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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

  • #29,261
  • Jun 12, 2017 3:19pm Jun 12, 2017 3:19pm
Congrats Jmezz and Milfortra.

Ended also positive on YM, but my trade management was not good.
  • #29,262
  • Jun 12, 2017 5:54pm Jun 12, 2017 5:54pm
Quoting jmezz
NQ +14.25 Took trigger off 512tk chart after we held pivot and reclaimed the open. Large sell bar / momentum was negated right away by buying.
Nice trades on NQ. I was wondering is there any reason why you use TOS? It's reputed for having low resolution tick datas. You know that you can open more than one chart with NT, don't you? ;-)
  • #29,263
  • Jun 12, 2017 8:44pm Jun 12, 2017 8:44pm
Quoting jmezz
{quote} Nice trade. There was a good level there to play, 6pts of risk for max 24pts profit on that move: {image}
It was 15 PIPs of risk for me. Therefore 20PIPs of profit was still a good R:R. Was reading more on the Order flow and ratios for entries. Could not find confluence of the harmonics.

Left another good trade on the table cos I was too tired and had to turn in early...PA did come into my AOI just after I closed for the day.....

This had better confluence of the golden ratio, BRN, harmonics of the 1 to 1 completion and weakening of the bulls into my AOI.
Attached Image (click to enlarge)
Click to Enlarge Name: YM 09-17 (233 Tick) 2017_06_13 9.41am.png Size: 78 KB
  • #29,264
  • Jun 13, 2017 8:33am Jun 13, 2017 8:33am
Hi Mr. Pip,

First of all, i'd like to thank you for this thread. it's been amazing learning from your youtube videos and thread..i spent 3 hours everyday looking at how you trade and how you place your trades and exit them. I've been making more losses than profits, however, i'm trading currency pairs and only look at 2 at the moment on a MT4 platform- EURGBP and USDJPY both on the 5 min chart. Needed to understand what you see in this situation and plz do correct me wherever necessary.

This is my outlook:
Long term: I go to a H1 chart and it is a bullish outlook
Intraday term: this is where i'm confused...I'm using the long swing on the left as NSH and if it is broken (red line). It's a very long swing and anything between makes it vunerable to take a trade if my stop needs to be below it
Short term: market is bearish as seen on 2nd attachment

My question is that the market looks bearish and there is an opportunity to go short if the market visits the area of interest, however the long term and intraday is bullish. How should i approach this trade and please let me know if i was right on intraday standpoint
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURGBP 5M 130617.JPG Size: 111 KB
Click to Enlarge Name: EURGBP 5M 130617 part 2.JPG Size: 110 KB
  • #29,265
  • Edited 9:16am Jun 13, 2017 8:54am | Edited 9:16am
BE on YM until now (-9; +9)

Edit: Got finally +11
  • #29,266
  • Jun 13, 2017 9:48am Jun 13, 2017 9:48am
Quoting evocpr19
BE on YM until now (-9; +9) Edit: Got finally +11
Nice!

My turn to reach to my PC late today. Had some unfinished work earlier on.

Now let's see what do we have....
  • #29,267
  • Jun 13, 2017 9:52am Jun 13, 2017 9:52am
monster move from the ppi this morning.
  • #29,268
  • Jun 13, 2017 10:57am Jun 13, 2017 10:57am
Quoting Milfortra
{quote} Nice! My turn to reach to my PC late today. Had some unfinished work earlier on. Now let's see what do we have....
Still seeing even after an hour. Ending another day as another watching day. Catch you guys tmrw. Good night....
  • #29,269
  • Jun 13, 2017 12:04pm Jun 13, 2017 12:04pm
Quoting RajD
Hi Mr. Pip, First of all, i'd like to thank you for this thread. it's been amazing learning from your youtube videos and thread..i spent 3 hours everyday looking at how you trade and how you place your trades and exit them. I've been making more losses than profits, however, i'm trading currency pairs and only look at 2 at the moment on a MT4 platform- EURGBP and USDJPY both on the 5 min chart. Needed to understand what you see in this situation and plz do correct me wherever necessary. This is my outlook: Long term: I go to a H1 chart and it is...
Hey RajD,

Mr Pip has been a little absent of late so thought I would chime in with my thoughts

Your question depends on the type of trader you are? Are you intra day trading (getting in and out of trades in the same day, mostly within an hour or 2, or are you a swing trader, trading over a few days. The later means you trade with larger stops but the gains on the winning trades are bigger. Most of people on here are intra day traders.

