Might be stuck for awhile. FOMC day. Waiting for a rate decision confirmation.
Ratios & Harmonics: a Different Way to Trade
- #29,302
- Edited 10:19am Jun 14, 2017 10:05am | Edited 10:19am
- | Joined Mar 2016 | Status: Trader | 1,068 Posts
NQ +15.25
YM +9
Edit - attempted another short but was taken out at b/e
YM +9
Edit - attempted another short but was taken out at b/e
- #29,303
- Jun 14, 2017 10:13am Jun 14, 2017 10:13am
- Joined Nov 2009 | Status: Trader | 2,232 Posts
Luck has no place in trading. Leave that for the poker table.
- #29,304
- Jun 14, 2017 10:16am Jun 14, 2017 10:16am
- | Joined Jan 2014 | Status: Trader | 1,089 Posts
NQ +15.25 YM +9 {image}{image}
- #29,305
- Jun 14, 2017 10:17am Jun 14, 2017 10:17am
- | Joined Mar 2016 | Status: Trader | 1,068 Posts
{quote} 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). {image}
TBH, I'm kind of surprised price didn't make a NSH after that first test of the swing point you marked in white.
- #29,306
- Jun 14, 2017 10:23am Jun 14, 2017 10:23am
- | Joined Mar 2016 | Status: Trader | 1,068 Posts
{quote} I have been studying your charts on drawing demand/supply zones. I assume that pre-high/ pre-low is for the order flow on the daily candles. However, what is reg-open? I am impressed with your supply demand zones. Drawing them correctly is a big weakness for me. I saved your previous comments about them from several post back. It has helped me to see some new exciting things. Thanks for your charts that have commentary!!
Reg open is the rth open.
Yeah my s/d zones and levels have evolved since my time in this thread. I find it's better for me to keep track of the levels at the starts of legs as you can use the order flow to gauge which levels price wants to hit.
Glad you're gaining something from my charts
- #29,309
- Jun 14, 2017 10:55am Jun 14, 2017 10:55am
- Joined Nov 2009 | Status: Trader | 2,232 Posts
{quote} Pre high / low marks the premarket high and low, I like to keep an eye on these levels because statistics show there is a 98% probability that one or the other will be tested in RTH. Reg open is the rth open. Yeah my s/d zones and levels have evolved since my time in this thread. I find it's better for me to keep track of the levels at the starts of legs as you can use the order flow to gauge which levels price wants to hit. Glad you're gaining something from my charts
Do you use United States Eastern time 9:30 am to trade your RTH?
Luck has no place in trading. Leave that for the poker table.
- #29,312
- Jun 15, 2017 2:44am Jun 15, 2017 2:44am
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
GBPAUD +9 BE I kinda cheated and took a early trade on the green arrow because it was in that zone for over an hour and it seemed like the bulls looked weak in coming up so it seemed like a shallow correction and I took the trade. As soon as it reached the Fib 127.2, i brought to BE +9 and got stopped out at the red arrow...So outlook has changed in the short term to a NSH and in intraday it is a NSL The red line is the expectation failure Can i get some feedack if I'm looking at it right Thanks {image}
The trade got you green pips but it was a bit risky in my opinion.
Primarily because you traded right into the support zone that you marked in grey so you had no room to protect at all.
Ideally, you get to BE when price reaches that level. So you were in too late.
And because your stop placement was difficult. If you put it above the major swing, you had bad R:R. If you put it above the short term swing, you had higher probablity of being taken out.
Just my 2 student cents.
I'm not saying I never do this stuff anymore
grtz Peter
{quote} Hey RajD The trade got you green pips but it was a bit risky in my opinion. Primarily because you traded right into the support zone that you marked in grey so you had no room to protect at all. Ideally, you get to BE when price reaches that level. So you were in too late. And because your stop placement was difficult. If you put it above the major swing, you had bad R:R. If you put it above the short term swing, you had higher probablity of being taken out. Just my 2 student cents. I'm not saying I never do this stuff anymore
I think that Mr.Pip explained that it is a correction when it hits the 38.2 fib.
So in this case the 'Green line' didn't hit the 38.2 so it can't be seen as a correction.
So you are still in the main swing 'Blue line' and so you are still expecting a NSL
Someone please correct me if i am wrong, also still learning
- #29,315
- Jun 15, 2017 4:02am Jun 15, 2017 4:02am
GBPAUD +9 BE I kinda cheated and took a early trade on the green arrow because it was in that zone for over an hour and it seemed like the bulls looked weak in coming up so it seemed like a shallow correction and I took the trade. As soon as it reached the Fib 127.2, i brought to BE +9 and got stopped out at the red arrow...So outlook has changed in the short term to a NSH and in intraday it is a NSL The red line is the expectation failure Can i get some feedack if I'm looking at it right Thanks {image}
1) Use clear high clear lows to draw your chart.
2) No structure to the left; hence not an entry point.
quoting Mr Pip: "Try not to hold price to a specific fib level. instead, take the main swing and the structures to the left that would affect the correction. Assess which structure is the strongest and will probably stop the correction."
{quote} Agree, and if i may add to that. I think that Mr.Pip explained that it is a correction when it hits the 38.2 fib. So in this case the 'Green line' didn't hit the 38.2 so it can't be seen as a correction. So you are still in the main swing 'Blue line' and so you are still expecting a NSL Someone please correct me if i am wrong, also still learning
Agree to both what you and PeterT are saying...thats why i started my statement saying i cheated...i didn't go by the main swing although i wanted to. When Peter told me that a major correction like that wouldnt happen, i decided to look at the short term order flow and when i saw weakness on the buying candles i decided to sell after that big bear candle above my entry..2nd thing that got me into the trade was the strength of the bears overall...i placed my stop on the 38.2 fib line and moved my stop to BE when it reached 127.2 (the Fib shouldnt be there in the first place since i didnt take the trade based on that swing)
Anyways will try to follow rules...but love to break them now and then
- #29,317
- Jun 15, 2017 5:08am Jun 15, 2017 5:08am
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
USDJPY long
Bulls were showing some strength with a few nice candles.
Price broke out of consolidation triangle, came back to test tested triangle TL, then went up.
When it corrected and tested the structure to the left, I took the trade.
Didn't wait for a confirmation candle because I saw no strength in the bears in this swing and I wanted the best price.
I put SL below the test of the TL. I assume my analysis is wrong when proce gets there.
The blue zone above is a possible strong resistance area. If price gets there I go to BE at least or take profit.
What I am a bit worried about is the structure to the far left, which I am trading into.
Hopefully it will not generate a too big reaction of the bears and take me out.
Feel free to comment!
Bulls were showing some strength with a few nice candles.
Price broke out of consolidation triangle, came back to test tested triangle TL, then went up.
When it corrected and tested the structure to the left, I took the trade.
Didn't wait for a confirmation candle because I saw no strength in the bears in this swing and I wanted the best price.
I put SL below the test of the TL. I assume my analysis is wrong when proce gets there.
The blue zone above is a possible strong resistance area. If price gets there I go to BE at least or take profit.
What I am a bit worried about is the structure to the far left, which I am trading into.
Hopefully it will not generate a too big reaction of the bears and take me out.
Feel free to comment!