Potential Setups

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RicG
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Re: Potential Setups

Postby RicG » Fri Oct 18, 2013 6:28 pm

Closed out positions 3 and 4 at Profit Target 2 because the Pit was about to close, volume usually dries up, and I don't hold overnight.

Summary:

Position 1, Plus 46 ticks
Position 2, Plus 90 ticks
Position 3, Plus 90 ticks
Position 4, Plus 90 ticks

Total: Plus 316 ticks





Image




RicG wrote:CL trade - 2nd Profit Target attained.

Image



RicG wrote:CL traded triggered. Profit Target 1 attained.

Image


RicG wrote:Image

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Re: Potential Setups

Postby RicG » Mon Oct 21, 2013 1:26 am

A new week with new opportunities. Don't see much yet, but the futures markets opened only a few hours ago.

The only potential setup that meets my rules, at this time, is on the ES. I won't be taking this trade, even if it triggers, because:
1) I don't like trading the ES
2) The setup just barley meets the pattern requirements

However, I'll track it just to see what happens.

I hope everyone has a great trading week.

Image















RicG wrote:Closed out positions 3 and 4 at Profit Target 2 because the Pit was about to close, volume usually dries up, and I don't hold overnight.

Summary:

Position 1, Plus 46 ticks
Position 2, Plus 90 ticks
Position 3, Plus 90 ticks
Position 4, Plus 90 ticks

Total: Plus 316 ticks





Image




RicG wrote:CL trade - 2nd Profit Target attained.

Image



RicG wrote:CL traded triggered. Profit Target 1 attained.

Image


RicG wrote:Image

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Jalarupa
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Re: Potential Setups

Postby Jalarupa » Mon Oct 21, 2013 4:19 am

RicG wrote:A new week with new opportunities. Don't see much yet, but the futures markets opened only a few hours ago.

The only potential setup that meets my rules, at this time, is on the ES. I won't be taking this trade, even if it triggers, because:
1) I don't like trading the ES
2) The setup just barley meets the pattern requirements

However, I'll track it just to see what happens.

I hope everyone has a great trading



I haven't seen much literature or demonstrations online on what it is that you do, would you kindly elaborate what it is that you do to draw your levels, and what requirements need to be met to engage in a trade?

Our just point me to a place where I can learn more. Thanks
"our deepest fear is not that we are inadequate... our deepest fear is that we are powerful beyond measure... It is our light, not our darkness that most frightens us..."

I trade using <<FX SYNERGY>>

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RicG
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Re: Potential Setups

Postby RicG » Mon Oct 21, 2013 2:26 pm

ES broke to new structure highs this morning shortly after Pit open. Trade setup invalidated.



RicG wrote:A new week with new opportunities. Don't see much yet, but the futures markets opened only a few hours ago.

The only potential setup that meets my rules, at this time, is on the ES. I won't be taking this trade, even if it triggers, because:
1) I don't like trading the ES
2) The setup just barley meets the pattern requirements

However, I'll track it just to see what happens.

I hope everyone has a great trading week.

Image















RicG wrote:Closed out positions 3 and 4 at Profit Target 2 because the Pit was about to close, volume usually dries up, and I don't hold overnight.

Summary:

Position 1, Plus 46 ticks
Position 2, Plus 90 ticks
Position 3, Plus 90 ticks
Position 4, Plus 90 ticks

Total: Plus 316 ticks





Image




RicG wrote:CL trade - 2nd Profit Target attained.

Image



RicG wrote:CL traded triggered. Profit Target 1 attained.

Image


RicG wrote:Image

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Postby withnail » Mon Oct 21, 2013 5:45 pm

1. Big loss, 2. Small Loss, 3. Big Win, 4. Small Win --- just prevent 1.

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Postby Jalarupa » Mon Oct 21, 2013 5:55 pm

withnail wrote:Jal - Looks like harmonics to me.

http://www.investopedia.com/articles/fo ... arkets.asp


Thank you withnail :)
"our deepest fear is not that we are inadequate... our deepest fear is that we are powerful beyond measure... It is our light, not our darkness that most frightens us..."

I trade using <<FX SYNERGY>>

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Re: Potential Setups

Postby RicG » Mon Oct 21, 2013 7:08 pm

Hi Jalarupa

As mentioned in one of my previous posts, these setups are Harmonic Patterns based on multiple fibonacci zones as well as price structure/price action.. Although I trade futures only, a lot of professional Forex traders use Harmonic Patterns.

I started posting these setups in hopes that other Harmonic traders would recognize the patterns and join in (no luck thus far in that area :-))

Concerning your inquiry into the methodology: I would suggest that you do what I did many months ago. I simply "Binged" the term "Harmonic Patterns" to find info. Then I took that info, manually backtested and forward/live tested patterns for countless hours to learn the patterns. Then based on the stats collected, I developed specific rules based on my trading style. If Harmonic Pattern trading interests you, then I would suggest checking out all the free info on the internet and see if it resonates with your trading style. FYI, I never paid for courses/videos/webinars - there is enough free stuff out there to get you started.


I plan to continue posting potential setups for a while, but don't know for how long. I generally take 3-5 of these setups per week. I also trade CL, NQ, and YM using a much more active methodology.