So the first chart you showed should be used to help you mark levels of support/resistance, these assist you in where price may react when it reaches those areas. Then the second chart would be my graph to trade from, so yes I would be looking for shorts there.

Have you been through the whole of the thread? Or at least from the link on post 1? All the info is here to give you all the info you need to trade like this, that said we have all needed that extra bit of guidance to get us on the correct path.
  • #29,270
  • Jun 13, 2017 12:53pm Jun 13, 2017 12:53pm
NQ -2.00
YM +16

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 131 KB

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 115 KB
  • #29,271
  • Jun 13, 2017 1:02pm Jun 13, 2017 1:02pm
It was a nice day for harmonic patterns on the USDJPY.
There was an ABCD (orange) completion this morning (my time), at 78.6% correction of longer term swing. Unfortunately I didn't have time to manage the trade so I didn't take it. It hit the 61.8% target.
Now hoping to complete 61.8% target of a three drives pattern or maybe a 1:1 of the previous swing down.
Entry was taken after the 61.8% correction (a bit more) of an ABCD pattern completion, at structure.
Moved SL to BE, riskfree trade.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 161 KB
  • #29,272
  • Jun 13, 2017 9:18pm Jun 13, 2017 9:18pm
How do you guys decide on the count for the tick chart?

It looks like most of you use 233 for YM, 377 for NQ.

I want to look at GC. I'm looking for a good candidate for evening trades for pacific time. I would guess that volume for US equities would be kind of low. Its up in the air which would behave better, forex or a commodity like GC or CL.
  • #29,273
  • Jun 14, 2017 12:54am Jun 14, 2017 12:54am
Quoting PipTrendz
{quote} Hey RajD, Mr Pip has been a little absent of late so thought I would chime in with my thoughts Your question depends on the type of trader you are? Are you intra day trading (getting in and out of trades in the same day, mostly within an hour or 2, or are you a swing trader, trading over a few days. The later means you trade with larger stops but the gains on the winning trades are bigger. Most of people on here are intra day traders. So the first chart you showed should be used to help you mark levels of support/resistance, these assist...
Hi Pip Trendz,

I keep confusing myself on the intraday and short term. I just started following the thread a few weeks ago and i've been watching all the videos of damian from youtube. However i use a mt4 platform and trade currency pairs. If it's ok ill be posting my trades as well. Been in a string of losses for the past 3 weeks and it's killing me, however, i feel it's only a matter of time i get a hang of it...most of my losses come from expectation failure and it seems like i'm always on the last stop of each trade haha..however, i need to let price come to me and i've missed many good trades as well...anyways thank you pip trendz and if anyone is trading forex, wouldn't mind sharing notes and rules on possible entries and exits.


Thanks,

Raj
  • #29,274
  • Jun 14, 2017 2:09am Jun 14, 2017 2:09am
Quoting PeterT
It was a nice day for harmonic patterns on the USDJPY. There was an ABCD (orange) completion this morning (my time), at 78.6% correction of longer term swing. Unfortunately I didn't have time to manage the trade so I didn't take it. It hit the 61.8% target. Now hoping to complete 61.8% target of a three drives pattern or maybe a 1:1 of the previous swing down. Entry was taken after the 61.8% correction (a bit more) of an ABCD pattern completion, at structure. Moved SL to BE, riskfree trade. {image}
Bears started to weaken a little bit, couldn't make a NSL and price worked towards my protective stop.
I could have taken profit when I saw the first sign of weakness of the bears but I decided to let the trade run and go to sleep.
PS was hit somewhere in Asian session.
Out at BE.
Right now we're in a long complex correction.
Waiting for another opportunity..

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 176 KB
  • #29,275
  • Jun 14, 2017 2:39am Jun 14, 2017 2:39am
Quoting PeterT
{quote} Bears started to weaken a little bit, couldn't make a NSL and price worked towards my protective stop. I could have taken profit when I saw the first sign of weakness of the bears but I decided to let the trade run and go to sleep. PS was hit somewhere in Asian session. Out at BE. Right now we're in a long complex correction. Waiting for another opportunity.. {image}
Hi PeterT,

When do you start trading on the USDJPY??.if you dont mind i would like to go thru my analysis with you...I'm currently trading EURGBP and USDJPY...Do let me know your thoughts.

