Wise words bro. Money management was my key to unlocking my holy grail. Friends demo accounts are great for learning a platform, testing your strategies, but to learn money management you need to trade live. Only then will it all come together.
[QUOTE=“mihk;634052”] I am glad for you. Can you share some technical details? You picked a top or a bottom and traveled the whole distance right ? Which pair, entry price, exit, lots, total exposure ? Thanks for sharing.[/QUOTE]
Good question but The Holy Grail is too child like in nature meaning, what traders consider the unpredictable aspects of the market namely extended runs can also be capitalized on. What I’m saying is that traders usually measure the expected move by using Fibonacci. The Holy Grail has no need for this because it will remain in the trade until the trend is completely exhausted.
Now, to answer your other question, yes the very top or bottom can be caught but there’s usually an immediate correction that follows so you can enter or place a stop order at the peak of the first correction. You have further confirmation once the peak is broken in the direction of the new trend. The next piece to the puzzle is market structure. Once, you know the markets structure then you can know what to expect. You can use harmonic structure, Elliot wave, all of these are the same because they are based on the same thing the market. So if you can just see the basic structure of an ABC,123 or 535(abc,123) you just wait on wave C,3,or 5 to break the high or low of Wave A, 1 or the first wave 5 of 535. Don’t forget the use of multiple time frames from highest to lowest to determine the best trades and entries. Now, it all comes down to your method of trade management once the trade is entered. Now, one can trade tops and bottoms as long as the appropriate money and trade management is in place. But, it’s a matter of preference and understanding of taking trades from established trends or taking greater risk for the sake of catching the very top or very bottom of a trend. It all comes down to ones preference, system or methodology of trading. In the near future I will start providing basic analysis, it doesn’t have to be advanced or complicated to make money. A trader should not be afraid to trade the 1 min. time frame. This is ones measure of a trader because you should be just as successful a trader on the 1 min. as the daily. But, it’s not that you have to trade any particular time frame but that you can if you wanted to.
[QUOTE=“mihk;634052”] I am glad for you. Can you share some technical details? You picked a top or a bottom and traveled the whole distance right ? Which pair, entry price, exit, lots, total exposure ? Thanks for sharing.[/QUOTE]
Hi mihk, would you be so kind as to select a pair that you would like for me to provide analysis for?
I am trading EUR/USD now.
I heard about Elliot waves and read couple of articles, but I still didn’t get it. I am more like this guy.
I traded all charts like everyone else, but now I hold positions for 1 month or more. I am unable to guess the price movement with enough accuracy. So, obviously I got intrigued by Elliot theory predicting the future.
Thanks for sharing.
[QUOTE=“mihk;634506”] I am trading EUR/USD now. I heard about Elliot waves and read couple of articles, but I still didn’t get it. I am more like this guy. I traded all charts like everyone else, but now I hold positions for 1 month or more. I am unable to guess the price movement with enough accuracy. So, obviously I got intrigued by Elliot theory predicting the future. Thanks for sharing.[/QUOTE] Hi again mihk, the eur/usd on the monthly is trying to break out of a Wave B correction long of the harmonic elliot wave structure. On the daily it’s going short of which I would wait for a definite correction and resumption of downtrend before entering on the 4hr and up. Its always best to day trade a pair if you want to trade when there isn’t anything conclusive on higher timeframes. Now, regarding the Holy Grail, it can be traded as a stand alone system or it can be used in conjunction with a strategy like harmonic, harmonic elliot wave, elliot wave, chart patterns, candle stick, and indicator strategies. I use the harmonic elliot wave structure for optimization of the Holy Grail as a filter for false signals. I study technical analysis as an enhancement of trading skill, but for the Holy Grail it’s not needed but with continued study it just makes it that much more powerful.
[QUOTE=“mihk;634506”] I am trading EUR/USD now. I heard about Elliot waves and read couple of articles, but I still didn’t get it. I am more like this guy. I traded all charts like everyone else, but now I hold positions for 1 month or more. I am unable to guess the price movement with enough accuracy. So, obviously I got intrigued by Elliot theory predicting the future. Thanks for sharing.[/QUOTE] As far as predicting the future with harmonic elliot wave, I don’t use it for that, I use it for anticipated moves of the market. If I’m not day trading I use it for general predictive analysis with the use of Fibonacci, I usually set my take profit 25% short of the expected move. This is one of the secrets of trading, entering trades after a certain percentage of the trend has been clearly established and exiting the trade when a certain percentage of the profit target has been met. Now trying to buy and sell at the very tops and bottoms leads to a lot of entering and exiting of trades because of the erratic behavior contributed by everyone trying to do the exact same thing along with the bulls fighting the bears for trend direction. It’s basically out smarting the market. I primarily use the Holy Grail for day trading because there is no need to calculate profit targets because the Holy Grail can catch every move and enter and exit with laser accurate precision. It catches the extended runs but you have to sit there and monitor it. The Holy Grail uses the market to determine entry and exit without profit targets because it catches the whole move be it extended move or the typically expected price target.
I understand that:
-one can use harmonic waves, Fibonacci, etc but this is not giving the price for the next day
-enter when the move is in the trend direction, already in progress at a certain percentage, and take some/all profit before target is reached (appreciate 25% short)
-it is wise not to attempt to reach the very bottom, or top (not for the beginners)
-D1 Holy Grail - don’t leave you position over night in the market (ok, primarily used for day trading, but can hold longer on positions)
-D1 needs continuous attention - we do not leave the desk for > 5min
It is getting clear now. Thank you for the details. We are getting on the ground I guess. 
Please continue.
Hi Mihk, just for clarity if you are day trading without using a SL and TP then yes you should monitor your trade. If you have a SL and TP in place then there isn’t a need to sit there and watch the trade.
