defined risk. Also a lot of times price will spring from these levels, so just something I like to keep an eye on.
The yellow lines I mark are areas I like to keep in mind for targets but they also offer opportunities for bounces. When you have trend direction figured out, often you can play the order flow and price will hit the marked areas as targets. At that time you can decide if you think trend is weakening or if you think that immediate trend is going to line back up with the overall trend, therefore getting in at a very nice level with minimal risk.
I like to mark areas that have not been retested although I will always mark the start of a leg that creates a new high.
Edit - Here's a quick pic to show what I'm looking at with my levels.
- #29,227
- Jun 8, 2017 11:40am Jun 8, 2017 11:40am
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
NQ +16.25 YM +34 {image}{image}
Like "ubo" and "hpbc". And what do you mean by "from on session".
And in another post you used "ONL".
Would you mind translating?
Thx Peter
- #29,228
- Jun 8, 2017 11:54am Jun 8, 2017 11:54am
- | Joined Mar 2016 | Status: Trader | 1,068 Posts
{quote} jmezz sorry for the many questions but I sometimes don't understand abbrevations you use in your explanation
UBO - untested breakout
UBD - untested breakdown
HPBC - harmonic pullback completion
ON session = overnight Session
ONH - overnight high
ONL - overnight low
- #29,230
- Jun 8, 2017 12:40pm Jun 8, 2017 12:40pm
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
USDJPY short
Price made a NSL, expecting possible deep retrace.
Quite aggressive entry at 110.
Didn't wait for rotation because expected strong resistance.
Confluence of 78.6% correction of last swing + bounce from trendline of triangle + 110 level + small 1:1 completion + retest of broken level
SL above last swing.
Price made a NSL, expecting possible deep retrace.
Quite aggressive entry at 110.
Didn't wait for rotation because expected strong resistance.
Confluence of 78.6% correction of last swing + bounce from trendline of triangle + 110 level + small 1:1 completion + retest of broken level
SL above last swing.
USDJPY long After 1:1 completion, didn't wait for confirmation candle because I expected strong support @110 level Target of 68.1% was hit on the pip. But I trailed with my SL so didn't capture the whole move. Wanted to give it room for more. SL hit at +17 pips Experts or almost-experts please feel free to comment if in your opinion I'm making mistakes or taking unnecessary risks, I want to know!
- #29,232
- Jun 8, 2017 1:09pm Jun 8, 2017 1:09pm
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
On the NQ chart for red lines I have 93 as being the prior a...
I'm gonna take the time to study these posts further.
Mainly because of your posts I've been trying to implement the concept of testing of levels and using them for bounces etc., and I also put previous day H, L and C on my chart.
And I have the feeling that it really helps me navigate, in combination with Mr. Pips' method.
Thanks a lot, your posts are very helpful to me and no doubt also to others!
- #29,233
- Jun 8, 2017 1:36pm Jun 8, 2017 1:36pm
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
USDJPY short Price made a NSL, expecting possible deep retrace. Quite aggressive entry at 110. Didn't wait for rotation because expected strong resistance. Confluence of 78.6% correction of last swing + bounce from trendline of triangle + 110 level + small 1:1 completion + retest of broken level SL above last swing. {image}
Unfortunately SL was hit.
Tomorrow is another day
- #29,237
- Jun 8, 2017 7:24pm Jun 8, 2017 7:24pm
- | Joined Jan 2014 | Status: Trader | 1,089 Posts
USDJPY long After 1:1 completion, didn't wait for confirmation candle because I expected strong support @110 level Target of 68.1% was hit on the pip. But I trailed with my SL so didn't capture the whole move. Wanted to give it room for more. SL hit at +17 pips Experts or almost-experts please feel free to comment if in your opinion I'm making mistakes or taking unnecessary risks, I want to know!
You may want to rename your SL after you move it to BE (or with green PIPs) and call it PS(Protective Stop). I think you were also referring to the 61.8% when you said that your target was hit....
- #29,238
- Jun 9, 2017 12:15am Jun 9, 2017 12:15am
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
{quote} Beautiful trade Peter. Well done! You may want to rename your SL after you move it to BE (or with green PIPs) and call it PS(Protective Stop). I think you were also referring to the 61.8% when you said that your target was hit....
Corrected the 61.8%
- #29,239
- Jun 9, 2017 4:12am Jun 9, 2017 4:12am
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
Very slow London session for USDJPY..
Hope the guys in New York can put some fire in it
It's a good patience training session though
Hope the guys in New York can put some fire in it
It's a good patience training session though
its on fire today !