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Attachments: Law of Charts, Traders Trick Entry...
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Law of Charts, Traders Trick Entry...

  • Post #1
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  • First Post: Mar 23, 2005 1:06pm Mar 23, 2005 1:06pm
I recently read the Law of Charts and TTE by Joe Ross. I am confused about the 1-2-3 low/high..

During a 1-2-3 low, they reccomend buying between the #2 and #3 points. But how can you know to buy when the #3 point hasnt happened yet? I dont understand this at all, how can you use this as an indicator? How can one know that he is looking at a 1-2-3 low before the #3 point occurs,it could just be a continuation of the down trend could it not?
I do not use it myself but a lengthy discussion about The Law of Charts and 123 entries going on here with inputs from Joe Ross himself.
Let me know if you find anyone making money with this approach, Fluid. I've always found wave-type theories to have the hype but not the returns to prove the viability of the approach.
Quoting fxpro
Let me know if you find anyone making money with this approach, Fluid. I've always found wave-type theories to have the hype but not the returns to prove the viability of the approach.
Actually if you follow the link that marejp posted, there seems to be alot of support for this method on that board.
Anyone making money? Support for a system and making money are two different things
Not sure how you class this as a wave approach? It's a breakout strategy, nothing at all to with waves. I've been using it with some success, after all a 123 is just a variation of basic lower high stuff/higher lows. The Ross hook works well once you have an identifiable trend, if it's not an obvious trend then basically best to stay out and look eleswhere. I don't really muck about with the traders trick stuff- if it looks like a 123 is setting up on a 60 min or 4 hr chart I will usually enter some limits/stops to enter and it works more often than not.

In a nutshell - 123 for trend reversals, especially when combined with a trendline break, and Ross hooks for entering once a trend is underway, that's the way I see it. No waves, don't like the things. Too subjective for me.
Quoting xxFLUIDxx
I recently read the Law of Charts and TTE by Joe Ross. I am confused about the 1-2-3 low/high. During a 1-2-3 low, they reccomend buying between the #2 and #3 points.
I see right there the reason for your confusion. Actually they _don't_ recommend trading before the 3-point has been identified, but maybe the wording somewhere is ambiguous if they are giving you that impression. Can you quote precisely the passage(s) that you interpreted that way, and I'll gladly try to explain them, if it will help? (I trade 1-2-3's and Ross-hooks as my bread-and-butter daily trading so I might be able to help, and I'm happy to try).
Quoting fxpro
Anyone making money? Support for a system and making money are two different things
Yes indeed; many people making a steady, long-term living from them. I am one of them.
Me too. I use 1-2-3 a lot but don't really use the Traders Trick entry.
Quoting tim_nn
Yes indeed; many people making a steady, long-term living from them. I am one of them.
I'm thinking about buying the book: "Trading the Ross Hook". Have you read it, and do you recommend it? I know there's a lot of free Joe Ross material available - do you think it is wasted money to buy this book, or is it worth it?

Bjorn
Quoting bjornskinnes
I'm thinking about buying the book: "Trading the Ross Hook". Have you read it, and do you recommend it? I know there's a lot of free Joe Ross material available - do you think it is wasted money to buy this book, or is it worth it?
Yes, I have that book, and I do recommend it. My only reservation about the Joe Ross books is that they're a bit expensive and (if you have them all) there's also quite a lot of repetition between the different books. But now I'm making it sound worse than it is. The fact of the matter is that there are probably comparatively few trading books really worth their price, and IMHO this is definitely one of them.
tim_nn can you tell us anymore about your strategy. I need to make some $$$ for my bread and butter as I am getting sick of water
Quoting tim_nn
I see right there the reason for your confusion. Actually they _don't_ recommend trading before the 3-point has been identified, but maybe the wording somewhere is ambiguous if they are giving you that impression. Can you quote precisely the passage(s) that you interpreted that way, and I'll gladly try to explain them, if it will help? (I trade 1-2-3's and Ross-hooks as my bread-and-butter daily trading so I might be able to help, and I'm happy to try).
hey do you have an indicator that labels the 1-2-3 setup, or know where i can find 1
This is some seriously overpowered thread necromancy. Teach me master!
I have a indicator that plots 123 and ross hooks if you guys need one. The one question i have is, how does Joe exit these trades? My fear of the Traders Trick and I have seen it alot, is that your buy for example just keeps on trucking the other direction. Exits on the Ross hook trades are not mentioned in any of the free material.
Can you post the indi please. Thanks in advance
Here it is.
Attached File(s)
File Type: mq4 show123v2.mq4   56 KB | 623 downloads
Its not as good as the one at Indicators warehouse. This thing draws every thing, some of which are not 123s. I'm considering paying the $150 dollars for the one at indicators warehouse.
Thanks for the indi mate. Happy trading
  • Post #19
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  • Last Post: Feb 18, 2012 3:41pm Feb 18, 2012 3:41pm
I am trading 123 and rh on daily charts with moderate success and must say that i have tried many indicators and now prefer to analyse the market by hand and manually draw them as it allows you to understand the market and timeframe you are tradung a lot better - just keep asking yourself "where are the orders"

Happy trading
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