As far as predictive analysis you can utilize the Harmonic Elliot Wave methodology if that is what you are looking for. I use the integrated analysis approach, meaning I study all modern methods of trading just to stay abreast to new developments in trading. The Holy Grail is not primarily for any timeframe it can be used for long or short term trades. As I mentioned it is elementarily child like in nature. Behold, The Holy Grail. Chart EURUSD, M1, 2014.06.12 03:02 UTC, Divisa Capital, MetaTrader 4, Demo - MetaTrader Trading Platform Screenshots
About the chart:
- 1m from EUR/USD 6/12 Tokyo session, amplitude ~16 pips overall, low volume
- higher highs and lower lows and some other lines (maybe somebody else may explain it better)
- the most interesting part of it, that is not yet clear (something hidden in there)
Since there were no trading opportunities, I am only interested to get the chart a bit better explained.
Thank you.
Hello, fellow traders here’s another view of my chart using the Holy Grail
I will share the Holy Grail with you right here and now. There are advanced computers that are being used by institutions that make trades at amazing speed. We Can’t trade that fast also, these super trading computers have deceptive capabilities to outsmart lesser advanced technology. So, a miracle may fall out of heaven in the form of some super trading software, but it’s going to cost you. Now, what drives the pursuit for the holy grail? Simply put, Greed. We want an edge. A very advantageous one at that.
So, what can we do since the odds are slim of us getting some super algorithm software. Learn how to trade. Accurate market evaluation is the Holy Grail. Many traders can look at the same market and take the same profitable trade because they all respective of system were able to accurately evaluate the market conditions that indicated a high probability winning trade. Accurate evaluation of high probability wining trades with proper money management is the Holy Grail. I personally study Harmonic Patterns, Harmonic Elliot wave, reflexivity theory by George Soros, and integrated technical analysis because studying the many different perspectives and observations of the market assist me in my ability to evaluate the market accurately. The aids to this evaluation are not the evaluation and that’s the mistake many inexperienced traders make. Also, balance is another component of the Holy Grail, the get rich quick pitch being advertised to many a new trader is the fisherman’s hook of the industry. You can get rich but getting rich quick is rare. Once you learn how to really trade no one can take this knowledge from you. You are the super computer software you are looking for. You will be the HOLY GRAIL
TAKE YOUR TIME!!!
If you are in a hurry to trade then trading may not be for you. Take your time and learn how to trade properly. Don’t be desperate for money. You must take on this profession in a relaxed state of mind. Nothing hurried really works out to our benefit. So, Relax, take your time, study and practice trading in your demo account until you know how to trade.
Hello Fellow Traders,
There are a lot of new trading systems being advertised for the holiday season. There are some really nice
systems out there. Because of my love for trading I can really appreciate the new systems on the market.
Because I have more experience in trading, the only reason that I would need to purchase anything would be
for automated purposes. This is really where the trading system market is headed. The trading system market is still
behind technological demands because mobile and wearable technology is the new trend, and trading software for smartphones is not developed enough for it’s demand. There is a trading app that I use for my smartphone which is really convenient for on the go analysis, but it doesn’t have any automation features. so that’s my thoughts on the new Christmas toys coming out.
Now on the Holy Grail, The Holy Grail of trading is to be patient enough to wait for definite trade opportunities. Not taking risk out of desperation to trade. Anything other than this is pure gambling. There’s some nice software out there, but to tell you the truth the majority of it looks really cheesy. I like really nice stuff when it comes to software. I have purchased some of the most advanced software out there and none of it to this date is equal or surpasses my knowledge of trading which is essentially the determination of entry and exit via market structure. It’s just a matter of being able to wait until the decisive moment to enter trades. Another analogy would be the game of chess, you need to be in the optimal position to attack or capitalize on a tactical position, it doesn’t work the other way around although many approach both chess and trading the same way. Regardless of system it’s basically the ability to wait, enter and exit at the most optimal entry with the proper money management. Your system should be the door to being able to unlock the hidden picture of the markets so you can clearly see when to enter and exit the market profitably. To recap, the Holy Grail is the acquired skill to see the market in it’s purest form regardless of system although your respective system my be the door that opens the markets hidden image for you, and the skill patience and finesse to enter and exit trades with proper money management based on this knowledge.
I will leave you with such an image on my chart. Peace MetaTrader Trading Platform Screenshots
DECODING THE MATRIX
This is the first entry of this series of post for the trader whose goal is to decode the financial markets and apply this knowledge for his/her benefit.The first thing a trader should do is acquire the skill of seeing the hidden all pervading pattern of the markets, which is chaos. Many look for the order within the chaos when both order and chaos is the right blended approach. Meaning, a blended organic and scientific method is the most beneficial way to trade. The organic aspect would be to just flow with the market’s natural behavior and to trade accordingly, the other way is to recognize repeated high probability behavioral market patterns which is the exception. There are times when the natural approach is more useful than others for example the natural method of trading is better suited for day trading, because the market is more unpredictable on shorter time frames, and you need to find the order in this chaos to make profitable trades which is the chaos itself, which means you are not looking for specific patterns to trade but you are trading the universal pattern and session. But, when you are trading higher timeframes you would like to place trades with a higher probability of success because of the wait time that higher time frames take to present opportunities, thus the ordered approach via specific market patterns.
So how do we use the two together? We wait for a specific market pattern or behavior according to our
trading system and then once we enter a trade we use the natural organic approach to manage the trade because the market doesn’t always stay in a specific pattern and the natural/organic method acts as a safe guard to prevent unnecessary loss. So, to summarize the point, both chaotic and ordered trading are both
enhancements and compliments to each other as is yin and yang. Here’s an chart example of the application of the use of the universal approach for day trading. MetaTrader Trading Platform Screenshots