Thanks,

Raj
  • #29,276
  • Jun 14, 2017 2:59am Jun 14, 2017 2:59am
Quoting RajD
{quote} Hi PeterT, When do you start trading on the USDJPY??.if you dont mind i would like to go thru my analysis with you...I'm currently trading EURGBP and USDJPY...Do let me know your thoughts. Thanks, Raj
Hi RajD

I don't mind sharing thoughts but keep in mind that I am a student and not an expert.
There are other people on this thread that you can learn much more from.

I landed in this thread a few months ago and started reading and watching Mr. Pip's videos.
Those videos are gold. Watch them more than once.
Make sure you (or at least try to) really understand the method in every aspect by watching the lessons.
Then watch the live streams, they are of tremendous value.

After a few months I started posting to this thread.
The advise and directions of the members of this thread added even more value.
Everyone is willing to help, as long as you also do the effort of learning yourself.
I think the best way to learn (and to improve the chance of getting an answer ) is that you share your thoughts or your analysis and ask the thread members for their opinion, rather than asking what their thoughts are.

I'm not sure what you mean with the question about USDJPY.
I start trading at 9am my time, that's London open. Well actually I'm at work but I'm watching the chart and sometimes take a trade.

grtz Peter
  • #29,277
  • Jun 14, 2017 4:23am Jun 14, 2017 4:23am
Hi Traders,

Looking at the GBPAUD 5 min chart. My analysis for this trade
Long Term: Bearish
Intraday: Bearish
Short term: Bearish

The red line is the expectation failure to a NSL as the intraday expectation was a NSH and it failed because of the GBP Avg Earning news that took place 45 min ago.

In order for me to take this trade on a R/R standpoint, price needs to come to my AOI near the 61.8 Fib area. Will update on any developments


If anyone looking at this chart differently or see better entries, do let me know
Attached Image (click to enlarge)
Click to Enlarge Name: EURGBP 140617.JPG Size: 64 KB
  • #29,278
  • Edited 4:36am Jun 14, 2017 4:23am | Edited 4:36am
Quoting jmezz
NQ -2.00 YM +16 {image} {image}
Short question Jmezz.

I took the same short trade (your second trade yesterday which gave you +30). However, I bailed out on the first swing down (test of previous low; white line on your chart). Do you have any special hint on how to determine when to stay in for the full move (as you did) and when to TP (as I did)?

Hope you know what I mean.

My reasoning for taking this trade was: We broke structure (low of your first line) and we had a 1:1 completion to the upside (point of entry short) => potential NSL (your second line).
Attached Image
  • #29,279
  • Edited 4:57am Jun 14, 2017 4:45am | Edited 4:57am
Quoting RajD
Hi Traders, Looking at the GBPAUD 5 min chart. My analysis for this trade Long Term: Bearish Intraday: Bearish Short term: Bearish The red line is the expectation failure to a NSL as the intraday expectation was a NSH and it failed because of the GBP Avg Earning news that took place 45 min ago. In order for me to take this trade on a R/R standpoint, price needs to come to my AOI near the 61.8 Fib area. Will update on any developments If anyone looking at this chart differently or see better entries, do let me know {image}
My first thought is that looking at the momentum of the move, it might not correct back to the 61.8?
I think you should expect a shallower correction. And if you get a bad risk-reward it is probably best to wait.
I find such large moves hard to trade when you don't get a decent correction.
I might be wrong. Just my thoughts

grtz Peter

EDIT: I edited my original answer because I don't want to encourage you in taking trades from a shallow correction.
  • #29,280
  • Jun 14, 2017 5:01am Jun 14, 2017 5:01am
Quoting PeterT
{quote} My first thought is that looking at the momentum of the move, it might not correct back to the 61.8? I think you should expect a shallower correction. Find one with structure to the left and fib ratio confluence and see if bulls weaken into your area of interest. I find such large moves hard to trade when you don't get a decent correction. I might be wrong. Just my thoughts grtz Peter
totally agree with you peter, however, the only other trade i'm willing to take would be the first confirmation of the correction which is the 38.2 and there is structure there as well, however major support and resistance took place at 61.8. secondly, my stop loss would have to be way up at the 1.69295 so the R/R is atleast to the 1:1 ratio. so i guess i'm gonna wait for the 38.2 to 61.8. If not, ill watch it sail without me

Will keep you posted
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