Good luck
Ric

(Disclaimer - these posts are for educational purposes only. Always consult a licensed investment professional before taking any trade. Any trade you take is at your own risk.)

[/quote]

I haven't seen much literature or demonstrations online on what it is that you do, would you kindly elaborate what it is that you do to draw your levels, and what requirements need to be met to engage in a trade?

Our just point me to a place where I can learn more. Thanks[/quote]

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Postby RicG » Tue Oct 22, 2013 1:16 am

Still don't have any potential setups on the contracts I normally trade (CL, NQ, YM), but found one on 6e. I won't take this one if it triggers, but will track it just to see what happens.


(Disclaimer - these posts are for educational purposes only. Always consult a licensed investment professional before taking any trade. Any trade you take is at your own risk.)



Image

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Re: Potential Setups

Postby Jalarupa » Tue Oct 22, 2013 5:13 am

RicG wrote:Hi Jalarupa

As mentioned in one of my previous posts, these setups are Harmonic Patterns based on multiple fibonacci zones as well as price structure/price action.. Although I trade futures only, a lot of professional Forex traders use Harmonic Patterns.

I started posting these setups in hopes that other Harmonic traders would recognize the patterns and join in (no luck thus far in that area :-))

Concerning your inquiry into the methodology: I would suggest that you do what I did many months ago. I simply "Binged" the term "Harmonic Patterns" to find info. Then I took that info, manually backtested and forward/live tested patterns for countless hours to learn the patterns. Then based on the stats collected, I developed specific rules based on my trading style. If Harmonic Pattern trading interests you, then I would suggest checking out all the free info on the internet and see if it resonates with your trading style. FYI, I never paid for courses/videos/webinars - there is enough free stuff out there to get you started.


I plan to continue posting potential setups for a while, but don't know for how long. I generally take 3-5 of these setups per week. I also trade CL, NQ, and YM using a much more active methodology.


Good luck
Ric

(Disclaimer - these posts are for educational purposes only. Always consult a licensed investment professional before taking any trade. Any trade you take is at your own risk.)



I haven't seen much literature or demonstrations online on what it is that you do, would you kindly elaborate what it is that you do to draw your levels, and what requirements need to be met to engage in a trade?

Our just point me to a place where I can learn more. Thanks[/quote][/quote]

Hi Ric,

Thanks, I recall reading a book on harmonic patterns a while ago and tried to do some further study on them using point and figure charts and a zigzag indicator that automatically draws fib levels. I had actually forgotten this until withnail reminded me...

In my attempt I discovered that I liked the study because it uses Fibonacci patterns, but I found that the allocation was not as accurate as I had hoped for, and I abandoned it... but who knows maybe the was the trader and not the method..
"our deepest fear is not that we are inadequate... our deepest fear is that we are powerful beyond measure... It is our light, not our darkness that most frightens us..."

I trade using <<FX SYNERGY>>

User avatar
RicG
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Re: Potential Setups

Postby RicG » Tue Oct 22, 2013 11:06 am

I've never seen Harmonic Patterns used with Point and Figure charts. Don't know that much about Point and Figure, but if memory serves me correctly on how they're constructed, they don't give the same price structure swings from a fibonacci perspective that a time based chart does. That might be why you didn't get positive results.






Jalarupa wrote:
RicG wrote:Hi Jalarupa

As mentioned in one of my previous posts, these setups are Harmonic Patterns based on multiple fibonacci zones as well as price structure/price action.. Although I trade futures only, a lot of professional Forex traders use Harmonic Patterns.

I started posting these setups in hopes that other Harmonic traders would recognize the patterns and join in (no luck thus far in that area :-))

Concerning your inquiry into the methodology: I would suggest that you do what I did many months ago. I simply "Binged" the term "Harmonic Patterns" to find info. Then I took that info, manually backtested and forward/live tested patterns for countless hours to learn the patterns. Then based on the stats collected, I developed specific rules based on my trading style. If Harmonic Pattern trading interests you, then I would suggest checking out all the free info on the internet and see if it resonates with your trading style. FYI, I never paid for courses/videos/webinars - there is enough free stuff out there to get you started.


I plan to continue posting potential setups for a while, but don't know for how long. I generally take 3-5 of these setups per week. I also trade CL, NQ, and YM using a much more active methodology.


Good luck
Ric

(Disclaimer - these posts are for educational purposes only. Always consult a licensed investment professional before taking any trade. Any trade you take is at your own risk.)



I haven't seen much literature or demonstrations online on what it is that you do, would you kindly elaborate what it is that you do to draw your levels, and what requirements need to be met to engage in a trade?

Our just point me to a place where I can learn more. Thanks
[/quote]

Hi Ric,

Thanks, I recall reading a book on harmonic patterns a while ago and tried to do some further study on them using point and figure charts and a zigzag indicator that automatically draws fib levels. I had actually forgotten this until withnail reminded me...

In my attempt I discovered that I liked the study because it uses Fibonacci patterns, but I found that the allocation was not as accurate as I had hoped for, and I abandoned it... but who knows maybe the was the trader and not the method..[/quote]

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